Document:

Unassociated Document

     

    STRUCTURED
      ASSET MORTGAGE INVESTMENTS II INC.,

    DEPOSITOR

     

    CITIBANK,
      N.A.,

    TRUSTEE

     

    WELLS
      FARGO BANK, N.A.,

    SECURITIES
      ADMINISTRATOR

     

    and

     

    EMC
      MORTGAGE CORPORATION,

    SELLER
      AND MASTER SERVICER

     

     

    POOLING
      AND SERVICING AGREEMENT

     

     

    Dated
      as
      of May 1, 2007

     

     

    Structured
      Asset Mortgage Investments II Inc.

    Bear
      Stearns ARM Trust, Mortgage Pass-Through Certificates

     

    Series
      2007-4

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    

      
        	
                ARTICLE
                  I Definitions

              
	 
	
                ARTICLE
                  II Conveyance of Mortgage Loans; Original Issuance of
                  Certificates

              
	
                Section
                  2.01

              	
                Conveyance
                  of Mortgage Loans to Trustee.

              
	
                Section
                  2.02

              	
                Acceptance
                  of Mortgage Loans by Trustee.

              
	
                Section
                  2.03

              	
                Assignment
                  of Interest in the Mortgage Loan Purchase Agreement.

              
	
                Section
                  2.04

              	
                Substitution
                  of Mortgage Loans.

              
	
                Section
                  2.05

              	
                Issuance
                  of Certificates.

              
	
                Section
                  2.06

              	
                Representations
                  and Warranties Concerning the Depositor.

              
	
                Section
                  2.07

              	
                Purposes
                  and Powers of the Trust.

              
	
                Section
                  2.08

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

              
	
                Section
                  2.09

              	
                Conveyance
                  of the Group II Subsequent Mortgage Loans.

              
	 
	
                ARTICLE
                  III Administration and Master Servicing of Mortgage Loans;
                  Securities and Exchange Commission Reporting

              
	
                Section
                  3.01

              	
                Master
                  Servicer.

              
	
                Section
                  3.02

              	
                REMIC-Related
                  Covenants.

              
	
                Section
                  3.03

              	
                Monitoring
                  of Servicers.

              
	
                Section
                  3.04

              	
                Fidelity
                  Bond.

              
	
                Section
                  3.05

              	
                Power
                  to Act; Procedures.

              
	
                Section
                  3.06

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              
	
                Section
                  3.07

              	
                Release
                  of Mortgage Files.

              
	
                Section
                  3.08

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

              
	
                Section
                  3.09

              	
                Standard
                  Hazard Insurance and Flood Insurance Policies.

              
	
                Section
                  3.10

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  3.11

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies.

              
	
                Section
                  3.12

              	
                Trustee
                  to Retain Possession of Certain Insurance Policies and
                  Documents.

              
	
                Section
                  3.13

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                Section
                  3.14

              	
                Compensation
                  for the Master Servicer.

              
	
                Section
                  3.15

              	
                REO
                  Property.

              
	
                Section
                  3.16

              	
                Annual
                  Statement as to Compliance.

              
	
                Section
                  3.17

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                Section
                  3.18

              	
                Reports
                  Filed with Securities and Exchange Commission.

              
	
                Section
                  3.19

              	
                UCC.

              
	
                Section
                  3.20

              	
                Optional
                  Purchase of Defaulted Mortgage Loans.

              
	
                Section
                  3.21

              	
                Intention
                  of the Parties and Interpretation.

              
	 
	
                ARTICLE
                  IV
                  Accounts

              
	
                Section
                  4.01

              	
                Protected
                  Accounts.

              
	
                Section
                  4.02

              	
                Master
                  Servicer Collection Account.

              
	
                Section
                  4.03

              	
                Permitted
                  Withdrawals From the Master Servicer Collection
                  Account.

              
	
                Section
                  4.04

              	
                Distribution
                  Account.

              
	
                Section
                  4.05

              	
                Permitted
                  Withdrawals and Transfers from the Distribution
                  Account.

              
	
                Section
                  4.06

              	
                Group
                  II Pre-Funding Account.

              
	
                Section
                  4.07

              	
                Group
                  II Interest Coverage Account.

              
	 
	
                ARTICLE
                  V Certificates

              
	
                Section
                  5.01

              	
                Certificates.

              
	
                Section
                  5.02

              	
                Registration
                  of Transfer and Exchange of Certificates.

              
	
                Section
                  5.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                Section
                  5.04

              	
                Persons
                  Deemed Owners.

              
	
                Section
                  5.05

              	
                Transfer
                  Restrictions on Residual Certificates.

              
	
                Section
                  5.06

              	
                Restrictions
                  on Transferability of Certificates.

              
	
                Section
                  5.07

              	
                ERISA
                  Restrictions.

              
	
                Section
                  5.08

              	
                Rule
                  144A Information.

              
	
                Section
                  5.09

              	
                Appointment
                  of Paying Agent and Certificate Registrar.

              
	 
	
                ARTICLE
                  VI Payments to Certificateholders

              
	
                Section
                  6.01

              	
                Distributions
                  on the Certificates.

              
	
                Section
                  6.02

              	
                Allocation
                  of Losses.

              
	
                Section
                  6.03

              	
                Payments.

              
	
                Section
                  6.04

              	
                Statements
                  to Certificateholders.

              
	
                Section
                  6.05

              	
                Monthly
                  Advances.

              
	
                Section
                  6.06

              	
                Compensating
                  Interest Payments.

              
	 
	
                ARTICLE
                  VII The Master Servicer

              
	
                Section
                  7.01

              	
                Liabilities
                  of the Master Servicer.

              
	
                Section
                  7.02

              	
                Merger
                  or Consolidation of the Master Servicer.

              
	
                Section
                  7.03

              	
                Indemnification
                  of the Trustee, the Master Servicer and the Securities
                  Administrator.

              
	
                Section
                  7.04

              	
                Limitations
                  on Liability of the Master Servicer and Others.

              
	
                Section
                  7.05

              	
                Master
                  Servicer Not to Resign.

              
	
                Section
                  7.06

              	
                Successor
                  Master Servicer.

              
	
                Section
                  7.07

              	
                Sale
                  and Assignment of Master Servicing.

              
	 
	
                ARTICLE
                  VIII
                  Default

              
	
                Section
                  8.01

              	
                Events
                  of Default.

              
	
                Section
                  8.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                Section
                  8.03

              	
                Notification
                  to Certificateholders.

              
	
                Section
                  8.04

              	
                Waiver
                  of Defaults.

              
	
                Section
                  8.05

              	
                List
                  of Certificateholders.

              
	 
	
                ARTICLE
                  IX Concerning the Trustee and the Securities
                  Administrator

              
	
                Section
                  9.01

              	
                Duties
                  of Trustee and Securities Administrator.

              
	
                Section
                  9.02

              	
                Certain
                  Matters Affecting the Trustee and the Securities
                  Administrator.

              
	
                Section
                  9.03

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

              
	
                Section
                  9.04

              	
                Trustee
                  and Securities Administrator May Own Certificates.

              
	
                Section
                  9.05

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

              
	
                Section
                  9.06

              	
                Eligibility
                  Requirements for Trustee, Paying Agent and Securities
                  Administrator.

              
	
                Section
                  9.07

              	
                Insurance.

              
	
                Section
                  9.08

              	
                Resignation
                  and Removal of the Trustee and Securities
                  Administrator.

              
	
                Section
                  9.09

              	
                Successor
                  Trustee, Successor Paying Agent and Successor Securities
                  Administrator.

              
	
                Section
                  9.10

              	
                Merger
                  or Consolidation of Trustee, Paying Agent or Securities
                  Administrator.

              
	
                Section
                  9.11

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                Section
                  9.12

              	
                Federal
                  Information Returns and Reports to Certificateholders; REMIC
                  Administration.

              
	 
	
                ARTICLE
                  X Termination

              
	
                Section
                  10.01

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

              
	
                Section
                  10.02

              	
                Additional
                  Termination Requirements.

              
	 
	
                ARTICLE
                  XI [RESERVED]

              
	 
	
                ARTICLE
                  XII MISCELLANEOUS PROVISIONS

              
	
                Section
                  12.01

              	
                Intent
                  of Parties.

              
	
                Section
                  12.02

              	
                Amendment.

              
	
                Section
                  12.03

              	
                Recordation
                  of Agreement.

              
	
                Section
                  12.04

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                Section
                  12.05

              	
                Acts
                  of Certificateholders.

              
	
                Section
                  12.06

              	
                Governing
                  Law.

              
	
                Section
                  12.07

              	
                Notices.

              
	
                Section
                  12.08

              	
                Severability
                  of Provisions.

              
	
                Section
                  12.09

              	
                Successors
                  and Assigns.

              
	
                Section
                  12.10

              	
                Article
                  and Section Headings.

              
	
                Section
                  12.11

              	
                Counterparts.

              
	
                Section
                  12.12

              	
                Notice
                  to Rating Agencies.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    EXHIBITS

     

    
      
        	
                Exhibit
                  A-1

              	
                -

              	
                Form
                  of Class A Certificates and Class X Certificates

              
	
                Exhibit
                  A-2

              	
                -

              	
                Form
                  of Class B Certificates

              
	
                Exhibit
                  A-3

              	
                -

              	
                Form
                  of Class R Certificates

              
	
                Exhibit
                  B

              	
                -

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  C

              	
                -

              	
                [Reserved]

              
	
                Exhibit
                  D-1

              	
                -

              	
                Request
                  for Release of Documents – Wells Fargo

              
	
                Exhibit
                  D-2

              	
                -

              	
                Request
                  for Release of Documents – Treasury Bank

              
	
                Exhibit
                  E

              	
                -

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

              
	
                Exhibit
                  F-1

              	
                -

              	
                Form
                  of Investment Letter

              
	
                Exhibit
                  F-2

              	
                -

              	
                Form
                  of Rule 144A and Related Matters Certificate

              
	
                Exhibit
                  G-1

              	
                -

              	
                Form
                  of Wells Fargo Custodial Agreement

              
	
                Exhibit
                  G-2

              	
                -

              	
                Form
                  of Treasury Bank Custodial Agreement

              
	
                Exhibit
                  H-1

              	
                -

              	
                Countrywide
                  Servicing Agreements

              
	
                Exhibit
                  H-2

              	
                -

              	
                EMC
                  Servicing Agreement

              
	
                Exhibit
                  H-3

              	
                -

              	
                Wells
                  Fargo Servicing Agreement

              
	
                Exhibit
                  I-1

              	
                -

              	
                Form
                  of Countrywide Assignment Agreement

              
	
                Exhibit
                  I-2

              	
                -

              	
                Form
                  of EMC Assignment Agreement

              
	
                Exhibit
                  I-3

              	
                -

              	
                Form
                  of Wells Fargo Assignment Agreement

              
	
                Exhibit
                  J

              	
                -

              	
                Mortgage
                  Loan Purchase Agreement

              
	
                Exhibit
                  K

              	
                -

              	
                [Reserved]

              
	
                Exhibit
                  L

              	
                -

              	
                Form
                  of Back-Up Certification

              
	
                Exhibit
                  M

              	
                -

              	
                Servicing
                  Criteria to Be Addressed in Assessment of Compliance

              
	
                Exhibit
                  N

              	
                -

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

              
	
                Exhibit
                  O

              	
                -

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  P

              	
                -

              	
                Form
                  of Subsequent Mortgage Loan Purchase Agreement

              
	
                Exhibit
                  Q

              	
                -

              	
                Form
                  of Subsequent Transfer
                  Instrument

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    POOLING
      AND SERVICING AGREEMENT

     

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

     

    PRELIMINARY
      STATEMENT

     

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

     

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

     

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

     

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

     

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

     

    The
      Mortgage Loans (excluding the Group II Subsequent Mortgage Loans) will have
      an
      Outstanding Principal Balance as of the Cut-off Date, after deducting all
      Scheduled Principal due on or before the Cut-off Date, of $962,245,417.48.
      The
      initial principal amount of the Certificates will not exceed such Outstanding
      Principal Balance plus the Group II Pre-Funded Amount.  The Group I
      Mortgage Loans will have an Outstanding Principal Balance as of the Cut-off
      Date, after deducting all Scheduled Principal due on or before the Cut-off
      Date,
      of $389,838,258.16.  The Group II Mortgage Loans (excluding the Group
      II Subsequent Mortgage Loans and the Group II Pre-Funded Amount) will have
      an
      Outstanding Principal Balance as of the Cut-off Date, after deducting all
      Scheduled Principal due on or before the Cut-off Date, of
      $572,407,159.32.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      I

    DEFINITIONS

     

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

     

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

     

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

     

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

     

    Additional
      Disclosure: As defined in Section 3.18.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    With
      respect to each Class of Group II Subordinate Certificates:

     

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

     

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

     

    Annual
      Statement of Compliance: As defined in Section 3.16.

     

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

     

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

     

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

     

    
      Assignment
        Agreements: Shall mean any of the Countrywide Assignment Agreement, EMC
        Assignment Agreement or Wells Fargo Assignment Agreement.

       

    

    Assessment
      of Compliance: As defined in Section 3.17.

     

    Assumed
      Final Distribution Date: With respect to the Group I Certificates, May 25,
      2037, or if such day is not a Business Day, the next succeeding Business Day.
      With respect to the Group II Certificates, June 25, 2047, or if such day is
      not
      a Business Day, the next succeeding Business Day.

     

    Attesting
      Party: As defined in Section 3.17.

     

    Attestation
      Report: As defined in Section 3.17.

     

    Available
      Funds: With respect to any Distribution Date, the sum of the Group I-1,
      Group I-2, Group II-1 and Group II-2 Available Funds for such Distribution
      Date.

     

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

     

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

     

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

     

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

     

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

     

    Capitalization
      Reimbursement Amount:  With respect to any Distribution Date, the
      aggregate of the amounts added to the Scheduled Principal Balances of the
      Mortgage Loans during the preceding calendar month representing reimbursements
      to the related Servicer on or prior to such Distribution Date in connection
      with
      the modification of such Mortgage Loans.

     

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

     

    Certificate
      Group: The Group I-1 Senior Certificates, Group I-2 Senior Certificates,
      Group II-1 Senior Certificates or Group II-2 Senior Certificates, as
      applicable.

     

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

     

    Certificate
      Register: The register maintained pursuant to Section 5.02.

     

    Certificate
      Registrar: The Securities Administrator or any successor certificate
      registrar appointed hereunder.

     

    Certificateholder:
      A Holder of a Certificate.

     

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

     

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

       

    

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

     

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

     

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

     

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

     

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

     

    
      Closing
        Date: May 31, 2007.

       

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

       

      Commission:
        The United States Securities and Exchange Commission.

       

      Compensating
        Interest Payment: As defined in Section 6.06.

       

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

       

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

       

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

       

    

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

     

    Corporate
      Trust Office: The office of the Trustee at which at any particular time its
      corporate trust business is administered, which office, at the date of the
      execution of this Agreement, is located at Citibank, N.A., 388 Greenwich Street,
      14th Floor, New York, New York 10013, Attention: Structured Finance Agency
&
Trust BSARM 2007-4. With respect to the Certificate Registrar and the
      presentment of Certificates for registration of transfer, exchange or final
      payment, Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue, Minneapolis,
      Minnesota 55479, Attention: Corporate Trust/ BSARM Series 2007-4, and for all
      other purposes, P.O. Box 98, Columbia, Maryland 21046 (or for overnight
      deliveries, 9062 Old Annapolis Road, Columbia, Maryland 21045), Attention:
      Corporate Trust/BSARM Series 2007-4.

     

    Cross-Over
      Date: The Group I Cross-Over Date or Group II Cross-Over Date, as
      applicable.

     

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

     

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

     

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

     

    Cut-off
      Date: May 1, 2007.

     

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

     

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

     

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

       

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Distribution
      Account: The trust account or accounts created and maintained pursuant to
      Section 4.04, which shall be denominated “Citibank, N.A., as Trustee for the
      benefit of the registered holders of Structured Asset Mortgage Investments
      II
      Inc., Bear Stearns ARM Trust, Mortgage Pass-Through Certificates, Series 2007-4
      - Distribution Account.” The Distribution Account shall be an Eligible
      Account.

     

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

     

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

     

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

     

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

     

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

     

    EDGAR:
      As defined in Section 3.18.

     

    Eligible
      Account: Any of (i) a segregated account maintained with a federal or state
      chartered depository institution (A) the short-term obligations of which are
      rated A-2 or better by S&P and P-1 by Moody’s at the time of any deposit
      therein or (B) insured by the FDIC (to the limits established by such
      Corporation), the uninsured deposits in which account are otherwise secured
      such
      that, as evidenced by an Opinion of Counsel (obtained by the Person requesting
      that the account be held pursuant to this clause (i)) delivered to the
      Securities Administrator prior to the establishment of such account, the
      Certificateholders will have a claim with respect to the funds in such account
      and a perfected first priority security interest against any collateral (which
      shall be limited to Permitted Investments, each of which shall mature not later
      than the Business Day immediately preceding the Distribution Date next following
      the date of investment in such collateral or the Distribution Date if such
      Permitted Investment is an obligation of the institution that maintains the
      Distribution Account) securing such funds that is superior to claims of any
      other depositors or general creditors of the depository institution with which
      such account is maintained, (ii) a segregated trust account or accounts
      maintained with a federal or state chartered depository institution or trust
      company with trust powers acting in its fiduciary capacity or (iii) a segregated
      account or accounts of a depository institution acceptable to the Rating
      Agencies (as evidenced in writing by the Rating Agencies that use of any such
      account as the Distribution Account will not have an adverse effect on the
      then-current ratings assigned to the Classes of Certificates then rated by
      the
      Rating Agencies).  Eligible Accounts may bear interest.

     

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

     

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

       

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

       

    

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

     

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

     

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

     

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

     

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

     

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

     

    FDIC:
      Federal Deposit Insurance Corporation or any successor thereto.

     

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

     

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

     

    Fitch:
      Fitch, Inc.

     

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

       

    

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

     

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

     

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

     

    Group
      I Certificate Group:  The Group I-1 Senior Certificates and Group
      I-2 Senior Certificates, as applicable.

     

    Group
      I Certificates:  The Group I Senior Certificates, Group I
      Subordinate Certificates and the Class R-I Certificates.

     

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

     

    Group
      I Loss Allocation Limitation: The meaning specified in Section 6.02(d)
      hereof.

     

    Group
      I Mortgage Loans: The Group I-1 Mortgage Loans and Group I-2 Mortgage
      Loans.

     

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

     

    Group
      I Offered Subordinate Certificates:  The Class I-B-1, Class I-B-2
      and Class I-B-3 Certificates.

     

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

     

    Group
      I Senior Percentage: For each of Loan Group I-1 and Loan Group I-2,
      initially 94.75%. On any Distribution Date, the lesser of (i) 100% and (ii)
      the
      percentage (carried to six places rounded up) obtained by dividing the aggregate
      Current Principal Amount of the related Group I Senior Certificates immediately
      preceding such Distribution Date by the aggregate Scheduled Principal Balance
      of
      the related Group I Mortgage Loans as of the beginning of the related Due
      Period.

     

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

     

    
      	
              
                Period
                  (dates inclusive)

              

            	 	
              
                Group
                  I Senior Prepayment Percentage

              

            
	
              June
                25, 2007– May 25, 2014

            	 	
              100%.

            
	
              June
                25, 2014 – May 25, 2015

            	 	
              Senior
                Percentage for the Group I-1 Senior Certificates and Group I-2 Senior
                Certificates plus 70% of the related Group I Subordinate
                Percentage.

            
	
              June
                25, 2015 – May 25, 2016

            	 	
              Senior
                Percentage for the Group I-1 Senior Certificates and Group I-2 Senior
                Certificates plus 60% of the related Group I Subordinate
                Percentage.

            
	
              June
                25, 2016 – May 25, 2017

            	 	
              Senior
                Percentage for the Group I-1 Senior Certificates and Group I-2 Senior
                Certificates plus 40% of the related Group I Subordinate
                Percentage.

            
	
              June
                25, 2017 – May 25, 2018

            	 	
              Senior
                Percentage for the Group I-1 Senior Certificates and Group I-2 Senior
                Certificates plus 20% of the related Group I Subordinate
                Percentage.

            
	
              June
                25, 2018 and thereafter

            	 	
              Senior
                Percentage for the Group I-1 Senior Certificates and Group I-2 Senior
                Certificates.

            

    

     

    
      Any
        scheduled reduction to the Group I Senior Prepayment Percentage for the Group
        I-1 Senior Certificates and Group I-2 Senior Certificates shall not be made
        as
        of any Distribution Date unless, as of the last day of the month preceding
        such
        Distribution Date (1) the aggregate Scheduled Principal Balance of the Group
        I-1
        Mortgage Loans and Group I-2 Mortgage Loans delinquent 60 days or more
        (including for this purpose any such Group I-1 Mortgage Loans and Group I-2
        Mortgage Loans in foreclosure and bankruptcy and such Group I-1 Mortgage
        Loans
        and Group I-2 Mortgage Loans with respect to which the related Mortgaged
        Property has been acquired by the trust) averaged over the last six months,
        as a
        percentage of the aggregate Current Principal Amount of the Group I Subordinate
        Certificates does not exceed 50% and (2) cumulative Realized Losses on the
        Group
        I Mortgage Loans do not exceed (a) 30% of the aggregate Current Principal
        Amount
        of the Original Group I Subordinate Principal Balance if such Distribution
        Date
        occurs between and including June 2014 and May 2015, (b) 35% of the Original
        Group I Subordinate Principal Balance if such Distribution Date occurs between
        and including June 2015 and May 2016, (c) 40% of the Original Group I
        Subordinate Principal Balance if such Distribution Date occurs between and
        including June 2016 and May 2017, (d) 45% of the Original Group I Subordinate
        Principal Balance if such Distribution Date occurs between and including
        June
        2017 and May 2018, and (e) 50% of the Original Group I Subordinate Principal
        Balance if such Distribution Date occurs during or after June 2018.

       

      In
        addition, if on any Distribution Date the current weighted average of the
        Subordinate Percentages for the Group I Subordinate Certificates is equal
        to or
        greater than two times the initial weighted average of the Subordinate
        Percentages for the Group I Subordinate Certificates, and (a) the aggregate
        Scheduled Principal Balance of the Group I Mortgage Loans delinquent 60 days
        or
        more (including for this purpose any such Group I Mortgage Loans in foreclosure
        and bankruptcy and such Group I Mortgage Loans with respect to which the
        related
        Mortgaged Property has been acquired by the trust), averaged over the last
        six
        months, as a percentage of the aggregate Current Principal Amount of the
        Group I
        Subordinate Certificates does not exceed 50% and (b)(i) on or prior to the
        Distribution Date occurring in May 2010, cumulative Realized Losses on the
        Group
        I Mortgage Loans as of the end of the related Prepayment Period do not exceed
        20% of the Original Group I Subordinate Principal Balance and (ii) after
        the
        Distribution Date occurring in May 2010, cumulative Realized Losses on the
        Group
        I Mortgage Loans as of the end of the related Prepayment Period do not exceed
        30% of the Original Group I Subordinate Principal Balance, then, in each
        case,
        the Group I Senior Prepayment Percentages for the Group I-1 Senior Certificates
        and Group I-2 Senior Certificates for such Distribution Date will equal the
        Group I Senior Percentage for the Group I-1 Senior Certificates and Group
        I-2
        Senior Certificates, respectively; provided, however, if on such Distribution
        Date the current weighted average of the Subordinate Percentages for the
        Group
        I-1 Certificates and Group I-2 Certificates is equal to or greater than two
        times the initial weighted average of the Subordinate Percentages for the
        Group
        I-1 Certificates and Group I-2 Certificates on or prior to the Distribution
        Date
        occurring in May 2010 and the above delinquency and loss tests are met, then
        the
        Group I Senior Prepayment Percentages for the Group I Senior Certificates
        for
        such Distribution Date will equal the Group I Senior Percentage for the Group
        I-1 Senior Certificates and Group I-2 Senior Certificates, respectively,
        plus
        50% of the Group  I Subordinate Percentage on such Distribution
        Date.

       

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

       

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

       

      Group
        I Subordinate Optimal Principal Amount: With respect to the Group I
        Subordinate Certificates and any Distribution Date, an amount equal to the
        sum,
        without duplication, of the following for the Group I-1 Mortgage Loans and
        Group
        I-2 Mortgage Loans (but in no event greater than the aggregate Current Principal
        Amount of the Group I Subordinate Certificates immediately prior to such
        Distribution Date):

       

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

       

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

       

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

       

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

       

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

       

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

       

    

    Group
      I Subordinate Percentage: On any Distribution Date and Loan Group I-1 and
      Loan Group I-2, 100% minus the applicable Group I Senior
      Percentage.

     

    Group
      I Subordinate Prepayment Percentage: With respect to the Group I-1 Mortgage
      Loans and Group I-2 Mortgage Loans, on any Distribution Date, 100% minus the
      Senior Prepayment Percentage for the Senior Certificates of the related
      Certificate Group, except that on any Distribution Date after the Current
      Principal Amounts of the Group I-1 Senior Certificates and Group I-2 Senior
      Certificates have each been reduced to zero, if (a) the weighted average of
      the
      applicable Group I Subordinate Percentages on such Distribution Date equals
      or
      exceeds two times the initial weighted average of the applicable Group I
      Subordinate Percentages and (b) the aggregate Scheduled Principal Balance of
      the
      Group I Mortgage Loans Delinquent 60 days or more (including for this purpose
      any such Group I Mortgage Loans in foreclosure and Group I Mortgage Loans with
      respect to which the related Mortgaged Property has been acquired by the Trust),
      averaged over the last six months, as a percentage of the sum of the aggregate
      Current Principal Amount of the Group I Subordinate Certificates does not exceed
      50%, the applicable Group I Subordinate Prepayment Percentage will equal
      100%.  If the test set forth in the preceding sentence is not
      satisfied on any Distribution Date after the Current Principal Amount of the
      Group I Senior Certificates related to any of Loan Group I-1 and Loan Group
      I-2
      has each been reduced to zero, then the applicable Group I Subordinate
      Prepayment Percentage will equal zero for such Distribution Date.

     

    Group
      I-1 Available Funds:  With respect to any Distribution Date, an
      amount equal to the aggregate of the following amounts with respect to the
      Group
      I-1 Mortgage Loans: (a) all previously undistributed payments on account of
      principal (including the principal portion of Scheduled Payments, Principal
      Prepayments and the principal portion of Net Liquidation Proceeds and Subsequent
      Recoveries, each in respect of Loan Group I-1), less any Capitalization
      Reimbursement Amount related to such Loan Group for that Distribution Date,
      and
      all previously undistributed payments on account of interest received after
      the
      Cut-off Date and on or prior to the related Determination Date and the amount
      of
      any repurchase proceeds, (b) any Monthly Advances by a Servicer or the Master
      Servicer with respect to such Distribution Date, (c) any Compensating Interest
      made by a Servicer with respect to such Distribution Date and (d) any reimbursed
      amount in connection with losses on investments of deposits in an account,
      except:

     

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

     

    
      (ii)           all
        Principal Prepayments and Liquidation Proceeds received in respect of any
        Group
        I-1 Mortgage Loan after the applicable Prepayment Period;

       

    

    (iii)          all
      payments in respect of any Group I-1 Mortgage Loan, other than Principal
      Prepayments, that represent early receipt of Scheduled Payments due on a date
      or
      dates subsequent to the related Due Date;

     

    (iv)          amounts
      received on particular Group I-1 Mortgage Loans as late payments of principal
      or
      interest and respecting which, and to the extent that, there are any
      unreimbursed Monthly Advances;

     

    (v)           amounts
      representing Monthly Advances in respect of any Group I-1 Mortgage Loan
      determined to be Nonrecoverable Advances;

     

    (vi)          any
      investment earnings on amounts on deposit in the Distribution Account or Master
      Servicer Collection Account and amounts permitted to be withdrawn from the
      Distribution Account or Master Servicer Collection in respect of any Group
      I-1
      Mortgage Loan pursuant to this Agreement;

     

    (vii)          amounts
      in respect of any Group I-1 Mortgage Loan needed to pay the Servicing Fees
      or to
      reimburse any Servicer or the Master Servicer for amounts due under the
      applicable Servicing Agreement and the Agreement to the extent such amounts
      have
      not been retained by, or paid previously to, such Servicer or the Master
      Servicer;

     

    (viii)         any
      fees payable under any lender-paid primary mortgage insurance policy in respect
      of any Group I-1 Mortgage Loan; and

     

    (ix)           
      any expenses or other amounts in respect of any Group I-1 Mortgage Loan
      reimbursable to the Trustee, the Securities Administrator and any Custodian
      pursuant to Section 7.04(c) or Section 9.05.

     

    Group
      I-1 Mortgage Loans: The Mortgage Loans identified as such on the Mortgage
      Loan Schedule.

     

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

     

    Group
      I-2 Available Funds:  With respect to any Distribution Date, an
      amount equal to the aggregate of the following amounts with respect to the
      Group
      I-2 Mortgage Loans: (a) all previously undistributed payments on account of
      principal (including the principal portion of Scheduled Payments, Principal
      Prepayments, the principal portion of Net Liquidation Proceeds and Subsequent
      Recoveries, each in respect of Loan Group I-2), less any Capitalization
      Reimbursement Amount related to such Loan Group for that Distribution Date,
      and
      all previously undistributed payments on account of interest received after
      the
      Cut-off Date and on or prior to the related Determination Date and the amount
      of
      any repurchase proceeds, (b) any Monthly Advances by a Servicer or the Master
      Servicer with respect to such Distribution Date, (c) any Compensating Interest
      made by a Servicer with respect to such Distribution Date and (d) any reimbursed
      amount in connection with losses on investments of deposits in an account,
      except:

     

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

     

    (ii)           all
      Principal Prepayments and Liquidation Proceeds received in respect of any Group
      I-2 Mortgage Loan after the applicable Prepayment Period;

     

    (iii)          all
      payments in respect of any Group I-2 Mortgage Loan, other than Principal
      Prepayments, that represent early receipt of Scheduled Payments due on a date
      or
      dates subsequent to the related Due Date;

     

    (iv)          amounts
      received on particular Group I-2 Mortgage Loans as late payments of principal
      or
      interest and respecting which, and to the extent that, there are any
      unreimbursed Monthly Advances;

     

    (v)           amounts
      representing Monthly Advances in respect of any Group I-2 Mortgage Loan
      determined to be Nonrecoverable Advances;

     

    (vi)          any
      investment earnings on amounts on deposit in the Distribution Account or Master
      Servicer Collection Account and amounts permitted to be withdrawn from the
      Distribution Account or Master Servicer Collection in respect of any Group
      I-2
      Mortgage Loan pursuant to this Agreement;

     

    (vii)         amounts
      in respect of any Group I-2 Mortgage Loan needed to pay the Servicing Fees
      or to
      reimburse any Servicer or the Master Servicer for amounts due under the
      applicable Servicing Agreement and the Agreement to the extent such amounts
      have
      not been retained by, or paid previously to, such Servicer or the Master
      Servicer;

     

    (viii)        any
      fees payable under any lender-paid primary mortgage insurance policy in respect
      of any Group I-2 Mortgage Loan; and

     

    (ix)           any
      expenses or other amounts in respect of any Group I-2 Mortgage Loan reimbursable
      to the Trustee, the Securities Administrator and any Custodian pursuant to
      Section 7.04(c) or Section 9.05.

     

    Group
      I-2 Mortgage Loans: The Mortgage Loans identified as such on the Mortgage
      Loan Schedule.

     

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

     

    Group
      II Certificate Group:  The Group I-1 Senior Certificates and Group
      I-2 Senior Certificates, as applicable.

     

    
      Group
        II Certificates:  The Group II Senior Certificates, Group II
        Subordinate Certificates and the Class R-II, Class R-III and Class R-IV
        Certificates.

       

    

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

     

    Group
      II Initial Interest Coverage Deposit: The amount to be paid by the Depositor
      to the Securities Administrator for deposit in the Group II Interest Coverage
      Account on the Closing Date, which amount is $1,244,617.00.

     

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

     

    Group
      II Interest Coverage Distribution Amount: The sum of the Loan Group II-1
      Interest Coverage Distribution Amounts and Loan Group II-2 Interest Coverage
      Distribution Amounts.

     

    Group
      II Loss Allocation Limitation: The meaning specified in Section 6.02(d)
      hereof.

     

    Group
      II Mortgage Loans: The Group II-1 Mortgage Loans and Group II-2 Mortgage
      Loans.

     

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

     

    Group
      II Offered Subordinate Certificates:  The Class II-B-1, Class
      II-B-2 and Class II-B-3 Certificates.

     

    Group
      II Pre-Funded Amount: The sum of the Loan Group II-1 Pre-Funded Amounts and
      Loan Group II-2 Pre-Funded Amounts, which amount is
      $174,595,023.03.

     

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

     

    
      Group
        II Pre-Funding Period: The period from the Closing Date until the earlier of
        (i) the date on which the amount on deposit in the Group II Pre-Funding Account
        (exclusive of investment income) is reduced to zero and (ii) July 30,
        2007.

       

    

    Group
      II Remaining Pre-Funded Amount:  The sum of the Loan Group II-1
      Remaining Pre-Funded Amount and the Loan Group II-2 Remaining Pre-Funded
      Amount.

     

    Group
      II Senior Certificates:  The Class II-1A-1, Class II-1A-2, Class
      II-1X-1,  Class II-2A-1, Class II-2A-2 and Class II-2X-1
      Certificates

     

    Group
      II Senior Percentage: For each of Loan Group I-1 and Loan Group I-2,
      initially 96.50%. On any Distribution Date, the lesser of (i) 100% and (ii)
      the
      percentage (carried to six places rounded up) obtained by dividing the aggregate
      Current Principal Amount of the related Group II Senior Certificates immediately
      preceding such Distribution Date by the aggregate Scheduled Principal Balance
      of
      the related Group II Mortgage Loans as of the beginning of the related Due
      Period.

     

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

     

    
      	
              
                Period
                  (dates inclusive)

              

            	 	
              
                Group
                  II Senior Prepayment Percentage

              

            
	
              June
                25, 2007– May 25, 2014

            	 	
              100%.

            
	
              June
                25, 2014 – May 25, 2015

            	 	
              Senior
                Percentage for the Group II-1 Senior Certificates and Group II-2
                Senior
                Certificates plus 70% of the related Group II Subordinate
                Percentage.

            
	
              June
                25, 2015 – May 25, 2016

            	 	
              Senior
                Percentage for the Group II-1 Senior Certificates and Group II-2
                Senior
                Certificates plus 60% of the related Group II Subordinate
                Percentage.

            
	
              June
                25, 2016 – May 25, 2017

            	 	
              Senior
                Percentage for the Group II-1 Senior Certificates and Group II-2
                Senior
                Certificates plus 40% of the related Group II Subordinate
                Percentage.

            
	
              June
                25, 2017 – May 25, 2018

            	 	
              Senior
                Percentage for the Group II-1 Senior Certificates and Group II-2
                Senior
                Certificates plus 20% of the related Group II Subordinate
                Percentage.

            
	
              June
                25, 2018 and thereafter

            	 	
              Senior
                Percentage for the Group II-1 Senior Certificates and Group II-2
                Senior
                Certificates.

            

    

     

    
      Any
        scheduled reduction to the Group II Senior Prepayment Percentage for the
        Group
        II-1 Senior Certificates and Group II-2 Senior Certificates shall not be
        made as
        of any Distribution Date unless, as of the last day of the month preceding
        such
        Distribution Date (1) the aggregate Scheduled Principal Balance of the Group
        II-1 Mortgage Loans and Group II-2 Mortgage Loans Delinquent 60 days or more
        (including for this purpose any such Group II-1 Mortgage Loans and Group
        II-2
        Mortgage Loans in foreclosure and bankruptcy and such Group II-1 Mortgage
        Loans
        and Group II-2 Mortgage Loans with respect to which the related Mortgaged
        Property has been acquired by the trust) averaged over the last six months,
        as a
        percentage of the aggregate Current Principal Amount of the Group II Subordinate
        Certificates does not exceed 50% and (2) cumulative Realized Losses on the
        Group
        II Mortgage Loans do not exceed (a) 30% of the aggregate Current Principal
        Amount of the Original Group II Subordinate Principal Balance if such
        Distribution Date occurs between and including June 2014 and May 2015, (b)
        35%
        of the Original Group II Subordinate Principal Balance if such Distribution
        Date
        occurs between and including June 2015 and May 2016, (c) 40% of the Original
        Group II Subordinate Principal Balance if such Distribution Date occurs between
        and including June 2016 and May 2017, (d) 45% of the Original Group II
        Subordinate Principal Balance if such Distribution Date occurs between and
        including June 2017 and May 2018, and (e) 50% of the Original Group II
        Subordinate Principal Balance if such Distribution Date occurs during or
        after
        June 2018.

       

      In
        addition, if on any Distribution Date the current weighted average of the
        Subordinate Percentages for the Group II Subordinate Certificates is equal
        to or
        greater than two times the initial weighted average of the Subordinate
        Percentages for the Group II Subordinate Certificates, and (a) the aggregate
        Scheduled Principal Balance of the Group II Mortgage Loans Delinquent 60
        days or
        more (including for this purpose any such Group II Mortgage Loans in foreclosure
        and bankruptcy and such Group II Mortgage Loans with respect to which the
        related Mortgaged Property has been acquired by the trust), averaged over
        the
        last six months, as a percentage of the aggregate Current Principal Amount
        of
        the Group II Subordinate Certificates does not exceed 50% and (b)(i) on or
        prior
        to the Distribution Date occurring in May 2010, cumulative Realized Losses
        on
        the Group II Mortgage Loans as of the end of the related Prepayment Period
        do
        not exceed 20% of the Original Group II Subordinate Principal Balance and
        (ii)
        after the Distribution Date occurring in May 2010, cumulative Realized Losses
        on
        the Group II Mortgage Loans as of the end of the related Prepayment Period
        do
        not exceed 30% of the Original Group II Subordinate Principal Balance, then,
        in
        each case, the Group II Senior Prepayment Percentages for the Group II-1
        Senior
        Certificates and Group II-2 Senior Certificates for such Distribution Date
        will
        equal the Group II Senior Percentage for the Group II-1 Senior Certificates
        and
        Group II-2 Senior Certificates, respectively; provided, however, if on such
        Distribution Date the current weighted average of the Subordinate Percentages
        for the Group II-1 Certificates and Group II-2 Certificates is equal to or
        greater than two times the initial weighted average of the Subordinate
        Percentages for the Group II-1 Certificates and Group II-2 Certificates on
        or
        prior to the Distribution Date occurring in May 2010 and the above delinquency
        and loss tests are met, then the Senior Prepayment Percentages for the Group
        II
        Senior Certificates for such Distribution Date will equal the Group II Senior
        Percentage for the Group II-1 Senior Certificates and Group II-2 Senior
        Certificates, respectively, plus 50% of the Group II Subordinate Percentage
        on
        such Distribution Date.

       

    

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

     

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

     

    Group
      II Subordinate Optimal Principal Amount: With respect to the Group II
      Subordinate Certificates and any Distribution Date, an amount equal to the
      sum,
      without duplication, of the following for the Group II-1 Mortgage Loans and
      Group II-2 Mortgage Loans (but in no event greater than the aggregate Current
      Principal Amount of the Group II Subordinate Certificates immediately prior
      to
      such Distribution Date):

     

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

       

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

       

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

       

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

       

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

       

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

       

      Group
        II Subordinate Percentage: On any Distribution Date and Loan Group II-1 and
        Loan Group II-2, 100% minus the applicable Group II Senior
        Percentage.

       

      Group
        II Subordinate Prepayment Percentage: With respect to the Group II-1
        Mortgage Loans and Group II-2 Mortgage Loans, on any Distribution Date, 100%
        minus the Senior Prepayment Percentage for the Senior Certificates of the
        related Certificate Group, except that on any Distribution Date after the
        Current Principal Amounts of the Group II-1 Senior Certificates and Group
        II-2
        Senior Certificates have each been reduced to zero, if (a) the weighted average
        of the applicable Group II Subordinate Percentages on such Distribution Date
        equals or exceeds two times the initial weighted average of the applicable
        Group
        II Subordinate Percentages and (b) the aggregate Scheduled Principal Balance
        of
        the Group II Mortgage Loans Delinquent 60 days or more (including for this
        purpose any such Group II Mortgage Loans in foreclosure and Group II Mortgage
        Loans with respect to which the related Mortgaged Property has been acquired
        by
        the Trust), averaged over the last six months, as a percentage of the sum
        of the
        aggregate Current Principal Amount of the Group II Subordinate Certificates
        does
        not exceed 50%, the applicable Group II Subordinate Prepayment Percentage
        will
        equal 100%.  If the test set forth in the preceding sentence is not
        satisfied on any Distribution Date after the Current Principal Amount of
        the
        Group II Senior Certificates related to any of Loan Group II-1 and Loan Group
        II-2 has each been reduced to zero, then the applicable Group II Subordinate
        Prepayment Percentage will equal zero for such Distribution Date.

       

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

       

    

    Group
      II-1 Available Funds:  With respect to any Distribution Date, an
      amount equal to the aggregate of the following amounts with respect to the
      Group
      II-1 Mortgage Loans: (a) all previously undistributed payments on account of
      principal (including the principal portion of Scheduled Payments, Principal
      Prepayments, the principal portion of Net Liquidation Proceeds and Subsequent
      Recoveries, each in respect of Loan Group II-1), less any Capitalization
      Reimbursement Amount related to such Loan Group for that Distribution Date,
      and
      all previously undistributed payments on account of interest received after
      the
      Cut-off Date and on or prior to the related Determination Date, and the amount
      of any repurchase proceeds (b) any Monthly Advances by a Servicer or the Master
      Servicer with respect to such Distribution Date, (c) any amounts remitted from
      the Group II Pre-Funding Account and Group II Interest Coverage Account
      allocable to Loan Group II-1 for payment to the related Certificateholders,
      (d)
      any Compensating Interest made by a Servicer with respect to such Distribution
      Date and (e) any reimbursed amount in connection with losses on investments
      of
      deposits in an account, except:

     

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

     

    (ii)           all
      Principal Prepayments and Liquidation Proceeds received in respect of any Group
      II-1 Mortgage Loan after the applicable Prepayment Period;

     

    (iii)          all
      payments in respect of any Group II-1 Mortgage Loan, other than Principal
      Prepayments, that represent early receipt of Scheduled Payments due on a date
      or
      dates subsequent to the related Due Date;

     

    (iv)          amounts
      received on particular Group II-1 Mortgage Loans as late payments of principal
      or interest and respecting which, and to the extent that, there are any
      unreimbursed Monthly Advances;

     

    (v)           amounts
      representing Monthly Advances in respect of any Group II-1 Mortgage Loan
      determined to be Nonrecoverable Advances;

     

    (vi)          any
      investment earnings on amounts on deposit in the Distribution Account or Master
      Servicer Collection Account and amounts permitted to be withdrawn from the
      Distribution Account or Master Servicer Collection in respect of any Group
      II-1
      Mortgage Loan pursuant to this Agreement;

     

    (vii)          amounts
      in respect of any Group II-1 Mortgage Loan needed to pay the Servicing Fees
      or
      to reimburse any Servicer or the Master Servicer for amounts due under the
      applicable Servicing Agreement and the Agreement to the extent such amounts
      have
      not been retained by, or paid previously to, such Servicer or the Master
      Servicer;

     

    (viii)         any
      fees payable under any lender-paid primary mortgage insurance policy in respect
      of any Group II-1 Mortgage Loan; and

     

    (ix)           
      any expenses or other amounts in respect of any Group II-1 Mortgage Loan
      reimbursable to the Trustee, the Securities Administrator and any Custodian
      pursuant to Section 7.04(c) or Section 9.05.

     

    Group
      II-1 Interest Coverage Distribution Amount: With respect to each
      Distribution Date, an amount equal to (x) the weighted average of the Net
      Mortgage Rates on the then outstanding Group II-1 Mortgage Loans, weighted
      based
      on the Scheduled Principal Balances of such Mortgage Loans as of the related
      Due
      Date prior to giving effect to any reduction in the Scheduled Principal Balances
      of such Mortgage Loans on such Due Date, multiplied by (y) the sum of (A) the
      Group II-1 Remaining Pre-Funded Amount outstanding at the end of the related
      Due
      Period and (B) the aggregate Scheduled Principal Balance of the Group II-1
      Subsequent Mortgage Loans that do not have a Subsequent Cut-off Date prior
      to
      the end of the related Due Period, transferred to the Trust during the related
      Due Period.

     

    Group
      II-1 Pre-Funded Amount: The amount deposited by the Depositor in the Group
      II Pre-Funding Account on the Closing Date for the Group II-1 Subsequent
      Mortgage Loans, which amount is $16,391,261.58.

     

    Group
      II-1 Mortgage Loans: The Mortgage Loans identified as such on the Mortgage
      Loan Schedule.  For purposes of interpreting the provisions in this
      Agreement containing the term “Group II-1 Mortgage Loan” or “Loan Group II-1”,
      each reference to “Group II-1 Mortgage Loans” or “Loan Group II-1”, other than
      that contained in the definition of “Group II-1 Interest Coverage
      Distribution  Amount”, shall be deemed to include references to the
      Group II-1 Remaining Pre-Funded Amount and (without duplication) the Group
      II-1
      Subsequent Mortgage Loans included in Loan Group II-1, in each case for the
      relevant determination date.

     

    Group
      II-1 Remaining Pre-Funded Amount: With respect to Group II-1, an amount
      equal to the Group II-1 Pre-Funded Amount minus the amount equal to 100% of
      the
      aggregate Scheduled Principal Balance of the Group II-1 Subsequent Mortgage
      Loans transferred to such Loan Group during the Group II Pre-Funding
      Period.

     

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

     

    Group
      II-1 Subsequent Mortgage Loans: The Mortgage Loans identified as such on the
      Mortgage Loan Schedule.

     

    Group
      II-2 Available Funds:  With respect to any Distribution Date, an
      amount equal to the aggregate of the following amounts with respect to the
      Group
      II-2 Mortgage Loans: (a) all previously undistributed payments on account of
      principal (including the principal portion of Scheduled Payments, Principal
      Prepayments, the principal portion of Net Liquidation Proceeds and Subsequent
      Recoveries, each in respect of Loan Group II-2), less any Capitalization
      Reimbursement Amount related to such Loan Group for that Distribution Date,
      and
      all previously undistributed payments on account of interest received after
      the
      Cut-off Date and on or prior to the related Determination Date and the amount
      of
      any repurchase proceeds, (b) any Monthly Advances by a Servicer or the Master
      Servicer with respect to such Distribution Date, (c) any amounts remitted from
      the Group II Pre-Funding Account and Group II Interest Coverage Account
      allocable to Loan Group II-2 for payment to the related Certificateholders
      (d)
      any Compensating Interest made by a Servicer with respect to such Distribution
      Date and (e) any reimbursed amount in connection with losses on investments
      of
      deposits in an account, except:

     

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

     

    (ii)           
      all Principal Prepayments and Liquidation Proceeds received in respect of any
      Group II-2 Mortgage Loan after the applicable Prepayment Period;

     

    (iii)           all
      payments in respect of any Group II-2 Mortgage Loan, other than Principal
      Prepayments, that represent early receipt of Scheduled Payments due on a date
      or
      dates subsequent to the related Due Date;

     

    (iv)           amounts
      received on particular Group II-2 Mortgage Loans as late payments of principal
      or interest and respecting which, and to the extent that, there are any
      unreimbursed Monthly Advances;

     

    (v)           
      amounts representing Monthly Advances in respect of any Group II-2 Mortgage
      Loan
      determined to be Nonrecoverable Advances;

     

    (vi)           any
      investment earnings on amounts on deposit in the Distribution Account or Master
      Servicer Collection Account and amounts permitted to be withdrawn from the
      Distribution Account or Master Servicer Collection in respect of any Group
      II-2
      Mortgage Loan pursuant to this Agreement;

     

    (vii)           amounts
      in respect of any Group II-2 Mortgage Loan needed to pay the Servicing Fees
      or
      to reimburse any Servicer or the Master Servicer for amounts due under the
      applicable Servicing Agreement and the Agreement to the extent such amounts
      have
      not been retained by, or paid previously to, such Servicer or the Master
      Servicer;

     

    (viii)          any
      fees payable under any lender-paid primary mortgage insurance policy in respect
      of any Group II-2 Mortgage Loan; and

     

    (ix)            
      any expenses or other amounts in respect of any Group II-2 Mortgage Loan
      reimbursable to the Trustee, the Securities Administrator and any Custodian
      pursuant to Section 7.04(c) or Section 9.05.

     

    Group
      II-2 Interest Coverage Distribution Amount: With respect to each
      Distribution Date, an amount equal to (x) the weighted average of the Net
      Mortgage Rates on the then outstanding Group II-2 Mortgage Loans, weighted
      based
      on the Scheduled Principal Balances of such Mortgage Loans as of the related
      Due
      Date prior to giving effect to any reduction in the Scheduled Principal Balances
      of such Mortgage Loans on such Due Date, multiplied by (y) the sum of (A) the
      Group II-2 Remaining Pre-Funded Amount outstanding at the end of the related
      Due
      Period and (B) the aggregate Scheduled Principal Balance of the Group II-2
      Subsequent Mortgage Loans that do not have a Subsequent Cut-off Date prior
      to
      the end of the related Due Period, transferred to the Trust during the related
      Due Period.

     

    Group
      II-2 Mortgage Loans: The Mortgage Loans (including the Group II Subsequent
      Mortgage Loans) identified as such on the Mortgage Loan Schedule.  For
      purposes of interpreting the provisions in this Agreement containing the term
      “Group II-2 Mortgage Loan” or “Loan Group II-2”, each reference to “Group II-2
      Mortgage Loans” or “Loan Group II-2”, other than that contained in the
      definition of “Group II-2 Interest Coverage Distribution  Amount”,
      shall be deemed to include references to the Group II-2 Remaining Pre-Funded
      Amount and (without duplication) the Group II-2 Subsequent Mortgage Loans
      included in Loan Group II-2, in each case for the relevant determination
      date.

    

    Group
      II-2 Pre-Funded Amount: The amount deposited by the Depositor in the Group
      II Pre-Funding Account on the Closing Date for the Group II-2 Subsequent
      Mortgage Loans, which amount is $158,203,761.45.

     

    Group
      II-2 Remaining Pre-Funded Amount: With respect to Group II-2, an amount
      equal to the Group II-2 Pre-Funded Amount minus the amount equal to 100% of
      the
      aggregate Scheduled Principal Balance of the Group II-2 Subsequent Mortgage
      Loans transferred to such Loan Group during the Group II Pre-Funding
      Period.

     

    Group
      II-2 Subsequent Mortgage Loans: The Mortgage Loans identified as such on the
      Mortgage Loan Schedule.

     

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

     

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

     

    Indemnified
      Persons: The Trustee, the Master Servicer, each Custodian 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.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Interest
      Only Certificates:  The Class I-1X-1, Class I-2X-1, Class II-1X-1
      and Class II-2X-1 Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Issuing
      Entity:  Bear Stearns ARM Trust 2007-4.

     

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

     

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

     

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

     

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

     

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

     

    Loan
      Group: Loan Group I, Loan Group I-1, Loan Group I-2, Loan Group II, Loan
      Group II-1 or Loan Group II-2, as applicable.

     

    Loan
      Group I: Loan Group I-1 and Loan Group I-2, collectively.

     

    Loan
      Group I-1: The group of Mortgage Loans designated as belonging to Loan Group
      I-1 on the Mortgage Loan Schedule.

     

    Loan
      Group I-2: The group of Mortgage Loans designated as belonging to Loan Group
      I-2 on the Mortgage Loan Schedule.

     

    Loan
      Group II: Loan Group II-1 and Loan Group II-2, collectively.

     

    Loan
      Group II-1: The group of Mortgage Loans designated as belonging to Loan
      Group II-1 on the Mortgage Loan Schedule.   For purposes of
      interpreting the provisions in this Agreement containing the term “Group II-1
      Mortgage Loan” or “Loan Group II-1”, each reference to “Group II-1 Mortgage
      Loans” or “Loan Group II-1”, other than that contained in the definition of
“Group II-1 Interest Coverage Distribution  Amount”, shall be deemed
      to include references to the Group II-1 Remaining Pre-Funded Amount and (without
      duplication) the Group II-1 Subsequent Mortgage Loans included in Loan Group
      II-1, in each case for the relevant determination date.

     

    Loan
      Group II-2: The group of Mortgage Loans designated as belonging to Loan
      Group II-2 on the Mortgage Loan Schedule.  For purposes of
      interpreting the provisions in this Agreement containing the term “Group II-2
      Mortgage Loan” or “Loan Group II-2”, each reference to “Group II-2 Mortgage
      Loans” or “Loan Group II-2”, other than that contained in the definition of
“Group II-2 Interest Coverage Distribution  Amount”, shall be deemed
      to include references to the Group II-2 Remaining Pre-Funded Amount and (without
      duplication) the Group II-2 Subsequent Mortgage Loans included in Loan Group
      II-2, in each case for the relevant determination date.

     

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

     

    Loss
      Allocation Limitation: The Group I Loss Allocation Limitation or the Group
      II Loss Allocation Limitation, as applicable.

     

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

     

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

     

    Master
      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 4.02, which shall be denominated “EMC Mortgage
      Corporation, as Master Servicer for the benefit of Citibank, N.A, in trust
      for
      registered Holders of Structured Asset Mortgage Investments II Inc., Bear
      Stearns ARM Trust, Mortgage Pass-Through Certificates, Series
      2007-4  – Master Servicer Collection Account.” The Master Servicer
      Collection Account shall be an Eligible Account.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

    (b)  the
      property type;

    (c)  the
      Mortgage Interest Rate;

    (d)  the
      Servicing Fee Rate;

    (e)  the
      Securities Administrator Fee Rate;

    (f)       
      the
      LPMI
      Fee, if applicable;

    (g)  [reserved];

    (h)  the
      Net
      Rate;

    (i)       
      the
      maturity date;

    (j)       
      the
      stated original term to maturity;

    (k)  the
      stated remaining term to maturity;

    (l)       
      the
      original Principal Balance;

    (m)  the
      first
      payment date;

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

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

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

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

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

    (s)  the
      Gross
      Margin, if applicable;

    (t)       
      the
      next
      Adjustment Date, if applicable;

    (u)  the
      Maximum Mortgage Rate, if applicable;

    (v)  the
      Minimum Mortgage Rate, if applicable;

    (w)      the
      Periodic Rate Cap, if applicable;

    (x)      
      the
      Loan
      Group, if applicable;

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

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

    (aa)     the
      Prepayment Charge, if any;

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

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

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

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

    (ff)       the
      Mortgage Loan Seller;

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

    (hh)    
      the
      original amortization term.

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

     

    Mortgage
      Loan Seller:  EMC or Master Funding, as applicable.

     

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

     

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

     

    Mortgagor:
      The obligor on a Mortgage Note.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Offered
      Subordinate Certificates: The Class I-B-l, Class I-B-2, Class I-B-3, Class
      II-B-1, Class II-B-2 and Class II-B-3 Certificates.

     

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

     

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

     

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

     

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

     

    Original
      Subordinate Principal Balance: The Original Group I Subordinate Principal
      Balance or the Original Group I Subordinate Principal Balance, as
      applicable.

     

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

     

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

     

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

     

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

     

    Paying
      Agent: The Securities Administrator or any successor paying agent appointed
      hereunder.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Physical
      Certificates: The Residual Certificates and the Private
      Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Rating
      Agencies: Moody’s, Fitch and S&P.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    REMIC
      I Regular Interests: REMIC I Regular Interests I-1-Sub, I-1-Grp, I-2-Sub,
      I-2-Grp and ZZZ.

     

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

     

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

     

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

     

    REMIC
      II Regular Interests: REMIC II Regular Interests II-1-Sub, II-1-Grp,
      II-2-Sub, II-2-Grp, R-III/R-IV and ZZZ.

     

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

     

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

     

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

     

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

     

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

     

    REMIC
      III Regular Interests: Any of the REMIC III Group I Regular Interests and
      REMIC III Group II Regular Interests.

     

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

     

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

     

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

     

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

     

    Reportable
      Event: As defined in Section 3.18.

     

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

     

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

     

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

     

    Residual
      Certificates: Any of the Class R Certificates.

     

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

     

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

     

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

     

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

     

    Scheduled
      Principal: The principal portion of any Scheduled Payment.

     

    Scheduled
      Principal Balance: With respect to any Mortgage Loan on any Distribution
      Date, (i) the sum of (a) the unpaid principal balance of such Mortgage Loan
      as
      of the close of business on the related Due Date (i.e., taking account of the
      principal payment to be made on such Due Date and irrespective of any
      delinquency in its payment), as specified in the amortization schedule at the
      time relating thereto (before any adjustment to such amortization schedule
      by
      reason of any bankruptcy or similar proceeding occurring after the Cut-off
      Date
      (other than a Deficient Valuation) or any moratorium or similar waiver or grace
      period) and (b) the amount by which the Schedule Principal Balance of the
      Mortgage Loan has been increased pursuant to a Servicing Modification, less
      (ii)
      any Principal Prepayments (including the principal portion of Net Liquidation
      Proceeds) received during or prior to the related Prepayment Period; provided
      that the Scheduled Principal Balance of a Liquidated Mortgage Loan is zero.
      References to the aggregate Scheduled Principal Balance of the Group II, Group
      II-1 and Group II-2 Mortgage Loans in this Agreement include the related
      Subsequent Mortgage Loans and, without duplication, the Group II-1 or Group
      II-2
      Remaining Pre-Funded Amount, as applicable.

     

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

     

    Securities
      Administrator: Wells Fargo Bank, N.A., or its successor in interest, or any
      successor securities administrator appointed as herein provided.

     

    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 Scheduled 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: 0.0045%.

     

    Securities
      Administrator Information: As defined in Section 3.18(b).

     

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

     

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

     

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

     

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

     

    Senior
      Certificates: The Group I Senior Certificates and Group II Senior
      Certificates.

     

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

     

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

     

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

     

    Servicer:
      With respect to each Mortgage Loan, any of Countrywide, EMC and Wells Fargo
      and
      their successors and assigns.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Startup
      Day:  May 31, 2007.

     

    Subordinate
      Certificate Writedown Amount: As to any Distribution Date, with respect to
      (1) the Group I Subordinate Certificates, the amount by which (a) the sum of
      the
      Current Principal Amounts of all the Group I Certificates (other than the Class
      R-I Certificates) (after giving effect to the distribution of principal and
      the
      allocation of applicable Realized Losses in reduction of the Current Principal
      Amounts of the such Group I Certificates on such Distribution Date) exceeds
      (b)
      the aggregate Scheduled Principal Balances of the Group I Mortgage Loans on
      the
      Due Date related to such Distribution Date and (2) the Group II Subordinate
      Certificates, the amount by which (a) the sum of the Current Principal Amounts
      of all the Group II Certificates (other than the Class R-II, Class R-III and
      Class R-IV Certificates) (after giving effect to the distribution of principal
      and the allocation of applicable Realized Losses in reduction of the Current
      Principal Amounts of such Group II Certificates on such Distribution Date)
      exceeds (b) the aggregate Scheduled Principal Balance of the Group II Mortgage
      Loans on the Due Date related to such Distribution Date.

     

    
      Subordinate
        Percentage: The Group I Subordinate Percentage or Group II Subordinate
        Percentage.

       

      Subordinate
        Prepayment Percentage: The Group I Subordinate Prepayment Percentage and
        Group II Subordinate Prepayment Percentage.

       

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

       

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

       

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

       

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Underlying
      Seller: With respect to each Mortgage Loan, Countrywide and Wells Fargo as
      indicated on the Mortgage Loan Schedule.

     

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

     

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

     

    
      Wells
        Fargo: Wells Fargo Bank, N.A.

       

      Wells
        Fargo Assignment Agreement: The Assignment, Assumption and Recognition
        Agreement, dated as of May 31, 2007 among EMC, Wells Fargo and the Trustee
        evidencing the assignment of the Wells Fargo Servicing Agreement to the Trust,
        attached hereto as Exhibit I-3.

       

      Wells
        Fargo Servicing Agreement: The Amended and Restated Master Seller’s
        Warranties and Servicing Agreement dated as of November 1, 2005, as amended,
        between EMC and Wells Fargo, attached hereto as Exhibit H-3, as amended by
        the
        Wells Fargo Assignment Agreement.

       

       

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    ARTICLE
      II

    CONVEYANCE
      OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

     

    Section
      2.01  Conveyance
      of Mortgage Loans to Trustee.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      2.02  Acceptance
      of Mortgage Loans by Trustee.

     

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

     

    (b)  No
      later
      than 180 days after the Closing Date, or within 90 days of the Subsequent
      Transfer Date with respect to the Group II Subsequent Mortgage Loans (or with
      respect to any Substitute Mortgage Loan, within five Business Days after the
      receipt by the Trustee or the related Custodian thereof), the Trustee or the
      related Custodian, on its behalf, will review, for the benefit of the
      Certificateholders, the Mortgage Files delivered to it and will execute and
      deliver or cause to be executed and delivered to the Depositor, EMC (on its
      own
      behalf and on behalf of Master Funding), the Master Servicer and the Trustee
      a
      Final Certification substantially in the form of Exhibit Three to the related
      Custodial Agreement. In conducting such review, the Trustee or the related
      Custodian, on its behalf, will ascertain whether an original of each document
      required to be recorded has been returned from the recording office with
      evidence of recording thereon or a certified copy has been obtained from the
      recording office. If the Trustee or the related Custodian, on its behalf, finds
      a Material Defect, the Trustee or the related Custodian, on its behalf, shall,
      upon completion of the review of all files, but in no event later than 180
      days
      after the Closing Date, notify EMC (on its own behalf and on behalf of Master
      Funding)  (provided, however, that with respect to those documents
      described in subsections (b)(iv), (v) and (vii) of Section 2.01, the Trustee’s
      and the related Custodian’s obligations shall extend only to the documents
      actually delivered to the related Custodian pursuant to such subsections).
      In
      accordance with the Mortgage Loan Purchase Agreement, EMC (on its own behalf
      and
      on behalf of Master Funding)  shall correct or cure any such defect
      within 90 days from the date of notice from the Trustee or the related
      Custodian, on its behalf, of the Material Defect and if EMC (on its own behalf
      and on behalf of Master Funding) is unable to cure such defect within such
      period, and if such defect materially and adversely affects the interests of
      the
      Certificateholders in the related Mortgage Loan, the Trustee shall enforce
      EMC’s
      (on its own behalf and on behalf of Master Funding)  obligation under
      the Mortgage Loan Purchase Agreement, within 90 days from the Trustee’s or the
      related Custodian’s notification, provide a Substitute Mortgage Loan (if within
      two years of the Closing Date) or purchase such Mortgage Loan at the Purchase
      Price, provided that, if such defect would cause the Mortgage Loan to be other
      than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code, any
      such cure, repurchase or substitution must occur within 90 days from the date
      such breach was discovered, provided, however, that if such defect relates
      solely to the inability of EMC (on its own behalf 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 (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 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 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 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 confirming that such documents have been accepted for recording,
      and
      delivery to the Trustee or the related Custodian, on its behalf, shall be
      effected by EMC (on its own behalf and on behalf of Master Funding) within
      thirty days of its receipt of the original recorded document.

     

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

     

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

     

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

     

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

     

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

     

    Section
      2.04  Substitution
      of Mortgage Loans.

     

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

     

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

    

    Section
      2.05  Issuance
      of Certificates.

     

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

     

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

     

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

     

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

     

    (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 REMIC
      III Regular Interests for the benefit of the Holders of the Certificates (other
      than the Class R Certificates). The Trustee acknowledges receipt of the REMIC
      III Regular Interests (which are uncertificated) and declares that it holds
      and
      will hold the same in trust for the exclusive use and benefit of the Holders
      of
      the Certificates (other than the Class R Certificates).

     

    Section
      2.06  Representations
      and Warranties Concerning the Depositor.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      2.07  Purposes
      and Powers of the Trust.

     

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

     

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

     

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

     

    (c)           to
      make payments on the Certificates;

     

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

     

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

     

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

     

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

     

    Notwithstanding
      any contrary provision of this Agreement, with respect to any Mortgage Loan
      that
      is not in default or as to which default is not reasonably foreseeable, no
      repurchase or substitution pursuant to Sections 2.02, 2.03 or 2.04 shall be
      made
      unless the Seller delivers to the Trustee and 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 or REMIC IV, or contributions after the Startup Date, as defined in Sections
      860F(a)(2) and 860G(d) of the Code, respectively, or (ii) cause any of REMIC
      I,
      REMIC II, REMIC III or REMIC IV to fail to qualify as a REMIC at any time that
      any Certificates are outstanding. Any Mortgage Loan as to which repurchase
      or
      substitution was delayed pursuant to this paragraph shall be repurchased or
      the
      substitution therefor shall occur (subject to compliance with Sections 2.02,
      2.03 or 2.04) upon the earlier of (a) the occurrence of a default or default
      becoming reasonably foreseeable with respect to such Mortgage Loan and (b)
      receipt by the Trustee and 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.

     

    Section
      2.09  Conveyance
      of the Group II Subsequent Mortgage Loans.

     

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

     

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

     

    (b)           The
      Depositor shall transfer to the Trustee for deposit in Loan Group II-1 or Loan
      Group II-2, as applicable, the Group II-1 Subsequent Mortgage Loans or Group
      II-2 Subsequent Mortgage Loans, as applicable, and the other property and rights
      related thereto as described in paragraph (a) above, and the Securities
      Administrator, on behalf of the Trustee, shall release funds from the Group
      II
      Pre-Funding Account only upon the satisfaction of each of the following
      conditions on or prior to the Subsequent Transfer Date:

     

    (i)           the
      Depositor shall have delivered to the Trustee and the Securities Administrator
      a
      duly executed Subsequent Transfer Instrument, which shall include a Mortgage
      Loan Schedule listing the Group II-1 Subsequent Mortgage Loans or Group II-2
      Subsequent Mortgage Loans, as applicable, and the Seller shall cause to be
      delivered a computer file containing such Mortgage Loan Schedule to the Trustee,
      the Securities Administrator and the Master Servicer at least three Business
      Days prior to the related Subsequent Transfer Date;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (c)           Any
      conveyance of Group II Subsequent Mortgage Loans on a Subsequent Transfer Date
      is subject to certain conditions including, but not limited to the
      following:

     

    (i)    Each
      such
      Group II Subsequent Mortgage Loan must satisfy the representations and
      warranties specified in the Subsequent Transfer Instrument and this
      Agreement;

     

    
      (ii)           As
        of the Subsequent Cut-off Date, each such Group II Subsequent Mortgage Loan
        shall satisfy the following criteria:

       

      
        	
                 

              	
                (a)

              	
                Such
                  Group II Subsequent Mortgage Loan is not 30 or more days Delinquent
                  as of
                  the last day of the month preceding the Subsequent Cut-off
                  Date;

              

      

       

      
        	
                 

              	
                (b)

              	
                The
                  original term to stated maturity of such Group II Subsequent Mortgage
                  Loan
                  does not exceed 480 months;

              

      

       

      
        	
                 

              	
                (c)

              	
                Each
                  Group II Subsequent Mortgage Loan is a Six-Month LIBOR, One-Year
                  Treasury
                  or One-Year LIBOR adjustable rate mortgage loan with a first lien
                  on the
                  related Mortgaged Property;

              

      

       

      
        	
                 

              	
                (d)

              	
                No
                  Group II Subsequent Mortgage Loan has a first payment date occurring
                  after
                  September 1, 2007;

              

      

       

      
        	
                 

              	
                (e)

              	
                The
                  latest maturity date of any Group II Subsequent Mortgage Loan is
                  no later
                  than May 1, 2047;

              

      

       

      
        	
                 

              	
                (f)

              	
                If
                  applicable, such Group II Subsequent Mortgage Loan has a credit
                  score of
                  not less than 600;

              

      

       

      
        	
                 

              	
                (g)

              	
                Such
                  Group II Subsequent Mortgage Loan has a gross margin as of the
                  related
                  Subsequent Cut-off Date ranging from approximately 1.500% per annum
                  to
                  approximately 5.000% per annum;

              

      

       

      
        	
                 

              	
                (h)

              	
                Such
                  Group II Subsequent Mortgage Loan has a maximum mortgage rate as
                  of the
                  related Subsequent Cut-Off Date greater than
                  9.000%;

              

      

       

      
        	
                 

              	
                (i)

              	
                Such
                  Group II Subsequent Mortgage Loan has a Loan-to-Value Ratio less
                  than or
                  equal to 100%; and

              

      

       

      
        	
                 

              	
                (j)

              	
                Such
                  Group II Subsequent Mortgage Loan has been underwritten in accordance
                  with
                  the guidelines of Countrywide Home Loans,
                  Inc.

              

      

       

      
        	
                 

              	 	
                (iii)

              	
                As
                  of the related Subsequent Cut-off Date, the Group II Subsequent
                  Mortgage
                  Loans in the aggregate shall satisfy the following
                  criteria:

              

      

       

      
        	
                 

              	
                (a)

              	
                Have
                  a weighted average gross margin ranging from 2.000% to 2.500% per
                  annum;

              

      

       

      
        	
                 

              	
                (b)

              	
                Have
                  a weighted average credit score greater than
                  725;

              

      

       

      
        	
                 

              	
                (c)

              	
                Have
                  no less than 75% of the mortgaged properties be owner
                  occupied;

              

      

       

      
        	
                 

              	
                (d)

              	
                Have
                  no less than 75% of the mortgaged properties be single family detached
                  or
                  planned unit developments;

              

      

       

      
        	
                 

              	
                (e)

              	
                Have
                  no more than 35% of the Group II Subsequent Mortgage Loan be cash
                  out
                  refinance;

              

      

       

      
        	
                 

              	
                (f)

              	
                Have
                  all of such Group II Subsequent Mortgage Loan with a Loan-to-Value
                  Ratio
                  greater than 80% be covered by a Primary Mortgage Insurance
                  Policy;

              

      

       

      
        	
                 

              	
                (g)

              	
                Have
                  a weighted average maximum mortgage rate greater than or equal
                  to 10.000%;
                  and

              

      

       

      
        	
                 

              	
                (h)

              	
                Be
                  acceptable to the Rating Agencies.

              

      

       

    

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

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    ARTICLE
      III

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

       

    

    Section
      3.01  Master
      Servicer.

     

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

     

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

     

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

       

    

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

     

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

     

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

     

    Section
      3.02  REMIC-Related
      Covenants.

     

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

     

    Section
      3.03  Monitoring
      of Servicers.

     

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

     

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

     

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

     

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

     

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

     

    Section
      3.04  Fidelity
      Bond.

     

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

     

    Section
      3.05  Power
      to
      Act; Procedures.

     

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

     

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

     

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

     

    Section
      3.07  Release
      of Mortgage Files.

     

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

     

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

     

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

     

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

     

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

     

    Section
      3.09  Standard
      Hazard Insurance and Flood Insurance Policies.

     

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

     

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

     

    Section
      3.10  Presentment
      of Claims and Collection of Proceeds.

     

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

     

    Section
      3.11  Maintenance
      of the Primary Mortgage Insurance Policies.

     

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

     

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

     

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

     

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

     

    Section
      3.13  Realization
      Upon Defaulted Mortgage Loans.

     

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

     

    Section
      3.14  Compensation
      for the Master Servicer.

     

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

     

    Section
      3.15  REO
      Property.

     

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

     

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

     

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

     

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

     

    Section
      3.16  Annual
      Statement as to Compliance.

     

    (a)  The
      Master Servicer and the 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 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).

     

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

     

    Section
      3.17  Assessments
      of Compliance and Attestation Reports.

     

    Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      each of the Master Servicer, the Securities Administrator and the Custodians
      (to
      the extent set forth in this Section) (each, an “Attesting Party”) shall deliver
      (or otherwise make available) to the Master Servicer, the 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 M hereto, and which will also be attached to the
      Assessment of Compliance, to assess compliance with the Servicing Criteria
      applicable to the related Attesting Party;

     

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

     

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

     

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

     

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

     

    On
      or
      before March 15th of each calendar year beginning in 2008, each Attesting Party
      shall furnish to the Master Servicer, the Depositor and the 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
      Master Servicer and the Depositor an Assessment of Compliance and Attestation
      Report as and when provided in the related Servicing Agreement.  In
      addition, each of the Master Servicer and the 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 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 such Servicer, Master Servicer
      or Securities Administrator, as applicable, to deliver to the Master Servicer
      and the Depositor an Assessment of Compliance and Attestation Report as and
      when
      provided under the term of the related Servicing Agreement. Pursuant to each
      of
      the Servicing Agreements, the related Servicer, or any subservicer and each
      subcontractor (to the extent such subcontractor is determined by the Master
      Servicer to be “participating in the servicing function” within the meaning of
      Item 1122 of Regulation AB) that is engaged by such Servicer, is obligated
      to
      provide such Assessment of Compliance and Attestation Report on the 1st of March
      and in no
      event later than the 15th of March
      each year
      that the related Mortgage Loans are serviced under the applicable Servicing
      Agreement.  The Master Servicer shall deliver to the 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 “participating in the
      servicing function” within the meaning of Item 1122 of Regulation AB) that is
      engaged by such Servicer, within two business days of such receipt but in no
      event later than two Business Days following the 15th day of
      March for
      each year for which a Report on Form 10-K is required to be filed with respect
      to the Trust Fund.  Such Assessment of Compliance, as to any
      subservicer or subcontractor, shall at a minimum address the applicable
      Servicing Criteria specified on Exhibit M hereto which are indicated as
      applicable to any “primary servicer” to the extent such subservicer or
      subcontractor is performing any servicing function for the party who engages
      it
      and to the extent such party is not itself addressing the Servicing Criteria
      related to such servicing function in its own Assessment of
      Compliance.  The 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 M and notify the Depositor of any exceptions.
      Notwithstanding the foregoing, as to any subcontractor, an Assessment of
      Compliance and Attestation Report is not required to be delivered unless it
      is
      required as part of a Form 10-K with respect to the Trust Fund.

     

    The
      Custodians shall deliver to the Master Servicer, the 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 M hereto which are indicated as applicable to
      a
“custodian”.  Notwithstanding the foregoing, an Assessment of
      Compliance or Attestation Report is not required to be delivered by any
      Custodian unless it is required as part of a Form 10-K with respect to the
      Trust
      Fund.

     

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

     

    Section
      3.18  Reports
      Filed with Securities and Exchange Commission.

     

    (a)           (i)
      (A) Within 15 days after each Distribution Date, 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; 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, pursuant
      to the paragraph immediately below, reported by the parties set forth on Exhibit
      N to the Securities Administrator and the Depositor 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 N)
      and
      approval.

     

    (B)
      Within five (5) calendar days after the related Distribution Date, (i) the
      parties set forth in Exhibit N shall be required to provide, and the Master
      Servicer shall enforce the obligations of each Servicer (to the extent provided
      in the related Servicing Agreement) to provide, pursuant to Section 3.18(a)(iv)
      below, to the 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 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 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 obtaining the execution of
      and
      filing the Form 10-D.  No later than the 13th calendar day after the
      related Distribution Date, a duly authorized officer of the Master Servicer
      shall sign the Form 10-D and return an electronic or fax copy of such signed
      Form 10-D (with an original executed hard copy to follow by overnight mail)
      to
      the 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 3.18(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 6.04 a final executed copy of each Form 10-D
      filed
      by the Securities Administrator.  The signing party for the Master
      Servicer can be contacted as set forth in Section 12.07. Form 10-D requires
      the
      registrant to indicate (by checking “yes” or “no”) that it (1) has filed all
      reports required to be filed by Section 13 or 15(d) of the Exchange Act during
      the preceding 12 months (or for such shorter period that the registrant was
      required to file such reports), and (2) has been subject to such filing
      requirements for the past 90 days. The Depositor shall notify the 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 2.06(vii) and in
      any
      such notice in preparing, executing and/or filing any such
      report.  The parties to this Agreement acknowledge that the
      performance by the Master Servicer and the Securities Administrator of their
      respective duties under Sections 3.18(a)(i) and (v) related to the timely
      preparation, execution and filing of Form 10-D is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under such Sections.  Neither the Master Servicer nor the 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, at the direction of the Depositor, on
      behalf of the Trust, any Form 8-K, as required by the Exchange Act; provided
      that, the Depositor shall file the initial Form 8-K in connection with the
      issuance of the Certificates.  Any disclosure or information related
      to a Reportable Event or that is otherwise required to be included on Form
      8-K
      (“Form 8-K Disclosure Information”) shall be, pursuant to the paragraph
      immediately below, reported by the parties set forth on Exhibit N to the
      Securities Administrator and the Depositor 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 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 N) and
      approval.

     

    (B)
      For
      so long as the Trust is subject to the Exchange Act reporting requirements,
      no
      later than the close of business on the 2nd Business Day after the occurrence
      of
      a Reportable Event (i) the parties set forth in Exhibit N shall be required
      pursuant to Section 3.18(a)(iv) below to provide, and the Master Servicer will
      enforce the obligations of each Servicer (to the extent provided in the related
      Servicing Agreement) to provide,  to the 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, 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
      obtaining the execution of and filing the Form 8-K.  If a Form 8-K
      cannot be filed on time or if a previously filed Form 8-K needs to be amended,
      the Securities Administrator shall follow the procedures set forth in Section
      3.18(a)(v)(B).  Promptly (but no later than one (1) Business Day)
      after filing with the Commission, the 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 12.07.  The parties
      to this Agreement acknowledge that the performance by Master Servicer and the
      Securities Administrator of their respective duties under this Section
      3.18(a)(ii) related to the timely preparation, execution and filing of Form
      8-K
      is contingent upon such parties strictly observing all applicable deadlines
      in
      the performance of their duties under this Section
      3.18(a)(ii).  Neither the Master Servicer nor the 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 hereto
      needed to prepare, arrange for execution or file such Form 8-K, not resulting
      from its own negligence, bad faith or willful misconduct.

     

    (iii)
      (A)
      Within 90 days after the end of each fiscal year of the Trust or such earlier
      date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it
      being understood that the fiscal year for the Trust ends on December 31st of
      each year), commencing in March 2008, the 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 timeframes set forth in this Agreement,
      (I)
      an annual compliance statement for each Servicer, the Master Servicer, the
      Securities Administrator and any subservicer or subcontractor, as applicable,
      as
      described under Section 3.16, (II)(A) the annual reports on assessment of
      compliance with Servicing Criteria for the Master Servicer, each Servicer,
      each
      subservicer and subcontractor participating in the servicing function, the
      Securities Administrator and the Custodians, as described under Section 3.17,
      and (B) if any such report on assessment of compliance with Servicing Criteria
      described under Section 3.17 identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any such report
      on
      assessment of compliance with Servicing Criteria described under Section 3.17
      is
      not included as an exhibit to such Form 10-K, disclosure that such report is
      not
      included and an explanation why such report is not included, (III)(A) the
      registered public accounting firm attestation report for the Master Servicer,
      each Servicer, the Securities Administrator, each subservicer, each
      subcontractor, as applicable, and the Custodians, as described under Section
      3.17, and (B) if any registered public accounting firm attestation report
      described under Section 3.17 identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any such registered
      public accounting firm attestation report is not included as an exhibit to
      such
      Form 10-K, disclosure that such report is not included and an explanation why
      such report is not included, and (IV) a Sarbanes-Oxley Certification as
      described in Section 3.18 (a)(iii)(D) below (provided, however, that the
      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,
      pursuant to the paragraph immediately below, reported by the parties set forth
      on Exhibit N to the Securities Administrator and the Depositor 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-K Disclosure absent such reporting (other than in the case where the
      Securities Administrator is the reporting party as set forth in Exhibit N)
      and
      approval.

     

    (B)
      No
      later than March 15th of each year that the Trust is subject to the Exchange
      Act
      reporting requirements, commencing in 2007, (i) the parties set forth in Exhibit
      N shall be required to provide, and the Master Servicer shall enforce the
      obligations of each Servicer (to the extent provided in the related Servicing
      Agreement) to provide, pursuant to Section 3.18(a)(iv) below to the 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 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 obtaining the
      execution of and filing the Form 10-K.  No later than the close of
      business Eastern Standard time on the 4th Business Day prior to the 10-K Filing
      Deadline, an officer of the Master Servicer in charge of the master servicing
      function shall sign the Form 10-K and return an electronic or fax copy of such
      signed Form 10-K (with an original executed hard copy to follow by overnight
      mail) to the 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
      3.18(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 for the Master
      Servicer can be contacted as set forth in Section 12.07.  Form 10-K
      requires the registrant to indicate (by checking “yes” or “no”) that it (1) has
      filed all reports required to be filed by Section 13 or 15(d) of the Exchange
      Act during the preceding 12 months (or for such shorter period that the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days.  The Depositor shall notify
      the 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 2.06(vii) and in any such notice in preparing,
      executing and/or filing any such report. The parties to this Agreement
      acknowledge that the performance by the Master Servicer and the Securities
      Administrator of their respective duties under Sections 3.18(a)(iv) and (v)
      related to the timely preparation, execution and filing of Form 10-K is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under such Sections and Sections 3.16 and Section
      3.17.  Neither the Master Servicer nor the 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 Master Servicer’s or the
      Securities Administrator’s inability or failure to receive, on a timely basis,
      any information from any other party hereto needed to prepare, arrange for
      execution or file such Form 10-K, not resulting from its own negligence, bad
      faith or willful misconduct.

     

    (D)
      Each
      Form 10-K shall include a certification (the “Sarbanes-Oxley Certification”)
      required to be included therewith pursuant to the Sarbanes-Oxley Act which
      shall
      be signed by the Certifying Person and delivered to the 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 L, upon which the Certifying Person, the entity
      for which the Certifying Person acts as an officer, and such entity’s officers,
      directors and Affiliates (collectively with the Certifying Person,
“Certification Parties”) can reasonably rely.  In addition, the
      Securities Administrator shall sign a Back-Up Certification substantially in
      the
      form of Exhibit L; provided, however, that 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 12.07.

     

    (iv)
      With
      respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
      or any Form 8-K Disclosure Information (collectively, the “Additional
      Disclosure”) relating to the Trust Fund, the 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 N
      as
      the responsible party for providing that information, if other than the
      Securities Administrator, as and when required as described in Section
      3.18(a)(i) through (iii) above.  Such Additional Disclosure shall be
      accompanied by a notice substantially in the form of Exhibit O.  Each
      of the Master Servicer, the Seller, the Securities Administrator and the
      Depositor hereby agrees to notify and provide, and the Master Servicer agrees
      to
      enforce the obligations (to the extent provided in the related Servicing
      Agreement) of each Servicer to notify and provide, to the extent known to the
      Master Servicer, the Seller, the Securities Administrator and the Depositor
      all
      Additional Disclosure relating to the Trust Fund, with respect to which such
      party is indicated in Exhibit N as the responsible party for providing that
      information.  The Depositor shall be responsible for any reasonable
      fees and expenses assessed or incurred by the 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 3.18.  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 Custodians of the type described under Item 1119 of Regulation
      AB, together with a description thereof, no later than March 15 of each year
      that the Trust is subject to the Exchange Act reporting requirements, commencing
      in 2008. Should the identification of any of the Depositor, the Seller, the
      Securities Administrator, the Master Servicer or the Custodians change, the
      Depositor shall promptly notify the Trustee in writing.

     

    (v)
      (A)
      On or prior to January 30th of the first year in which the 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/A,
      10-DA or 10-KA.  Any Form 15, Form 12b-25 or any amendment to Form
      8-K, 10-D or 10-K shall be signed by an appropriate officer of the Master
      Servicer.  The parties hereto acknowledge that the performance by the
      Master Servicer and the Securities Administrator of their respective duties
      under this Section 3.18(a)(v) related to the timely preparation, execution
      and
      filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K
      is
      contingent upon the Master Servicer and the Depositor timely performing their
      duties under this Section.  Neither the Master Servicer nor the
      Securities Administrator shall have any liability for any loss, expense, damage
      or claim arising out of or with respect to any failure to properly prepare,
      execute and/or timely file any such Form 15, Form 12b-25 or any amendments
      to
      Form 8-K, 10-D or 10-K, where such failure results from a party’s failure to
      deliver on a timely basis, any information from such party needed to prepare,
      arrange for execution or file such Form 15, Form 12b-25 or any amendments to
      Form 8-K, 10-D or 10-K, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    The
      Depositor agrees to promptly furnish to the 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
      3.18; 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 3.18 shall not be reimbursable from the Trust Fund.

     

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

     

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

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor, the 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 3.18(c), agrees that it
      shall
      contribute to the amount paid or payable by the other parties as a result of
      the
      losses, claims, damages or liabilities of the other party in such proportion
      as
      is appropriate to reflect the relative fault and the relative benefit of the
      respective parties.

     

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

     

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

     

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

     

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

     

    Section
      3.19  UCC.

     

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

     

    Section
      3.20  Optional
      Purchase of Defaulted Mortgage Loans.

     

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

     

    (b)  In
      addition, EMC shall, at its option, purchase any Mortgage Loan from the
      Trust for which the first Scheduled Payment due to the Trust after the
      Closing Date becomes thirty (30) days past due; provided however, such
      Mortgage Loan was purchased by EMC or one of its affiliates from a seller
      pursuant to a loan purchase agreement that obligated such seller to repurchase
      such Mortgage Loan if one or more Scheduled Payments becomes 30 or more days
      delinquent (and such seller has agreed to repurchase such Mortgage
      Loan); provided, further, that such optional purchase shall be exercised no
      later than the 270th day after such Mortgage Loan is subject to such
      seller's repurchase obligation. Such purchase shall be made at a price equal
      to
      the Purchase Price.

     

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

     

    Section
      3.21  Intention
      of the Parties and Interpretation.

     

    
      Each
        of
        the parties acknowledges and agrees that the purpose of Sections 3.16, 3.17
        and
        3.18 of this Agreement is to facilitate compliance by the Seller, the Depositor,
        the 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 provided by the Commission in
        respect of the requirements of Regulation AB, (c) the parties shall comply
        with
        reasonable requests made by the Seller, the Depositor, the Master Servicer
        or
        the 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.

       

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      IV

    ACCOUNTS

     

    Section
      4.01  Protected
      Accounts.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      4.02  Master
      Servicer Collection Account.

     

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

     

    (i)  any
      amounts withdrawn from a Protected Account;

     

    (ii)  any
      Advance and any Compensating Interest Payments;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (x)  the
      Purchase Price with respect to any Mortgage Loans purchased by the Seller
      pursuant to Section 2.02 or 2.03, any amounts which are to be treated pursuant
      to Section 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
      10.01;

     

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

     

    
      (xii)           any
        unreimbursed Capitalization Reimbursement Amount.

       

    

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

     

    The
      Master Servicer will, from time to time on demand of 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 10.01
      and remove amounts from time to time deposited in error.

     

    In
      addition, prior to noon New York time on the Business Day prior to each
      Distribution Date, the Master Servicer shall deposit in the Distribution Account
      (or remit to the 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
      4.04  Distribution
      Account.

     

    (a)  The
      Paying Agent 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. The Master Servicer or Servicers, as the case may be, will remit to
      the
      Securities Administrator for deposit in the Distribution Account, the following
      amounts:

     

    (b)  All
      amounts deposited to 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 (i) prepayment or late payment
      charges or assumption, tax service, statement account or payoff, substitution,
      satisfaction, release and other like fees and charges and (ii) the items
      enumerated in Subsections 4.05(a)(i), (ii), (iii) and (iv), need not be credited
      by the Master Servicer or the related Servicer to the Distribution Account.
      In
      the event that the Master Servicer shall deposit or cause to be deposited to
      the
      Distribution Account any amount not required to be credited thereto, the
      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.

     

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

     

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

     

    Section
      4.05  Permitted
      Withdrawals and Transfers from the Distribution Account.

     

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

     

    (i)  to
      reimburse the Trustee, the Custodians 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 compensation as set forth in Section
      9.05;

     

    (iii)  to
      remove
      amounts deposited in error;

     

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

     

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

     

    Section
      4.06  Group
      II
      Pre-Funding Account.

     

    (a)           No
      later than the Closing Date, the Securities Administrator shall establish and
      maintain in the name of the Trustee a segregated trust account or sub-account
      of
      a trust account, which shall be titled “Group II Pre-Funding Account, Citibank,
      N.A., as trustee for the benefit of the holders of Structured Asset Mortgage
      Investments II Inc., Bear Stearns ARM Trust, Mortgage Pass-Through Certificates,
      Series 2007-4” (the “Group II Pre-Funding Account”). The Group II Pre-Funding
      Account shall be an Eligible Account or a sub account of an Eligible Account.
      The Securities Administrator shall, promptly upon receipt, deposit in the Group
      II Pre-Funding Account and retain therein the Group II Pre-Funded Amount
      remitted on the Closing Date to the Securities Administrator by the Depositor.
      Funds deposited in the Group II Pre-Funding Account shall be held in trust
      by
      the Securities Administrator for the Holders of the Group II Certificates for
      the uses and purposes set forth herein.

     

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

     

    (i)           On
      any Subsequent Transfer Date, the Securities Administrator shall withdraw from
      the Group II-1 Pre-Funded Amount or Group II-2 Pre-Funded Amount, as applicable,
      comprising the Group II Pre-Funding Account an amount equal to 100% of the
      Scheduled Principal Balances of the Group II-1 Subsequent Mortgage Loans or
      Group II-2 Subsequent Mortgage Loans, as applicable, (as identified on the
      Mortgage Loan Schedule provided by the Depositor) transferred and assigned
      to
      the Securities Administrator for deposit in Loan Group II-1 or Loan Group II-2,
      as applicable, on such Subsequent Transfer Date and remit such amount to the
      Depositor;

     

    (ii)           If
      the amount on deposit in the Group II Pre-Funding Account (exclusive of
      investment income) has not been reduced to zero by the close of business on
      the
      date of termination of the Group II Pre-Funding Period, then at the close of
      business on such date, the Securities Administrator shall deposit into the
      Distribution Account with respect to Group II-1 Available Funds or Group II-2
      Available Funds, as applicable, any amounts remaining in the Group II
      Pre-Funding Account related to Loan Group II-1 or Loan Group II-2, as
      applicable, (exclusive of investment income) for distribution in accordance
      with
      Section 6.01;

     

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

     

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

     

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

     

    Section
      4.07  Group
      II
      Interest Coverage Account.

     

    (a)           No
      later than the Closing Date, the Securities Administrator shall establish and
      maintain in the name of the Trustee a segregated trust account or a sub-account
      of a trust account, which shall be titled “Group II Interest Coverage Account,
      Citibank, N.A., as trustee for the benefit of the holders of Structured Asset
      Mortgage Investments II Inc., Bear Stearns ARM Trust, Mortgage Pass-Through
      Certificates, Series 2007-4” (the “Group II Interest Coverage Account”). The
      Group II Interest Coverage Account shall be an Eligible Account or a sub-account
      of an Eligible Account. The Securities Administrator shall, promptly upon
      receipt, deposit in the Group II Interest Coverage Account and retain therein
      the Group II Initial Interest Coverage Deposit remitted on the Closing Date
      to
      the Securities Administrator by the Depositor and all income and gain realized
      from investment of funds deposited in the Group II Pre-Funding Account pursuant
      to Section 4.06(b). Funds deposited in the Group II Interest Coverage Account
      shall be held in trust by the Securities Administrator for the Group II
      Certificateholders for the uses and purposes set forth herein.

     

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

     

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

     

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

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    ARTICLE
      V

    CERTIFICATES

     

    Section
      5.01  Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	
              
                REMIC
                  I Interest

              

            	 	
              
                Initial
                  Principal Amount

              

            	 	
              
                Pass-Through
                  Rate

              

            	 	
              
                Related
                  Loan Group

              

            
	 	 	 	 	 	 	 
	
              I-1-Sub

            	 	
               $                    1,414.10

            	 	
              (1)

            	 	
              Loan
                Group I-1

            
	
              I-1-Grp

            	 	
               $                  26,934.00

            	 	
              (2)

            	 	
              Loan
                Group I-1

            
	
              I-2-Sub

            	 	
               $                       632.63

            	 	
              (1)

            	 	
              Loan
                Group I-2

            
	
              I-2-Grp

            	 	
               $                  12,049.83

            	 	
              (3)

            	 	
              Loan
                Group I-2

            
	
              ZZZ

            	 	
               $         389,797,227.61

            	 	
              (1)

            	 	
              Loan
                Group I

            
	
              Class
                R-I

            	 	
               $                         50.00

            	 	
              0.00%

            	 	
              N/A

            

    

    ________________________

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	
              
                REMIC
                  II Interest

              

            	 	
              
                Initial
                  Principal Amount

              

            	 	
              
                Pass-Through
                  Rate

              

            	 	
              
                Related
                  Loan Group

              

            
	 	 	 	 	 	 	 
	
              II-1-Sub

            	 	
               $                        697.52

            	 	
              (1)

            	 	
              Loan
                Group II-1

            
	
              II-1-Grp

            	 	
               $                   19,926.52

            	 	
              (2)

            	 	
              Loan
                Group II-1

            
	
              II-2-Sub

            	 	
               $                     1,917.10

            	 	
              (1)

            	 	
              Loan
                Group II-2

            
	
              II-2-Grp

            	 	
               $                   54,773.70

            	 	
              (3)

            	 	
              Loan
                Group II-2

            
	
              ZZZ

            	 	
               $          746,924,867.51

            	 	
              (1)

            	 	
              Loan
                Group II

            
	
              R-III/R-IV

            	 	
               $                        100.00

            	 	
              0.00%

            	 	
              N/A

            
	
              Class
                R-II

            	 	
               $                          50.00

            	 	
              0.00%

            	 	
              N/A

            

    

    ________________________

    

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

     

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

     

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

     

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

     

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

     

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

     

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

    

      
        	
                
                  Designation

                

              	 	
                
                  Initial
                    Principal Amount

                

              	 	
                
                  Pass-Through
                    Rate

                

              
	 	 	 	 	 
	
                I-1A-1

              	 	
                 $           
                     241,059,000.00

              	 	
                (1)

              
	
                I-1A-2

              	 	
                 $          
                        14,140,000.00

              	 	
                (1)

              
	
                I-2A-1

              	 	
                 $         
                       107,846,000.00

              	 	
                (2)

              
	
                I-2A-2

              	 	
                 $                   6,326,000.00

              	 	
                (2)

              
	
                II-1A-1

              	 	
                 $        
                        185,316,000.00

              	 	
                (3)

              
	
                II-2A-2

              	 	
                 $                   6,974,000.00

              	 	
                (3)

              
	
                II-2A-1

              	 	
                 $        
                        509,395,000.00

              	 	
                (4)

              
	
                II-2A-2

              	 	
                 $       
                           19,171,000.00

              	 	
                (4)

              
	
                Class
                  R-III

              	 	
                 $            
                                   
                  50.00

              	 	
                0.00%

              
	
                R-IV

              	 	
                 $                              
                  50.00

              	 	
                0.00%

              
	
                I-B-1

              	 	
                 $                   8,771,000.00

              	 	
                (5)

              
	
                I-B-2

              	 	
                 $                   3,898,000.00

              	 	
                (5)

              
	
                I-B-3

              	 	
                 $                   2,339,000.00

              	 	
                (5)

              
	
                I-B-4

              	 	
                 $                   2,339,000.00

              	 	
                (5)

              
	
                I-B-5

              	 	
                 $                   1,754,000.00

              	 	
                (5)

              
	
                I-B-6

              	 	
                 $                   1,366,258.16

              	 	
                (5)

              
	
                II-B-1

              	 	
                 $                14,566,000.00

              	 	
                (6)

              
	
                II-B-2

              	 	
                 $                   4,481,000.00

              	 	
                (6)

              
	
                II-B-3

              	 	
                 $                   2,616,000.00

              	 	
                (6)

              
	
                II-B-4

              	 	
                 $                   1,493,000.00

              	 	
                (6)

              
	
                II-B-5

              	 	
                 $                   1,494,000.00

              	 	
                (6)

              
	
                II-B-6

              	 	
                 $                   1,496,182.35

              	 	
                (6)

              

      

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

     

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

     

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

     

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

     

    (5)           A
      variable Pass-Through Rate equal to the weighted average of the Pass-Through
      Rates on REMIC I Regular Interests I-1-Sub and I-2-Sub, weighted on the basis
      of
      the Uncertificated Principal Balances of each such REMIC I Regular Interest
      immediately preceding the related Distribution Date, provided that for purposes
      of calculating such weighted average, the Pass-Through Rate of each such REMIC
      I
      Regular Interest shall be subject to a cap and a floor equal to the Pass-Through
      Rate of the REMIC I Regular Interest from the related Loan Group ending with
      the
      designation “Grp”.

     

    (6)           A
      variable Pass-Through Rate equal to the weighted average of the Pass-Through
      Rates on REMIC II Regular Interests II-1-Sub and II-2-Sub, weighted on the
      basis
      of the Uncertificated Principal Balances of each such REMIC II Regular Interest
      immediately preceding the related Distribution Date, provided that for purposes
      of calculating such weighted average, the Pass-Through Rate of each such REMIC
      II Regular Interest shall be subject to a cap and a floor equal to the
      Pass-Through Rate of the REMIC II Regular Interest from the related Loan Group
      ending with the designation “Grp”.

     

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

     

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

     

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

     

    
      
        	
                
                  Designation

                

              	 	
                
                  Initial
                    Principal Amount

                

              	 	
                
                  Pass-Through
                    Rate

                

              
	 	 	 	 	 
	
                I-1A-1

              	 	
                $                              241,059,000.00

              	 	
                (1)

              
	
                I-1A-2

              	 	
                $                               
                  14,140,000.00

              	 	
                (2)

              
	
                I-1X-1

              	 	
                            
                  (4)

              	 	
                (3)

              
	
                I-2A-1

              	 	
                $                              107,846,000.00

              	 	
                (5)

              
	
                I-2A-2

              	 	
                $                                 
                  6,326,000.00

              	 	
                (5)

              
	
                I-2X-1

              	 	
                            
                  (4)

              	 	
                (6)

              
	
                II-1A-1

              	 	
                $                              185,316,000.00

              	 	
                (7)

              
	
                II-1A-2

              	 	
                $                                 
                  6,974,000.00

              	 	
                (7)

              
	
                II-1X-1

              	 	
                            
                  (4)

              	 	
                (8)

              
	
                II-2A-1

              	 	
                $                              509,395,000.00

              	 	
                (9)

              
	
                II-2A-2

              	 	
                $                                19,171,000.00

              	 	
                (9)

              
	
                II-2X-1

              	 	
                              
                  (4)

              	 	
                (10)

              
	
                R-I

              	 	
                $                                             
                  50.00

              	 	
                (11)

              
	
                R-II

              	 	
                $                                              50.00

              	 	
                (11)

              
	
                R-III

              	 	
                $                                             
                  50.00

              	 	
                (11)

              
	
                R-IV

              	 	
                $                                             
                  50.00

              	 	
                (11)

              
	
                I-B-1

              	 	
                $                                 
                  8,771,000.00

              	 	
                (12)

              
	
                I-B-2

              	 	
                $                                 
                  3,898,000.00

              	 	
                (12)

              
	
                I-B-3

              	 	
                $                                 
                  2,339,000.00

              	 	
                (12)

              
	
                I-B-4

              	 	
                $                                 
                  2,339,000.00

              	 	
                (12)

              
	
                I-B-5

              	 	
                $                                 
                  1,754,000.00

              	 	
                (12)

              
	
                I-B-6

              	 	
                $                                  1,366,258.16

              	 	
                (12)

              
	
                II-B-1

              	 	
                $                                14,566,000.00

              	 	
                (13)

              
	
                II-B-2

              	 	
                $                                 
                  4,481,000.00

              	 	
                (13)

              
	
                II-B-3

              	 	
                $                                 
                  2,616,000.00

              	 	
                (13)

              
	
                II-B-4

              	 	
                $                                 
                  1,493,000.00

              	 	
                (13)

              
	
                II-B-5

              	 	
                $                                  1,494,000.00

              	 	
                (13)

              
	
                II-B-6

              	 	
                $                                  1,496,182.35

              	 	
                (13)

              

      

       

    

    (1)           On
      or prior to the Distribution Date in March 2012, the Class I-1A-1 Certificates
      will bear interest at a variable Pass-Through Rate equal to the weighted average
      of the Net Rates of the Group I-1 Mortgage Loans, weighted on the basis of
      the
      respective Scheduled Principal Balances of each such Mortgage Loan as of the
      beginning of the Due Period immediately preceding the related Distribution
      Date,
      minus 0.317% per annum.  After the Distribution Date in March 2012 the
      Class I-1A-1 Certificates will bear interest at a variable Pass-Through Rate
      equal to the weighted average of the Net Rates of the Group I-1 Mortgage Loans,
      weighted on the basis of the respective Scheduled Principal Balances of each
      such Mortgage Loan as of the beginning of the Due Period immediately preceding
      the related Distribution Date.  During each such period, for federal
      income tax purposes the Class I-1A-1 Certificates will bear interest at a rate
      equivalent to the foregoing, calculated using the weighted average of the
      Pass-Through Rate on REMIC III Regular Interest I-1A-1, weighted on the basis
      of
      the Uncertificated Principal Balance of such REMIC III Regular Interest
      immediately preceding the related Distribution Date, in place of the weighted
      average of the Net Rates of the Group I-1 Mortgage Loans.

     

    (2)           The
      Class I-1A-2 Certificates will bear interest at a variable Pass-Through rate
      equal to the weighted average of the Net Rates of the Group I-1 Mortgage
      Loans.  For federal income tax purposes the Class I-1A-2 Certificates
      will bear interest at a rate equivalent to the foregoing, expressed as the
      weighted average of the Pass-Through Rate on REMIC III Regular Interest I-1A-2,
      weighted on the basis of the Uncertificated Principal Balance of such REMIC
      III
      Regular Interest immediately preceding the related Distribution
      Date.

     

    (3)           On
      or prior to the Distribution Date in March 2012, the Class I-1X-1 Certificates
      will bear interest at a fixed Pass-Through Rate equal to 0.317% per annum on
      a
      notional balance equal to the Current Principal Amount of the Class I-1A-1
      Certificates.  After the Distribution Date in March 2012, the Class
      I-1X-1 Certificates will not bear any interest.  For federal income
      tax purposes, the Class I-1X-1 Certificates will bear interest at a rate
      equivalent to the foregoing, expressed as (i) for any Distribution Date in
      or
      prior to March 2012, the excess, if any, of (x) the weighted average of the
      Pass-Through Rate on REMIC III Regular Interest I-1A-1, weighted on the basis
      of
      the Uncertificated Principal Balance of such REMIC III Regular Interest
      immediately preceding the related Distribution Date, over (y) the excess, if
      any, of (1) the weighted average of the Pass-Through Rate on REMIC III Regular
      Interest I-1A-1, weighted on the basis of the Uncertificated Principal Balance
      of such REMIC III Regular Interest immediately preceding the related
      Distribution Date, over (2) 0.317% per annum, and (ii) for any Distribution
      Date
      after March 2012, the excess, if any, of (A) the weighted average of the
      Pass-Through Rate on REMIC III Regular Interests I-1A-1, weighted on the basis
      of the Uncertificated Principal Balance of such REMIC III Regular Interest
      immediately preceding the related Distribution Date, over (B) the weighted
      average of the Pass-Through Rate on REMIC III Regular Interest I-1A-1, weighted
      on the basis of the Uncertificated Principal Balance of such REMIC III Regular
      Interest immediately preceding the related Distribution Date.

     

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

     

    (5)           On
      or prior to the Distribution Date in February 2017, the Class I-2A-1
      Certificates and Class I-2A-2 Certificates will bear interest at a variable
      Pass-Through Rate equal to the weighted average of the Net Rates of the Group
      I-2 Mortgage Loans, weighted on the basis of the respective Scheduled Principal
      Balances of each such Mortgage Loan as of the beginning of the Due Period
      immediately preceding the related Distribution Date, minus 0.419% per
      annum.  After the Distribution Date in February 2017, the Class I-2A-1
      Certificates and Class I-2A-2 Certificates will bear interest at a variable
      Pass-Through Rate equal to the weighted average of the Net Rates of the Group
      I-2 Mortgage Loans, weighted on the basis of the respective Scheduled Principal
      Balances of each such Mortgage Loan as of the beginning of the Due Period
      immediately preceding the related Distribution Date.  During each such
      period, for federal income tax purposes the Class I-2A-1 Certificates and Class
      I-2A-2 Certificates will bear interest at a rate equivalent to the foregoing,
      calculated using the weighted average of the Pass-Through Rates on REMIC III
      Regular Interests I-2A-1 and I-2A-2, weighted on the basis of the Uncertificated
      Principal Balances of such REMIC III Regular Interests immediately preceding
      the
      related Distribution Date, in place of the weighted average of the Net Rates
      of
      the Group I-2 Mortgage Loans. 

     

    (6)           On
      or prior to the Distribution Date in February 2017, the Class I-2X-1
      Certificates will bear interest at a fixed Pass-Through Rate equal to
      0.419% per annum on a notional balance equal to the aggregate Current
      Principal Amount of the Class I-2A-1 Certificates and Class I-2A-2
      Certificates.  After the Distribution Date in February 2017, the Class
      I-2X-1 Certificates will not bear any interest. For federal income tax purposes,
      the Class I-2X-1 Certificates will bear interest at a rate equivalent to the
      foregoing, expressed as (i) for any Distribution Date in or prior to February
      2017, the excess, if any, of (x) the weighted average of the Pass-Through Rates
      on REMIC III Regular Interests I-2A-1 and I-2A-2, weighted on the basis of
      the
      Uncertificated Principal Balances of such REMIC III Regular Interests
      immediately preceding the related Distribution Date, over (y) the excess, if
      any, of (1) the weighted average of the Pass-Through Rates on REMIC III Regular
      Interests I-2A-1 and I-2A-2, weighted on the basis of the Uncertificated
      Principal Balances of such REMIC III Regular Interests immediately preceding
      the
      related Distribution Date, over (2) 0.419% per annum, and (ii) for any
      Distribution Date after February 2017, the excess, if any, of (A) the weighted
      average of the Pass-Through Rates on REMIC III Regular Interests I-2A-1 and
      I-2A-2, weighted on the basis of the Uncertificated Principal Balances of such
      REMIC III Regular Interests immediately preceding the related Distribution
      Date,
      over (B) the weighted average of the Pass-Through Rates on REMIC III Regular
      Interests I-2A-1 and I-2A-2, weighted on the basis of the Uncertificated
      Principal Balances of such REMIC III Regular Interests immediately preceding
      the
      related Distribution Date.

     

    (7)           On
      or prior to the Distribution Date in May 2014, the Class II-1A-1 Certificates
      and Class II-1A-2 Certificates will bear interest at a variable Pass-Through
      Rate equal to the weighted average of the Net Rates of the Group II-1 Mortgage
      Loans, weighted on the basis of the respective Scheduled Principal Balances
      of
      each such Mortgage Loan as of the beginning of the Due Period immediately
      preceding the related Distribution Date, minus 0.029% per
      annum.  After the Distribution Date in May 2014, the Class II-1A-1
      Certificates and Class II-1A-2 Certificates will bear interest at a variable
      Pass-Through Rate equal to the weighted average of the Net Rates of the Group
      II-1 Mortgage Loans.  During each such period, for federal income tax
      purposes the Class II-1A-1 Certificates and Class II-1A-2 Certificates will
      bear
      interest at a rate equivalent to the foregoing, calculated using the weighted
      average of the Pass-Through Rates on REMIC III Regular Interests II-1A-1 and
      II-1A-2, weighted on the basis of the Uncertificated Principal Balances of
      such
      REMIC III Regular Interests immediately preceding the related Distribution
      Date,
      in place of the weighted average of the Net Rates of the Group II-1 Mortgage
      Loans.

     

    (8)           On
      or prior to the Distribution Date in May 2014, the Class II-1X-1 Certificates
      will bear interest at a fixed Pass-Through Rate equal to 0.029% per annum on
      a
      notional balance equal to the aggregate Current Principal Amount of the Class
      II-1A-1 Certificates and Class II-1A-2 Certificates.  After the
      Distribution Date in May 2014, the Class II-1X-1 Certificates will not bear
      any
      interest.  For federal income tax purposes, the Class II-1X-1
      Certificates will bear interest at a rate equivalent to the foregoing, expressed
      as (i) for any Distribution Date in or prior to May 2014, the excess, if any,
      of
      (x) the weighted average of the Pass-Through Rates on REMIC III Regular
      Interests II-1A-1 and II-1A-2, weighted on the basis of the Uncertificated
      Principal Balances of such REMIC III Regular Interests immediately preceding
      the
      related Distribution Date, over (y) the excess, if any, of (1) the weighted
      average of the Pass-Through Rates on REMIC III Regular Interests II-1A-1 and
      II-1A-2, weighted on the basis of the Uncertificated Principal Balances of
      such
      REMIC III Regular Interests immediately preceding the related Distribution
      Date,
      over (2) 0.029% per annum, and (ii) for any Distribution Date after May 2014,
      the excess, if any, of (A) the weighted average of the Pass-Through Rates on
      REMIC III Regular Interests II-1A-1 and II-1A-2, weighted on the basis of the
      Uncertificated Principal Balances of such REMIC III Regular Interests
      immediately preceding the related Distribution Date, over (B) the weighted
      average of the Pass-Through Rates on REMIC III Regular Interests II-1A-1 and
      II-1A-2, weighted on the basis of the Uncertificated Principal Balances of
      such
      REMIC III Regular Interests immediately preceding the related Distribution
      Date.

     

    (9)           On
      or prior to the Distribution Date in May 2017, the Class II-2A-1 Certificates
      and Class II-2A-2 Certificates will bear interest at a variable Pass-Through
      Rate equal to the weighted average of the Net Rates of the Group II-2 Mortgage
      Loans, weighted on the basis of the respective Scheduled Principal Balances
      of
      each such Mortgage Loan as of the beginning of the Due Period immediately
      preceding the related Distribution Date, minus 0.061% per
      annum.  After the Distribution Date in May 2017, the Class II-2A-1
      Certificates and Class II-2A-2 Certificates will bear interest at a variable
      Pass-Through Rate equal to the weighted average of the Net Rates of the Group
      II-2 Mortgage Loans.  During each such period, for federal income tax
      purposes the Class II-1A-1 Certificates and Class II-2A-2 Certificates will
      bear
      interest at a rate equivalent to the foregoing, calculated using the weighted
      average of the Pass-Through Rates on REMIC III Regular Interests II-2A-1 and
      II-2A-2, weighted on the basis of the Uncertificated Principal Balances of
      such
      REMIC III Regular Interests immediately preceding the related Distribution
      Date,
      in place of the weighted average of the Net Rates of the Group II-2 Mortgage
      Loans.

     

     (10)           On
      or prior to the Distribution Date in May 2017, the Class II-2X-1 Certificates
      will bear interest at a fixed Pass-Through Rate equal to 0.061% per annum on
      a
      notional balance equal to the aggregate Current Principal Amount of the Class
      II-2A-1 Certificates and Class II-2A-2 Certificates.  After the
      Distribution Date in May 2017, the Class II-2X-1 Certificates will not bear
      any
      interest.  For federal income tax purposes, the Class II-2X-1
      Certificates will bear interest at a rate equivalent to the foregoing, expressed
      as (i) for any Distribution Date in or prior to May 2017, the excess, if any,
      of
      (x) the weighted average of the Pass-Through Rates on REMIC III Regular
      Interests II-2A-1 and II-2A-2, weighted on the basis of the Uncertificated
      Principal Balances of such REMIC III Regular Interests immediately preceding
      the
      related Distribution Date, over (y) the excess, if any, of (1) the weighted
      average of the Pass-Through Rates on REMIC III Regular Interests II-2A-1 and
      II-2A-2, weighted on the basis of the Uncertificated Principal Balances of
      such
      REMIC III Regular Interests immediately preceding the related Distribution
      Date,
      over (2) 0.061% per annum, and (ii) for any Distribution Date after May 2017,
      the excess, if any, of (A) the weighted average of the Pass-Through Rates on
      REMIC III Regular Interests II-2A-1 and II-2A-2, weighted on the basis of the
      Uncertificated Principal Balances of such REMIC III Regular Interests
      immediately preceding the related Distribution Date, over (B) the weighted
      average of the Pass-Through Rates on REMIC III Regular Interests II-2A-1 and
      II-2A-2, weighted on the basis of the Uncertificated Principal Balances of
      such
      REMIC III Regular Interests immediately preceding the related Distribution
      Date.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      5.02  Registration
      of Transfer and Exchange of Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (h)  Subject
      to the restrictions on transfer and exchange set forth in this Section 5.02,
      the
      holder of any Individual Certificate may transfer or exchange the same in whole
      or in part (in an initial certificate balance equal to the minimum authorized
      denomination set forth in Section 5.01(g) above or any integral multiple of
      $1.00 in excess thereof) by surrendering such Certificate at the Certificate
      Registrar 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 Certificate Registrar 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 Certificate
      Registrar 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 Certificate Registrar shall, within five
      Business Days of such request made at the Corporate Trust Office, sign,
      countersign and deliver at the Corporate Trust Office, to the transferee (in
      the
      case of transfer) or holder (in the case of exchange) or send by first class
      mail at the risk of the transferee (in the case of transfer) or holder (in
      the
      case of exchange) to such address as the transferee or holder, as applicable,
      may request, an Individual Certificate or Certificates, as the case may require,
      for a like aggregate Fractional Undivided Interest and in such authorized
      denomination or denominations as may be requested. The presentation for transfer
      or exchange of any Individual Certificate shall not be valid unless made at
      the
      Corporate Trust Office by the registered holder in person, or by a duly
      authorized attorney-in-fact.

     

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

     

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

     

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

     

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

     

    Section
      5.03  Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

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

     

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

     

    Section
      5.04  Persons
      Deemed Owners.

     

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

     

    Section
      5.05  Transfer
      Restrictions on Residual Certificates.

     

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

     

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

     

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

     

    Section
      5.06  Restrictions
      on Transferability of Certificates.

     

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

     

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

     

    Section
      5.07  ERISA
      Restrictions.

     

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

     

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

     

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

     

    (d)  Neither
      the Trustee, the Certificate Registrar, the Master Servicer nor the Securities
      Administrator will be required to monitor, determine or inquire as to compliance
      with the transfer restrictions with respect to the Global Certificates. Any
      attempted or purported transfer of any Certificate in violation of the
      provisions of Subsections (a) 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 Certificate
      Registrar, the Securities Administrator and the Master Servicer from and against
      any and all liabilities, claims, costs or expenses incurred by the Trustee,
      the
      Certificate Registrar, the Securities Administrator or the Master Servicer
      as a
      result of such attempted or purported transfer. Neither the Trustee nor the
      Certificate Registrar shall be liable for transfer of any such Global
      Certificates in or through book-entry facilities of any Depository or between
      or
      among Depository Participants or Certificate Owners made in violation of the
      transfer restrictions set forth herein.

     

    Section
      5.08  Rule
      144A
      Information.

     

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

     

    Section
      5.09  Appointment
      of Paying Agent and Certificate Registrar.

     

    Wells
      Fargo Bank, N.A., as Securities Administrator, shall act as the initial Paying
      Agent and Certificate Registrar for so long as it is also the Master Servicer.
      Each of the Paying Agent and the Certificate Registrar may resign upon thirty
      (30) days’ prior written notice to the Trustee; provided hereto that no such
      resignation shall be effective until the appointment of a successor paying
      agent
      or certificate registrar. In the event the Paying Agent and/or the Certificate
      Registrar resigns or is removed for cause, the Depositor may appoint a successor
      paying agent or certificate registrar, as applicable. The Depositor shall cause
      such successor paying agent, if other than the Trustee or the Master Servicer
      or
      the Securities Administrator, to execute and deliver to the Depositor and the
      Trustee an instrument in which such paying agent shall agree with the Depositor
      and the Trustee that such paying agent will hold all sums held by it for the
      payment to Certificateholders in trust for the benefit of the Certificateholders
      entitled thereto until such sums have been paid to the
      Certificateholders.

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    ARTICLE
      VI

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    Section
      6.01  Distributions
      on the Certificates.

     

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

     

    (i)  With
      respect to the Group I Certificates:

     

    (A)           on
      each Distribution Date, the Group I-1 Available Funds will be distributed to
      the
      Group I-1 Senior Certificates as follows:

     

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

     

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

     

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

     

    (B)           on
      each Distribution Date, the Group I-2 Available Funds will be distributed to
      the
      Group I-2 Senior Certificates as follows:

     

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

     

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

     

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

     

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

     

    (D)           On
      each Distribution Date prior to the Group I Cross-Over Date but after the
      reduction of the Current Principal Amount of all of the Group I Senior
      Certificates of a Certificate Group to zero, the remaining Class or Classes
      of
      Group I Senior Certificates in the remaining Certificate Group related to Loan
      Group I will be entitled to receive in reduction of their Current Principal
      Amounts, pro rata based upon their Current Principal Amounts immediately prior
      to such Distribution Date, in addition to any Principal Prepayments related
      to
      such remaining Group I Senior Certificates’ respective Loan Group allocated to
      such Group I Senior Certificates, 100% of the Principal Prepayments on any
      Group
      I Mortgage Loan in the Loan Group relating to the Class or Classes of Group
      I
      Senior Certificates of the fully repaid Certificate Group; provided, however,
      that if (A) the weighted average of the Subordinate Percentages of the Group
      I
      Subordinate Certificates on such Distribution Date equals or exceeds two times
      the initial weighted average of the Subordinate Percentages of the Group I
      Subordinate Certificates and (B) the aggregate Scheduled Principal Balance
      of
      the Group I Mortgage Loans Delinquent 60 days or more (including for this
      purpose any such Group I Mortgage Loans in foreclosure and bankruptcy and Group
      I Mortgage Loans with respect to which the related Mortgaged Property has been
      acquired by the Trust), averaged over the last six months, as a percentage
      of
      the aggregate Current Principal Amount of the Group I Subordinate Certificates
      does not exceed 50%, then the additional allocation of Principal Prepayments
      to
      the Group I-1 Senior Certificates and Group I-2 Senior Certificates in
      accordance with this clause (D) will not be made and 100% of the Principal
      Prepayments on any Group I Mortgage Loan in the Loan Group relating to the
      fully
      repaid Class or Classes of Group I Senior Certificates will be allocated to
      the
      Group I Subordinate Certificates.

     

     (E)           If
      on any Distribution Date on which the aggregate Current Principal Amount of
      the
      Group I-1 Senior Certificates or Group I-2 Senior Certificates, as applicable,
      would be greater than the aggregate Scheduled Principal Balance of the Group
      I
      Mortgage Loans in the related Loan Group and any Group I Subordinate
      Certificates are still outstanding, in each case after giving effect to
      distributions to be made on such Distribution Date, (A) 100% of amounts
      otherwise allocable to the Group I Subordinate Certificates in respect of
      principal will be distributed to the Group I-1 Senior Certificates or Group
      I-2
      Senior Certificates, pro rata, based upon their Current Principal Amounts
      immediately prior to such Distribution Date, in reduction of the Current
      Principal Amounts thereof, until the aggregate Current Principal Amount of
      such
      Group I-1 Senior Certificates or Group I-2 Senior Certificates is an amount
      equal to the aggregate Scheduled Principal Balance of the Group I Mortgage
      Loans
      in the related Loan Group, and (B) the Accrued Certificate Interest otherwise
      allocable to the Group I Subordinate Certificates on such Distribution Date
      will
      be reduced, if necessary, and distributed to such Class or Classes of Group
      I
      Senior Certificates in an amount equal to the Accrued Certificate Interest
      for
      such Distribution Date on the excess of (x) the aggregate Current Principal
      Amount of such Class or Classes of Group I Senior Certificates over (y) the
      aggregate Scheduled Principal Balance of the Group I Mortgage Loans in the
      related Loan Group. Any such reduction in the Accrued Certificate Interest
      on
      the Group I Subordinate Certificates will be allocated in reverse order of
      the
      Group I Subordinate Certificates’ numerical designations, commencing with the
      Class I-B-6 Certificates.

     

    (F)           If,
      after distributions have been made pursuant to priorities first and
second of clauses (A) and (B) above on any Distribution Date,
      the
      remaining Group I-1 Available Funds or Group I-2 Available Funds are less than
      the Group I-1 Senior Optimal Principal Amounts and Group I-2 Senior Optimal
      Principal Amounts for the Group I-1 Senior Certificates or Group I-2 Senior
      Certificates, as applicable, the Senior Optimal Principal Amount for such Loan
      Group shall be reduced, and such remaining related Available Funds will be
      distributed on the related Group I Senior Certificates, on a pro rata basis,
      on
      the basis of such reduced amount.

     

    (G)           On
      each Distribution Date, any Group I Available Funds remaining after payment
      of
      interest and principal to the Classes of Certificates entitled thereto, as
      described above, will be distributed to the Class R-I Certificates; provided
      that if on any Distribution Date there are any Group I-1 Available Funds and
      Group I-2 Available Funds remaining after payment of interest and principal
      to a
      Class or Classes of Certificates entitled thereto, such amounts will be
      distributed to the other Classes of Group I Senior Certificates, pro rata,
      based
      upon their Current Principal Amounts, until all amounts due to all Classes
      of
      Group I Senior Certificates have been paid in full, before any amounts are
      distributed to the Class R-I Certificates.

     

    (ii)  With
      respect to the Group II Certificates:

     

    (A)           on
      each Distribution Date, the Group II-1 Available Funds will be distributed
      to
      the Group II-1 Senior Certificates as follows:

     

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

     

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

     

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

     

    (B)           on
      each Distribution Date, the Group II-2 Available Funds will be distributed
      to
      the Group II-2 Senior Certificates as follows:

     

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

     

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

     

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

     

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

     

    (D)           On
      each Distribution Date prior to the Group II Cross-Over Date but after the
      reduction of the Current Principal Amount of all of the Group II Senior
      Certificates of a Certificate Group to zero, the remaining Class or Classes
      of
      Group II Senior Certificates in the remaining Certificate Group for Loan Group
      II will be entitled to receive in reduction of their Current Principal Amounts,
      pro rata based upon their Current Principal Amounts immediately prior to such
      Distribution Date, in addition to any Principal Prepayments related to such
      remaining Group II Senior Certificates’ respective Loan Group allocated to such
      Group II Senior Certificates, 100% of the Principal Prepayments on any Group
      II
      Mortgage Loan in the Loan Group relating to the Class or Classes of Group II
      Senior Certificates of the fully repaid Certificate Group; provided, however,
      that if (A) the weighted average of the Subordinate Percentages of the Group
      II
      Subordinate Certificates on such Distribution Date equals or exceeds two times
      the initial weighted average of the Subordinate Percentages of the Group II
      Subordinate Certificates and (B) the aggregate Scheduled Principal Balance
      of
      the Group II Mortgage Loans Delinquent 60 days or more (including for this
      purpose any such Group II Mortgage Loans in foreclosure and bankruptcy and
      Group
      II Mortgage Loans with respect to which the related Mortgaged Property has
      been
      acquired by the Trust), averaged over the last six months, as a percentage
      of
      the aggregate Current Principal Amount of the Group II Subordinate Certificates
      does not exceed 50%, then the additional allocation of Principal Prepayments
      to
      the Group II-1 Senior Certificates and Group II-2 Senior Certificates in
      accordance with this clause (D) will not be made and 100% of the Principal
      Prepayments on any Group II Mortgage Loan in the Loan Group relating to the
      fully repaid Class or Classes of Group II Senior Certificates will be allocated
      to the Group II Subordinate Certificates.

     

     (E)           If
      on any Distribution Date on which the aggregate Current Principal Amount of
      the
      Group II-1 Senior Certificates or Group II-2 Senior Certificates, as applicable,
      would be greater than the aggregate Scheduled Principal Balance of the Group
      II
      Mortgage Loans in the related Loan Group and any Group II Subordinate
      Certificates are still outstanding, in each case after giving effect to
      distributions to be made on such Distribution Date, (A) 100% of amounts
      otherwise allocable to the Group II Subordinate Certificates in respect of
      principal will be distributed to the Group II-1 Senior Certificates or Group
      II-2 Senior Certificates, pro rata, based upon their Current Principal Amounts
      immediately prior to such Distribution Date, in reduction of the Current
      Principal Amounts thereof, until the aggregate Current Principal Amount of
      such
      Group II-1 Senior Certificates or Group II-2 Senior Certificates is an amount
      equal to the aggregate Scheduled Principal Balance of the Group II Mortgage
      Loans in the related Loan Group, and (B) the Accrued Certificate Interest
      otherwise allocable to the Subordinate Certificates on such Distribution Date
      will be reduced, if necessary, and distributed to such Class or Classes of
      Group
      II Senior Certificates in an amount equal to the Accrued Certificate Interest
      for such Distribution Date on the excess of (x) the aggregate Current Principal
      Amount of such Class or Classes of Group II Senior Certificates over (y) the
      aggregate Scheduled Principal Balance of the Group II Mortgage Loans in the
      related Loan Group. Any such reduction in the Accrued Certificate Interest
      on
      the Group II Subordinate Certificates will be allocated in reverse order of
      the
      Group II Subordinate Certificates’ numerical designations, commencing with the
      Class II-B-6 Certificates.

     

    (F)           If,
      after distributions have been made pursuant to priorities first and
second of clauses (A) and (B) above on any Distribution Date,
      the
      remaining Group II-1 Available Funds or Group II-2 Available Funds are less
      than
      the Group II-1 Senior Optimal Principal Amounts or Group II-2 Senior Optimal
      Principal Amounts for the Group II-1 Senior Certificates and Group II-2 Senior
      Certificates, as applicable, the Senior Optimal Principal Amount for such Loan
      Group shall be reduced, and such remaining related Available Funds will be
      distributed on the related Group II Senior Certificates, on a pro rata basis,
      on
      the basis of such reduced amount.

     

    (G)           On
      each Distribution Date, any Group II Available Funds remaining after payment
      of
      interest and principal to the Classes of Certificates entitled thereto, as
      described above, will be distributed to the Class R-II, Class R-III and Class
      R-IV Certificates; provided that if on any Distribution Date there are any
      Group
      II-1 Available Funds and Group II-2 Available Funds remaining after payment
      of
      interest and principal to a Class or Classes of Certificates entitled thereto,
      such amounts will be distributed to the other Classes of Group II Senior
      Certificates, pro rata, based upon their Current Principal Amounts, until all
      amounts due to all Classes of Group I Senior Certificates have been paid in
      full, before any amounts are distributed to the Class R-II, Class R-III and
      Class R-IV Certificates..

     

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

     

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

     

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

     

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

     

    Section
      6.02  Allocation
      of Losses.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Thereafter,
      the principal portion of Realized Losses on the Group I-1 Mortgage Loans and
      Group I-2 Mortgage Loans will be allocated on any Distribution Date to the
      Class
      or Classes of Group I Senior Certificates of the related Certificate Group,
      pro
      rata, based upon their respective Current Principal Amounts; provided, however,
      any such Realized Losses otherwise allocable to the Class I-1A-1 Certificates
      will be allocated to the Class I-1A-2 Certificates, until the Current Principal
      Amount of that Class has been reduced to zero, and then to the Class I-1A-1
      Certificates, and such Realized Losses otherwise allocable to the Class I-2A-1
      Certificates will be allocated to the Class I-2A-2 Certificates, until the
      Current Principal Amount of that Class has been reduced to zero, and then to
      the
      Class I-2A-1 Certificates.  Once the Current Principal Amounts of the
      Group I Senior Certificates of a Certificate Group have been reduced to zero,
      the principal portion of Realized Losses on the Group I Mortgage Loans in the
      related Loan Group (if any) will be allocated on a pro rata basis to the
      remaining Group I Senior Certificates of the other Certificate Group related
      to
      Loan Group I.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Thereafter,
      the principal portion of Realized Losses on the Group II-1 Mortgage Loans and
      Group II-2 Mortgage Loans will be allocated on any Distribution Date to the
      Class or Classes of Group II Senior Certificates of the related Certificate
      Group, pro rata, based upon their respective Current Principal Amounts;
      provided, however, any such Realized Losses otherwise allocable to the Class
      II-1A-1 Certificates will be allocated to the Class II-1A-2 Certificates, until
      the Current Principal Amount of that Class has been reduced to zero, and then
      to
      the Class II-1A-1 Certificates, and such Realized Losses otherwise allocable
      to
      the Class II-2A-1 Certificates will be allocated to the Class II-2A-2
      Certificates, until the Current Principal Amount of that Class has been reduced
      to zero, and then to the Class II-2A-1 Certificates.  Once the Current
      Principal Amounts of the Group II Senior Certificates of a Certificate Group
      have been reduced to zero, the principal portion of Realized Losses on the
      Group
      II Mortgage Loans in the related Loan Group (if any) will be allocated on a
      pro
      rata basis to the remaining Group II Senior Certificates of the other
      Certificate Group related to Loan Group II.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      6.03  Payments.

     

    (a)  On
      each
      Distribution Date, other than the final Distribution Date, the Paying Agent
      shall distribute to each Certificateholder of record as of the immediately
      preceding Record Date the Certificateholder’s pro rata share of its Class (based
      on the aggregate Fractional Undivided Interest represented by such Holder’s
      Certificates) of all amounts required to be distributed on such Distribution
      Date to such Class, based on information provided to the Paying Agent by the
      Securities Administrator. The Securities Administrator shall calculate the
      amount to be distributed to each Class and, based on such amounts, the
      Securities Administrator shall determine the amount to be distributed to each
      Certificateholder. All of the Securities Administrator’s calculations of
      payments shall be based solely on information provided to the Securities
      Administrator by the Master Servicer. Neither the Securities Administrator
      nor
      the Paying Agent shall be required to confirm, verify or recompute any such
      information but shall be entitled to rely conclusively on such
      information.

     

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

     

    Section
      6.04  Statements
      to Certificateholders.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (xx)  the
      then
      applicable Group I-1, Group I-2, Group II-1 and Group II-2 Senior Percentage,
      Group I-1, Group I-2, Group II-1 and Group II-2 Senior Prepayment Percentage,
      Group I-1, Group I-2, Group II-1 and Group II-2 Subordinate Percentage and
      Group
      I-1, Group I-2, Group II-1 and Group II-2 Subordinate Prepayment
      Percentage.

     

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

     

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

     

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

     

    Section
      6.05  Monthly
      Advances.

     

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

     

    Section
      6.06  Compensating
      Interest Payments.

     

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

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      VII

    THE
      MASTER SERVICER

     

    Section
      7.01  Liabilities
      of the Master Servicer.

     

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

     

    Section
      7.02  Merger
      or
      Consolidation of the Master Servicer.

     

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

     

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

     

    Section
      7.03  Indemnification
      of the Trustee, the Master Servicer and the Securities
      Administrator.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      7.05  Master
      Servicer Not to Resign.

     

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

     

    Section
      7.06  Successor
      Master Servicer.

     

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

     

    Section
      7.07  Sale
      and
      Assignment of Master Servicing.

     

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

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      VIII

    DEFAULT

     

    Section
      8.01  Events
      of
      Default.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      8.02  Trustee
      to Act; Appointment of Successor.

     

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

     

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

     

    Section
      8.03  Notification
      to Certificateholders.

     

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

     

    Section
      8.04  Waiver
      of
      Defaults.

     

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

     

    Section
      8.05  List
      of
      Certificateholders.

     

    Upon
      written request of three or more Certificateholders of record, for purposes
      of
      communicating with other Certificateholders with respect to their rights under
      this Agreement, the Securities Administrator will afford such Certificateholders
      access during business hours to the most recent list of Certificateholders
      held
      by the Securities Administrator.

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      IX

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    Section
      9.01  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 subject to Section 8.02(b) 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.

     

    (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 and the Securities Administrator pursuant to any
      provision of this Agreement, the Trustee and the Securities Administrator,
      respectively, shall examine them to determine whether they are 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 hereunder; 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 Paying Agent shall make monthly distributions and the
      final distribution to the Certificateholders from funds in the Distribution
      Account as provided in Sections 6.01 and 10.01 herein based solely on the report
      of the Securities Administrator.

     

    (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, 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 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 Fractional
      Undivided Interests aggregating not less than 25% of the Trust Fund, if such
      action or non-action relates to the time, method and place of conducting any
      proceeding for any remedy available to the Trustee or 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’s Corporate Trust Office shall have actual knowledge thereof. In the
      absence of such notice, the Trustee may conclusively assume there is no such
      default or Event of Default;

     

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

     

    (vi)  Anything
      in this Agreement to the contrary notwithstanding, in no event shall the Trustee
      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;

     

    (vii)  None
      of
      the Securities Administrator, the Depositor or the Trustee shall be responsible
      for the acts or omissions of the other, it being understood that this Agreement
      shall not be construed to render them partners, joint venturers or agents of
      one
      another and

     

    (viii)  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 under the Servicing Agreements, except during such time, if
      any,
      as the Trustee shall be the successor to, and be vested with the rights, duties,
      powers and privileges of, the Master Servicer in accordance with the terms
      of
      this Agreement.

     

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

     

    (f)  Except
      for those actions that the Trustee or the Securities Administrator is required
      to take hereunder, neither the Trustee nor the Securities Administrator shall
      have any obligation or liability to take any action or to refrain from taking
      any action hereunder in the absence of written direction as provided
      hereunder.

     

    Section
      9.02  Certain
      Matters Affecting the Trustee and the Securities Administrator.

     

    Except
      as
      otherwise provided in Section 9.01:

     

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

     

    (ii)  The
      Trustee 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 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, 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 Fractional Undivided Interests aggregating
      not less than 25% of the Trust Fund 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
      agent to perform its custodial functions with respect to the Mortgage Files
      or
      Trustee functions under this Agreement without the express written consent
      of
      the Master Servicer, which consent will not be unreasonably withheld. 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 a custodian or Trustee 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, other than a payment or transfer under Subsection 4.01(b)
      or Section 4.02, 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;

     

    (viii)  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;

     

    (ix)  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 9.07;
      and

     

    (x)  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 the Seller pursuant to this Agreement or
      the
      Mortgage Loan Purchase Agreement, as applicable, or the eligibility of any
      Mortgage Loan for purposes of this Agreement.

     

    Section
      9.03  Trustee
      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 Certificate Registrar on the Certificates) shall be
      taken as the statements of the Depositor, and neither the Trustee, or the
      Custodians on its behalf, 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 2.05 hereof; provided, however, that the foregoing
      shall not relieve the Trustee, or the Custodians on its behalf, of the
      obligation to review the Mortgage Files pursuant to Sections 2.02 and 2.04.
      The
      signature and countersignature of the Securities Administrator as Certificate
      Registrar (or countersignature of its agent) on the Certificates shall be solely
      in its capacity as Securities Administrator and shall not constitute the
      Certificates an obligation of the Certificate Registrar in any other capacity.
      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 the provisions
      of Section 2.05, 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 statement or continuation statement
      in
      any public office at any time or to otherwise perfect or maintain the perfection
      of any security interest or lien granted to it hereunder or to record this
      Agreement.

     

    Section
      9.04  Trustee
      and Securities Administrator May Own Certificates.

     

    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 Trustee or the Securities Administrator, as applicable, and may
      otherwise deal with the parties hereto.

     

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

     

    The
      Securities Administrator shall be entitled to the Securities Administrator
      Fee
      and investment income on funds in the Distribution Account as compensation
      for
      its activities under this Agreement. The fees and expenses of the Trustee shall
      be paid in accordance with a side letter agreement with the Securities
      Administrator and at the expense of the Securities Administrator. In addition,
      the Trustee and the Securities Administrator will be entitled to recover from
      the Distribution Account pursuant to Section 4.05(a)(ii) all reasonable
      out-of-pocket expenses, disbursements and advances and the expenses of the
      Trustee 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) or 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. If funds in the Distribution
      Account are insufficient therefor, the Trustee and the Securities Administrator
      shall recover such expenses from the Depositor and the Depositor hereby agrees
      to pay such expenses, disbursements or advances upon demand. Such compensation
      and reimbursement obligation shall not be limited by any provision of law in
      regard to the compensation of a trustee of an express trust.

     

    Section
      9.06  Eligibility
      Requirements for Trustee, Paying Agent and Securities
      Administrator.

     

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

     

    Section
      9.07  Insurance.

     

    The
      Trustee, Paying Agent 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,
      the
      Paying Agent or the Securities Administrator as to the Trustee’s, Paying Agent’s
      or the Securities Administrator’s, respectively, compliance with this Section
      9.07 shall be furnished to any Certificateholder upon reasonable written
      request.

     

    Section
      9.08  Resignation
      and Removal of the Trustee and Securities Administrator.

     

    (a)  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 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, the successor Trustee or Securities Administrator, as applicable.
      If
      no successor Trustee or 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.

     

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

     

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

     

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

     

    Section
      9.09  Successor
      Trustee, Successor Paying Agent and Successor Securities
      Administrator.

     

    (a)  Any
      successor Trustee, Paying Agent or Securities Administrator appointed as
      provided in Section 9.08 shall execute, acknowledge and deliver to the Depositor
      and to its predecessor Trustee, Paying Agent or Securities Administrator an
      instrument accepting such appointment hereunder. The resignation or removal
      of
      the predecessor Trustee, Paying Agent or Securities Administrator shall then
      become effective and such successor Trustee, Paying Agent 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 like effect as if originally named as Trustee, Paying Agent
      or
      Securities Administrator herein. The predecessor Trustee, Paying Agent or
      Securities Administrator shall after payment of its outstanding fees and
      expenses promptly deliver to the successor Trustee, Paying Agent or Securities
      Administrator, as applicable, all assets and records of the Trust held by it
      hereunder, and the Depositor and the predecessor Trustee, Paying Agent or
      Securities Administrator, as applicable, shall execute and deliver such
      instruments and do such other things as may reasonably be required for more
      fully and certainly vesting and confirming in the successor Trustee, Paying
      Agent or Securities Administrator, as applicable, all such rights, powers,
      duties and obligations.

     

    (b)  No
      successor Trustee, Paying Agent or Securities Administrator shall accept
      appointment as provided in this Section 9.09 unless at the time of such
      acceptance such successor Trustee, Paying Agent or Securities Administrator
      shall be eligible under the provisions of Section 9.06.

     

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

     

    Section
      9.10  Merger
      or
      Consolidation of Trustee, Paying Agent or Securities Administrator.

     

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

     

    Section
      9.11  Appointment
      of Co-Trustee or Separate Trustee.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (e)  Notwithstanding
      any other provision of this Agreement, the Trustee and the Securities
      Administrator shall comply with all federal withholding requirements respecting
      payments to Certificateholders of, or in respect of, interest or original issue
      discount on the Mortgage Loans that the 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
      withholds any amount from payments of, or in respect of, interest or original
      issue discount or advances thereof to any Certificateholder pursuant to federal
      withholding requirements, the Securities Administrator shall, together with
      its
      monthly report to such Certificateholders, indicate such amount
      withheld.

     

    (f)  The
      Trustee and the Securities Administrator agree to indemnify the Trust Fund
      and
      the Depositor for any taxes and costs including, without limitation, any
      reasonable attorneys fees imposed on or incurred by the Trust Fund, the
      Depositor or the Master Servicer, as a result of a breach of the Trustee’s
      covenants and the Securities Administrator’s covenants, respectively, set forth
      in this Section 9.12; provided, however, such liability and obligation to
      indemnify in this paragraph shall not be joint and several, and neither the
      Trustee nor the Securities Administrator shall be liable or be obligated to
      indemnify the Trust Fund for the failure by the other to perform any duty under
      this Agreement or the breach by the other of any covenant in this Agreement.
      In
      the event that any liable party hereto fails to honor its obligations under
      the
      preceding sentences, or taxes imposed on the Trust Fund are not otherwise paid,
      such taxes, to the extent attributable to Loan Group I or REMIC I, shall be
      paid, first, with amounts otherwise to be distributed to the Class R-I, Class
      R-III and Class R-IV Certificates, based on the REMIC to which the tax relates,
      and second, with amounts otherwise to be distributed to the Holders of the
      following other Group I Certificates in the following order of priority: first,
      to the Class I-B-6 Certificates, second, to the Class I-B-5 Certificates, third,
      to the Class I-B-4 Certificates, fourth, to the Class I-B-3 Certificates, fifth,
      to the Class I-B-2 Certificates, sixth, to the Class I-B-1 Certificates, and
      seventh, to the Group I Senior Certificates (on a pro rata basis based on the
      amounts to be distributed). In the event that any liable party hereto fails
      to
      honor its obligations under the preceding sentences, or taxes imposed on the
      Trust Fund are not otherwise paid, such taxes, to the extent attributable to
      Loan Group II or REMIC II, shall be paid, first, with amounts otherwise to
      be
      distributed to the Class R-II, Class R-III and Class R-IV Certificates, based
      on
      the REMIC to which the tax relates, and second, with amounts otherwise to be
      distributed to the Holders of the following other Group II Certificates in
      the
      following order of priority: first, to the Class II-B-6 Certificates, second,
      to
      the Class II-B-5 Certificates, third, to the Class II-B-4 Certificates, fourth,
      to the Class II-B-3 Certificates, fifth, to the Class II-B-2 Certificates,
      sixth, to the Class II-B-1 Certificates, and seventh, to the Group II Senior
      Certificates (on a pro rata basis based on the amounts to be
      distributed).  Notwithstanding anything to the contrary contained
      herein, to the extent that such tax is payable by the Holder of any such
      Certificates, the Securities Administrator is hereby authorized to retain on
      any
      Distribution Date, from the Holders of the related Class R Certificates (and,
      if
      necessary, from the Holders of the other relevant Certificates in the priority
      specified in the preceding sentences), funds otherwise distributable to such
      Holders in an amount sufficient to pay such tax. The Securities
      Administrator shall include in its monthly statement amounts allocated to the
      relevant Certificates, taking into account the priorities described in the
      second and third preceding sentences. The 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.

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      X

    TERMINATION

     

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

     

    (a)  Subject
      to Section 10.02, the respective obligations and responsibilities of the
      Depositor, the Trustee, the Paying Agent, the Master Servicer and the Securities
      Administrator created hereby, other than the obligation of the Paying Agent
      to
      make payments to Certificateholders as hereinafter set forth shall terminate
      with respect to Loan Group I and Loan Group II, as applicable,
      upon:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      10.02  Additional
      Termination Requirements.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      XI

    [RESERVED]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      XII

    MISCELLANEOUS
      PROVISIONS

     

    Section
      12.01  Intent
      of
      Parties.

     

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

     

    Section
      12.02  Amendment.

     

    (a)  This
      Agreement may be amended from time to time by the Depositor, the Master
      Servicer, the Securities Administrator and the Trustee, without notice to or
      the
      consent of any of the Certificateholders, to cure any ambiguity, to correct
      or
      supplement any provisions herein or therein that may be defective or
      inconsistent with any other provisions herein or therein, to comply with any
      changes in the Code, to revise any provisions to reflect the obligations of
      the
      parties to this agreement as they relate to Regulation AB or to make any other
      provisions with respect to matters or questions arising under this Agreement
      which shall not be inconsistent with the provisions of this Agreement; provided,
      however, that such action shall not, as evidenced by an Opinion of Independent
      Counsel, addressed to the Trustee and the Securities Administrator, adversely
      affect in any material respect the interests of any
      Certificateholder.

     

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

     

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

     

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

     

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

     

    Section
      12.03  Recordation
      of Agreement.

     

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

     

    Section
      12.04  Limitation
      on Rights of Certificateholders.

     

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

     

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

     

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

     

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

     

    Section
      12.05  Acts
      of
      Certificateholders.

     

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

     

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

     

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

     

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

     

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

     

    Section
      12.06  Governing
      Law.

     

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

     

    Section
      12.07  Notices.

     

    All
      demands and notices hereunder shall be in writing and shall be deemed given
      when
      delivered at (including delivery by facsimile) or mailed by registered mail,
      return receipt requested, postage prepaid, or by recognized overnight courier,
      to (i) in the case of the Depositor, 383 Madison Avenue, New York, New York
      10179, Attention: Vice President-Servicing, telecopier number: (212) 272-5591,
      or to such other address as may hereafter be furnished to the other parties
      hereto in writing; (ii) in the case of the Trustee, at its Corporate Trust
      Office, or such other address as may hereafter be furnished to the other parties
      hereto in writing; (iii) in the case of the Seller, EMC Mortgage Corporation,
      2780 Lake Vista Drive, Lewisville, Texas 75067 (Facsimile: (469-759-4714),
      attention: President or General Counsel, (iii) in the case of the Master
      Servicer , EMC Mortgage Corporation, 2780 Lake Vista Drive, Lewisville, Texas
      75067 (Facsimile: (214) 626-4889), attention: Michelle Viner or such other
      address as may be hereafter furnished to the other parties hereto by the Master
      Servicer in writing; (iv) in the case of the Securities Administrator, Wells
      Fargo Bank, N.A., P.O. Box 98, Columbia Maryland 21046 (or, in the case of
      overnight deliveries, 9062 Old Annapolis Road, Columbia, Maryland 21045)
      (Attention: Corporate Trust Services - BSARM 2007-4), facsimile no.: (410)
      715-2380, or such other address as may hereafter be furnished to the other
      parties hereto in writing; (v) in the case of the Certificate Registrar, the
      Certificate Registrar’s Corporate Trust Office or (vi) in the case of the Rating
      Agencies, Fitch, Inc., One State Street Plaza, New York, NY 10004, Moody’s
      Investors Service, Inc., 99 Church Street, New York, New York 10007, Attention:
      Home Equity Monitoring and Standard & Poor’s, a division of The McGraw-Hill
      Companies, Inc., 55 Water Street, New York, New York 10041, or such other
      address as may hereafter be furnished to the other parties hereto in writing.
      Any notice delivered to the Depositor, the Master Servicer, 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 when mailed, whether
      or
      not the Certificateholder receives such notice.

     

    Section
      12.08  Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severed from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the holders thereof.

     

    Section
      12.09  Successors
      and Assigns.

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto.

     

    Section
      12.10  Article
      and Section Headings.

     

    The
      article and section headings herein are for convenience of reference only, and
      shall not limit or otherwise affect the meaning hereof.

     

    Section
      12.11  Counterparts.

     

    This
      Agreement may be executed in two or more counterparts each of which when so
      executed and delivered shall be an original but all of which together shall
      constitute one and the same instrument.

     

    Section
      12.12  Notice
      to
      Rating Agencies.

     

    The
      article and section headings herein are for convenience of reference only,
      and
      shall not limited or otherwise affect the meaning hereof. The Securities
      Administrator shall promptly provide notice to each Rating Agency with respect
      to each of the following of which a Responsible Officer of the Securities
      Administrator has actual knowledge:

     

    1.           Any
      material change or amendment to this Agreement or the Servicing
      Agreements;

     

    2.           The
      occurrence of any Event of Default that has not been cured;

     

    3.           The
      resignation or termination of the Master Servicer, the Trustee or the Securities
      Administrator;

     

    4.           The
      repurchase or substitution of Mortgage Loans;

     

    5.           The
      final payment to Certificateholders; and

     

    6.           Any
      change in the location of the Distribution Account.

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Depositor, the Trustee, the Master Servicer and the
      Securities Administrator have caused their names to be signed hereto by their
      respective officers thereunto duly authorized as of the day and year first
      above
      written.

     

    
      	 	 	 	 	 	 	 	
              STRUCTURED
                ASSET MORTGAGE INVESTMENTS II INC., as Depositor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Baron Silverstein 
	 	 	 	 	 	 	 	 	
              Name:
                Baron Silverstein

            
	 	 	 	 	 	 	 	 	
              Title:
                Vice President

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              CITIBANK,
                N.A., as Trustee

               

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Wafaa Orfy 
	 	 	 	 	 	 	 	 	
              Name:
                Wafaa Orfy

            
	 	 	 	 	 	 	 	 	
              Title:
                Vice President

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              EMC
                MORTGAGE CORPORATION,

              as
                Master Servicer and Seller

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Mark Novachek 
	 	 	 	 	 	 	 	 	
              Name:
                Mark Novachek

            
	 	 	 	 	 	 	 	 	
              Title:
                Senior Vice President

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Benjamin F. Jordan 
	 	 	 	 	 	 	 	 	
              Name:
                Benjamin F. Jordan

            
	 	 	 	 	 	 	 	 	
              Title:
                Assistant Vice President

            

    

    

    
 

    Accepted
      and Agreed as to

    Sections
      2.01, 2.02, 2.03, 2.04 and 9.09(c)

    

    in
      its
      capacity as Seller

     

    
      	 	EMC
              MORTGAGE
              CORPORATION,	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/
              Scott D. Clark 	 
	 	 	
              Name:
                Scott D. Clark

            	 
	 	 	
              Title:
                Senior Vice President

            	 
	 	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	STATE
              OF NEW YORK   	)	 
	 	)	ss.:
	
              COUNTY
                OF NEW YORK

            	)	 

    

     

    On
      the
      31st day of May 2007 before me, a notary public in and for said State,
      personally appeared ___________________________, known to me to be a Vice
      President of Structured Asset Mortgage Investments II Inc., the corporation
      that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	STATE
                OF NEW YORK   	)	 
	 	)	ss.:
	
                COUNTY
                  OF NEW YORK

              	)	 

      

       

    

    On
      the
      31st day of May 2007 before me, a notary public in and for said State,
      personally appeared _________________________, known to me to be a Vice
      President of Citibank, N.A., the entity that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of said entity,
      and
      acknowledged to me that such entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day

     

    and
      year
      in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                STATE
                  OF MARYLAND

              	)	 
	 	)	ss.:
	
                
                  COUNTY
                    OF HOWARD

                

              	)	 

      

       

    

    On
      the
      31st day of May 2007 before me, a notary public in and for said State,
      personally appeared ________________________, known to me to be a Vice President
      of Wells Fargo Bank, N.A., the entity that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of said entity,
      and
      acknowledged to me that such entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day

     

    and
      year
      in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  STATE
                    OF MARYLAND

                	)	 
	 	)	ss.:
	
                  
                    COUNTY
                      OF HOWARD

                  

                	)	 

        

      

    

     

    On
      the
      31st day of May 2007 before me, a notary public in and for said State,
      personally appeared _____________________________, known to me to be a(n)
      _____________________of Wells Fargo Bank, N.A., the entity that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said entity, and acknowledged to me that such entity executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            	
                    
                      STATE
                        OF TEXAS

                    

                  	)	 
	 	)	ss.:
	
                    
                      
                        COUNTY
                          OF DALLAS

                      

                    

                  	)	 

          

        

      

       

    

    On
      the
      31st day of May 2007 before me, a notary public in and for said State,
      personally appeared ______________________, known to me to be a
      _____________________________ of EMC Mortgage Corporation, the corporation
      that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                
                  STATE
                    OF TEXAS

                

              	)	 
	 	)	ss.:
	
                
                  
                    COUNTY
                      OF DALLAS

                  

                

              	)	 

      

    

     

    On
      the
      31st day of May 2007 before me, a notary public in and for said State,
      personally appeared ________________________, known to me to be a
      __________________________ of EMC Mortgage Corporation, the corporation that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    [Notarial
      Seal]

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-1

       

      FORM
        OF CLASS A CERTIFICATE AND CLASS X CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      [FOR
        THE CLASS A CERTIFICATES] [THE CURRENT PRINCIPAL AMOUNT OF THIS CERTIFICATE
        WILL
        BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE
        HERETO. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES,
        THE
        CURRENT PRINCIPAL AMOUNT OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE
        DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN
        ITS
        CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE 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 WILL BE REGISTERED
        IN
        THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT WILL BE MADE
        TO
        CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
        BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

       

      

      
        	
                Certificate
                  No. 1

              	
                [Variable]
                  [Pass-Through Rate:%]

              
	 	 
	
                Class
                  [_]-[_]A-[_] [_]-[_]X-1 Senior

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                and
                  Cut-off Date: May 1, 2007

              	
                Aggregate
                  Initial [Current Principal] [Notional] Amount of this Senior Certificate
                  as of the Cut-off Date: $[_____________]

              
	 	 
	
                First
                  Distribution Date:

                June
                  25, 2007

              	
                Initial
                  [Current Principal] [Notional] Amount of this Senior Certificate
                  as of the
                  Cut-off Date: $[_____________]

              
	 	 
	
                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	
                CUSIP:
                  [____________]

              
	 	 
	
                Assumed
                  Final Distribution Date:

                [              ]

              	 

      

       

      BEAR
        STEARNS ARM TRUST 2007-4

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2007-4

       

      
        	 evidencing
                a fractional undivided interest in the distributions allocable to
                the
                Class [_]-[_]A-[_] [_]-[_]X-1 Certificates with respect to a Trust
                Fund
                consisting primarily of a pool of adjustable rate mortgage loans
                secured
                by first liens on one-to-four family residential properties sold
                by
                STRUCTURED ASSET MORTGAGE INVESTMENTS II
                INC.

      

       

      This
        Certificate is payable solely from the assets of the Trust Fund relating
        to Loan
        Group [I] [II] (as defined in the Agreement), and does not represent an
        obligation of or interest in Structured Asset Mortgage Investments II Inc.,
        the
        Master Servicer, the Securities Administrator or the Trustee referred to
        below
        or any of their affiliates or any other person. Neither this Certificate
        nor the
        underlying Mortgage Loans are guaranteed or insured by any governmental entity
        or by Structured Asset Mortgage Investments II Inc., the Master Servicer,
        Securities Administrator or the Trustee or any of their affiliates or any
        other
        person. None of Structured Asset Mortgage Investments II Inc., the Master
        Servicer or any of their affiliates will have any obligation with respect
        to any
        certificate or other obligation secured by or payable from payments on the
        Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Fractional
        Undivided Interest evidenced hereby in the beneficial ownership interest
        of
        Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
        primarily consisting of adjustable rate mortgage loans secured by first liens
        on
        one- to four- family residential properties (collectively, the “Mortgage Loans”)
        sold by Structured Asset Mortgage Investments II Inc. (“SAMI II”). The Mortgage
        Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to
        SAMI II. EMC will act as master servicer of the Mortgage Loans (the “Master
        Servicer,” which term includes any successors thereto under the Agreement
        referred to below). The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among SAMI II, as depositor (the “Depositor”), EMC, as Master
        Servicer and seller, Wells Fargo Bank, National Association, as securities
        administrator (the “Securities Administrator”)  and Citibank, N.A. as
        trustee (the “Trustee”), a summary of certain of the pertinent provisions of
        which is set forth hereafter. To the extent not defined herein, capitalized
        terms used herein shall have the meaning ascribed to them in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of its acceptance hereof assents and by which such Holder is
        bound.

       

      Interest
        on this Certificate will accrue during the month prior to the month in which
        a
        Distribution Date (as hereinafter defined) occurs on the [Current Principal]
        [Notional] Amount hereof at a per annum rate equal to the Pass-Through Rate
        as
        described in the Agreement. The 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 calendar month preceding the month of such Distribution Date, an amount
        equal to the product of the Fractional Undivided Interest evidenced by this
        Certificate and the amount (of interest [and principal], if any) required
        to be
        distributed to the Holders of Certificates of the same Class as this
        Certificate. The Assumed Final Distribution Date is the Distribution Date
        in the
        month immediately following the month of the latest scheduled maturity date
        of
        any Mortgage Loan and is not likely to be the date on which the [Current
        Principal] [Notional] Amount of this Class of Certificates will be reduced
        to
        zero.  [For the Class X Certificates: [The Class [_]-[_]X-1
        Certificates have no Current Principal Amount.]

       

      Distributions
        on this Certificate will be made by the Paying Agent 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 by wire
        transfer. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Paying Agent 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 [Current Principal] [Notional] Amount
        of
        this Certificate is set forth above. [For the Class A Certificates: [The
        Current
        Principal Amount hereof will be reduced to the extent of distributions allocable
        to principal hereon and any Realized Losses allocable hereto.]

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”), issued in twenty-eight Classes.
        The Certificates, in the aggregate, evidence the entire beneficial ownership
        interest in the Trust Fund formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that neither the
        Trustee
        nor the Securities Administrator is 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,
        the
        Master Servicer, the Securities Administrator and the Trustee and the rights
        of
        the Certificateholders under the Agreement from time to time by the parties
        thereto with the consent of the Holders of Certificates, evidencing Fractional
        Undivided Interests aggregating not less than 51% of the Trust Fund (or in
        certain cases, Holders of Certificates of affected Classes evidencing such
        percentage of the Fractional Undivided Interests thereof). Any such consent
        by
        the Holder of this Certificate shall be conclusive and binding on such Holder
        and upon all future Holders of this Certificate and of any Certificate issued
        upon the transfer hereof or in lieu hereof whether or not notation of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Certificate Registrar
        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
        Fractional Undivided Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Fractional Undivided Interest, as requested by the
        Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the 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 relating to Loan
        Group
        [I] [II] created thereby (other than the obligations to make payments to
        related
        Certificateholders with respect to the termination of the Agreement) shall
        terminate upon the earlier of (i) the later of the (A) final payment or other
        liquidation (or Advance with respect thereto) of the last Group [I] [II]
        Mortgage Loan remaining in the Trust Fund and disposition of all property
        acquired upon foreclosure or deed in lieu of foreclosure of any Group [I]
        [II]
        Mortgage Loan and (B) the remittance of all funds relating to Loan Group
        [I]
        [II] due under the Agreement, or (ii) the optional repurchase by the party
        named
        in the Agreement of all the Mortgage Loans and other assets of the Trust
        Fund
        relating to Loan Group [I] [II] in accordance with the terms of the Agreement.
        Such optional repurchase may be made only on or after the Distribution Date
        on
        which the aggregate Stated Principal Balance of the Group [I] [II] Mortgage
        Loans is less than or equal to a certain percentage of the aggregate Stated
        Principal Balance of the Group [I] [II] Mortgage Loans [FOR GROUP II
        CERTIFICATES: [and in the case of Loan Group II, plus the Group II pre-funded
        amount,] as of the Cut-off Date as set forth in the Agreement. The exercise
        of
        such right will effect the early retirement of the Group [I] [II] Certificates.
        In no event, however, will the Trust Fund relating to Loan Group [I] [II]
        created by the Agreement continue beyond the earlier of (i) the expiration
        of 21
        years after the death of certain persons identified in the Agreement and
        (ii)
        the “latest possible maturity date” for the Group [I] [II] Certificates (other
        than the [Class R-I Certificates] [Class R-II, Class R-III and Class R-IV
        Certificates]) specified in Section 5.01(d) of 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:
                  May 31, 2007

              	 	
                WELLS
                  FARGO BANK, N.A.

                Not
                  in its individual capacity but solely as Securities
                  Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class [_]-[_]A-[_] [_]-[_]X-1 Certificates referred to in the
        within-mentioned Agreement.

       

      
        	 	 	 	 	 	 	 	
                WELLS
                  FARGO BANK, N.A.

                Authorized
                  signatory of Wells Fargo Bank N.A., 

                not
                  in its individual capacity but solely as 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 Fractional Undivided Interest evidenced
        by the within Mortgage Pass-Through Certificate and hereby authorizes the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the 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

       

       
        The assignee should include the following for purposes of
        distribution:

       

      
        
          	
                             Distributions
                    shall be made, by wire transfer or otherwise, in immediately
                    available
                    funds to

                
	
                  ______________________________________________________________________________________________________________

                
	
                  ______________________________________________________________________________________________________________

                
	
                  for
                    the account of
                    ________________________________________________________________________________________________

                
	
                  account
                    number _______________________________ or, if mailed by check,
                    to
                    _______________________________________________

                
	
                  ______________________________________________________________________________________________________________

                
	
                  Applicable
                    statements should be mailed to
                    _____________________________________________________________________________

                
	
                  ______________________________________________________________________________________________________________

                
	
                  This
                    information is provided by
                    _______________________________________________________________________________

                
	
                  assignee
                    named above, or
                    __________________________________________________________________________________________

                
	
                  its
                    agent.

                

        

         

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

       

      EXHIBIT
        A-2

       

      FORM
        OF CLASS  B CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE GROUP [I] [II] SENIOR
        CERTIFICATES, [AND] [THE CLASS [_-B-_] CERTIFICATES][,] [AND] [THE CLASS
        [_-B-_]
        CERTIFICATES][,] [AND] [THE CLASS [_-B-_] CERTIFICATES][,] [AND] [THE CLASS
        [_B-[_] CERTIFICATES] [AND] [THE CLASS [_-B-_] CERTIFICATES] AS DESCRIBED
        IN THE
        AGREEMENT (AS DEFINED BELOW).

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      THE
        CURRENT PRINCIPAL AMOUNT OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL
        PAYMENTS HEREON AND ANY REALIZED LOSSES ALLOCABLE HERETO. ACCORDINGLY, FOLLOWING
        THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CURRENT PRINCIPAL AMOUNT OF
        THIS
        CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE
        ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY
        INQUIRY
        OF THE SECURITIES ADMINISTRATOR NAMED HEREIN.

       

      [FOR
        CLASS I-B-1, CLASS I-B-2, CLASS I-B-3, CLASS II-B-1, CLASS II-B-2 AND CLASS
        II-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, ANY CERTIFICATE ISSUED WILL
        BE
        REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
        AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
        WILL
        BE MADE TO CEDE & CO. ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
        CEDE & CO., HAS AN INTEREST HEREIN.]

       

      [FOR
        CLASS I-B-1, CLASS I-B-2, CLASS I-B-3, CLASS II-B-1, CLASS II-B-2 AND CLASS
        II-B-3] [EACH BENEFICIAL OWNER OF THIS CERTIFICATE OR ANY INTEREST HEREIN
        SHALL
        BE DEEMED TO HAVE REPRESENTED, BY VIRTUE OF ITS ACQUISITION OR HOLDING OF
        THIS
        CERTIFICATE OR INTEREST HEREIN, THAT EITHER (I) IT IS NOT AN EMPLOYEE BENEFIT
        PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE
        CODE
        OF 1986, AS AMENDED (“PLAN”), OR INVESTING WITH ASSETS OF A PLAN OR (II) IT HAS
        ACQUIRED AND IS HOLDING SUCH CERTIFICATE IN RELIANCE ON PROHIBITED TRANSACTION
        EXEMPTION 90-30, AS AMENDED FROM TIME TO TIME (“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 STANDARD & POOR’S,
        FITCH, INC., MOODY’S INVESTORS SERVICE, INC. OR DOMINION BOND RATING SERVICE,
        LIMITED (KNOWN AS DBRS LIMITED) OR DOMINION BOND RATING SERVICE, INC. (KNOWN AS
        DBRS, INC.) AND THE CERTIFICATE IS SO RATED OR (III) (1) IT IS AN INSURANCE
        COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THE CERTIFICATE
        OR
        INTEREST HEREIN 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.]

       

      [FOR
        CLASS I-B-4, CLASS I-B-5, CLASS I-B-6, CLASS II-B-4, CLASS II-B-5 AND CLASS
        II-B-6] [THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE
        SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES
        THAT
        THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
        ONLY
        IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY
        (1)
        PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT
        THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN
        THE
        MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB
        PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH
        CASE,
        THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
        ON
        RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE
        144
        UNDER THE SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN
        “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE
        501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE ACT OR ANY ENTITY IN
        WHICH
        ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING NOT FOR
        DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT
        BY
        THE SECURITIES ADMINISTRATOR AND THE CERTIFICATE REGISTRAR OF A LETTER
        SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY
        THE
        SECURITIES ADMINISTRATOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES
        ADMINISTRATOR AND THE CERTIFICATE REGISTRAR THAT SUCH REOFFER, RESALE, PLEDGE
        OR
        TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS
        OR
        IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
        STATES AND ANY OTHER APPLICABLE JURISDICTION.]

       

      [FOR
        CLASS I-B-4, CLASS I-B-5, CLASS I-B-6, CLASS II-B-4, CLASS II-B-5 AND CLASS
        II-B-6] [THIS CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY,
        OR ON
        BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH
        IS
        SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
        UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER
        AND
        HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT AND OPERATION OF THE
        TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED TRANSACTION WHICH
        IS
        NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION,
        INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
        84-14, PTCE 91-38, PTCE 90-1, PTCE 95-60 OR PTCE 96-23 AND (II) WILL NOT
        GIVE
        RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE SECURITIES
        ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE MASTER SERVICER OR THE SECURITIES
        ADMINISTRATOR, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY
        CERTIFICATE OR A GLOBAL CERTIFICATE OR UNLESS THE OPINION SPECIFIED IN SECTION
        5.07 OF THE AGREEMENT IS PROVIDED.]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

       

      
        	
                Certificate
                  No. 1

              	
                
                  Variable
                    Pass-Through Rate

                

              
	 	 
	
                
                  Class
                    [_-B-_] Subordinate

                

              	 
	 	 
	
                
                  Date
                    of Pooling and Servicing Agreement

                  and
                    Cut-off Date:

                  May
                    1, 2007

                

              	
                
                  Aggregate
                    Initial Current Principal Amount of this Subordinate Certificate
                    as of the
                    Cut-off Date: $[_________]

                

              
	 	 
	
                
                  First
                    Distribution Date:

                  June
                    25, 2007

                

              	
                
                  Initial
                    Current Principal Amount of this Subordinate Certificate as of
                    the Cut-off
                    Date: $[_________]

                

              
	 	 
	
                
                  Master
                    Servicer:

                  EMC
                    Mortgage Corporation

                

              	
                
                  CUSIP:
                    [____________]

                

              
	 	 
	
                
                  Assumed
                    Final Distribution Date:

                  [              ]

                

              	 

      

      
         

        BEAR
          STEARNS ARM TRUST 2007-4

        MORTGAGE
          PASS-THROUGH CERTIFICATE

        SERIES
          2007-4

         

        
          
            	 evidencing
                    a fractional undivided interest in the distributions allocable
                    to the
                    Class [_-B-_] Certificates with respect to a Trust Fund consisting
                    primarily of a pool of adjustable rate mortgage loans secured
                    by first
                    liens on one-to-four family residential properties sold by STRUCTURED
                    ASSET MORTGAGE INVESTMENTS II INC.

          

        

         

      

      This
        Certificate is payable solely from the assets of the Trust Fund relating
        to Loan
        Group [I] [II] (as defined in the Agreement), and does not represent an
        obligation of or interest in Structured Asset Mortgage Investments II Inc.,
        the
        Master Servicer, the Securities Administrator or the Trustee referred to
        below
        or any of their affiliates or any other person. Neither this Certificate
        nor the
        underlying Mortgage Loans are guaranteed or insured by any governmental entity
        or by Structured Asset Mortgage Investments II Inc., the Master Servicer,
        the
        Securities Administrator or the Trustee or any of their affiliates or any
        other
        person. None of Structured Asset Mortgage Investments II Inc., the Master
        Servicer or any of their affiliates will have any obligation with respect
        to any
        certificate or other obligation secured by or payable from payments on the
        Certificates.

       

      This
        certifies that [_____________] is the registered owner of the Fractional
        Undivided Interest evidenced hereby in the beneficial ownership interest
        of
        Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
        primarily consisting of adjustable rate mortgage loans secured by first liens
        on
        one- to four- family residential properties (collectively, the “Mortgage Loans”)
        sold by Structured Asset Mortgage Investments II Inc. (“SAMI II”). The Mortgage
        Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to
        SAMI II. EMC will act as master servicer of the Mortgage Loans (the “Master
        Servicer,” which term includes any successors thereto under the Agreement
        referred to below). The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among SAMI II, as depositor (the “Depositor”), EMC, as Master
        Servicer and seller, Wells Fargo Bank, National Association, as securities
        administrator (the “Securities Administrator”)  and Citibank, N.A., as
        trustee (the “Trustee”), a summary of certain of the pertinent provisions of
        which is set forth hereafter. To the extent not defined herein, capitalized
        terms used herein shall have the meaning ascribed to them in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of its acceptance hereof assents and by which such Holder is
        bound.

       

      Interest
        on this Certificate will accrue during the month prior to the month in which
        a
        Distribution Date (as hereinafter defined) occurs on the Current Principal
        Amount hereof at a per annum rate equal to the Pass-Through Rate as described
        in
        the Agreement. The 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 calendar
        month preceding the month of such Distribution Date, an amount equal to the
        product of the Fractional Undivided Interest evidenced by this Certificate
        and
        the amount (of interest and principal, if any) required to be distributed
        to the
        Holders of Certificates of the same Class as this Certificate. The Assumed
        Final
        Distribution Date is the Distribution Date in the month immediately following
        the month of the latest scheduled maturity date of any Mortgage Loan and
        is not
        likely to be the date on which the Current Principal Amount of this Class
        of
        Certificates will be reduced to zero.

       

      Distributions
        on this Certificate will be made by the Paying Agent 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 by wire
        transfer. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Paying Agent 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 Current Principal Amount of this
        Certificate is set forth above. The Current Principal Amount hereof will
        be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable hereto.

       

      [For
        Class I-B-4, Class I-B-5, Class I-B-6, Class II-B-4, Class II-B-5 and Class
        II-B-6] [No transfer of this Class [B-_] Certificate will be made unless
        such
        transfer is (i) exempt from the registration requirements of the Securities
        act
        of 1933, as amended, and any applicable state securities laws or is made
        in
        accordance with said Act and laws and (ii) made in accordance with Section
        5.02
        of the Agreement.  In the event that such transfer is to be made the
        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.]

       

      [For
        Class I-B-1, Class I-B-2, Class I-B-3, Class II-B-1, Class II-B-2 and Class
        II-B-3] [Each beneficial owner of this Certificate or any interest herein
        shall
        be deemed to have represented, by virtue of its acquisition or holding of
        this
        certificate or interest herein, that either (i) it is not a Plan or investing
        with assets of a Plan or (ii) it has acquired and is holding such certificate
        in
        reliance on Prohibited Transaction Exemption 90-30, as amended from time
        to time
        (“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 Standard
& Poor’s, Fitch, Inc., Moody’s Investors Service, Inc. or Dominion Bond
        Rating Service, Limited (known as DBRS Limited) or Dominion Bond Rating Service,
        Inc. (known as DBRS, Inc.) and the certificate is so rated or (iii) (1) it
        is an
        insurance company, (2) the source of funds used to acquire or hold the
        certificate or interest therein is an “insurance company general account”, as
        such term is defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60,
        and (3) the conditions in Sections I and III of PTCE 95-60 have been
        satisfied.]

       

      [For
        Class I-B-4, Class I-B-5, Class I-B-6, Class II-B-4, Class II-B-5 and Class
        II-B-6] [This Certificate may not be acquired directly or indirectly by,
        or on
        behalf of, an employee benefit plan or other retirement arrangement which
        is
        subject to Title I of the Employee Retirement Income Security Act of 1974,
        as
        amended, or Section 4975 of the Internal Revenue Code of 1986, as amended,
        unless the transferee certifies or represents that the proposed transfer
        and
        holding of a Certificate and the servicing, management and operation of the
        trust and its assets: (i) will not result in any prohibited transaction which
        is
        not covered under an individual or class prohibited transaction exemption,
        including, but not limited to, Prohibited Transaction Class Exemption (“PTCE”)
        84-14, PTCE 91-38, PTCE 90-1, PTCE 95-60 or PTCE 96-23 and (ii) will not
        give
        rise to any additional obligations on the part of the Depositor, the 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
        unless the opinion specified in section 5.07 of the Agreement is
        provided.]

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”), issued
        in twenty-eight Classes. The
        Certificates, in the aggregate, evidence the entire beneficial ownership
        interest in the Trust Fund formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that neither the
        Trustee
        nor the Securities Administrator is 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,
        the
        Master Servicer, the Securities Administrator and the Trustee and the rights
        of
        the Certificateholders under the Agreement from time to time by the parties
        thereto with the consent of the Holders of Certificates, evidencing Fractional
        Undivided Interests aggregating not less than 51% of the Trust Fund (or in
        certain cases, Holders of Certificates of affected Classes evidencing such
        percentage of the Fractional Undivided Interests thereof). Any such consent
        by
        the Holder of this Certificate shall be conclusive and binding on such Holder
        and upon all future Holders of this Certificate and of any Certificate issued
        upon the transfer hereof or in lieu hereof whether or not notation of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the 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 Fractional Undivided Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Fractional Undivided Interest, as requested by the
        Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the 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 relating to Loan
        Group
        [I] [II] created thereby (other than the obligations to make payments to
        related
        Certificateholders with respect to the termination of the Agreement) shall
        terminate upon the earlier of (i) the later of the (A) final payment or other
        liquidation (or Advance with respect thereto) of the last Group [I] [II]
        Mortgage Loan remaining in the Trust Fund and disposition of all property
        acquired upon foreclosure or deed in lieu of foreclosure of any Group [I]
        [II]
        Mortgage Loan and (B) the remittance of all funds relating to Loan Group
        [I]
        [II] due under the Agreement, or (ii) the optional repurchase by the party
        named
        in the Agreement of all the Mortgage Loans and other assets of the Trust
        Fund
        relating to Loan Group [I] [II] in accordance with the terms of the Agreement.
        Such optional repurchase may be made only on or after the Distribution Date
        on
        which the aggregate Stated Principal Balance of the Group [I] [II] Mortgage
        Loans is less than or equal to a certain percentage of the aggregate Stated
        Principal Balance of the Group [I] [II] Mortgage Loans [FOR GROUP II
        CERTIFICATES: [and in the case of Loan Group II, plus the Group II pre-funded
        amount,] as of the Cut-off Date as set forth in the Agreement. The exercise
        of
        such right will effect the early retirement of the Group [I] [II] Certificates.
        In no event, however, will the Trust Fund relating to Loan Group [I] [II]
        created by the Agreement continue beyond the earlier of (i) the expiration
        of 21
        years after the death of certain persons identified in the Agreement and
        (ii)
        the “latest possible maturity date” for the Group [I] [II] Certificates (other
        than the [Class R-I Certificates] [Class R-II, Class R-III and Class R-IV
        Certificates]) specified in Section 5.01(d) of 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:
                  May 31, 2007

              	 	
                WELLS
                  FARGO BANK, N.A.

                Not
                  in its individual capacity but solely as Securities
                  Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class [_-B-_] Certificates referred to in the within-mentioned
        Agreement.

       

      
        	 	 	 	 	 	 	 	
                WELLS
                  FARGO BANK, N.A.

                Authorized
                  signatory of Wells Fargo Bank, N.A., not in its individual capacity
                  but
                  solely as 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 Fractional Undivided Interest evidenced
        by the within Mortgage Pass-Through Certificate and hereby authorizes the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the 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

         

         
          The assignee should include the following for purposes of
          distribution: 

        
           

          
            
              	
                                 Distributions
                        shall be made, by wire transfer or otherwise, in immediately
                        available
                        funds to

                    
	
                      ______________________________________________________________________________________________________________

                    
	
                      ______________________________________________________________________________________________________________

                    
	
                      for
                        the account of
                        ________________________________________________________________________________________________

                    
	
                      account
                        number _______________________________ or, if mailed by check,
                        to
                        _______________________________________________

                    
	
                      ______________________________________________________________________________________________________________

                    
	
                      Applicable
                        statements should be mailed to
                        _____________________________________________________________________________

                    
	
                      ______________________________________________________________________________________________________________

                    
	
                      This
                        information is provided by
                        _______________________________________________________________________________

                    
	
                      assignee
                        named above, or
                        __________________________________________________________________________________________

                    
	
                      its
                        agent.

                    

            

             

          

        

      

      
 

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

       

      EXHIBIT
        A-3

       

      FORM
        OF CLASS R CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON,
        A
        PUBLICLY TRADED PARTNERSHIP OR A DISQUALIFIED ORGANIZATION (AS DEFINED
        BELOW).

       

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

       

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

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE SECURITIES
        ADMINISTRATOR, THE DEPOSITOR, THE CERTIFICATE REGISTRAR AND THE TRUSTEE
        THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR POLITICAL
        SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES, OR ANY AGENCY OR
        INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY WHICH
        IS
        A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND EXCEPT FOR
        FREDDIE
        MAC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY SUCH GOVERNMENTAL
        UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY
        OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) ANY ORGANIZATION (OTHER
        THAN
        CERTAIN FARMERS’ COOPERATIVES DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS
        EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION
        IS
        SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING THE TAX
        IMPOSED
        BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE INCOME), (D) RURAL
        ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION 1381(a)(2)(C) OF
        THE
        CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER SECTION 775(a) OF THE CODE
        (ANY
        SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), (C), (D) OR (E)
        BEING
        HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR (F) AN AGENT OF A
        DISQUALIFIED ORGANIZATION, (2) SUCH TRANSFEREE IS A UNITED STATES PERSON
        UNDER
        SECTION 7701 OF THE CODE, (3) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE
        ASSESSMENT OR COLLECTION OF TAX AND (4) SUCH TRANSFEREE SATISFIES CERTAIN
        ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
        TRANSFEREE.  NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE
        REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO
        A
        DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES PERSON OR AN AGENT OF A
        DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES PERSON, SUCH REGISTRATION
        SHALL
        BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
        NOT
        BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING,
        BUT
        NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
        CERTIFICATE.  EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE OF THIS
        CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
        PARAGRAPH.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      
        	
                Certificate
                  No. 1

              	 
	 	 
	
                Class
                  R-[_]

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement and
                  Cut-off Date:

                May
                  1, 2007

              	
                Aggregate
                  Initial Current Principal Amount of this Certificate as of the
                  Cut-off
                  Date:

                $[___________]

              
	 	 
	
                First
                  Distribution Date:

                June
                  25, 2007

              	
                Initial
                  Current Principal Amount of this Certificate as of the Cut-off
                  Date:
                  $[_________]

              
	 	 
	
                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	
                CUSIP:
                  [_____________]

              
	 	 
	
                Assumed
                  Final Distribution Date:

                [              ]

              	 

      

       

       

      BEAR
        STEARNS ARM TRUST 2007-4

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2007-4

       

      
        
          	 evidencing
                  a fractional undivided interest in the distributions allocable
                  to the
                  Class R-[_] Certificates with respect to a Trust Fund consisting
                  primarily
                  of a pool of adjustable rate mortgage loans secured by first liens
                  on
                  one-to-four family residential properties sold by STRUCTURED ASSET
                  MORTGAGE INVESTMENTS II INC.

        

      

       

       

      This
        Certificate is payable solely from the assets of the Trust Fund relating
        to Loan
        Group [I] [II] (as defined in the Agreement), and does not represent an
        obligation of or interest in Structured Asset Mortgage Investments II Inc.,
        the
        Master Servicer or the Trustee referred to below or any of their affiliates
        or
        any other person. Neither this Certificate nor the underlying Mortgage Loans
        are
        guaranteed or insured by any governmental entity or by Structured Asset Mortgage
        Investments II Inc., the Master Servicer or the Trustee or any of their
        affiliates or any other person. None of Structured Asset Mortgage Investments
        II
        Inc., the Master Servicer or any of their affiliates will have any obligation
        with respect to any certificate or other obligation secured by or payable
        from
        payments on the Certificates.

       

      This
        certifies that [_____________] is the registered owner of the Fractional
        Undivided Interest evidenced hereby in the beneficial ownership interest
        of
        Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
        primarily consisting of adjustable rate mortgage loans secured by first liens
        on
        one- to four- family residential properties (collectively, the “Mortgage Loans”)
        sold by Structured Asset Mortgage Investments II Inc. (“SAMI II”). The Mortgage
        Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to
        SAMI II. EMC will act as master servicer of the Mortgage Loans (the “Master
        Servicer,” which term includes any successors thereto under the Agreement
        referred to below). The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among SAMI II, as depositor (the “Depositor”), EMC, as Master
        Servicer and seller, Wells Fargo Bank, National Association, as securities
        administrator (the “Securities Administrator”)  and Citibank, N.A., as
        trustee (the “Trustee”), a summary of certain of the pertinent provisions of
        which is set forth hereafter. To the extent not defined herein, capitalized
        terms used herein shall have the meaning ascribed to them in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of its acceptance hereof assents and by which such Holder is
        bound.

       

      The
        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 calendar month preceding
        the month of such Distribution Date, an amount equal to the product of the
        Fractional Undivided Interest evidenced by this Certificate and the amount
        (of
        principal, if any) required to be distributed to the Holders of Certificates
        of
        the same Class as this Certificate. The Assumed Final Distribution Date is
        the
        Distribution Date in the month immediately following the month of the latest
        scheduled maturity date of any Mortgage Loan and is not likely to be the
        date on
        which the Current Principal Amount of this Class of Certificates will be
        reduced
        to zero.

       

      Distributions
        on this Certificate will be made by the Paying Agent 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 by wire
        transfer. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Paying Agent 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 Current Principal Amount of this
        Certificate is set forth above. The Current Principal Amount hereof will
        be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable hereto.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions set forth in the Agreement to the effect that (i) each person
        holding or acquiring any Ownership Interest in this Certificate must be a
        United
        States Person and a Permitted Transferee, (ii) the transfer of any Ownership
        Interest in this Certificate will be conditioned upon the delivery to the
        Depositor, the Trustee, the Certificate Registrar and 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.

       

      This
        certificate may not be acquired directly or indirectly by, or on behalf of,
        an
        employee benefit plan or other retirement arrangement which is subject to
        Title
        I of the Employee Retirement Income Security Act of 1974, as amended, or
        Section
        4975 of the Internal Revenue Code of 1986, as amended, unless the proposed
        transferee provides the Securities Administrator with an opinion of counsel
        for
        the benefit of the Depositor, Master Servicer and the Securities Administrator
        and on which they may rely (which shall not be at the expense of the Securities
        Administrator) which is acceptable to the Securities Administrator, that
        the
        purchase of this Certificate will not result in or constitute a nonexempt
        prohibited transaction, is permissible under applicable law and will not
        give
        rise to any additional obligations on the part of the Seller, the Master
        Servicer, any Servicer, the Securities Administrator or the
        Trustee.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”), issued in
        twenty-eight Classes. The Certificates, in the aggregate,
        evidence the entire beneficial ownership interest in the Trust Fund formed
        pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that neither the
        Trustee
        nor the Securities Administrator is 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,
        the
        Master Servicer, the Securities Administrator and the Trustee and the rights
        of
        the Certificateholders under the Agreement from time to time by the parties
        thereto with the consent of the Holders of Certificates, evidencing Fractional
        Undivided Interests aggregating not less than 51% of the Trust Fund (or in
        certain cases, Holders of Certificates of affected Classes evidencing such
        percentage of the Fractional Undivided Interests thereof). Any such consent
        by
        the Holder of this Certificate shall be conclusive and binding on such Holder
        and upon all future Holders of this Certificate and of any Certificate issued
        upon the transfer hereof or in lieu hereof whether or not notation of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Certificate Registrar
        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
        Fractional Undivided Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Fractional Undivided Interest, as requested by the
        Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the 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 relating to Loan
        Group
        [I] [II] created thereby (other than the obligations to make payments to
        related
        Certificateholders with respect to the termination of the Agreement) shall
        terminate upon the earlier of (i) the later of the (A) final payment or other
        liquidation (or Advance with respect thereto) of the last Group [I] [II]
        Mortgage Loan remaining in the Trust Fund and disposition of all property
        acquired upon foreclosure or deed in lieu of foreclosure of any Group [I]
        [II]
        Mortgage Loan and (B) the remittance of all funds relating to Loan Group
        [I]
        [II] due under the Agreement, or (ii) the optional repurchase by the party
        named
        in the Agreement of all the Mortgage Loans and other assets of the Trust
        Fund
        relating to Loan Group [I] [II] in accordance with the terms of the Agreement.
        Such optional repurchase may be made only on or after the Distribution Date
        on
        which the aggregate Stated Principal Balance of the Group [I] [II] Mortgage
        Loans is less than or equal to a certain percentage of the aggregate Stated
        Principal Balance of the Group [I] [II] Mortgage Loans [FOR GROUP II
        CERTIFICATES: [and in the case of Loan Group II, plus the Group II pre-funded
        amount,] as of the Cut-off Date as set forth in the Agreement. The exercise
        of
        such right will effect the early retirement of the Group [I] [II] Certificates.
        In no event, however, will the Trust Fund relating to Loan Group [I] [II]
        created by the Agreement continue beyond the earlier of (i) the expiration
        of 21
        years after the death of certain persons identified in the Agreement and
        (ii)
        the “latest possible maturity date” for the Group [I] [II] Certificates (other
        than the [Class R-I Certificates] [Class R-II, Class R-III and Class R-IV
        Certificates]) specified in Section 5.01(d) of 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:
                  May 31, 2007

              	 	
                WELLS
                  FARGO BANK, N.A.

                Not
                  in its individual capacity but solely as Securities
                  Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class R-[_] Certificates referred to in the within-mentioned
        Agreement.

      
        	 	 	 	 	 	 	 	
                WELLS
                  FARGO BANK, N.A.

                Authorized
                  signatory of Wells Fargo Bank, N.A., not in its individual capacity
                  but
                  solely as 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 Fractional Undivided Interest evidenced
        by the within Mortgage Pass-Through Certificate and hereby authorizes the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the 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

       

       
        The assignee should include the following for purposes of
        distribution: 

      
         

        
          
            	
                               Distributions
                      shall be made, by wire transfer or otherwise, in immediately
                      available
                      funds to

                  
	
                    ______________________________________________________________________________________________________________

                  
	
                    ______________________________________________________________________________________________________________

                  
	
                    for
                      the account of
                      ________________________________________________________________________________________________

                  
	
                    account
                      number _______________________________ or, if mailed by check,
                      to
                      _______________________________________________

                  
	
                    ______________________________________________________________________________________________________________

                  
	
                    Applicable
                      statements should be mailed to
                      _____________________________________________________________________________

                  
	
                    ______________________________________________________________________________________________________________

                  
	
                    This
                      information is provided by
                      _______________________________________________________________________________

                  
	
                    assignee
                      named above, or
                      __________________________________________________________________________________________

                  
	
                    its
                      agent.

                  

          

           

        

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        B

       

      MORTGAGE
        LOAN SCHEDULE

       

      
LOAN_SEQ             CITY1                                          ZIP_CODE          STATE          PROPTYPE
----------------------------------------------------------------------------------------------------------------------------
       17151996      CORONA                                                92880      CA             Single Family
       17151960      OLYMPIA                                               98502      WA             Single Family
       17151912      BOSTON                                                02116      MA             Condominium
       17151914      MUNDELEIN                                             60060      IL             Single Family
       17151922      ARMONK                                                10504      NY             Single Family
       17151924      REDLANDS                                              92373      CA             Condominium
       17151926      SAN CARLOS                                            94070      CA             Single Family
       17151927      NATICK                                                01760      MA             Single Family
       17151929      MONTGOMERY VILLAGE                                    20886      MD             Condominium
       17151931      BONITA SPRINGS                                        34135      FL             PUD
       17151946      STERLING                                              20164      VA             Condominium
       17151925      LOS ANGELES                                           90008      CA             Single Family
       17151928      SAN JOSE                                              95120      CA             Single Family
       17151930      TULARE                                                93274      CA             Single Family
       17151932      BAKERSFIELD                                           93305      CA             Single Family
       17151934      NEW YORK                                              10007      NY             Condominium
       17151937      PHOENIX                                               85088      AZ             Single Family
       17151938      SAN RAMON                                             94583      CA             Single Family
       17151939      AMAGANSETT                                            11930      NY             Single Family
       17151940      PORTLAND                                              97236      OR             Single Family
       17151941      SAG HARBOR                                            11963      NY             Single Family
       17151942      SYLMAR                                                91342      CA             Single Family
       17151943      SANFORD                                               32771      FL             PUD
       17151944      DARNESTOWN                                            20874      MD             Single Family
       17151945      SAN RAMON                                             94582      CA             PUD
       17151947      MANHATTAN BEACH                                       90266      CA             2-4 Family
       17151948      CARLSBAD                                              92009      CA             PUD
       17151949      MANASSAS                                              20112      VA             Single Family
       17151951      CYPRESS                                               77429      TX             PUD
       17151954      HOUSTON                                               77024      TX             Single Family
       17151955      HINGHAM                                               02043      MA             Single Family
       17151956      ROSWELL                                               30075      GA             Single Family
       17151958      NAPA                                                  94559      CA             Single Family
       17151961      GLEN ELLEN                                            95442      CA             Single Family
       17151962      CHARLOTTE                                             28207      NC             Single Family
       17151963      POWAY                                                 92064      CA             Single Family
       17151964      TRACY                                                 95377      CA             Single Family
       17151965      NEW YORK                                              10016      NY             Condominium
       17151967      MOORESVILLE                                           28117      NC             Single Family
       17151969      BALDWIN PARK                                          91706      CA             Single Family
       17151970      LAS VEGAS                                             89135      NV             PUD
       17151972      MARTINEZ                                              94553      CA             PUD
       17151973      FREDERICKSBURG                                        22407      VA             Single Family
       17151975      SACRAMENTO                                            95832      CA             Single Family
       17151977      MATHER                                                95655      CA             PUD
       17151978      PLEASANTON                                            94588      CA             PUD
       17152017      VACAVILLE                                             95687      CA             Single Family
       17152018      MORENO VALLEY                                         92557      CA             Single Family
       17152019      HYATTSVILLE                                           20781      MD             Single Family
       17152020      PETALUMA                                              94952      CA             Single Family
       17152021      RANCHO PALOS VERDES                                   90275      CA             PUD
       17152022      ATLANTA                                               30327      GA             Single Family
       17152023      DALY CITY                                             94015      CA             Single Family
       17152024      SAN JOSE                                              95125      CA             Single Family
       17152025      SAN DIEGO                                             92130      CA             PUD
       17152026      MILL VALLEY                                           94941      CA             Single Family
       17152027      ESCONDIDO                                             92026      CA             Single Family
       17152028      PALO ALTO                                             94301      CA             Single Family
       17152029      IRVINE                                                92620      CA             PUD
       17151979      NEW YORK                                              10014      NY             Condominium
       17151980      LOS ANGELES                                           91326      CA             Single Family
       17151982      SAN JOSE                                              95116      CA             2-4 Family
       17151986      CENTREVILLE                                           20120      VA             PUD
       17151987      UNION CITY                                            94587      CA             Single Family
       17151988      WOODINVILLE                                           98072      WA             Single Family
       17151989      LOS ANGELES                                           91306      CA             Single Family
       17151990      SUMMERVILLE                                           29483      SC             PUD
       17151991      SACRAMENTO                                            95826      CA             Single Family
       17151994      SAN DIEGO                                             92128      CA             Condominium
       17152000      PASADENA                                              91105      CA             Single Family
       17152001      POMONA                                                91766      CA             Condominium
       17152003      SAN RAMON                                             94582      CA             PUD
       17152004      LOS ANGELES                                           91342      CA             Single Family
       17152006      ROYAL OAK                                             48073      MI             Single Family
       17152008      PLEASANTON                                            94588      CA             PUD
       17152009      SPRINGVILLE                                           84663      UT             Single Family
       17152010      SPARKS                                                89436      NV             PUD
       17152011      RANCHO CUCAMONGA                                      91737      CA             Single Family
       17152012      GARDENA                                               90247      CA             Condominium
       17152013      UNION CITY                                            94587      CA             Single Family
       17152015      SCOTTSDALE                                            85254      AZ             Single Family
       17151898      GLENDALE                                              91206      CA             Single Family
       17151899      WEST COVINA                                           91792      CA             2-4 Family
       17151902      TORRANCE                                              90503      CA             Condominium
       17151903      PORTLAND                                              97214      OR             Single Family
       17151904      REDMOND                                               98052      WA             PUD
       17151905      REDWOOD CITY                                          94062      CA             Single Family
       17151906      LONG BEACH                                            90805      CA             Single Family
       17151908      GILROY                                                95020      CA             Single Family
       17151909      CANOGA PARK AREA                                      91304      CA             Single Family
       17151910      CORONA                                                92882      CA             Single Family
       17151916      SUN CITY                                              85373      AZ             PUD
       17151921      PORT WASHINGTON                                       11050      NY             PUD
       17151923      ALPINE                                                07620      NJ             Single Family
       17151911      SEAL BEACH                                            90740      CA             PUD
       17151957      LAS VEGAS                                             89120      NV             Single Family
       17151995      SANTA ANA                                             92707      CA             Single Family
       17153681      BRONX                                                 10474      NY             2-4 Family
       17153682      PARK CITY                                             84098      UT             Condominium
       17153683      REHOBOTH                                              02769      MA             Single Family
       17153684      DENVER                                                80202      CO             Condominium
       17153685      WEEHAWKEN                                             07086      NJ             2-4 Family
       17153686      PARSIPPANY                                            07054      NJ             Single Family
       17153688      WOODLAND                                              95695      CA             Single Family
       17153689      PARK CITY                                             84098      UT             Condominium
       17153690      SOUTH SAN FRANCISCO                                   94080      CA             Single Family
       17153691      GROVER BEACH                                          93433      CA             Single Family
       17153692      HOBE SOUND                                            33455      FL             Single Family
       17153693      SARASOTA                                              34233      FL             Condominium
       17153694      LOS ANGELES                                           90034      CA             2-4 Family
       17153695      HALF MOON BA                                          94019      CA             Condominium
       17153696      SAN JOSE                                              95138      CA             Single Family
       17153697      HENDERSON                                             89052      NV             Single Family
       17153698      LOS ANGELES                                           90026      CA             Single Family
       17153699      ST PETERSBURG                                         33713      FL             Single Family
       17153700      FAIRBURN                                              30213      GA             Single Family
       17153701      LOS ANGELES                                           90042      CA             Single Family
       17153702      CONCORD                                               94520      CA             PUD
       17153703      BROOKLINE                                             02445      MA             Condominium
       17153704      NORTH LAS VE                                          89081      NV             Single Family
       17153705      BAKERSFIELD                                           93313      CA             Single Family
       17153706      LAS VEGAS                                             89121      NV             Single Family
       17153707      RESEDA                                                91335      CA             Condominium
       17153708      WEST PALM BEACH                                       33401      FL             PUD
       17153709      SAN FRANCISC                                          94107      CA             Condominium
       17153710      ELK GROVE                                             95758      CA             Single Family
       17153711      ATLANTA                                               30310      GA             Single Family
       17153712      ST PETERSBER                                          33705      FL             Condominium
       17153713      UNION CITY                                            94587      CA             Condominium
       17153714      LOS ANGELES                                           90046      CA             Single Family
       17153715      SACRAMENTO                                            95834      CA             Condominium
       17153716      ANAHEIM                                               92804      CA             Single Family
       17153717      COROLLA                                               27927      NC             Single Family
       17153718      NORFOLK                                               23503      VA             Single Family
       17153719      LAS VEGAS                                             89123      NV             Condominium
       17153720      TACOMA                                                98408      WA             Single Family
       17153721      BRADENTON                                             34202      FL             PUD
       17153722      MURFREESBORO                                          37128      TN             Single Family
       17153723      BRADENTON                                             34202      FL             PUD
       17153726      BAKERSFIELD                                           93308      CA             Single Family
       17153727      ROAD BELL GA                                          90201      CA             2-4 Family
       17153728      LEHIGH ACRES                                          33971      FL             PUD
       17153729      AURORA                                                80014      CO             PUD
       17153537      ALBUQUERQUE                                           87114      NM             Single Family
       17153539      CAPE CORAL                                            33993      FL             Single Family
       17153540      BRENTWOOD                                             94513      CA             PUD
       17153541      LAS VEGAS                                             89129      NV             Single Family
       17153542      LAS VEGAS                                             89128      NV             Single Family
       17153543      LAS VEGAS                                             89129      NV             Single Family
       17153544      SAN JOSE                                              95122      CA             Single Family
       17153545      QUECHEE                                               05059      VT             PUD
       17153546      SUN VALLEY                                            89433      NV             2-4 Family
       17153547      MERCER ISLAN                                          98040      WA             Single Family
       17153548      FRESNO                                                93702      CA             Single Family
       17153549      PACIFICA                                              94044      CA             Single Family
       17153550      CROFTON                                               21114      MD             Single Family
       17153551      OAKLAND                                               94605      CA             PUD
       17153552      SAN JOSE                                              95116      CA             Condominium
       17153553      NEWPORT                                               41071      KY             Condominium
       17153554      PAHRUMP                                               89048      NV             Single Family
       17153556      CRESCENT CIT                                          95531      CA             2-4 Family
       17153557      GRAND TERRACE                                         92313      CA             Condominium
       17153558      ALEXANDRIA                                            22302      VA             Condominium
       17153559      SAN JOSE                                              95118      CA             PUD
       17153560      PRINCEVILLE                                           96722      HI             Condominium
       17153561      NEW CANEY                                             77357      TX             Single Family
       17153562      SANTA ROSA                                            95407      CA             Single Family
       17153563      BEAVERTON                                             97008      OR             Single Family
       17153564      FREDERICK                                             21701      MD             Single Family
       17153565      ANTIOCH                                               94531      CA             Single Family
       17153566      SLIDELL                                               70461      LA             Single Family
       17153567      TUALATIN                                              97062      OR             Single Family
       17153568      TIGARD                                                97223      OR             Single Family
       17153569      FT LAUDERDAL                                          33312      FL             Condominium
       17153570      SAN JACINTO                                           92583      CA             Single Family
       17153571      SPANAWAY                                              98387      WA             Single Family
       17153572      TEMECULA                                              92592      CA             Single Family
       17153573      ODENTON                                               21117      MD             PUD
       17153575      SAN LEANDRO                                           94578      CA             2-4 Family
       17153576      MANTECA                                               95337      CA             Single Family
       17153577      HOMESTEAD                                             33030      FL             Condominium
       17153578      RUMSON                                                07760      NJ             Single Family
       17153579      RENO                                                  89506      NV             Single Family
       17153580      PARADISE VAL                                          85253      AZ             PUD
       17153581      PENSACOLA                                             32507      FL             Condominium
       17153582      LEHIGH ACRES                                          33971      FL             Single Family
       17153583      SCOTTSDALE                                            85251      AZ             Condominium
       17153584      MARTINSBURG                                           25405      WV             Single Family
       17153585      BRADENTON                                             34208      FL             Single Family
       17153586      SONOMA                                                95476      CA             Single Family
       17153587      MILL CREEK                                            98012      WA             Condominium
       17153588      SAN JOSE                                              95128      CA             Condominium
       17153589      SAN JOSE                                              95128      CA             Condominium
       17153591      SAN JOSE                                              95133      CA             Single Family
       17153592      SPANAWAY                                              98387      WA             Single Family
       17153593      WILDOMAR                                              92595      CA             Single Family
       17153596      RESTON                                                20190      VA             Townhouse
       17153597      SAN JOSE                                              95111      CA             Single Family
       17153598      OCEANSIDE                                             92057      CA             Single Family
       17153599      PLEASANTON                                            94588      CA             Single Family
       17153600      SANTA CLARA                                           95050      CA             2-4 Family
       17153601      VALLEY VILLA                                          91607      CA             2-4 Family
       17153602      LAS VEGAS                                             89142      NV             Single Family
       17153603      COSTA MESA                                            92627      CA             Single Family
       17153604      MONTGOMERY V                                          20886      MD             Single Family
       17153605      TUCSON                                                85745      AZ             Single Family
       17153606      EDISON                                                08817      NJ             Single Family
       17153608      VANCOUVER                                             98682      WA             PUD
       17153609      BASALT                                                81621      CO             Condominium
       17153610      OGDEN                                                 84404      UT             2-4 Family
       17153611      SAN JOSE                                              95121      CA             Single Family
       17153612      BEAVERTON                                             97007      OR             Single Family
       17153613      SANTA ANA                                             92703      CA             Single Family
       17153614      TELLURIDE                                             81435      CO             Condominium
       17153615      GARDEN GROVE                                          92843      CA             2-4 Family
       17153616      EVANS                                                 80620      CO             Single Family
       17153617      CAMPBELL                                              95008      CA             Single Family
       17153618      DALLAS                                                75219      TX             Condominium
       17153619      SAN DIMAS                                             91773      CA             Single Family
       17153620      LIHUE                                                 96766      HI             Condominium
       17153622      ARLINGTON                                             38002      TN             Single Family
       17153623      CORTE MADERA                                          94925      CA             Single Family
       17153624      SAN JOSE                                              95136      CA             PUD
       17153625      MIAMI                                                 33156      FL             Single Family
       17153626      FORT MYERS                                            33912      FL             Single Family
       17153627      ST PAUL                                               55105      MN             Single Family
       17153629      FORT COLLINS                                          80525      CO             Single Family
       17153631      SACRAMENTO                                            95864      CA             Single Family
       17153632      MANNING                                               29102      SC             Single Family
       17153633      MIAMI                                                 33185      FL             Single Family
       17153636      TRACY                                                 95376      CA             Single Family
       17153637      UNION CITY                                            94587      CA             PUD
       17153638      SANTA CLARA                                           95050      CA             PUD
       17153639      BELLEVUE                                              98005      WA             Condominium
       17153640      LOS ANGELES                                           90069      CA             Single Family
       17153641      LAKE ARROWHE                                          92352      CA             Single Family
       17153643      TARZANA                                               91356      CA             Single Family
       17153644      VALLEJO                                               94590      CA             Single Family
       17153645      BRONX                                                 10462      NY             Condominium
       17153646      LOS ANGELES                                           90048      CA             Single Family
       17153647      SEATTLE                                               98199      WA             Single Family
       17153648      SAN DIEGO                                             92104      CA             2-4 Family
       17153649      FAIRFIELD                                             06824      CT             Single Family
       17153650      SEATTLE                                               98121      WA             Condominium
       17153651      BISBEE                                                85603      AZ             Single Family
       17153652      LAS VEGAS                                             89134      NV             Single Family
       17153653      SAN JOSE                                              95122      CA             Single Family
       17153654      BELLEVUE                                              98006      WA             Condominium
       17153655      LA JOLLA                                              92037      CA             Single Family
       17153656      ACTON                                                 01720      MA             Single Family
       17153657      LOS ALTOS                                             94024      CA             Single Family
       17153658      CENTRALIA                                             98531      WA             Single Family
       17153659      LANCASTER                                             93534      CA             Single Family
       17153660      ROSAMOND                                              93560      CA             Single Family
       17153661      PORTLAND                                              97206      OR             Single Family
       17153662      LIVERMORE                                             94551      CA             Single Family
       17153663      BRONX                                                 10456      NY             Condominium
       17153664      BEND                                                  97701      OR             Single Family
       17153665      RENTON                                                98056      WA             Single Family
       17153666      SURPRISE                                              85374      AZ             PUD
       17153667      STONY BROOK                                           11790      NY             Single Family
       17153668      LAS VEGAS                                             89123      NV             Condominium
       17153669      CORONA                                                92880      CA             Single Family
       17153670      SAN RAMON                                             94582      CA             Condominium
       17153672      LONG BEACH                                            90808      CA             Single Family
       17153674      ROUND HILL                                            20141      VA             Single Family
       17153675      WASHINGTON                                            20016      DC             Condominium
       17153676      ANTIOCH                                               94509      CA             Single Family
       17153677      GLENDALE                                              91206      CA             Single Family
       17153679      FONTANA                                               92336      CA             Condominium
       17153680      NEW ORLEANS                                           70116      LA             2-4 Family
       17153494      KEY LARGO                                             33037      FL             Single Family
       17153495      EAST QUOGUE                                           11942      NY             Single Family
       17153497      CARBONDALE                                            81623      CO             Single Family
       17153498      LOS ANGELES                                           90063      CA             2-4 Family
       17153499      LONG BEACH                                            90802      CA             Condominium
       17153500      ORLANDO                                               32832      FL             PUD
       17153501      THE SEA REAC                                          95497      CA             Single Family
       17153502      SAUSALITO                                             94965      CA             Condominium
       17153503      BRENTWOOD                                             94513      CA             Single Family
       17153504      FONTANA                                               92335      CA             Single Family
       17153505      LIVERMORE                                             94551      CA             Single Family
       17153506      GRAND TERRAC                                          92313      CA             PUD
       17153507      LA HABRA                                              90631      CA             Single Family
       17153508      COS COB                                               06807      CT             Single Family
       17153509      CORONA                                                92879      CA             Condominium
       17153510      OLATHE                                                66062      KS             Single Family
       17153512      ARLINGTON                                             22202      VA             Condominium
       17153513      PALOS VERDES                                          90274      CA             Single Family
       17153514      BEVERLY HILL                                          90212      CA             Single Family
       17153515      CHULA VISTA                                           91910      CA             Single Family
       17153516      RED BLUFF                                             96080      CA             Single Family
       17153517      STERLING                                              20164      VA             Single Family
       17153518      ASPEN                                                 81611      CO             Condominium
       17153519      PARAMOUNT                                             90803      CA             2-4 Family
       17153520      MYRTLE BEACH                                          29577      SC             Condominium
       17153521      SAN DIEGO                                             92101      CA             Condominium
       17153522      BAKERSFIELD                                           93306      CA             Single Family
       17153523      BROOKLYN                                              11205      NY             2-4 Family
       17153524      YREKA                                                 96097      CA             2-4 Family
       17153526      GREAT NECK                                            11020      NY             Single Family
       17153527      PARAMOUNT                                             90803      CA             2-4 Family
       17153528      ALISO VIEJO                                           92656      CA             Condominium
       17153529      LAKESIDE                                              92040      CA             Single Family
       17153530      MONROVIA                                              91016      CA             2-4 Family
       17153531      ATLANTA                                               30307      GA             Condominium
       17153532      UKIAH                                                 95482      CA             Single Family
       17153534      SAN JACINTO                                           92583      CA             Single Family
       17153535      NAPLES                                                34102      FL             Single Family
       17153536      EDMONDS                                               98020      WA             Condominium
       17153415      BROOKLYN                                              11221      NY             2-4 Family
       17153416      EL DORADO HI                                          95762      CA             Single Family
       17153417      BANKS                                                 97106      OR             Single Family
       17153418      RENO                                                  89502      NV             2-4 Family
       17153419      SAN JOSE                                              95112      CA             Single Family
       17153421      STAFFORD                                              22554      VA             PUD
       17153422      LINCOLN                                               95648      CA             Single Family
       17153424      SAN FRANCISC                                          94110      CA             Single Family
       17153426      TIGARD                                                97223      OR             Single Family
       17153427      RICHMOND                                              94801      CA             Single Family
       17153428      RANCHO CORDO                                          95670      CA             Single Family
       17153429      BROOKLYN PAR                                          55443      MN             Single Family
       17153430      SANTA ROSA                                            95407      CA             Single Family
       17153431      CUMMING                                               30040      GA             PUD
       17153432      JACKSONVILLE                                          32216      FL             Condominium
       17153433      NEW CASTLE                                            81647      CO             Single Family
       17153435      ROMEOVILLE                                            60446      IL             Single Family
       17153436      MISSION                                               66202      KS             Single Family
       17153437      LAS VEGAS                                             89128      NV             Condominium
       17153438      RALEIGH                                               27608      NC             Single Family
       17153439      AUSTIN                                                78701      TX             Condominium
       17153440      MEADOW VISTA                                          95722      CA             Single Family
       17153441      CLEARWATER                                            33764      FL             Condominium
       17153442      PRESCOTT VAL                                          86314      AZ             Single Family
       17153443      KENT                                                  98032      WA             Condominium
       17153444      UNION CITY                                            94587      CA             Single Family
       17153445      JASPER                                                30143      GA             Single Family
       17153446      DANVILLE                                              94506      CA             Single Family
       17153447      AUBURN                                                30011      GA             PUD
       17153448      ELLICOTT CITY                                         21043      MD             Condominium
       17153449      STOCKTON                                              95206      CA             Single Family
       17153450      LAKE OSWEGO                                           97034      OR             Single Family
       17153451      CHARLOTTE                                             28269      NC             Single Family
       17153452      SALIDA                                                95368      CA             Single Family
       17153453      REDMOND                                               97756      OR             Single Family
       17153454      ST CHARLES                                            60175      IL             Single Family
       17153455      JERSEY CITY                                           07307      NJ             2-4 Family
       17153456      WINDERMERE                                            34786      FL             Condominium
       17153457      WINDERMERE                                            34786      FL             Condominium
       17153458      WINDERMERE                                            34786      FL             Condominium
       17153459      KIHEI                                                 96753      HI             Condominium
       17153460      PARK CITY                                             84098      UT             Condominium
       17153462      DES MOINES                                            98198      WA             Condominium
       17153463      MEDFORD                                               97501      OR             Single Family
       17153464      AZUSA                                                 91702      CA             Single Family
       17153465      NEW YORK                                              10009      NY             Condominium
       17153466      MIDDLETOWN                                            07748      NJ             Single Family
       17153467      LAS VEGAS                                             89113      NV             Condominium
       17153468      FT. LAUDERDA                                          33316      FL             Condominium
       17153471      MYRTLE BEACH                                          29577      SC             Condominium
       17153472      JOHNSTOWN                                             80534      CO             Single Family
       17153473      SACRAMENTO                                            95835      CA             Single Family
       17153474      EAST JORDAN                                           49727      MI             Single Family
       17153475      BOZEMAN                                               59715      MT             Single Family
       17153476      LAS VEGAS                                             89138      NV             Condominium
       17153477      WAIKOLOA                                              96738      HI             Condominium
       17153478      CHICAGO                                               60643      IL             2-4 Family
       17153479      BROOKLYN                                              11207      NY             2-4 Family
       17153480      WILDOMAR                                              92595      CA             PUD
       17153482      PINON HILLS                                           92372      CA             Single Family
       17153483      MINNEAPOLIS                                           55401      MN             Condominium
       17153484      RIVERSIDE                                             92503      CA             Single Family
       17153485      AVENTURA                                              33180      FL             Condominium
       17153486      VERPLANCK                                             10596      NY             2-4 Family
       17153487      ROCKLIN                                               95765      CA             PUD
       17153488      CHASKA                                                55318      MN             Single Family
       17153489      SCHAUMBURG                                            60195      IL             Condominium
       17153490      UNION CITY                                            94587      CA             Condominium
       17153492      DALY CITY                                             94015      CA             Single Family
       17153493      LAS VEGAS                                             89103      NV             Condominium
       17153084      MERIDIAN                                              83642      ID             2-4 Family
       17153085      KISSIMMEE                                             34746      FL             Single Family
       17153086      TEMPE                                                 85281      AZ             Single Family
       17153088      PHOENIX                                               85051      AZ             Single Family
       17153089      ASHEVILLE                                             28803      NC             Condominium
       17153090      MONTCLAIR                                             07042      NJ             2-4 Family
       17153091      CHICAGO                                               60610      IL             Condominium
       17153092      REDONDO BEACH                                         90277      CA             Condominium
       17153093      CULVER CITY                                           90230      CA             Condominium
       17153101      ANTIOCH                                               94509      CA             Condominium
       17153102      OAKHURST                                              07755      NJ             Single Family
       17153103      SAN FRANCISC                                          94110      CA             Condominium
       17153105      PORT TOWNSEN                                          98368      WA             Single Family
       17153106      NEW YORK                                              10016      NY             Condominium
       17153107      DURHAM                                                27704      NC             PUD
       17153108      BEND                                                  97702      OR             Single Family
       17153109      KENNEWICK                                             99337      WA             Single Family
       17153110      MARANA                                                75653      AZ             Single Family
       17153112      MIAMI                                                 33032      FL             Single Family
       17153113      GLENDALE                                              85302      AZ             Single Family
       17153114      BROOKLYN                                              11233      NY             Single Family
       17153115      SEATTLE                                               98119      WA             Single Family
       17153116      SEATTLE                                               98119      WA             Single Family
       17153117      FILLMORE                                              93015      CA             Single Family
       17153118      NORWALK                                               90650      CA             Single Family
       17153119      BENSENVILLE                                           60106      IL             Single Family
       17153120      WESTMINISTER                                          80021      CO             Single Family
       17153121      APEX                                                  27539      NC             Single Family
       17153122      VENTURA                                               93003      CA             Single Family
       17153123      AMESBURY                                              01913      MA             Single Family
       17153126      BROKEN ARROW                                          74014      OK             Single Family
       17153127      PHOENIX                                               85019      AZ             Single Family
       17153128      HAYWARD                                               94544      CA             Single Family
       17153129      FLAGLER BEAC                                          32136      FL             Single Family
       17153130      LOS ANGELES                                           90041      CA             Single Family
       17153131      MINNEAPOLIS                                           55406      MN             Condominium
       17153132      MILLBRAE                                              94030      CA             Condominium
       17153134      STATEN ISLAN                                          10309      NY             2-4 Family
       17153135      FAIRHOPE                                              36532      AL             Single Family
       17153136      EAST QUOGUE                                           11942      NY             Single Family
       17153137      ATLANTA                                               30327      GA             Condominium
       17153138      LAS VEGAS                                             89131      NV             Single Family
       17153139      SAN FRANCISC                                          94109      CA             Condominium
       17153140      COLORADO SPR                                          80922      CO             PUD
       17153141      CHARLOTTE                                             28273      NC             PUD
       17153142      FREMONT                                               94539      CA             Single Family
       17153143      CORONA DEL M                                          92625      CA             Single Family
       17153145      WICHITA                                               67226      KS             Single Family
       17153146      SAN JOSE                                              95130      CA             Single Family
       17153147      SARATOGA SPR                                          84043      UT             Single Family
       17153148      ANTHEM                                                85086      AZ             Single Family
       17153149      CONCORD                                               94518      CA             Single Family
       17153150      HAGERSTOWN                                            21740      MD             Single Family
       17153151      ARLINGTON                                             22201      VA             Condominium
       17153152      NEW YORK                                              10128      NY             CO-OP
       17153153      ARLINGTON                                             22201      VA             Condominium
       17153154      HARPERS FERR                                          25424      WV             PUD
       17153156      ALSIP                                                 60803      IL             Single Family
       17153157      HOSCHTON                                              30548      GA             Single Family
       17153158      ASHEVILLE                                             28801      NC             Single Family
       17153159      WASHINGTON                                            20002      DC             Single Family
       17153160      SANTA MONICA                                          90403      CA             Condominium
       17153161      ELLENTON                                              34222      FL             PUD
       17153162      MARICOPA                                              85239      AZ             PUD
       17153164      COLTS NECK                                            07722      NJ             Single Family
       17153165      STOCKTON                                              95207      CA             2-4 Family
       17153166      LOS ANGELES                                           90068      CA             2-4 Family
       17153167      CULVER CITY                                           90232      CA             2-4 Family
       17153168      SUN CITY                                              85351      AZ             Single Family
       17153170      CHICAGO                                               60632      IL             Single Family
       17153171      TRUCKEE                                               96161      CA             Single Family
       17153172      GLENDALE                                              85310      AZ             Single Family
       17153173      HOUSTON                                               77073      TX             Single Family
       17153174      HOMESTEAD                                             33033      FL             Condominium
       17153175      SACRAMENTO                                            95835      CA             Single Family
       17153176      LEADVILLE                                             80461      CO             Single Family
       17153177      BRONX                                                 10461      NY             Single Family
       17153179      SAN DIEGO                                             92122      CA             Single Family
       17153180      DUBLIN                                                94568      CA             Single Family
       17153181      NEW HYDE PAR                                          11040      NY             Single Family
       17153182      LANCASTER                                             93534      CA             Single Family
       17153183      BAKERSFIELD                                           93304      CA             Single Family
       17153184      WASHINGTON                                            20001      DC             Condominium
       17153186      BOWIE                                                 20721      MD             Condominium
       17153187      LAWNDALE                                              90260      CA             2-4 Family
       17153188      LA PLATA                                              20646      MD             Condominium
       17153189      ARLINGTON                                             22202      VA             Condominium
       17153190      BUFORD                                                30518      GA             Single Family
       17153191      SUNNYVALE                                             94087      CA             Single Family
       17153192      KENSINGTON                                            20895      MD             Single Family
       17153193      MIAMI                                                 33032      FL             Single Family
       17153194      STEVENSON RA                                          91381      CA             Condominium
       17153195      TEMPE                                                 85281      AZ             Condominium
       17153196      STERLING                                              20164      VA             Single Family
       17153199      VIRGINIA BEA                                          23464      VA             Single Family
       17153200      RENO                                                  89511      NV             PUD
       17153201      MUKILTEO                                              98275      WA             Single Family
       17153202      DUPONT                                                98327      WA             Single Family
       17153322      SAN FRANCISC                                          94121      CA             2-4 Family
       17153323      CHICAGO                                               60660      IL             Single Family
       17153324      STOCKTON                                              95206      CA             Single Family
       17153326      VANCOUVER                                             98683      WA             2-4 Family
       17153327      CHARLESTOWN                                           02129      MA             Condominium
       17153328      OAKLAND                                               94607      CA             Condominium
       17153329      LA PUENTE AR                                          91746      CA             Single Family
       17153330      CHICAGO                                               60607      IL             Condominium
       17153332      PORTLAND                                              97230      OR             Condominium
       17153333      BROOKLYN                                              11208      NY             2-4 Family
       17153334      NEWARK                                                19711      DE             Single Family
       17153335      MAURERTOWN                                            22644      VA             Single Family
       17153336      MIAMI                                                 33032      FL             Single Family
       17153337      MIAMI                                                 33032      FL             Single Family
       17153338      CANTON                                                02021      MA             Single Family
       17153339      SANTA ANA                                             92707      CA             Single Family
       17153340      CUPERTINO                                             95014      CA             Single Family
       17153341      ATLANTA                                               30331      GA             Single Family
       17153342      WEST SACRAME                                          95691      CA             Single Family
       17153343      WASHINGTON                                            20019      DC             Condominium
       17153345      STOCKTON                                              95203      CA             Single Family
       17153346      ASHEVILLE                                             28806      NC             Single Family
       17153347      CLERMONT                                              34711      FL             Single Family
       17153348      NAPLES                                                34120      FL             Condominium
       17153349      WASHINGTON                                            20010      DC             Single Family
       17153350      SAN JOSE                                              95125      CA             Single Family
       17153351      NEWBURY PARK                                          91320      CA             Single Family
       17153352      HOMESTEAD                                             33032      FL             Townhouse
       17153353      GLEN ELLEN                                            95442      CA             Single Family
       17153354      PORTLAND                                              97209      OR             Condominium
       17153355      BERGENFIELD                                           07621      NJ             Single Family
       17153356      SPANISH FORK                                          84660      UT             Single Family
       17153357      WEST VALLEY                                           84119      UT             Single Family
       17153358      SAN BRUNO                                             94066      CA             Single Family
       17153359      LOS ANGELES                                           90031      CA             Single Family
       17153360      CHARLOTTE                                             28214      NC             Single Family
       17153361      OAKLAND                                               94602      CA             2-4 Family
       17153362      DELHI                                                 95315      CA             Single Family
       17153363      SUNLAND AREA                                          91040      CA             Single Family
       17153364      TEMPE                                                 85281      AZ             Condominium
       17153365      ROSEVILLE                                             95661      CA             Single Family
       17153366      ALAMEDA                                               94501      CA             2-4 Family
       17153367      OMAHA                                                 68136      NE             PUD
       17153369      ALBANY                                                97322      OR             Single Family
       17153370      CHULUOTA                                              32766      FL             Single Family
       17153371      ALHAMBRA                                              91801      CA             Condominium
       17153372      CHINO HILLS                                           91709      CA             Single Family
       17153373      OAKLAND                                               94603      CA             Single Family
       17153374      ANTELOPE                                              95843      CA             Single Family
       17153375      SOUTH BEND                                            46628      IN             Single Family
       17153376      WOODLAND                                              95695      CA             Single Family
       17153377      PORTLAND                                              97217      OR             Single Family
       17153378      CAMARILLO                                             93010      CA             Single Family
       17153379      PORTLAND                                              97229      OR             Single Family
       17153380      VALLEJO                                               94590      CA             2-4 Family
       17153381      SCOTTSDALE                                            85257      AZ             Single Family
       17153382      RANCHO CUCAM                                          91730      CA             Single Family
       17153383      CHICAGO                                               60613      IL             Condominium
       17153384      DECATUR                                               30034      GA             Single Family
       17153385      STOCKTON                                              95204      CA             Single Family
       17153386      COMPTON                                               90220      CA             Single Family
       17153387      INDIAN SHORE                                          33785      FL             Condominium
       17153388      NORTH POLE                                            99705      AK             Single Family
       17153389      RIDGEWOOD                                             07450      NJ             Single Family
       17153390      SAN FRANCISC                                          94109      CA             Condominium
       17153391      PORTLAND                                              97206      OR             Single Family
       17153392      CHINO                                                 91710      CA             Single Family
       17153393      BRONX                                                 10465      NY             Single Family
       17153394      OCEAN CITY                                            21842      MD             Condominium
       17153395      STOCKTON                                              95205      CA             Single Family
       17153396      BALTIMORE                                             21215      MD             Single Family
       17153397      HILTON HEAD                                           29928      SC             Condominium
       17153398      HENDERSON                                             89012      NV             PUD
       17153399      LOS ANGELES                                           90002      CA             Single Family
       17153400      CHINO                                                 91710      CA             Single Family
       17153401      WILSONVILLE                                           97070      OR             Single Family
       17153402      NAPA                                                  94558      CA             Single Family
       17153403      FORT WASHING                                          20744      MD             Single Family
       17153405      ASHEVILLE                                             28801      NC             Single Family
       17153406      DURANGO                                               81301      CO             Single Family
       17153407      STOCKTON                                              95206      CA             Single Family
       17153408      LAS VEGAS                                             89129      NV             Single Family
       17153409      WESTMINSTER                                           92683      CA             Single Family
       17153410      SAN MATEO                                             94403      CA             Condominium
       17153411      BROOKLYN                                              11238      NY             Condominium
       17153412      LANCASTER                                             93535      CA             Condominium
       17153414      MILFORD                                               01757      MA             2-4 Family
       17153210      SAN FRANCISC                                          94127      CA             Single Family
       17153211      TULARE                                                93274      CA             Single Family
       17153212      MARIETTA                                              30008      GA             2-4 Family
       17153214      OCEAN CITY                                            21842      MD             Condominium
       17153215      BROOKLYN PAR                                          55443      MN             Single Family
       17153216      STATEN ISLAN                                          10309      NY             2-4 Family
       17153217      YELM                                                  98597      WA             Single Family
       17153218      MILWAUKEE                                             53210      WI             2-4 Family
       17153219      MILWAUKEE                                             53210      WI             2-4 Family
       17153220      MILWAUKEE                                             53218      WI             2-4 Family
       17153221      HONOLULU                                              96814      HI             Condominium
       17153222      SAINT PETERS                                          33707      FL             Single Family
       17153223      NORTH LAS VE                                          89081      NV             PUD
       17153224      PROVO                                                 84601      UT             Single Family
       17153225      ROHNERT PARK                                          94928      CA             Single Family
       17153226      TIGARD                                                97223      OR             PUD
       17153227      PARSSIPPANY                                           07054      NJ             Single Family
       17153228      BELTON                                                64012      MO             PUD
       17153229      BRIDGEPORT                                            06605      CT             Condominium
       17153230      FAIRVIEW                                              75069      TX             PUD
       17153231      FERNLEY                                               89408      NV             Single Family
       17153232      CAPE CORAL                                            33909      FL             Condominium
       17153233      LOS ANGELES                                           91311      CA             Single Family
       17153234      LANCASTER                                             93536      CA             Single Family
       17153235      SANTA ANA                                             92704      CA             Single Family
       17153236      PORTLAND                                              97230      OR             Single Family
       17153237      SUMMIT                                                07901      NJ             Condominium
       17153239      SILVER SPRIN                                          20910      MD             Condominium
       17153240      ROMOLAND                                              92585      CA             PUD
       17153244      SANTA CLARIT                                          91387      CA             Single Family
       17153245      SKOKIE                                                60076      IL             Condominium
       17153247      BRENTWOOD                                             94513      CA             PUD
       17153249      BRADENTON                                             34201      FL             PUD
       17153250      WADSWORTH                                             60083      IL             Single Family
       17153251      CAMPBELL                                              95008      CA             Single Family
       17153252      DAYTON                                                89403      NV             Single Family
       17153253      INCLINE VILL                                          89451      NV             Single Family
       17153254      PASADENA                                              91103      CA             2-4 Family
       17153255      LINO LAKES                                            55014      MN             PUD
       17153256      BRONX                                                 10460      NY             2-4 Family
       17153257      LINCOLN                                               95648      CA             Single Family
       17153258      DANVILLE                                              94526      CA             Single Family
       17153259      SAN PABLO                                             94806      CA             Single Family
       17153260      KANSAS CITY                                           64156      MO             Single Family
       17153261      MINNEAPOLIS                                           55407      MN             2-4 Family
       17153262      STOCKTON                                              95207      CA             Single Family
       17153263      ROGERS                                                72756      AR             Single Family
       17153264      BOWIE                                                 20715      MD             Single Family
       17153267      NAPLES                                                34120      FL             Condominium
       17153268      MATHER                                                95655      CA             Single Family
       17153269      BUCKLEY                                               98321      WA             Single Family
       17153270      LAGUNA NIGUE                                          92677      CA             Single Family
       17153272      CHULA VISTA                                           91910      CA             Single Family
       17153274      LORTON                                                22079      VA             Single Family
       17153275      HANOVER                                               21076      MD             Townhouse
       17153276      YUBA CITY                                             95993      CA             Single Family
       17153277      AUBURN                                                98002      WA             2-4 Family
       17153278      MOORESVILLE                                           28115      NC             Single Family
       17153279      WEST NEW YOR                                          07093      NJ             Condominium
       17153280      SANTA CRUZ                                            95060      CA             Single Family
       17153281      WILDOMAR                                              92595      CA             PUD
       17153282      LOS ANGELES                                           91306      CA             Condominium
       17153283      CALDWELL                                              83607      ID             Single Family
       17153284      BASALT                                                81621      CO             Single Family
       17153285      ROSEDALE                                              21237      MD             Single Family
       17153286      COLORADO SPR                                          80916      CO             Condominium
       17153287      NORTH LAS VE                                          89084      NV             Single Family
       17153288      VIENNA                                                22182      VA             Single Family
       17153289      NAPA                                                  94559      CA             Single Family
       17153291      ELK GROVE                                             95757      CA             Single Family
       17153292      WATERFORD                                             06385      CT             Single Family
       17153293      ELK GROVE                                             95757      CA             Single Family
       17153294      FOREST LAKE                                           55025      MN             Single Family
       17153295      JAMAICA                                               11432      NY             2-4 Family
       17153296      TUCSON                                                85743      AZ             Single Family
       17153297      ALMONT                                                81210      CO             Single Family
       17153298      ALAMEDA                                               94501      CA             2-4 Family
       17153299      TEMPE                                                 85281      AZ             Condominium
       17153300      KIHEI                                                 96753      HI             Condominium
       17153301      SAN JOSE                                              95128      CA             Condominium
       17153302      MIAMI                                                 33032      FL             Single Family
       17153303      MEDFORD                                               97501      OR             Single Family
       17153304      FAIRFIELD                                             94534      CA             Single Family
       17153305      SUISUN CITY                                           94585      CA             Single Family
       17153306      MONDAMIN                                              51557      IA             Single Family
       17153307      SEATTLE                                               98144      WA             2-4 Family
       17153308      TEMPE                                                 85281      AZ             Townhouse
       17153310      AZUSA AREA                                            91702      CA             Single Family
       17153311      ATLANTA                                               30311      GA             Single Family
       17153312      ACWORTH                                               30101      GA             PUD
       17153313      COLUMBUS                                              43228      OH             Single Family
       17153314      BAKERSFIELD                                           93313      CA             Single Family
       17153316      AVON                                                  46123      IN             Single Family
       17153317      BRENTWOOD                                             94513      CA             Single Family
       17153318      SONOMA                                                95476      CA             PUD
       17153319      TEMPE                                                 85281      AZ             Condominium
       17153320      FORT COLLINS                                          80524      CO             Single Family
       17153321      PROSPER                                               75078      TX             Single Family
       17153203      PORTLAND                                              97209      OR             Condominium
       17153204      ST LOUIS                                              63139      MO             2-4 Family
       17153205      WELLINGTON                                            33467      FL             Single Family
       17153206      FORT MYERS                                            33919      FL             Condominium
       17153207      LAPEER                                                48446      MI             Single Family
       17153208      MILFORD                                               06460      CT             2-4 Family
       16846361      LAS VEGAS                                             89148      NV             Condominium
       17153912      LOS ANGELES                                           90047      CA             2-4 Family
       17153913      PHOENIX                                               85048      AZ             Single Family
       17153914      STATEN ISLAN                                          10312      NY             PUD
       17153915      SAN DIEGO                                             92109      CA             Single Family
       17153916      GULF SHORES                                           36542      AL             Condominium
       17153917      HEAD OF THE                                           11790      NY             Single Family
       17153918      GAINESVILLE                                           20155      VA             PUD
       17153919      OYSTER BAY C                                          11771      NY             Single Family
       17153920      YORBA LINDA                                           92886      CA             Single Family
       17153921      CORONA                                                92883      CA             Single Family
       17153922      NORFOLK                                               23505      VA             Single Family
       17153923      OKATIE                                                29909      SC             Single Family
       17153924      PALM BAY                                              32909      FL             Single Family
       17153925      BROOKLYN                                              11228      NY             Townhouse
       17153926      MIAMI                                                 33189      FL             Condominium
       17153928      PACIFIC PALI                                          90272      CA             Single Family
       17153929      EWA BEACH                                             96706      HI             Single Family
       17153930      CARLSBAD                                              92009      CA             Single Family
       17153931      LOS ANGELES                                           90036      CA             2-4 Family
       17153932      SCARSDALE                                             10583      NY             Single Family
       17153933      VENTURA                                               93003      CA             Condominium
       17153934      DILLON BEACH                                          94929      CA             Single Family
       17153935      MESA                                                  85205      AZ             Single Family
       17153936      HONOLULU                                              96825      HI             Single Family
       17153937      NEWPORT BEAC                                          92660      CA             Single Family
       17153938      HOLLISTER                                             95023      CA             Single Family
       17153939      CANYON COUNTRY                                        91351      CA             Single Family
       17153940      BEND                                                  97701      OR             Single Family
       17153941      PORTLAND                                              97217      OR             Single Family
       17153942      SANTA ANA                                             92703      CA             Single Family
       17153943      CORONA                                                92883      CA             Single Family
       17153944      TEMPE                                                 85283      AZ             Single Family
       17153945      EL CAJON                                              92021      CA             Condominium
       17153946      MIAMI LAKES                                           33014      FL             Single Family
       17153947      LOS ANGELES                                           91604      CA             Single Family
       17153948      LOS ANGELES                                           91602      CA             Single Family
       17153950      SHERMAN OAKS                                          91423      CA             Single Family
       17153951      PLAYA VISTA                                           90094      CA             Condominium
       17153952      SAN JOSE                                              95123      CA             Single Family
       17153953      PHOENIX                                               85021      AZ             Single Family
       17153954      FOLSOM                                                95630      CA             Single Family
       17153955      CHICAGO                                               60622      IL             2-4 Family
       17153956      MILLINGTON                                            21651      MD             Single Family
       17153957      RANCHO CUCAM                                          91701      CA             Single Family
       17153958      CHASKA                                                55318      MN             Single Family
       17153959      DANA POINT                                            92629      CA             Single Family
       17153960      OXFORD                                                38655      MS             Condominium
       17153961      LEXINGTON                                             02421      MA             Single Family
       17153962      FOOTHILL RAN                                          92610      CA             Condominium
       17153963      SAN JOSE                                              95118      CA             Condominium
       17153964      WINTHROP                                              02152      MA             Single Family
       17153965      SAN ANTONIO                                           78245      TX             PUD
       17153966      LOS ANGELES                                           90001      CA             2-4 Family
       17153968      LA JOLLA                                              92037      CA             PUD
       17153969      FRANKFORT                                             60423      IL             Single Family
       17153970      HASTINGS                                              55033      MN             Single Family
       17153971      INDIAN ROCKS                                          33785      FL             Single Family
       17153972      RIVIERA BEAC                                          33404      FL             Condominium
       17153973      GLENDALE                                              85308      AZ             Single Family
       17153974      KEYPORT                                               07735      NJ             Single Family
       17153975      VISTA                                                 92083      CA             Single Family
       17153976      VISTA                                                 92083      CA             2-4 Family
       17153977      DALY CITY                                             94015      CA             Single Family
       17153978      ARTESIA                                               88210      NM             Single Family
       17153979      NORTH LAS VE                                          89031      NV             Single Family
       17153980      LAS VEGAS                                             89113      NV             Condominium
       17153981      FRESNO                                                93704      CA             2-4 Family
       17153982      SCOTTSDALE                                            85259      AZ             Single Family
       17153983      MARYSVILLE                                            98270      WA             PUD
       17153984      SEATTLE                                               98101      WA             Condominium
       17153985      JERSEY CITY                                           07035      NJ             2-4 Family
       17153986      RENTON                                                98056      WA             Single Family
       17153987      SAN JOSE                                              95122      CA             Single Family
       17153988      MIAMI BEACH                                           33139      FL             Condominium
       17153989      ASPEN                                                 81611      CO             Single Family
       17153990      CONCORD                                               94520      CA             Single Family
       17153991      PALM DESERT                                           92211      CA             Condominium
       17153992      BLOWING ROCK                                          28605      NC             Single Family
       17153993      LINDENHURST                                           11757      NY             Single Family
       17153994      WEST CHESTER                                          19380      PA             Single Family
       17153995      ASPEN                                                 81611      CO             Condominium
       17153996      STOCKTON                                              95215      CA             Single Family
       17153997      SURPRISE                                              85374      AZ             Single Family
       17153998      SAN JOSE                                              95132      CA             Single Family
       17153999      CHAMBERSBURG                                          17201      PA             Single Family
       17154000      SAN LUIS OBI                                          93401      CA             Single Family
       17154001      LOS ANGELES                                           90043      CA             Single Family
       17154002      STOCKTON                                              95219      CA             Single Family
       17154003      SAN DIEGO                                             92129      CA             Condominium
       17154004      ENCINO                                                91316      CA             Single Family
       17154005      SANTA PAULA                                           93060      CA             Condominium
       17154007      SCHAUMBURG                                            60195      IL             Condominium
       17154009      LYNNWOOD                                              98087      WA             Single Family
       17154010      NAPA                                                  94558      CA             Single Family
       17154011      FORT MYERS                                            33907      FL             Condominium
       17154012      SUN CITY                                              92586      CA             Single Family
       17154014      CLOVIS                                                93611      CA             Single Family
       17154015      FOLSOM                                                95630      CA             Single Family
       17154016      MT HOLLY                                              08060      NJ             2-4 Family
       17154017      GARDEN GROVE                                          92843      CA             Single Family
       17154018      PHOENIX                                               85015      AZ             Single Family
       17154019      SACRAMENTO                                            95832      CA             Single Family
       17154020      MT. HOLLY                                             08060      NJ             2-4 Family
       17154021      GREENSBORO                                            27455      NC             PUD
       17154022      GREENSBORO                                            27455      NC             PUD
       17154023      WHITE PLAINS                                          10605      NY             Condominium
       17154024      WHITE PLAINS                                          10605      NY             Condominium
       17154025      WILLISTON PA                                          11596      NY             Condominium
       17154026      NORTH MYRTLE BEACH                                    29582      SC             Single Family
       17154027      BLUE RIDGE                                            30513      GA             Single Family
       17154028      SANTA BARBAR                                          93111      CA             Single Family
       17154029      VALLEJO                                               94591      CA             Single Family
       17154030      HAYWARD                                               94541      CA             Single Family
       17154032      HESPERIA                                              92345      CA             Single Family
       17154033      BRONX                                                 10468      NY             2-4 Family
       17154034      DENVER                                                80204      CO             Condominium
       17154035      DENVER                                                80219      CO             Single Family
       17154036      NORTHRIDGE                                            91326      CA             Single Family
       17154037      SAN DIEGO                                             92107      CA             Single Family
       17154038      HENDERSON                                             89052      NV             Single Family
       17154039      HENDERSON                                             89052      NV             Single Family
       17154040      HENDERSON                                             89044      NV             PUD
       17154041      ALAMEDA                                               94502      CA             PUD
       17154042      KISSIMMEE                                             34741      FL             Single Family
       17154043      DOWNERS GROV                                          60515      IL             Single Family
       17154044      SAN LUIS OBI                                          93405      CA             Single Family
       17154045      SAN LUIS OBI                                          93401      CA             Single Family
       17154046      SAN JOSE                                              95123      CA             Condominium
       17154047      LITTLETON                                             80217      CO             Single Family
       17154048      CORONA                                                92882      CA             2-4 Family
       17154050      BOCA RATON                                            33433      FL             Condominium
       17154051      SANTA ANA                                             92707      CA             Single Family
       17154052      DAVENPORT                                             33897      FL             Single Family
       17154053      ATLANTA                                               30345      GA             2-4 Family
       17154054      LITTLETON                                             80128      CO             Condominium
       17154055      LAKE ARROWHE                                          92352      CA             Single Family
       17154056      SAN DIEGO                                             92129      CA             Single Family
       17154057      KISSIMMEE                                             34741      FL             Condominium
       17154058      MELBOURNE                                             32935      FL             PUD
       17154059      LAS VEGAS                                             89113      NV             Condominium
       17154060      LAS VEGAS                                             89113      NV             Condominium
       17154061      LOS ANGELES                                           90025      CA             Condominium
       17154062      MARIETTA                                              30066      GA             Single Family
       17154063      ORLANDO                                               32837      FL             Condominium
       17154064      YUCCA VALLEY                                          92284      CA             Single Family
       17154065      YUCCA VALLEY                                          92284      CA             Single Family
       17154066      PALM SPRINGS                                          92264      CA             Condominium
       17154067      PHENIX CITY                                           36867      AL             Single Family
       17154068      WADENA                                                56482      MN             Single Family
       17154069      PEYTON                                                80831      CO             Single Family
       17154070      ORANGE                                                92867      CA             Single Family
       17154072      VIRGINIA BEA                                          23451      VA             Single Family
       17154074      SIMI VALLEY                                           93063      CA             Single Family
       17154075      ANTIOCH                                               94509      CA             Single Family
       17154076      SANTA MONICA                                          90404      CA             2-4 Family
       17154077      SARASOTA                                              34238      FL             Single Family
       17154078      WOODSTOCK                                             30188      GA             Single Family
       17154081      BAKERSFIELD                                           93309      CA             2-4 Family
       17154082      NOVATO                                                94947      CA             Single Family
       17154083      ALAMEDA                                               94501      CA             Condominium
       17154084      BETHLEHEM                                             18015      PA             Single Family
       17154085      BETHLEHEM                                             18015      PA             Single Family
       17154086      EAST STROUDS                                          18301      PA             Single Family
       17154087      GLENDALE                                              85304      AZ             Single Family
       17154088      DOVER                                                 03820      NH             2-4 Family
       17154089      LONG BEACH                                            90813      CA             2-4 Family
       17154090      AURORA                                                80011      CO             Single Family
       17154091      LAKEWOOD                                              80401      CO             Single Family
       17154092      VISTA                                                 92083      CA             2-4 Family
       17154093      LA CANADA                                             91011      CA             Single Family
       17154094      SAMMAMISH                                             98074      WA             Single Family
       17154095      DEL MAR                                               92014      CA             Single Family
       17154097      LAFAYETTE                                             80026      CO             Single Family
       17154098      HOWARD LAKE                                           55349      MN             Single Family
       17153770      HESPERIA                                              92345      CA             Single Family
       17153771      NEWTON                                                02458      MA             2-4 Family
       17153772      BROOKLYN                                              11203      NY             2-4 Family
       17153773      MOREAU                                                12803      NY             Single Family
       17153774      CHULA VISTA                                           91913      CA             PUD
       17153775      SAN DIEGO                                             92115      CA             Condominium
       17153776      LYMAN                                                 29635      SC             Single Family
       17153777      BUENA PARK                                            90620      CA             Single Family
       17153779      BOCA GRANDE                                           33921      FL             Condominium
       17153781      TEMPE                                                 85281      AZ             Condominium
       17153782      EAST PALO AL                                          94303      CA             Single Family
       17153783      SAINT HELENA                                          94574      CA             Single Family
       17153784      WELLSVILLE                                            66092      KS             Single Family
       17153785      RENTON                                                98056      WA             Single Family
       17153786      HILTON HEAD                                           29926      SC             Single Family
       17153787      GROSSE ILE                                            48138      MI             Single Family
       17153788      NEW MARKET                                            35761      AL             Single Family
       17153789      CHARLESTON                                            29412      SC             Condominium
       17153790      CARBONDALE                                            81623      CO             Condominium
       17153792      REDLANDS                                              92374      CA             Single Family
       17153793      BRADENTON                                             34212      FL             Single Family
       17153794      ERWIN                                                 28339      NC             Single Family
       17153795      NAPA                                                  94558      CA             Single Family
       17153796      WALLSBURG                                             84082      UT             Single Family
       17153797      YORBA LINDA                                           92887      CA             Single Family
       17153798      SAN MATEO                                             94401      CA             Condominium
       17153799      KAUKAUNA                                              54130      WI             2-4 Family
       17153800      BAKERSFIELD                                           93308      CA             Single Family
       17153801      ENCINO                                                91436      CA             Single Family
       17153802      SEATTLE                                               98178      WA             Single Family
       17153803      CLARENDON HI                                          60514      IL             Single Family
       17153804      WILLOWBROOK                                           60527      IL             Single Family
       17153805      CONCORD                                               94521      CA             Single Family
       17153806      DENVER                                                80202      CO             Condominium
       17153807      LOS ANGELES                                           90025      CA             Condominium
       17153808      WEST COVINA                                           91790      CA             Single Family
       17153809      PORTLAND                                              97213      OR             Single Family
       17153810      FONTANA                                               92336      CA             Single Family
       17153811      GLEN ROCK                                             07452      NJ             Single Family
       17153812      BLUFFTON                                              29910      SC             Single Family
       17153813      PHOENIX                                               85016      AZ             Condominium
       17153814      PHOENIX                                               85013      AZ             Single Family
       17153815      CLIFTON                                               07013      NJ             Single Family
       17153816      OMAHA                                                 68134      NE             Single Family
       17153817      OMAHA                                                 68134      NE             Single Family
       17153818      MIAMI BEACH                                           33139      FL             Condominium
       17153819      SCOTTSDALE                                            85254      AZ             Condominium
       17153820      HACIENDA HEI                                          91745      CA             Condominium
       17153822      SAN BERNARDI                                          92405      CA             Single Family
       17153823      SILVERTHORNE                                          80498      CO             Condominium
       17153824      LAWRENCE                                              01841      MA             Single Family
       17153825      NASHVILLE                                             37214      TN             Condominium
       17153826      HAYWARD                                               94544      CA             Single Family
       17153827      MADISON                                               07940      NJ             Single Family
       17153828      DURHAM                                                27705      NC             Single Family
       17153829      WEST ORANGE                                           07052      NJ             Single Family
       17153831      PLEASANT HIL                                          94523      CA             Single Family
       17153832      SHELBYVILLE                                           40065      KY             Single Family
       17153833      NEW BEDFORD                                           02745      MA             2-4 Family
       17153834      NEW CITY                                              10956      NY             Condominium
       17153835      PHOENIX                                               85015      AZ             2-4 Family
       17153836      PHOENIX                                               85015      AZ             2-4 Family
       17153837      PHOENIX                                               85015      AZ             2-4 Family
       17153838      PHOENIX                                               85015      AZ             2-4 Family
       17153839      FORT MYERS                                            33908      FL             Single Family
       17153840      OAKLAND                                               94602      CA             Single Family
       17153841      KEW GARDENS                                           11415      NY             2-4 Family
       17153843      FRESNO                                                93704      CA             Single Family
       17153844      NAPA                                                  94559      CA             Single Family
       17153845      SAN DIEGO                                             92105      CA             2-4 Family
       17153846      INDIO                                                 92201      CA             Single Family
       17153848      INDIO                                                 92201      CA             Single Family
       17153849      PHOENIX                                               85085      AZ             Single Family
       17153850      LONG BEACH                                            90806      CA             Single Family
       17153851      KAILUA KONA                                           96740      HI             Single Family
       17153852      PUEBLO                                                81006      CO             Single Family
       17153853      ORLANDO                                               32835      FL             Condominium
       17153854      BERKELEY                                              94702      CA             Single Family
       17153855      CHARLOTTE                                             28269      NC             Single Family
       17153856      PITTSBURG                                             66762      KS             Single Family
       17153857      ROHNERT PARK                                          94928      CA             Single Family
       17153858      CHINO HILLS                                           91709      CA             Single Family
       17153859      OAKLEY                                                84055      UT             Single Family
       17153860      LONG BEACH                                            90807      CA             Single Family
       17153861      MIAMI                                                 33186      FL             Single Family
       17153862      OAKLAND                                               94606      CA             Single Family
       17153863      SPRINGFIELD                                           05156      VT             Single Family
       17153864      DALY CITY                                             94014      CA             Single Family
       17153865      CHINO                                                 91710      CA             2-4 Family
       17153866      WINDERMERE                                            34786      FL             Condominium
       17153867      NINEVEH                                               46164      IN             Single Family
       17153868      MARIETTA                                              30062      GA             Single Family
       17153869      ROBBINSDALE                                           55422      MN             2-4 Family
       17153870      CROWN POINT                                           46307      IN             Single Family
       17153871      ROCKWALL                                              75032      TX             Single Family
       17153872      WOODLAND PAR                                          80863      CO             Single Family
       17153874      COMMERCE CIT                                          80022      CO             Single Family
       17153875      PLACENTIA                                             92870      CA             Single Family
       17153876      LITCHFIELD P                                          85340      AZ             Condominium
       17153878      LINO LAKES                                            55014      MN             Single Family
       17153879      BLAINE                                                55449      MN             Single Family
       17153880      GRESHAM                                               97030      OR             Single Family
       17153881      RALEIGH                                               27613      NC             Single Family
       17153882      COLORADO SPR                                          80904      CO             Single Family
       17153883      WELLSVILLE                                            66092      KS             Single Family
       17153884      PARKER                                                80134      CO             PUD
       17153885      KISSIMMEE                                             34741      FL             Condominium
       17153886      SANTA ROSA B                                          32459      FL             Single Family
       17153887      LELAND                                                28451      NC             Single Family
       17153889      SKIATOOK                                              74070      OK             2-4 Family
       17153890      NEW YORK                                              10021      NY             Condominium
       17153891      ODESSA                                                33556      FL             Single Family
       17153892      VIRGINIA BEA                                          23464      VA             Single Family
       17153893      YUCIAPA                                               92399      CA             Single Family
       17153894      YUCAIPA                                               92399      CA             Single Family
       17153895      SAN BERNARDI                                          92408      CA             Single Family
       17153896      HESPERIA                                              92345      CA             Single Family
       17153897      MENTONE                                               92359      CA             Single Family
       17153898      BANNING                                               92220      CA             Single Family
       17153900      YUCAIPA                                               92399      CA             Single Family
       17153901      MENTONE                                               92359      CA             Single Family
       17153902      HIGHLAND                                              92346      CA             Single Family
       17153903      YUCAIPA                                               92399      CA             Single Family
       17153904      VALRICO                                               33594      FL             PUD
       17153905      KIHEI                                                 96753      HI             Condominium
       17153906      HALLANDALE B                                          33009      FL             Condominium
       17153907      ANDERSON                                              29621      SC             Single Family
       17153908      ORLANDO                                               32811      FL             Condominium
       17153910      PORTLAND                                              97219      OR             Single Family
       17153749      BRIDGEPORT                                            06605      CT             Condominium
       17153750      VENTNOR CITY                                          08406      NJ             2-4 Family
       17153751      PALATINE                                              60067      IL             Condominium
       17153752      SAN ANTONIO                                           78253      TX             Single Family
       17153753      PALMDALE                                              93552      CA             Single Family
       17153754      BEND                                                  97702      OR             Single Family
       17153755      SAN DIEGO                                             92101      CA             Condominium
       17153757      ROSLYN HEIGH                                          11577      NY             Single Family
       17153758      PLAINVIEW                                             11803      NY             Single Family
       17153759      KYLE                                                  78640      TX             Single Family
       17153760      MCLEAN                                                22101      VA             Single Family
       17153762      SAINT GEORGE                                          84770      UT             2-4 Family
       17153763      CAPE CORAL                                            33991      FL             PUD
       17153764      SEATTLE                                               98133      WA             Single Family
       17153765      HIALEAH                                               33016      FL             Condominium
       17153766      CHICAGO                                               60647      IL             Single Family
       17153767      CORNELIUS                                             28031      NC             Condominium
       17153768      ASTORIA                                               11102      NY             2-4 Family
       17153769      STATEN ISLAN                                          10312      NY             Single Family
       17233046      LOS ANGELES                                           91326      CA             Single Family
       17233120      SAN JUAN CAPISTRANO                                   92675      CA             Single Family
       17233040      NIPOMO                                                93444      CA             Single Family
       17233041      LEXINGTON                                             02421      MA             Single Family
       17233123      LA QUINTA                                             92253      CA             PUD
       17233042      MILL VALLEY                                           94941      CA             Single Family
       17233124      LAKE FOREST                                           92630      CA             Single Family
       17233043      LAGUNA NIGUEL                                         92677      CA             Condominium
       17233125      SAN DIEGO                                             92111      CA             Single Family
       17233044      CAMARILLO                                             93012      CA             Single Family
       17233045      SAN FRANCISCO                                         94107      CA             Single Family
       17233116      NOVATO                                                94949      CA             PUD
       17233036      VENTURA                                               93001      CA             PUD
       17233118      SIMI VALLEY                                           93063      CA             Single Family
       17233119      SANTA CLARITA                                         91354      CA             Condominium
       17233038      POOLESVILLE                                           20837      MD             Single Family
       17233039      BEVERLY HILLS                                         90210      CA             Condominium
       17233033      PITTSBURG                                             94565      CA             Single Family
       17233115      SAN JOSE                                              95121      CA             Single Family
       17233034      STAFFORD                                              22556      VA             Single Family
       17233467      RIPON                                                 95366      CA             Single Family
       17233409      SALT LAKE CITY                                        84108      UT             Single Family
       17233110      WASHINGTON                                            20012      DC             Single Family
       17233030      STEVENSON RANCH AREA                                  91381      CA             PUD
       17233113      YORBA LINDA                                           92886      CA             Single Family
       17233032      GLENCOE                                               60022      IL             Single Family
       17233114      MORENO VALLEY                                         92555      CA             Single Family
       17233028      PACIFICA                                              94044      CA             Single Family
       17233029      LOS ANGELES                                           90068      CA             Single Family
       17233108      ANAHEIM                                               92804      CA             Single Family
       17233109      JEFFERSONTON                                          22724      VA             Single Family
       17247380      PASADENA                                              91104      CA             Single Family
       17233000      DULUTH                                                30097      GA             PUD
       17233001      WOODINVILLE                                           98072      WA             PUD
       17233002      LONG BEACH                                            90807      CA             Single Family
       17233003      RANCHO PALOS VERDES                                   90275      CA             Single Family
       17233004      ATLANTA                                               30327      GA             Single Family
       17233005      MEQUON                                                53092      WI             PUD
       17233006      SIMI VALLEY                                           93065      CA             PUD
       17233007      CHICAGO                                               60657      IL             Single Family
       17247291      RIVERSIDE                                             92504      CA             Single Family
       17247373      EAGLE                                                 83616      ID             PUD
       17233008      MOULTONBOROUGH                                        03254      NH             Single Family
       17233009      SANTA ROSA                                            95401      CA             Single Family
       17233010      PALM DESERT                                           92211      CA             PUD
       17233011      PALM DESERT                                           92211      CA             PUD
       17233013      NEWTOWN                                               06470      CT             Single Family
       17233014      AMELIA ISLAND                                         32034      FL             Single Family
       17233015      PACIFICA                                              94044      CA             Single Family
       17233016      OAKLAND                                               94605      CA             Single Family
       17233017      IRVINE                                                92602      CA             Condominium
       17233018      DUBLIN                                                94568      CA             PUD
       17247293      LA HABRA                                              90631      CA             Single Family
       17247294      REUNION                                               34747      FL             Condominium
       17233100      LADERA RANCH AREA                                     92694      CA             Condominium
       17233020      CHARLESTON                                            29492      SC             PUD
       17233101      LAKE TAPPS                                            98391      WA             PUD
       17233021      OCEAN CITY                                            08226      NJ             Condominium
       17233102      SOUTH HAVEN                                           49090      MI             Single Family
       17233022      CORSICANA                                             75109      TX             Single Family
       17233023      STAMFORD                                              06902      CT             Single Family
       17233105      SANTA BARBARA                                         93111      CA             PUD
       17233024      CARY                                                  27519      NC             PUD
       17233106      IRVINE                                                92612      CA             PUD
       17233025      PARKTON                                               21120      MD             Single Family
       17233107      SAN DIEGO                                             92109      CA             Condominium
       17247371      OCEANSIDE                                             92056      CA             Single Family
       17247365      MAPLE GROVE                                           55311      MN             Single Family
       17247287      MARINA DEL REY                                        90292      CA             Condominium
       17247288      DALLAS                                                75205      TX             Single Family
       17247289      GRANITE BAY                                           95746      CA             PUD
       17247284      LAKE OSWEGO                                           97035      OR             Single Family
       17247258      SAN FRANCISCO                                         94110      CA             Condominium
       17247259      SAN JOSE                                              95136      CA             Condominium
       17247340      SANTA BARBARA                                         93103      CA             Single Family
       17247342      SIMI VALLEY                                           93065      CA             Single Family
       17247346      PARK CITY                                             84098      UT             Single Family
       17247348      LIGHTHOUSE POINT                                      33064      FL             Single Family
       17247351      ATASCADERO                                            93422      CA             Single Family
       17247270      MOUNT PLEASANT                                        29464      SC             PUD
       17247353      REDMOND                                               98053      WA             Single Family
       17247272      NAPA                                                  94558      CA             Single Family
       17247355      CHULA VISTA                                           91915      CA             PUD
       17247356      ORANGE                                                92869      CA             Single Family
       17247277      SIMI VALLEY                                           93065      CA             Single Family
       17247278      SYLMAR                                                91342      CA             PUD
       17247362      SAN DIEGO                                             92131      CA             PUD
       17247322      GRANADA HILLS                                         91344      CA             Single Family
       17247324      LOS ANGELES                                           90066      CA             Single Family
       17247331      BOTHELL                                               98011      WA             Single Family
       17247251      SANTA CRUZ                                            95062      CA             Single Family
       17247333      SAN JOSE                                              95136      CA             Single Family
       17247252      RANCHO MIRAGE                                         92270      CA             PUD
       17247253      SEATTLE                                               98105      WA             Single Family
       17247255      CASTAIC                                               91384      CA             Single Family
       17247256      RIVERSIDE                                             92507      CA             Single Family
       17247327      MAITLAND                                              32751      FL             Single Family
       17247328      DENVER                                                80218      CO             Single Family
       17247248      LA JOLLA                                              92037      CA             Single Family
       17247237      NOVATO                                                94947      CA             Single Family
       17247228      SAN JOSE                                              95136      CA             PUD
       17247309      UPLAND                                                91784      CA             PUD
       17247310      SANTA MONICA                                          90403      CA             Condominium
       17247312      PALISADES PARK                                        07650      NJ             Condominium
       17247316      DALLAS                                                75218      TX             Single Family
       17233391      LONG BEACH                                            90807      CA             Single Family
       17233475      NICOLAUS                                              95659      CA             Single Family
       17233476      KAILUA KONA                                           96740      HI             Condominium
       17233397      CARLSBAD                                              92009      CA             PUD
       17247204      NEW YORK                                              10003      NY             Condominium
       17247217      LIVERMORE                                             94550      CA             Single Family
       17247218      TOMS RIVER                                            08755      NJ             Single Family
       17247219      VISTA                                                 92084      CA             PUD
       17247225      NEW FAIRFIELD                                         06812      CT             Single Family
       17233452      HUNTINGTON BEACH                                      92646      CA             Single Family
       17233456      SANTA ANA                                             92707      CA             Single Family
       17233381      BURBANK                                               91501      CA             Condominium
       17233432      MORGAN HILL                                           95037      CA             PUD
       17233433      CORONA                                                92880      CA             Single Family
       17233190      IRVINE                                                92604      CA             Condominium
       17233193      HENDERSON                                             89012      NV             PUD
       17233438      SEATTLE                                               98121      WA             Condominium
       17233195      WALNUT CREEK                                          94598      CA             PUD
       17233196      COSTA MESA                                            92627      CA             Condominium
       17233359      LEESBURG                                              20176      VA             PUD
       17233198      NOVATO                                                94945      CA             PUD
       17233360      CAMBRIA                                               93428      CA             Single Family
       17233361      JERSEY CITY                                           07302      NJ             Condominium
       17233364      LONG BEACH                                            90803      CA             Single Family
       17233366      LOS ANGELES                                           90077      CA             Condominium
       17233367      CHILMARK                                              02535      MA             Single Family
       17233180      GILROY                                                95020      CA             Single Family
       17233424      EL DORADO HILLS                                       95762      CA             Single Family
       17233343      SAN FRANCISCO                                         94105      CA             Condominium
       17233344      PLACERVILLE                                           95667      CA             Single Family
       17233345      MINNEAPOLIS                                           55416      MN             Single Family
       17233184      PLAINVIEW                                             11803      NY             Single Family
       17233185      GLEN HEAD                                             11545      NY             Single Family
       17233349      FULLERTON                                             92835      CA             Single Family
       17233189      LOS ANGELES                                           90025      CA             Condominium
       17233084      LONG BEACH                                            90807      CA             Single Family
       17233327      SANTA BARBARA                                         93105      CA             Single Family
       17233166      WHITTIER                                              90601      CA             Single Family
       17233086      AVALON                                                08202      NJ             Condominium
       17233167      CHULA VISTA                                           91913      CA             Single Family
       17233087      MIAMI                                                 33187      FL             Single Family
       17233088      CARLSBAD                                              92009      CA             PUD
       17233169      LOS ANGELES                                           90025      CA             Condominium
       17233089      BEDFORD HILLS                                         10507      NY             Single Family
       17233413      GARDEN GROVE                                          92843      CA             Single Family
       17233170      STATEN ISLAND                                         10306      NY             2-4 Family
       17233171      RIVERSIDE                                             92503      CA             Single Family
       17233333      ENCINITAS                                             92024      CA             Single Family
       17233091      CHESTER                                               07930      NJ             Single Family
       17233092      SAN CARLOS                                            94070      CA             Single Family
       17233173      SIMI VALLEY                                           93065      CA             Single Family
       17233335      COVINA                                                91724      CA             Single Family
       17233093      HENDERSON                                             89052      NV             PUD
       17233174      PASADENA                                              91107      CA             Single Family
       17233094      DALY CITY                                             94015      CA             Single Family
       17233337      BOZEMAN                                               59715      MT             Single Family
       17233095      MORENO VALLEY                                         92555      CA             Single Family
       17233176      CAMARILLO                                             93010      CA             PUD
       17233177      SAN FRANCISCO                                         94105      CA             Condominium
       17233178      BROOKLYN                                              11209      NY             Single Family
       17233179      PANAMA CITY                                           32407      FL             Condominium
       17233151      SAN LUIS OBISPO                                       93405      CA             Single Family
       17233071      SAN FRANCISCO                                         94102      CA             Condominium
       17233072      CLE ELUM                                              98922      WA             Single Family
       17233073      ALTADENA                                              91001      CA             PUD
       17233154      LOS ANGELES                                           91367      CA             Single Family
       17233074      SCARSDALE                                             10583      NY             Single Family
       17233075      MIRA LOMA                                             91752      CA             Single Family
       17233156      FAIRFIELD                                             94534      CA             Single Family
       17233076      WALDORF                                               20603      MD             Single Family
       17233319      SCOTTSDALE                                            85259      AZ             PUD
       17233158      HUNTINGTON BEACH                                      92646      CA             Condominium
       17233078      OAKLEY                                                94561      CA             Single Family
       17233159      KIHEI                                                 96753      HI             Condominium
       17233080      PARK RIDGE                                            60068      IL             Single Family
       17233081      PASADENA                                              91106      CA             Condominium
       17233162      APPLE VALLEY                                          92307      CA             Single Family
       17233324      MONUMENT                                              80132      CO             PUD
       17233406      MENLO PARK                                            94025      CA             Single Family
       17233083      DENVILLE                                              07834      NJ             Single Family
       17233407      SANTA ROSA                                            95409      CA             PUD
       17233164      RANCHO CUCAMONGA                                      91739      CA             Single Family
       17233069      SOUTH GATE                                            90280      CA             Condominium
       17233150      ANTOICH                                               94531      CA             Single Family
       17233067      LOS ANGELES                                           90045      CA             Single Family
       17233149      COSTA MESA                                            92626      CA             Single Family
       17233066      GARDEN CITY                                           11530      NY             Single Family
       17233309      SANFORD                                               32771      FL             PUD
       17233141      IDYLLWILD                                             92549      CA             Single Family
       17233142      LAKESIDE                                              92040      CA             Single Family
       17233304      SIMI VALLEY                                           93065      CA             PUD
       17233063      CHARLESTOWN                                           02129      MA             Condominium
       17233144      MARTINEZ                                              94553      CA             Single Family
       17233064      SUDBURY                                               01776      MA             Single Family
       17233145      ALPINE                                                84004      UT             Single Family
       17233058      SOUTHAMPTON                                           11968      NY             Single Family
       17233059      LAS VEGAS                                             89183      NV             PUD
       17233300      SAN RAFAEL                                            94901      CA             Single Family
       17233301      SHERMAN OAKS                                          91423      CA             Single Family
       17233140      NIPOMO                                                93444      CA             PUD
       17233302      MORRISON                                              80465      CO             PUD
       17233060      SILVER SPRING                                         20910      MD             Single Family
       17233051      SANTA ANA AREA                                        92705      CA             Single Family
       17233132      WESTMINSTER                                           92683      CA             Single Family
       17233052      RENTON                                                98055      WA             PUD
       17233133      SAN FRANCISCO                                         94114      CA             Single Family
       17233054      HOUSTON                                               77019      TX             Single Family
       17233135      CARPINTERIA                                           93013      CA             Condominium
       17233136      RIVERSIDE                                             92508      CA             Single Family
       17233056      SARASOTA                                              34241      FL             PUD
       17233137      PORTLAND                                              97239      OR             Single Family
       17233047      SAN DIEGO                                             92109      CA             Condominium
       17233128      CASTRO VALLEY                                         94546      CA             Single Family
       17233129      CORONA                                                92880      CA             Single Family
       17233049      SAVANNAH                                              38372      TN             PUD
       17233130      WALNUT CREEK                                          94596      CA             Single Family
       17233050      FULLERTON                                             92831      CA             Single Family
       17233285      ROCKVILLE                                             20850      MD             Single Family
       17233288      SANTA MARIA                                           93455      CA             Single Family
       17233290      LAGUNA NIGUEL                                         92677      CA             PUD
       17233292      CLAREMONT                                             91711      CA             Single Family
       17233293      SAN DIEGO                                             92127      CA             PUD
       17233295      SAN CLEMENTE                                          92673      CA             PUD
       17233296      NORCO                                                 92860      CA             Single Family
       17232973      FLOYDS KNOBS                                          47119      IN             Single Family
       17232974      FALLBROOK                                             92028      CA             Single Family
       17232977      VERO BEACH                                            32963      FL             Single Family
       17232979      BEDFORD HILLS                                         10507      NY             Single Family
       17232980      ATLANTA                                               30339      GA             Single Family
       17232981      HUNTINGTON BEACH                                      92646      CA             PUD
       17232982      FAIRFAX STATION                                       22039      VA             PUD
       17232983      CAMPBELL                                              95008      CA             Single Family
       17232985      PALM SPRINGS                                          92262      CA             PUD
       17232986      SUFFOLK                                               23435      VA             PUD
       17232987      PEBBLE BEACH                                          93953      CA             Single Family
       17232988      CLAREMONT                                             91711      CA             Single Family
       17232989      THOUSAND OAKS AREA                                    91361      CA             Condominium
       17232990      SAN DIEGO                                             92110      CA             Single Family
       17232991      GRETNA                                                68028      NE             Single Family
       17232992      EL DORADO HILLS                                       95762      CA             Single Family
       17232994      SAN DIEGO                                             92127      CA             PUD
       17232996      LONG BEACH                                            90808      CA             Single Family
       17232997      BURKE                                                 22015      VA             Single Family
       17232998      LOS ANGELES                                           90026      CA             Single Family
       17232999      BATH                                                  48808      MI             Single Family
       17233206      CORONA                                                92881      CA             Single Family
       17233211      NEW YORK                                              10019      NY             Condominium
       17233212      PAWLEYS ISLAND                                        29585      SC             PUD
       17233214      LADERA RANCH                                          92694      CA             PUD
       17233216      REDONDO BEACH                                         90278      CA             Condominium
       17233218      GLENDALE                                              91201      CA             Single Family
       17233219      KENT                                                  98042      WA             Single Family
       17233221      LOUISVILLE                                            40245      KY             Single Family
       17233233      WELLINGTON                                            33414      FL             PUD
       17233235      GLENDALE                                              91206      CA             Single Family
       17233236      FAIRFIELD                                             06824      CT             Single Family
       17233240      LAKEWOOD                                              90713      CA             Single Family
       17233241      HASTINGS                                              55033      MN             Single Family
       17233242      ALDIE                                                 20105      VA             PUD
       17233243      LA VERNE                                              91750      CA             Single Family
       17233245      CORONA                                                92883      CA             Single Family
       17233249      PALISADES PARK                                        07650      NJ             2-4 Family
       17233251      EDISON                                                08817      NJ             Single Family
       17233252      DANVILLE                                              94506      CA             PUD
       17233253      EAGLE                                                 83616      ID             PUD
       17233254      VALENCIA                                              91354      CA             PUD
       17233256      LOS ANGELES                                           91604      CA             Single Family
       17233257      MORRO BAY                                             93442      CA             Single Family
       17233260      ORINDA                                                94563      CA             Single Family
       17233262      INGLEWOOD                                             90305      CA             Single Family
       17233264      SAN FRANCISCO                                         94123      CA             Condominium
       17233265      DENVER                                                80235      CO             Single Family
       17233266      LARCHMONT                                             10538      NY             Single Family
       17233267      PASADENA                                              91107      CA             Single Family
       17233268      NAPA                                                  94558      CA             Single Family
       17233269      LOS ANGELES                                           90049      CA             Condominium
       17233271      SALT LAKE CITY                                        84109      UT             Single Family
       17233272      ACAMPO                                                95220      CA             Single Family
       17233273      HUNTINGTON BEACH                                      92646      CA             Single Family
       17233274      NAPLES                                                34116      FL             Single Family
       17233275      UPPER MARLBORO                                        20774      MD             Single Family
       17233280      SAN DIEGO                                             92127      CA             Single Family
       17233282      MESA                                                  85207      AZ             PUD
       17247265      OXNARD                                                93036      CA             PUD
       17244992      IRVINE                                                92620      CA             PUD
       17244993      LOS OSOS                                              93402      CA             Single Family
       17244994      SAN CLEMENTE                                          92673      CA             PUD
       17244995      SUNNYVALE                                             94087      CA             2-4 Family
       17244996      CORONADO                                              92118      CA             Condominium
       17244997      LAGUNA NIGUEL                                         92677      CA             PUD
       17244998      NEWPORT BEACH                                         92663      CA             Condominium
       17244999      LEESBURG                                              20176      VA             PUD
       17244990      MIDWAY CITY                                           92655      CA             2-4 Family
       17244991      APTOS                                                 95003      CA             PUD
       17247375      SAN JOSE                                              95123      CA             Single Family
       17247295      RANCHO CU                                             91701      CA             Single Family
       17247376      FALL CITY                                             98024      WA             PUD
       17247296      NEW FAIRFIELD                                         06812      CT             Single Family
       17247377      YORBA LINDA                                           92886      CA             Single Family
       17247381      CHINO HILLS                                           91709      CA             Single Family
       17247382      WINDERMERE                                            34786      FL             PUD
       17247374      CARMEL                                                93923      CA             Single Family
       17247370      SAN JOSE                                              95116      CA             Single Family
       17247290      SPOKANE                                               99208      WA             Single Family
       17247367      BELMONT                                               94002      CA             Single Family
       17247286      SAN MARCOS                                            92069      CA             PUD
       17247283      VENTURA                                               93003      CA             Single Family
       17247261      SANTA BARBARA AREA                                    93108      CA             Single Family
       17247343      RENO                                                  89519      NV             Single Family
       17247344      FREDERICKSBURG                                        22406      VA             Single Family
       17247263      ALBUQUERQUE                                           87111      NM             PUD
       17247266      UNION CITY                                            94587      CA             Condominium
       17247349      NAPA                                                  94558      CA             Single Family
       17247268      WOODBURY                                              11797      NY             Single Family
       17247269      ACTON                                                 01720      MA             Condominium
       17247350      SIMI VALLEY                                           93065      CA             PUD
       17247271      SANTA ANA                                             92704      CA             Single Family
       17247273      MOORPARK                                              93021      CA             PUD
       17247274      SEATTLE                                               98116      WA             Single Family
       17247276      THE WOODLANDS                                         77382      TX             PUD
       17247357      SAN FRANCISCO                                         94107      CA             Condominium
       17247197      LAS VEGAS                                             89131      NV             PUD
       17247198      ISSAQUAH                                              98029      WA             Single Family
       17247279      LOS ANGELES                                           91326      CA             Single Family
       17247280      PASO ROBLES                                           93446      CA             PUD
       17247282      ANAHEIM                                               92801      CA             Single Family
       17247320      SAMMAMISH                                             98075      WA             Single Family
       17247321      BONSALL                                               92003      CA             PUD
       17247240      WASHINGTON                                            20007      DC             Single Family
       17247241      HENDERSON                                             89015      NV             PUD
       17247242      DETROIT                                               48214      MI             Single Family
       17247243      HINSDALE                                              60521      IL             Single Family
       17247254      FAIRFIELD                                             94534      CA             PUD
       17247335      MARATHON                                              33050      FL             Single Family
       17247326      CAMARILLO                                             93012      CA             Condominium
       17247246      SCOTTSDALE                                            85254      AZ             Single Family
       17247247      MERCED                                                95340      CA             Single Family
       17247329      SAN MATEO                                             94401      CA             Single Family
       17247317      MENLO PARK                                            94025      CA             Single Family
       17247236      SAN LUIS OBISPO                                       93405      CA             Single Family
       17247318      LAS VEGAS                                             89109      NV             Condominium
       17247238      SAN DIEGO                                             92127      CA             Single Family
       17247311      KIRKLAND                                              98034      WA             Single Family
       17247230      SNOQUALMIE                                            98065      WA             PUD
       17247231      LOS ANGELES                                           90064      CA             Condominium
       17247234      STERLING                                              20165      VA             PUD
       17256615      CHICO                                                 95926      CA             Single Family
       17256616      PALO CEDRO                                            96073      CA             Single Family
       17256617      DALLAS                                                75225      TX             Single Family
       17256609      VALLEY SPRINGS                                        95252      CA             Single Family
       17256618      REDMOND                                               98053      WA             Single Family
       17256619      DAVIE                                                 33325      FL             PUD
       17256610      WOODBRIDGE                                            22191      VA             PUD
       17256611      MUKILTEO                                              98275      WA             PUD
       17256613      SAN JOSE                                              95148      CA             Single Family
       17255906      LAS VEGAS                                             89149      NV             PUD
       17255907      LAS VEGAS                                             89147      NV             PUD
       17255917      BREA                                                  92821      CA             PUD
       17255908      COLLEYVILLE                                           76034      TX             Single Family
       17255918      SOUTH SAN FRANCISCO                                   94080      CA             Single Family
       17255909      LAS VEGAS                                             89135      NV             PUD
       17255919      EL CAJON                                              92019      CA             Single Family
       17255885      LOPEZ ISLAND                                          98261      WA             Single Family
       17255894      LAKE ARROWHEAD                                        92352      CA             PUD
       17255896      BEND                                                  97701      OR             PUD
       17255887      SAN FRANCISCO                                         94118      CA             Condominium
       17255888      MADISON                                               53704      WI             Single Family
       17255898      OAKLEY                                                94561      CA             PUD
       17255899      STAMFORD                                              06906      CT             Single Family
       17255914      CHATSWORTH                                            91311      CA             Single Family
       17255915      SAN BRUNO                                             94066      CA             Single Family
       17255916      BURBANK                                               91501      CA             Single Family
       17255912      BURLINGTON                                            01803      MA             Single Family
       17255913      HENDERSON                                             89052      NV             PUD
       17255904      CASTLE ROCK                                           80108      CO             PUD
       17255905      BUENA PARK                                            90621      CA             Condominium
       17255882      NAPERVILLE                                            60563      IL             Single Family
       17255883      CORONA                                                92883      CA             PUD
       17255884      BEDFORD                                               03110      NH             Single Family
       17255886      CONCORD                                               01742      MA             Single Family
       17255889      COROLLA                                               27927      NC             Single Family
       17255910      BROOKLINE                                             02446      MA             Condominium
       17255911      SAINT PAUL                                            55104      MN             Single Family
       17255897      SIMI VALLEY                                           93065      CA             PUD
       17255900      WASHINGTON                                            20015      DC             Single Family
       17255901      LOS ANGELES                                           90064      CA             Condominium
       17255902      ISSAQUAH                                              98029      WA             PUD
       17255903      SAN FRANCISCO                                         94122      CA             Single Family
       17255880      SPARTA                                                07871      NJ             Single Family
       17255881      PHOENIX                                               85050      AZ             PUD
       17255895      PALO ALTO                                             94306      CA             Single Family
       17255891      SEATTLE                                               98102      WA             Single Family
       17255893      ASHBURN                                               20147      VA             PUD
       17255890      WENATCHEE                                             98801      WA             Single Family
       17250575      SANTA ROSA                                            95403      CA             Condominium
       17250577      MEXICO BEACH                                          32456      FL             Single Family
       17250578      SOUTH LAKE TAHOE                                      96150      CA             PUD
       17250570      SCOTTSDALE                                            85259      AZ             Single Family
       17250562      SNOQUALMIE                                            98065      WA             PUD
       17247202      ASHBURN                                               20148      VA             PUD
       17247203      DUBLIN                                                94568      CA             PUD
       17247208      Needham                                               02492      MA             Single Family
       17247209      RICHMOND                                              94804      CA             Condominium
       17247210      NEWARK                                                94560      CA             Single Family
       17247211      RANDOLPH                                              07869      NJ             Single Family
       17247212      KIRKLAND                                              98034      WA             Single Family
       17247214      NAPLES                                                34104      FL             PUD
       17247216      DANVILLE                                              94506      CA             PUD
       17247300      CAMAS                                                 98607      WA             PUD
       17247302      CLERMONT                                              34715      FL             Single Family
       17247221      WINCHESTER                                            22602      VA             Single Family
       17247222      HILTON HEAD ISLAND                                    29928      SC             Condominium
       17247303      MIAMI                                                 33146      FL             Single Family
       17247304      DARIEN                                                06820      CT             Single Family
       17247223      EAST HANOVER                                          07936      NJ             Single Family
       17247224      TAMPA                                                 33609      FL             Single Family
       17247306      ESCONDIDO                                             92027      CA             Single Family
       17244962      SAINT LOUIS                                           63112      MO             Single Family
       17245030      LAS VEGAS                                             89109      NV             Condominium
       17245031      ATLANTA                                               30342      GA             Single Family
       17245032      RINGOES                                               08551      NJ             Single Family
       17245033      NAPA                                                  94558      CA             Single Family
       17245034      SNOHOMISH                                             98296      WA             Single Family
       17245035      GATES MILLS                                           44040      OH             Single Family
       17245036      HAYWARD                                               94544      CA             PUD
       17245037      NEWPORT BEACH                                         92660      CA             Single Family
       17245038      ALEXANDRIA                                            22311      VA             Single Family
       17245039      CORONA                                                11368      NY             2-4 Family
       17245040      WALNUT                                                91789      CA             Single Family
       17245041      SUDBURY                                               01776      MA             Single Family
       17245042      CHINO                                                 91710      CA             Single Family
       17245043      SEATTLE                                               98117      WA             Single Family
       17245044      MISSION VIEJO                                         92691      CA             Single Family
       17245045      WINDSOR                                               95492      CA             Single Family
       17245046      HENDERSON                                             89011      NV             PUD
       17245047      CAROL STREAM                                          60188      IL             Single Family
       17245048      TRUCKEE                                               96161      CA             PUD
       17245049      BEAVERTON                                             97007      OR             Single Family
       17245050      WINDERMERE                                            34786      FL             PUD
       17245016      ARLINGTON                                             22205      VA             Single Family
       17245017      BOULDER                                               80301      CO             Single Family
       17245018      AUBURN                                                95603      CA             Single Family
       17245019      MENLO PARK                                            94025      CA             Single Family
       17245020      LOS ANGELES                                           90049      CA             Condominium
       17245021      ADAMSTOWN                                             21710      MD             PUD
       17245022      SANTA BARBARA                                         93108      CA             Single Family
       17245023      CORONA                                                92883      CA             PUD
       17245025      SEATTLE                                               98122      WA             Single Family
       17245026      RENTON                                                98059      WA             Single Family
       17245027      MUKILTEO                                              98275      WA             Single Family
       17245028      SAN JOSE                                              95133      CA             Single Family
       17245029      GAITHERSBURG                                          20878      MD             PUD
       17245004      LOS ANGELES                                           90068      CA             Single Family
       17245005      MOSS BEACH                                            94038      CA             Single Family
       17245006      SAN DIEGO                                             92131      CA             PUD
       17245007      GLENDALE                                              91202      CA             Single Family
       17245008      THOUSAND OAKS                                         91360      CA             PUD
       17245009      DIXON                                                 95620      CA             Single Family
       17245010      NEW YORK                                              10023      NY             Condominium
       17245011      BONITA                                                91902      CA             Single Family
       17245012      COTO DE CAZA                                          92679      CA             PUD
       17245013      NEWBURY PARK                                          91320      CA             PUD
       17245014      SACRAMENTO                                            95829      CA             Single Family
       17245015      MIAMI                                                 33137      FL             Condominium
       17245000      CATHEDRAL CITY                                        92234      CA             PUD
       17245001      ESCONDIDO                                             92026      CA             PUD
       17245002      DANVILLE                                              94526      CA             Single Family
       17245003      CHULA VISTA                                           91910      CA             Single Family
       17250580      BURLINGAME                                            94010      CA             Single Family
       17250571      WASHINGTON                                            20002      DC             Single Family
       17250569      VALDOSTA                                              31605      GA             Single Family
       17250579      LOS GATOS                                             95030      CA             Single Family
       17250560      LOS ANGELES                                           90025      CA             Condominium
       17250561      ISSAQUAH                                              98029      WA             Single Family
       17250558      ATLANTA                                               30350      GA             PUD
       17250567      REDMOND                                               98052      WA             Single Family
       17250568      LAGUNA NIGUEL                                         92677      CA             Single Family
       17250566      PHOENIX                                               85085      AZ             PUD
       17250576      HOBOKEN                                               07030      NJ             Condominium
       17250572      LOS ANGELES                                           90019      CA             Single Family
       17250557      EL DORADO HILLS                                       95762      CA             PUD
       17250563      IRVINE                                                92618      CA             PUD
       17250581      HAWTHORNE                                             90250      CA             Condominium
       17250573      LONG BEACH                                            90808      CA             Single Family
       17250564      ORO VALLEY                                            85755      AZ             PUD
       17250574      PALISADES PARK                                        07650      NJ             Condominium
       17250565      MONROE                                                28110      NC             Single Family
       17244984      CHAPPAQUA                                             10514      NY             Single Family
       17244985      ROSEVILLE                                             95678      CA             PUD
       17244986      TUSTIN                                                92782      CA             PUD
       17244987      CHICAGO                                               60611      IL             Condominium
       17244988      SCOTTSDALE                                            85259      AZ             PUD
       17244989      SAN CLEMENTE                                          92673      CA             PUD
       17244935      HOMER GLEN                                            60439      IL             Single Family
       17244936      LAKE MARY                                             32746      FL             Single Family
       17244937      COMMERCE TOWNSHIP                                     48390      MI             Single Family
       17244938      FAYETTEVILLE                                          72703      AR             Single Family
       17244939      SNOQUALMIE                                            98065      WA             Single Family
       17244940      SAN CLEMENTE                                          92673      CA             PUD
       17244941      LADERA RANCH                                          92694      CA             PUD
       17244942      POTOMAC                                               20854      MD             PUD
       17244943      SANTA CLARITA                                         91354      CA             PUD
       17244944      ST LOUIS                                              63108      MO             Single Family
       17244945      WILMINGTON                                            28409      NC             Single Family
       17244946      SCOTTSDALE                                            85259      AZ             PUD
       17244947      VIENNA                                                22181      VA             PUD
       17244948      GILROY                                                95020      CA             Single Family
       17244949      SHELTON                                               06484      CT             Single Family
       17244950      CHALFONT                                              18914      PA             PUD
       17244951      FAIRFIELD                                             06824      CT             Single Family
       17244952      NAPLES                                                34120      FL             Condominium
       17244953      RANCHO SANTA MARGARITA                                92679      CA             Single Family
       17244954      CHICAGO                                               60610      IL             Condominium
       17244955      SAN JOSE                                              95131      CA             Condominium
       17244956      OAKLAND                                               94609      CA             Single Family
       17244957      WAXHAW                                                28173      NC             Single Family
       17244958      ALEXANDRIA                                            22310      VA             PUD
       17244959      STEAMBOAT SPRINGS                                     80487      CO             PUD
       17244960      BOULDER CITY                                          89005      NV             Single Family
       17244961      LOMBARD                                               60148      IL             Single Family
       17244963      BEVERLY HILLS                                         90212      CA             Single Family
       17244964      WOODBRIDGE                                            22191      VA             PUD
       17244965      NEEDHAM                                               02492      MA             Single Family
       17244966      MCKINNEY                                              75071      TX             PUD
       17244967      ALEXANDRIA                                            22301      VA             Single Family
       17244968      VISTA                                                 92084      CA             PUD
       17244969      ALISO VIEJO                                           92656      CA             Single Family
       17244970      SAN JOSE                                              95133      CA             Condominium
       17244971      ROCKLIN                                               95677      CA             Single Family
       17244972      RENO                                                  89511      NV             PUD
       17244973      NORTHRIDGE                                            91326      CA             PUD
       17244974      HINSDALE                                              60521      IL             Single Family
       17244975      HOLLISTER                                             95023      CA             Single Family
       17244976      FAIRFIELD                                             06824      CT             Single Family
       17244977      EVERGREEN                                             80439      CO             PUD
       17244978      CLOSTER                                               07624      NJ             Single Family
       17244979      WESTPORT                                              06880      CT             Single Family
       17244980      ALTADENA                                              91001      CA             Single Family
       17244981      FOOTHILL RANCH                                        92610      CA             PUD
       17244982      SCOTTSDALE                                            85255      AZ             PUD
       17244983      SAN PABLO                                             94806      CA             Single Family
       17256703      CALABASAS                                             91302      CA             PUD
       17256709      FREMONT                                               94539      CA             Condominium
       17233121      ESCONDIDO                                             92025      CA             Single Family
       17233122      KULA                                                  96790      HI             Single Family
       17233126      PENTWATER                                             49449      MI             Single Family
       17233117      CHARLESTON                                            29403      SC             2-4 Family
       17233037      ST LOUIS                                              63124      MO             Single Family
       17233460      CHULA VISTA                                           91911      CA             Single Family
       17233451      ZIONSVILLE                                            46077      IN             PUD
       17233111      CARLSBAD                                              92011      CA             PUD
       17233031      MANASSAS                                              20112      VA             Single Family
       17233112      PORTLAND                                              97229      OR             PUD
       17247297      GRANADA HILLS                                         91344      CA             Single Family
       17247298      ESCONDIDO                                             92026      CA             PUD
       17247372      IRVINE                                                92612      CA             Condominium
       17247292      SAN DIEGO                                             92129      CA             Single Family
       17233019      LOS ANGELES                                           90068      CA             Single Family
       17233103      OJAI                                                  93023      CA             Single Family
       17233104      CUPERTINO                                             95014      CA             PUD
       17233026      WASHINGTON                                            20003      DC             Single Family
       17247366      SANTA CLARITA                                         91351      CA             Condominium
       17247285      HAMILTON                                              20158      VA             Single Family
       17247368      BAKERSFIELD                                           93311      CA             PUD
       17247369      LONG BEACH                                            90804      CA             Single Family
       17247363      LAS VEGAS                                             89145      NV             PUD
       17247364      CAMARILLO                                             93012      CA             Single Family
       17247341      MONROE TWP.                                           08831      NJ             Single Family
       17247262      SAN MARCOS                                            92078      CA             PUD
       17247345      LAS VEGAS                                             89135      NV             PUD
       17247347      LAS VEGAS                                             89123      NV             PUD
       17247267      PRINCETON JUNCTION                                    08550      NJ             Single Family
       17247352      SAN JOSE                                              95120      CA             PUD
       17247354      MONTEREY                                              93940      CA             Single Family
       17247275      LONG BEACH TOWNSHIP                                   08008      NJ             Single Family
       17247359      TAMPA                                                 33647      FL             PUD
       17247360      MIAMI BEACH                                           33141      FL             Condominium
       17247361      INDIO                                                 92201      CA             Single Family
       17247281      SANTA ROSA                                            95407      CA             PUD
       17247323      LOS ANGELES                                           90025      CA             Condominium
       17247325      TOLUCA LAKE                                           91602      CA             Condominium
       17247250      CLAREMONT                                             91711      CA             Single Family
       17247334      SAN DIEGO                                             92109      CA             Single Family
       17247337      LA PALMA                                              90623      CA             Single Family
       17247257      SAN DIEGO                                             92119      CA             Single Family
       17247245      LAKE FOREST                                           92630      CA             Single Family
       17247330      COLORADO SPRINGS                                      80908      CO             PUD
       17247229      BROOKLYN                                              11225      NY             Condominium
       17247232      SAN DIEGO                                             92130      CA             Single Family
       17247314      SALT LAKE CITY                                        84109      UT             Single Family
       17247233      CARBONDALE                                            81623      CO             PUD
       17247315      SONOMA                                                95476      CA             Single Family
       17247215      SAN JOSE                                              95131      CA             PUD
       17233392      HAYDEN                                                83835      ID             Single Family
       17233393      OXNARD                                                93030      CA             Condominium
       17233394      LAKEWOOD                                              90712      CA             Single Family
       17233395      CAMARILLO                                             93010      CA             Single Family
       17233396      GREAT FALLS                                           22066      VA             PUD
       17233398      STAFFORD                                              22554      VA             PUD
       17233399      RIVERSIDE                                             92506      CA             Single Family
       17247201      MOORPARK                                              93021      CA             PUD
       17247206      UNION CITY                                            94587      CA             Condominium
       17247213      GREENWICH                                             06807      CT             Single Family
       17247301      UPPER SADDLE RIVER                                    07458      NJ             Condominium
       17247305      GOLDEN                                                80401      CO             Single Family
       17233370      PALO ALTO                                             94303      CA             Single Family
       17233453      MIRAMAR                                               33029      FL             PUD
       17233372      LOS ANGELES                                           90039      CA             Single Family
       17233454      FRISCO                                                75034      TX             PUD
       17233373      BREWSTER                                              02631      MA             Single Family
       17233455      ESTERO                                                33928      FL             PUD
       17233374      LOS ANGELES                                           91405      CA             Single Family
       17233457      APTOS                                                 95003      CA             Single Family
       17233376      CHINO HILLS                                           91709      CA             PUD
       17233458      CELEBRATION                                           34747      FL             PUD
       17233377      BOCA RATON                                            33432      FL             Single Family
       17233459      SANTA YNEZ                                            93460      CA             Single Family
       17233378      AVALON                                                08202      NJ             Single Family
       17233379      KAMUELA                                               96743      HI             Condominium
       17233461      HIGHLAND                                              92346      CA             Single Family
       17233462      HENDERSON                                             89011      NV             PUD
       17233464      LAS VEGAS                                             89141      NV             PUD
       17233383      MORGAN HILL                                           95037      CA             Single Family
       17233384      CORONA                                                92882      CA             PUD
       17233466      HERMOSA BEACH                                         90254      CA             Condominium
       17233385      NIPOMO                                                93444      CA             Single Family
       17233387      WENHAM                                                01984      MA             Single Family
       17233388      MISSION VIEJO                                         92691      CA             Single Family
       17233389      TUSTIN                                                92780      CA             Single Family
       17233470      LONG BEACH                                            90803      CA             Single Family
       17233390      CORAL GABLES                                          33143      FL             Single Family
       17233352      LOS ANGELES                                           90041      CA             Single Family
       17233434      SALINAS                                               93906      CA             PUD
       17233191      LOS ANGELES                                           90024      CA             Single Family
       17233353      CHINO HILLS                                           91709      CA             Single Family
       17233435      CINCINNATI                                            45248      OH             Single Family
       17233192      CALABASAS                                             91301      CA             Single Family
       17233354      SALINAS                                               93906      CA             Single Family
       17233436      SAN JOSE                                              95123      CA             Single Family
       17233355      DENVILLE                                              07834      NJ             Condominium
       17233437      PALOS PARK                                            60464      IL             Single Family
       17233356      SANTA BARBARA                                         93101      CA             Single Family
       17233439      LAKE FOREST                                           92630      CA             PUD
       17233199      NOVATO                                                94945      CA             Single Family
       17233440      WESTFIELD                                             07090      NJ             Single Family
       17233441      HAYWARD                                               94541      CA             Single Family
       17233443      CONCORD                                               01742      MA             Single Family
       17233362      THOUSAND OAKS                                         91320      CA             PUD
       17233444      NANTUCKET                                             02554      MA             Single Family
       17233445      ATLANTA                                               30307      GA             Single Family
       17233446      VENTURA                                               93004      CA             Single Family
       17233447      OXNARD                                                93030      CA             Single Family
       17233448      ANDERSON                                              29626      SC             Single Family
       17233449      GRANITE BAY                                           95746      CA             PUD
       17233421      SCOTTSDALE                                            85262      AZ             PUD
       17233340      FORT LAUDERDALE                                       33304      FL             Single Family
       17233422      MILL VALLEY                                           94941      CA             Single Family
       17233423      LAGUNA NIGUEL                                         92677      CA             PUD
       17233342      CARSON                                                90746      CA             Single Family
       17233181      MUKILTEO                                              98275      WA             Single Family
       17233425      SAN CLEMENTE                                          92672      CA             PUD
       17233182      LA QUINTA                                             92253      CA             PUD
       17233426      RANCHO SANTA MARGARITA                                92688      CA             PUD
       17233183      NEWPORT BEACH                                         92660      CA             Single Family
       17233427      LOS ANGELES                                           91303      CA             Single Family
       17233346      CENTRAL POINT                                         97502      OR             Single Family
       17233428      BEN LOMOND                                            95005      CA             Single Family
       17233347      GOLD HILL                                             97525      OR             Single Family
       17233429      GARDEN GROVE                                          92841      CA             Single Family
       17233186      GREEN                                                 07821      NJ             Single Family
       17233348      SALINAS                                               93906      CA             Single Family
       17233188      VAN NUYS                                              91405      CA             Single Family
       17233430      OCEANSIDE                                             92054      CA             Single Family
       17233431      OCEANSIDE                                             92054      CA             Single Family
       17233350      STANTON                                               90680      CA             Single Family
       17233408      WESTWOOD                                              02090      MA             Single Family
       17233165      RANCHO CUCAMONGA                                      91739      CA             Single Family
       17233085      SAN FRANCISCO                                         94102      CA             Condominium
       17233328      CAMARILLO                                             93012      CA             PUD
       17233329      SAN JOSE                                              95111      CA             Single Family
       17233168      BERNARDSVILLE                                         07924      NJ             Single Family
       17233410      SEATTLE                                               98115      WA             Single Family
       17233411      LAGUNA NIGUEL                                         92677      CA             PUD
       17233412      SAN DIEGO                                             92119      CA             Single Family
       17233331      BERKELEY                                              94702      CA             Single Family
       17233332      PASADENA                                              91104      CA             Single Family
       17233414      LIGHTHOUSE POINT                                      33064      FL             Single Family
       17233090      WESTON                                                33327      FL             PUD
       17233415      GLENDALE                                              91208      CA             Single Family
       17233172      ASHLAND                                               97520      OR             Single Family
       17233334      SAN LEANDRO                                           94579      CA             Single Family
       17233416      SAN JOSE                                              95123      CA             Single Family
       17233417      JAMUL                                                 91935      CA             Single Family
       17233336      KEY BISCAYNE                                          33149      FL             Single Family
       17233418      IRVINE                                                92603      CA             Condominium
       17233175      PASADENA                                              91107      CA             Single Family
       17233419      SAN JOSE                                              95118      CA             Single Family
       17233338      ATLANTA                                               30319      GA             Single Family
       17233339      ISLAMORADA                                            33036      FL             Single Family
       17233098      SHERMAN OAKS                                          91401      CA             Single Family
       17233099      LADERA RANCH                                          92694      CA             Condominium
       17233420      BAKERSFIELD                                           93314      CA             Single Family
       17233314      SAN MATEO                                             94402      CA             PUD
       17233153      LOS ANGELES                                           91311      CA             Single Family
       17233316      CARLSBAD                                              92009      CA             PUD
       17233155      SAN JOSE                                              95128      CA             Single Family
       17233317      DEL MAR                                               92014      CA             Single Family
       17233318      CAVE CREEK                                            85331      AZ             Single Family
       17233157      SIMI VALLEY                                           93065      CA             PUD
       17233077      HALF MOON BAY                                         94019      CA             Single Family
       17233400      SCOTTSDALE                                            85255      AZ             Single Family
       17233401      CAMPBELL                                              95008      CA             PUD
       17233320      BOULDER                                               80304      CO             Single Family
       17233402      LOS ANGELES                                           90049      CA             Single Family
       17233321      WESTMINSTER                                           92683      CA             Single Family
       17233160      LAHAINA                                               96761      HI             Single Family
       17233404      LOS ANGELES                                           90292      CA             Condominium
       17233161      HINGHAM                                               02043      MA             Single Family
       17233323      SIERRA MADRE                                          91024      CA             Single Family
       17233082      CALDWELL                                              83607      ID             PUD
       17233326      SACRAMENTO                                            95827      CA             Single Family
       17233310      LEESBURG                                              34748      FL             Single Family
       17233311      BETHESDA                                              20816      MD             Single Family
       17233312      WINDERMERE                                            34786      FL             PUD
       17233070      LOS ALAMOS                                            93440      CA             Single Family
       17233313      SAN DIEGO                                             92109      CA             2-4 Family
       17233148      SEATTLE                                               98103      WA             Single Family
       17233061      STATEN ISLAND                                         10309      NY             2-4 Family
       17233143      RANCHO CUCAMONGA                                      91739      CA             Single Family
       17233305      NORTHRIDGE                                            91325      CA             Single Family
       17233306      CAMARILLO AREA                                        93012      CA             Single Family
       17233307      CULVER CITY                                           90230      CA             Single Family
       17233138      RENTON                                                98057      WA             Single Family
       17233303      WOODLAND HILLS                                        91367      CA             Single Family
       17233053      FOLSOM                                                95630      CA             PUD
       17233134      TORRANCE                                              90501      CA             Condominium
       17233055      SANTA YNEZ                                            93460      CA             Single Family
       17233057      BRADENTON                                             34211      FL             PUD
       17233131      NAPA                                                  94558      CA             Single Family
       17233284      LOS ALAMITOS                                          90720      CA             Single Family
       17233287      CHANTILLY                                             20152      VA             PUD
       17233289      BROOKFIELD                                            06804      CT             Single Family
       17233291      DOWNEY                                                90241      CA             Single Family
       17233294      TRACY                                                 95377      CA             Single Family
       17233297      HILTON HEAD                                           29928      SC             Single Family
       17233298      SANTA BARBARA                                         93105      CA             Single Family
       17233299      MOUNTAIN VIEW                                         94040      CA             PUD
       17232984      GREENSBORO                                            27408      NC             Single Family
       17233201      MIAMI                                                 33176      FL             Single Family
       17233202      SAN CLEMENTE                                          92673      CA             PUD
       17233203      PHOENIX                                               85021      AZ             PUD
       17233205      BRADENTON                                             34202      FL             PUD
       17233208      DEL MAR                                               92014      CA             Condominium
       17233213      COTTONWOOD HEIGHTS                                    84121      UT             PUD
       17233215      WINCHESTER                                            92596      CA             PUD
       17233217      CORNELIUS                                             28031      NC             Single Family
       17233220      MADISON                                               07940      NJ             Single Family
       17233223      BURBANK                                               91504      CA             Single Family
       17233224      SANTA BARBARA                                         93105      CA             Single Family
       17233225      YUCAIPA                                               92399      CA             Single Family
       17233228      BEVERLY HILLS                                         90210      CA             Single Family
       17233230      MISSION VIEJO                                         92692      CA             PUD
       17233231      SAN JOSE                                              95125      CA             PUD
       17233232      SUNNYVALE                                             94087      CA             PUD
       17233234      WEST DUNDEE                                           60118      IL             Single Family
       17233237      FAIRFIELD                                             06890      CT             Single Family
       17233244      NEWPORT BEACH                                         92660      CA             Single Family
       17233246      VIENNA                                                22180      VA             Single Family
       17233247      PROSPECT HEIGHTS                                      60070      IL             Single Family
       17233248      PARK CITY                                             84060      UT             Single Family
       17233258      SEA GIRT                                              08750      NJ             Single Family
       17233259      PLAINFIELD                                            46168      IN             Single Family
       17233261      OLYMPIA                                               98502      WA             PUD
       17233263      LAS VEGAS                                             89110      NV             PUD
       17233278      CALABASAS                                             91302      CA             PUD
       17233281      SAN CARLOS                                            94070      CA             Single Family
       17233035      NEW PROVIDENCE                                        07974      NJ             Single Family
       17247378      LAS VEGAS                                             89131      NV             PUD
       17247379      HIGHLAND                                              84003      UT             Single Family
       17247299      SAN DIEGO                                             92131      CA             PUD
       17233027      LARKSPUR                                              80118      CO             Single Family
       17247339      VALLEY FORD                                           94972      CA             Single Family
       17247260      UNINCORPORATED AREA OF CA                             91384      CA             PUD
       17247264      LADERA RANCH                                          92694      CA             PUD
       17247358      SAN DIEGO                                             92106      CA             Single Family
       17247244      WEST FRIENDSHIP                                       21794      MD             Single Family
       17247332      WESTMINSTER                                           92683      CA             Single Family
       17247336      MANASSAS                                              20112      VA             PUD
       17247338      LONG BEACH                                            90803      CA             Single Family
       17247249      PALM SPRINGS                                          92262      CA             Single Family
       17247319      MIAMI                                                 33156      FL             Single Family
       17247239      CELEBRATION                                           34747      FL             Condominium
       17247313      SUMMIT                                                07901      NJ             Single Family
       17247307      MILPITAS                                              95035      CA             Single Family
       17247308      ELK GROVE                                             95624      CA             Single Family
       17233473      BUENA PARK                                            90621      CA             PUD
       17233474      SOMERS POINT                                          08244      NJ             Condominium
       17247200      RAVENNA TOWNSHIP                                      55033      MN             Single Family
       17247205      CLERMONT                                              34711      FL             Single Family
       17247207      DONNELLY                                              83615      ID             Single Family
       17247220      HAWTHORNE                                             90250      CA             Single Family
       17233450      LOS GATOS                                             95030      CA             Single Family
       17233371      WOODLAND HILLS                                        91364      CA             Single Family
       17233375      SAN MARCOS                                            92078      CA             PUD
       17233380      SAN PEDRO                                             90731      CA             Single Family
       17233463      COSTA MESA                                            92627      CA             Single Family
       17233382      NEW CANAAN                                            06840      CT             Condominium
       17233386      PASADENA                                              91104      CA             Single Family
       17233468      HERMOSA BEACH                                         90254      CA             Condominium
       17233469      BLAINE COUNTY                                         83333      ID             PUD
       17233471      LONG BEACH                                            90806      CA             Single Family
       17233472      LAGUNA HILLS                                          92653      CA             PUD
       17233194      SEBASTOPOL                                            95472      CA             Single Family
       17233357      KIRKLAND                                              98033      WA             Single Family
       17233358      HENDERSON                                             89002      NV             PUD
       17233363      RIVERSIDE                                             92506      CA             PUD
       17233365      RANCHO PALOS VERDES                                   90275      CA             Single Family
       17233368      MOORESVILLE                                           28117      NC             PUD
       17233369      SANTA CRUZ                                            95060      CA             Single Family
       17233341      SIERRA MADRE                                          91024      CA             Single Family
       17233187      PLYMOUTH                                              02360      MA             Condominium
       17233351      MISSION VIEJO                                         92691      CA             Single Family
       17233330      BOWIE                                                 20721      MD             PUD
       17233152      TEMECULA                                              92592      CA             PUD
       17233315      PACIFIC PALISADES                                     90272      CA             Condominium
       17233079      CAMPBELL                                              95008      CA             Single Family
       17233403      SANTA MONICA                                          90403      CA             Condominium
       17233322      NORWALK                                               06851      CT             Single Family
       17233405      VENICE                                                90291      CA             Single Family
       17233163      FREDERICK                                             21702      MD             Single Family
       17233325      PAGOSA SPRINGS                                        81147      CO             PUD
       17233068      TAMPA                                                 33606      FL             Condominium
       17233308      VALLEJO                                               94589      CA             Single Family
       17233065      PEBBLE BEACH                                          93953      CA             Single Family
       17233146      WALNUT CREEK                                          94598      CA             Single Family
       17233139      CHICAGO                                               60657      IL             Single Family
       17233048      BUENA PARK                                            90620      CA             Single Family
       17233283      ISSAQUAH                                              98029      WA             PUD
       17233286      DENVER                                                80209      CO             Single Family
       17232995      OAKLAND                                               94611      CA             Single Family
       17233200      CASTRO VALLEY                                         94552      CA             PUD
       17233207      WALNUT CREEK                                          94597      CA             PUD
       17233210      WATER MILL                                            11976      NY             Single Family
       17233222      LA HABRA                                              90631      CA             Single Family
       17233227      BURTONSVILLE                                          20866      MD             Single Family
       17233229      HUNTINGTON BEACH                                      92646      CA             Single Family
       17233238      WESTPORT                                              06880      CT             Single Family
       17233239      LITTLE RIVER                                          95456      CA             Single Family
       17233250      DEMAREST                                              07627      NJ             Single Family
       17233255      LOS ANGELES                                           90049      CA             Condominium
       17233270      LOS ANGELES                                           90292      CA             Single Family
       17233276      VILLAGE OF RIDGEWOOD                                  07450      NJ             Single Family
       17233279      SAN PABLO                                             94806      CA             PUD
       17151971      CORONA                                                92879      CA             PUD
       17151933      BROOKLYN                                              11211      NY             CO-OP
       17151935      HESPERIA                                              92345      CA             Single Family
       17151950      NEW YORK                                              10011      NY             CO-OP
       17151953      CHESTER SPRINGS                                       19425      PA             Single Family
       17151974      LOS ANGELES                                           90056      CA             Single Family
       17151981      RIVERDALE                                             20737      MD             Single Family
       17151983      TUSTIN                                                92782      CA             PUD
       17151992      PACIFIC PALISADES                                     90272      CA             PUD
       17152002      CHATSWORTH                                            91311      CA             Single Family
       17152005      JERSEY CITY                                           07310      NJ             Condominium
       17151917      SEATTLE                                               98177      WA             Single Family
       17151913      LAS VEGAS                                             89130      NV             PUD
       17151976      TUSTIN                                                92782      CA             PUD
       17151998      INGLEWOOD                                             90303      CA             Single Family
       17152007      SAN JOSE                                              95127      CA             Single Family

LOAN_SEQ             CURRENT_                    SERV_FEE            MSERV          LPMI          TRUSTEE_FEE
                     GROSS_COUPON
---------------------------------------------------------------------------------------------------------------------
       17151996                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17151960                      6.1250              0.2500         0.0000        0.0000                  0.0045
       17151912                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151914                      6.5000              0.2500         0.0000        0.0000                  0.0045
       17151922                      5.7500              0.2500         0.0000        0.0000                  0.0045
       17151924                      6.7500              0.2500         0.0000        0.0000                  0.0045
       17151926                      5.5000              0.2500         0.0000        0.0000                  0.0045
       17151927                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151929                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151931                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17151946                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17151925                      6.5000              0.2500         0.0000        0.0000                  0.0045
       17151928                      6.6250              0.2500         0.0000        0.0000                  0.0045
       17151930                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151932                      6.5000              0.2500         0.0000        0.0000                  0.0045
       17151934                      5.7500              0.2500         0.0000        0.0000                  0.0045
       17151937                      6.7500              0.2500         0.0000        0.0000                  0.0045
       17151938                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17151939                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17151940                      6.7500              0.2500         0.0000        0.0000                  0.0045
       17151941                      6.0000              0.2500         0.0000        0.0000                  0.0045
       17151942                      6.1250              0.2500         0.0000        0.0000                  0.0045
       17151943                      6.0000              0.2500         0.0000        0.0000                  0.0045
       17151944                      6.1250              0.2500         0.0000        0.0000                  0.0045
       17151945                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17151947                      6.7500              0.2500         0.0000        0.0000                  0.0045
       17151948                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151949                      6.6250              0.2500         0.0000        0.0000                  0.0045
       17151951                      6.0000              0.2500         0.0000        0.0000                  0.0045
       17151954                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17151955                      6.8750              0.2500         0.0000        0.0000                  0.0045
       17151956                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151958                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17151961                      6.0000              0.2500         0.0000        0.0000                  0.0045
       17151962                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17151963                      6.5000              0.2500         0.0000        0.0000                  0.0045
       17151964                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17151965                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151967                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151969                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17151970                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151972                      6.0000              0.2500         0.0000        0.0000                  0.0045
       17151973                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151975                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17151977                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17151978                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17152017                      6.1250              0.2500         0.0000        0.0000                  0.0045
       17152018                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17152019                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17152020                      5.3750              0.2500         0.0000        0.0000                  0.0045
       17152021                      6.6250              0.2500         0.0000        0.0000                  0.0045
       17152022                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17152023                      6.1250              0.2500         0.0000        0.0000                  0.0045
       17152024                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17152025                      5.6250              0.2500         0.0000        0.0000                  0.0045
       17152026                      6.5000              0.2500         0.0000        0.0000                  0.0045
       17152027                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17152028                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17152029                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17151979                      6.5000              0.2500         0.0000        0.0000                  0.0045
       17151980                      5.8750              0.2500         0.0000        0.0000                  0.0045
       17151982                      6.7500              0.2500         0.0000        0.0000                  0.0045
       17151986                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17151987                      6.5000              0.2500         0.0000        0.0000                  0.0045
       17151988                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151989                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17151990                      7.5000              0.2500         0.0000        0.6000                  0.0045
       17151991                      6.7500              0.2500         0.0000        0.0000                  0.0045
       17151994                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17152000                      6.0000              0.2500         0.0000        0.0000                  0.0045
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       17152008                      6.3750              0.2500         0.0000        0.0000                  0.0045
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       17152010                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17152011                      5.7500              0.2500         0.0000        0.0000                  0.0045
       17152012                      6.0000              0.2500         0.0000        0.0000                  0.0045
       17152013                      5.8750              0.2500         0.0000        0.0000                  0.0045
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       17151902                      5.7500              0.2500         0.0000        0.0000                  0.0045
       17151903                      6.7500              0.2500         0.0000        0.0000                  0.0045
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       17151906                      6.8750              0.2500         0.0000        0.3800                  0.0045
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       17153475                      6.8750              0.2500         0.0000        0.0000                  0.0045
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       17153893                      6.6250              0.2500         0.0000        0.0000                  0.0045
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       17244981                      5.7500              0.1750         0.0000        0.0000                  0.0045
       17244982                      6.5000              0.1750         0.0000        0.0000                  0.0045
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       17256703                      6.0000              0.1750         0.0000        0.0000                  0.0045
       17256709                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17233121                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17247372                      6.5000              0.1750         0.0000        0.0000                  0.0045
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       17233026                      6.0000              0.1750         0.0000        0.0000                  0.0045
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       17247285                      6.2500              0.1750         0.0000        0.0000                  0.0045
       17247368                      6.5000              0.1750         0.0000        0.0000                  0.0045
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       17247363                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17247341                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17247262                      6.0000              0.1750         0.0000        0.0000                  0.0045
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       17247347                      6.5000              0.1750         0.0000        0.0000                  0.0045
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       17247354                      6.5000              0.1750         0.0000        0.0000                  0.0045
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       17247250                      6.5000              0.1750         0.0000        0.0000                  0.0045
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       17247232                      6.2500              0.1750         0.0000        0.0000                  0.0045
       17247314                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17247233                      6.6250              0.1750         0.0000        0.0000                  0.0045
       17247315                      5.8750              0.1750         0.0000        0.0000                  0.0045
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       17233392                      6.5000              0.1750         0.0000        0.0000                  0.0045
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       17233394                      6.5000              0.1750         0.0000        0.0000                  0.0045
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       17233398                      6.3750              0.1750         0.0000        0.0000                  0.0045
       17233399                      6.8750              0.1750         0.0000        0.0000                  0.0045
       17247201                      8.2500              0.1750         0.0000        0.0000                  0.0045
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       17247301                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17233453                      6.2500              0.1750         0.0000        0.0000                  0.0045
       17233372                      5.6250              0.1750         0.0000        0.0000                  0.0045
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       17233374                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17233457                      6.6250              0.1750         0.0000        0.0000                  0.0045
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       17233377                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17233459                      5.5000              0.1750         0.0000        0.0000                  0.0045
       17233378                      6.6250              0.1750         0.0000        0.0000                  0.0045
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       17233383                      6.0000              0.1750         0.0000        0.0000                  0.0045
       17233384                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17233466                      5.7500              0.1750         0.0000        0.0000                  0.0045
       17233385                      6.3750              0.1750         0.0000        0.0000                  0.0045
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       17233388                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17233389                      5.8750              0.1750         0.0000        0.0000                  0.0045
       17233470                      6.5000              0.1750         0.0000        0.0000                  0.0045
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       17233436                      6.7500              0.1750         0.0000        0.0000                  0.0045
       17233355                      6.2500              0.1750         0.0000        0.0000                  0.0045
       17233437                      6.3750              0.1750         0.0000        0.0000                  0.0045
       17233356                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17233439                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17233440                      6.6250              0.1750         0.0000        0.0000                  0.0045
       17233441                      7.3750              0.1750         0.0000        0.0000                  0.0045
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       17233362                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17233445                      6.6250              0.1750         0.0000        0.0000                  0.0045
       17233446                      6.3750              0.1750         0.0000        0.0000                  0.0045
       17233447                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17233448                      6.7500              0.1750         0.0000        0.0000                  0.0045
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       17233340                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17233423                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17233346                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17233428                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17233429                      7.0000              0.1750         0.0000        0.0000                  0.0045
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       17233348                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17233431                      8.2500              0.1750         0.0000        0.0000                  0.0045
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       17233412                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17233224                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17233231                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17233247                      6.2500              0.1750         0.0000        0.0000                  0.0045
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       17233403                      5.8750              0.1750         0.0000        0.0000                  0.0045
       17233322                      6.7500              0.1750         0.0000        0.0000                  0.0045
       17233405                      6.3750              0.1750         0.0000        0.0000                  0.0045
       17233163                      6.3750              0.1750         0.0000        0.0000                  0.0045
       17233325                      6.3750              0.1750         0.0000        0.0000                  0.0045
       17233068                      6.2500              0.1750         0.0000        0.0000                  0.0045
       17233308                      6.3750              0.1750         0.0000        0.0000                  0.0045
       17233065                      6.1250              0.1750         0.0000        0.0000                  0.0045
       17233146                      6.1250              0.1750         0.0000        0.0000                  0.0045
       17233139                      6.3750              0.1750         0.0000        0.0000                  0.0045
       17233048                      6.1250              0.1750         0.0000        0.0000                  0.0045
       17233283                      6.0000              0.1750         0.0000        0.0000                  0.0045
       17233286                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17232995                      6.1250              0.1750         0.0000        0.0000                  0.0045
       17233200                      6.5000              0.1750         0.0000        0.0000                  0.0045
       17233207                      6.3750              0.1750         0.0000        0.0000                  0.0045
       17233210                      6.2500              0.1750         0.0000        0.0000                  0.0045
       17233222                      6.2500              0.1750         0.0000        0.0000                  0.0045
       17233227                      6.1250              0.1750         0.0000        0.0000                  0.0045
       17233229                      6.1250              0.1750         0.0000        0.0000                  0.0045
       17233238                      6.2500              0.1750         0.0000        0.0000                  0.0045
       17233239                      6.6250              0.1750         0.0000        0.0000                  0.0045
       17233250                      6.2500              0.1750         0.0000        0.0000                  0.0045
       17233255                      6.3750              0.1750         0.0000        0.0000                  0.0045
       17233270                      6.2500              0.1750         0.0000        0.0000                  0.0045
       17233276                      6.2500              0.1750         0.0000        0.0000                  0.0045
       17233279                      6.1250              0.1750         0.0000        0.0000                  0.0045
       17151971                      6.7500              0.2500         0.0000        0.0000                  0.0045
       17151933                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151935                      5.6250              0.2500         0.0000        0.0000                  0.0045
       17151950                      6.5000              0.2500         0.0000        0.0000                  0.0045
       17151953                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151974                      6.5000              0.2500         0.0000        0.0000                  0.0045
       17151981                      6.6250              0.2500         0.0000        0.0000                  0.0045
       17151983                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151992                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17152002                      6.0000              0.2500         0.0000        0.0000                  0.0045
       17152005                      6.3750              0.2500         0.0000        0.0000                  0.0045
       17151917                      6.5000              0.2500         0.0000        0.0000                  0.0045
       17151913                      6.1250              0.2500         0.0000        0.0000                  0.0045
       17151976                      6.2500              0.2500         0.0000        0.0000                  0.0045
       17151998                      6.7500              0.2500         0.0000        0.0000                  0.0045
       17152007                      6.3750              0.2500         0.0000        0.0000                  0.0045

LOAN_SEQ             CURRENT_                STATED_MAT            STATED_                    STATED_             ORIGINAL_
                     NET_COUPON                                    ORIGINAL_TERM              REM_TERM            BALANCE
--------------------------------------------------------------------------------------------------------------------------------
       17151996                  5.9955              20370301                        360                 358          516000.00
       17151960                  5.8705              20370301                        360                 358          138750.00
       17151912                  6.1205              20370201                        360                 357          420000.00
       17151914                  6.2455              20361101                        360                 354          256000.00
       17151922                  5.4955              20370101                        360                 356          542000.00
       17151924                  6.4955              20370201                        360                 357          195000.00
       17151926                  5.2455              20370101                        360                 356          824000.00
       17151927                  6.1205              20370101                        360                 356          435000.00
       17151929                  6.1205              20370101                        360                 356          266000.00
       17151931                  5.9955              20370101                        360                 356          270400.00
       17151946                  5.6205              20370201                        360                 357          273000.00
       17151925                  6.2455              20370301                        360                 358          510000.00
       17151928                  6.3705              20370301                        360                 358          800000.00
       17151930                  6.1205              20370301                        360                 358          188000.00
       17151932                  6.2455              20370301                        360                 358          166400.00
       17151934                  5.4955              20370301                        360                 358          999950.00
       17151937                  6.4955              20370301                        360                 358          351200.00
       17151938                  5.6205              20370301                        360                 358          455000.00
       17151939                  5.6205              20370301                        360                 358          600000.00
       17151940                  6.4955              20370301                        360                 358          224000.00
       17151941                  5.7455              20370301                        360                 358          650000.00
       17151942                  5.8705              20370301                        360                 358          788000.00
       17151943                  5.7455              20370301                        360                 358          442000.00
       17151944                  5.8705              20370301                        360                 358          725600.00
       17151945                  5.9955              20370301                        360                 358          728000.00
       17151947                  6.4955              20370401                        360                 359         2464000.00
       17151948                  6.1205              20370301                        360                 358         1000000.00
       17151949                  6.3705              20370301                        360                 358         1000000.00
       17151951                  5.7455              20370301                        360                 358          450000.00
       17151954                  5.6205              20370301                        360                 358          650000.00
       17151955                  6.6205              20370301                        360                 358          640000.00
       17151956                  6.1205              20370301                        360                 358          236000.00
       17151958                  5.6205              20370301                        360                 358          695000.00
       17151961                  5.7455              20370301                        360                 358          500000.00
       17151962                  5.6205              20370301                        360                 358          830000.00
       17151963                  6.2455              20370301                        360                 358         1024000.00
       17151964                  5.6205              20370301                        360                 358          477600.00
       17151965                  6.1205              20370401                        360                 359          600000.00
       17151967                  6.1205              20370301                        360                 358          750000.00
       17151969                  5.9955              20370301                        360                 358          285000.00
       17151970                  6.1205              20370301                        360                 358          308000.00
       17151972                  5.7455              20370301                        360                 358          505000.00
       17151973                  6.1205              20370301                        360                 358          415000.00
       17151975                  5.6205              20370301                        360                 358          165000.00
       17151977                  5.9955              20370301                        360                 358          316000.00
       17151978                  5.6205              20370301                        360                 358          403000.00
       17152017                  5.8705              20370401                        360                 359          210000.00
       17152018                  5.9955              20370301                        360                 358          360000.00
       17152019                  5.6205              20370401                        360                 359          232000.00
       17152020                  5.1205              20370301                        360                 358          700000.00
       17152021                  6.3705              20370301                        360                 358         1500000.00
       17152022                  5.9955              20370301                        360                 358         1150000.00
       17152023                  5.8705              20370401                        360                 359          560000.00
       17152024                  5.6205              20370401                        360                 359          542500.00
       17152025                  5.3705              20370301                        360                 358          960000.00
       17152026                  6.2455              20370401                        360                 359         1125000.00
       17152027                  5.6205              20370401                        360                 359          152900.00
       17152028                  5.9955              20370401                        360                 359         1920000.00
       17152029                  5.9955              20370401                        360                 359          592000.00
       17151979                  6.2455              20370301                        360                 358          980000.00
       17151980                  5.6205              20370301                        360                 358          275000.00
       17151982                  6.4955              20370301                        360                 358          662000.00
       17151986                  5.9955              20370301                        360                 358          440000.00
       17151987                  6.2455              20370301                        360                 358          588000.00
       17151988                  6.1205              20370301                        360                 358          510000.00
       17151989                  5.9955              20370301                        360                 358          448000.00
       17151990                  6.6455              20370301                        360                 358          325700.00
       17151991                  6.4955              20370301                        360                 358          161250.00
       17151994                  6.1205              20370301                        360                 358          468000.00
       17152000                  5.7455              20370301                        360                 358         1689000.00
       17152001                  6.1205              20370301                        360                 358          105000.00
       17152003                  6.4955              20370301                        360                 358          675000.00
       17152004                  5.9955              20370301                        360                 358          465000.00
       17152006                  6.1205              20370301                        360                 358          125800.00
       17152008                  6.1205              20370301                        360                 358          600000.00
       17152009                  6.2455              20370301                        360                 358          109600.00
       17152010                  5.9955              20370301                        360                 358          268000.00
       17152011                  5.4955              20370301                        360                 358          360000.00
       17152012                  5.7455              20370301                        360                 358          300000.00
       17152013                  5.6205              20370401                        360                 359          645000.00
       17152015                  6.1205              20370301                        360                 358         1000000.00
       17151898                  5.7455              20370301                        360                 358          310000.00
       17151899                  6.1205              20370301                        360                 358          495000.00
       17151902                  5.4955              20370301                        360                 358          308000.00
       17151903                  6.4955              20370301                        360                 358          200000.00
       17151904                  5.6205              20370301                        360                 358          467000.00
       17151905                  6.2455              20370301                        360                 358         1240800.00
       17151906                  6.2405              20370301                        360                 358          417000.00
       17151908                  6.2455              20370201                        360                 357          655000.00
       17151909                  6.2455              20370301                        360                 358          568000.00
       17151910                  5.7455              20370301                        360                 358          474500.00
       17151916                  6.6205              20370301                        360                 358          182850.00
       17151921                  5.7455              20370101                        360                 356          595000.00
       17151923                  5.6205              20370101                        360                 356         2470000.00
       17151911                  6.1205              20370401                        360                 359          927000.00
       17151957                  5.8705              20370301                        360                 358          477000.00
       17151995                  6.4955              20370301                        360                 358          760000.00
       17153681                  6.6205              20370301                        360                 358          460750.00
       17153682                  6.7455              20370301                        360                 358          256000.00
       17153683                  6.9955              20370301                        360                 358          364000.00
       17153684                  7.1205              20370301                        360                 358          282600.00
       17153685                  6.1205              20370401                        360                 359          400000.00
       17153686                  6.1205              20370401                        360                 359          260900.00
       17153688                  5.9955              20370301                        360                 358          272000.00
       17153689                  6.7455              20370301                        360                 358          180000.00
       17153690                  6.3705              20370301                        360                 358          568000.00
       17153691                  6.6205              20370301                        360                 358          630000.00
       17153692                  6.4955              20370301                        360                 358          604800.00
       17153693                  6.9955              20370301                        360                 358          110000.00
       17153694                  6.4955              20370301                        360                 358          580000.00
       17153695                  6.2455              20370301                        360                 358          418320.00
       17153696                  6.2455              20370301                        360                 358          485000.00
       17153697                  7.1205              20370301                        360                 358          640000.00
       17153698                  5.9955              20370301                        360                 358          554191.00
       17153699                  6.4955              20370301                        360                 358          136000.00
       17153700                  6.1205              20370301                        360                 358           65600.00
       17153701                  6.2455              20370301                        360                 358          356000.00
       17153702                  6.2455              20370301                        360                 358          150000.00
       17153703                  6.7455              20370401                        360                 359          360000.00
       17153704                  6.1205              20370301                        360                 358          245600.00
       17153705                  6.1205              20370301                        360                 358          199334.00
       17153706                  5.8705              20370301                        360                 358          172000.00
       17153707                  6.3705              20370301                        360                 358          377100.00
       17153708                  6.3705              20370301                        360                 358          343300.00
       17153709                  5.8705              20370301                        360                 358          240500.00
       17153710                  6.4955              20370301                        360                 358          288000.00
       17153711                  6.4955              20370301                        360                 358          156000.00
       17153712                  7.3705              20370301                        360                 358          204000.00
       17153713                  6.2455              20370301                        360                 358          496400.00
       17153714                  6.4955              20370301                        360                 358         1950000.00
       17153715                  6.1205              20370301                        360                 358          119700.00
       17153716                  6.4955              20370301                        360                 358          550000.00
       17153717                  6.3705              20370301                        360                 358          448500.00
       17153718                  6.9955              20370301                        360                 358          162000.00
       17153719                  6.3705              20370301                        360                 358          230000.00
       17153720                  6.2455              20370301                        360                 358          153750.00
       17153721                  6.6205              20370301                        360                 358          284792.00
       17153722                  7.2455              20370301                        360                 358          136566.00
       17153723                  6.6205              20370301                        360                 358          228792.00
       17153726                  5.7455              20370301                        360                 358          117750.00
       17153727                  5.9955              20370301                        360                 358          583500.00
       17153728                  6.6205              20370301                        360                 358          157177.00
       17153729                  6.9955              20370401                        360                 359          168300.00
       17153537                  6.2455              20370301                        360                 358          100000.00
       17153539                  7.1205              20370301                        360                 358          266000.00
       17153540                  6.3705              20370301                        360                 358          467120.00
       17153541                  6.2455              20370201                        360                 357          272000.00
       17153542                  6.2455              20370301                        360                 358          244000.00
       17153543                  6.2455              20370201                        360                 357          268000.00
       17153544                  6.3705              20370201                        360                 357          520000.00
       17153545                  6.4955              20370201                        360                 357          200000.00
       17153546                  5.7455              20370201                        360                 357          118480.00
       17153547                  6.3705              20370201                        360                 357          516750.00
       17153548                  7.2455              20370201                        360                 357          172000.00
       17153549                  6.1205              20370201                        360                 357          516000.00
       17153550                  6.1205              20370301                        360                 358          336000.00
       17153551                  5.4955              20370301                        360                 358          544000.00
       17153552                  5.8705              20370301                        360                 358          328000.00
       17153553                  6.1205              20370101                        360                 356          206000.00
       17153554                  5.8705              20370201                        360                 357          200000.00
       17153556                  6.1205              20370301                        360                 358          224000.00
       17153557                  4.6205              20370301                        360                 358          298632.00
       17153558                  6.2455              20370201                        360                 357          215650.00
       17153559                  7.1205              20370201                        360                 357          507093.00
       17153560                  6.1205              20370301                        360                 358         1237500.00
       17153561                  6.4955              20370301                        360                 358          111920.00
       17153562                  5.6205              20370201                        360                 357          210000.00
       17153563                  5.9955              20370301                        360                 358          206500.00
       17153564                  7.2455              20370201                        360                 357          427500.00
       17153565                  5.8705              20370201                        360                 357          570000.00
       17153566                  6.4955              20370201                        360                 357          252000.00
       17153567                  6.2455              20370201                        360                 357          235920.00
       17153568                  6.2455              20370201                        360                 357          332000.00
       17153569                  6.3705              20370301                        360                 358          560000.00
       17153570                  6.1205              20370301                        360                 358          249750.00
       17153571                  6.1205              20370301                        360                 358          233000.00
       17153572                  6.1205              20370201                        360                 357          189000.00
       17153573                  6.1205              20370301                        360                 358          260000.00
       17153575                  6.7455              20370301                        360                 358          584000.00
       17153576                  6.2455              20370201                        360                 357          253000.00
       17153577                  7.2455              20370201                        360                 357          164000.00
       17153578                  5.7455              20370201                        360                 357         1360000.00
       17153579                  6.9955              20370201                        360                 357          216750.00
       17153580                  6.3705              20370301                        360                 358         2200000.00
       17153581                  5.9955              20370401                        360                 359          369840.00
       17153582                  5.9955              20370301                        360                 358          219450.00
       17153583                  6.2455              20370301                        360                 358          202150.00
       17153584                  6.4955              20370301                        360                 358          248000.00
       17153585                  6.2455              20370301                        360                 358          375000.00
       17153586                  5.9955              20370201                        360                 357          365000.00
       17153587                  6.1205              20370301                        360                 358          163800.00
       17153588                  6.1205              20370201                        360                 357          319200.00
       17153589                  5.6205              20370201                        360                 357          266000.00
       17153591                  6.6205              20370201                        360                 357          420000.00
       17153592                  6.2455              20370301                        360                 358          227162.00
       17153593                  5.3705              20370301                        360                 358          444493.00
       17153596                  6.1205              20370301                        360                 358          210000.00
       17153597                  6.2455              20370201                        360                 357          393000.00
       17153598                  6.1205              20370201                        360                 357          271000.00
       17153599                  5.8705              20370201                        360                 357          450000.00
       17153600                  5.8705              20370301                        360                 358          499900.00
       17153601                  7.3705              20370301                        360                 358          607750.00
       17153602                  7.2455              20370301                        360                 358          192500.00
       17153603                  6.2455              20370201                        360                 357          460000.00
       17153604                  6.3705              20370301                        360                 358          368000.00
       17153605                  6.1205              20370301                        360                 358          370500.00
       17153606                  6.3705              20370401                        360                 359          232000.00
       17153608                  6.7455              20370301                        360                 358          130400.00
       17153609                  5.9955              20370201                        360                 357          312000.00
       17153610                  6.3705              20370301                        360                 358          225000.00
       17153611                  6.4955              20370301                        360                 358          519750.00
       17153612                  6.1205              20370301                        360                 358          241600.00
       17153613                  6.2455              20370201                        360                 357          484000.00
       17153614                  5.9955              20370301                        360                 358         1705000.00
       17153615                  6.6205              20370301                        360                 358          880000.00
       17153616                  6.2455              20370301                        360                 358           46872.00
       17153617                  5.8705              20370301                        360                 358          435000.00
       17153618                  6.2455              20370201                        360                 357          236000.00
       17153619                  6.1205              20370301                        360                 358          370000.00
       17153620                  5.7455              20370301                        360                 358          280000.00
       17153622                  6.2455              20370301                        360                 358          202425.00
       17153623                  5.9955              20370301                        360                 358          760000.00
       17153624                  6.4955              20370301                        360                 358          375000.00
       17153625                  6.1205              20370301                        360                 358          725000.00
       17153626                  6.2455              20370301                        360                 358          500000.00
       17153627                  6.8705              20370301                        360                 358          196200.00
       17153629                  6.4955              20370301                        360                 358          182000.00
       17153631                  6.2455              20370301                        360                 358          528500.00
       17153632                  6.2455              20370301                        360                 358          432000.00
       17153633                  6.3705              20370401                        360                 359          240000.00
       17153636                  5.9955              20370301                        360                 358          275000.00
       17153637                  6.1205              20370301                        360                 358          680000.00
       17153638                  7.1205              20370301                        360                 358          200000.00
       17153639                  6.6205              20370301                        360                 358          247120.00
       17153640                  5.9955              20370201                        360                 357         1000000.00
       17153641                  6.2455              20370301                        360                 358          787500.00
       17153643                  6.1205              20370301                        360                 358          624000.00
       17153644                  5.9955              20370301                        360                 358          243375.00
       17153645                  7.2455              20370401                        360                 359          108000.00
       17153646                  6.7455              20370301                        360                 358          795000.00
       17153647                  6.4955              20370301                        360                 358          302250.00
       17153648                  6.3705              20370301                        360                 358          480000.00
       17153649                  6.2455              20370301                        360                 358          333000.00
       17153650                  7.1205              20370301                        360                 358          260000.00
       17153651                  6.9955              20370301                        360                 358          128000.00
       17153652                  6.2455              20370301                        360                 358          243450.00
       17153653                  6.6205              20370301                        360                 358          448000.00
       17153654                  6.1205              20370301                        360                 358          184000.00
       17153655                  6.4955              20370301                        360                 358         1078000.00
       17153656                  5.9955              20370301                        360                 358          407500.00
       17153657                  5.7455              20370201                        360                 357          622000.00
       17153658                  6.1205              20370301                        360                 358          163000.00
       17153659                  6.4955              20370301                        360                 358          195000.00
       17153660                  6.4955              20370301                        360                 358          213000.00
       17153661                  6.6205              20370301                        360                 358          243000.00
       17153662                  5.9955              20370301                        360                 358          463200.00
       17153663                  7.1205              20370301                        360                 358          339500.00
       17153664                  5.2455              20370301                        360                 358          220000.00
       17153665                  6.3705              20370301                        360                 358          137000.00
       17153666                  6.8705              20370301                        360                 358          260000.00
       17153667                  6.3705              20370301                        360                 358          300000.00
       17153668                  6.6205              20370301                        360                 358          156000.00
       17153669                  6.3705              20370301                        360                 358          543757.00
       17153670                  5.6205              20370301                        360                 358          356000.00
       17153672                  6.3705              20370301                        360                 358          400000.00
       17153674                  6.1205              20370301                        360                 358          423400.00
       17153675                  6.8705              20370301                        360                 358          412300.00
       17153676                  6.1205              20370301                        360                 358          307000.00
       17153677                  5.9955              20370301                        360                 358          616000.00
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       17151935                  5.3705              20370301                        360                 358          483750.00
       17151950                  6.2455              20370301                        360                 358          544000.00
       17151953                  6.1205              20370301                        360                 358          472000.00
       17151974                  6.2455              20370301                        360                 358          702000.00
       17151981                  6.3705              20370301                        360                 358          273750.00
       17151983                  6.1205              20370301                        360                 358          585000.00
       17151992                  5.9955              20370301                        360                 358         2325000.00
       17152002                  5.7455              20370301                        360                 358          625000.00
       17152005                  6.1205              20370301                        360                 358          329800.00
       17151917                  6.2455              20370401                        360                 359         1880000.00
       17151913                  5.8705              20370301                        360                 358          555400.00
       17151976                  5.9955              20370301                        360                 358          663200.00
       17151998                  6.4955              20370301                        360                 358          492000.00
       17152007                  6.1205              20370301                        360                 358          515000.00

LOAN_SEQ             FIRST_PAY_DATE              PAYMENT            CURRENT_           LOAN_              MI
                                                                    BALANCE            TO_VALUE
-----------------------------------------------------------------------------------------------------------------------------------
       17151996                    20070401            2687.50          516000.00              79.38      No MI
       17151960                    20070401             708.20          138750.00              75.00      No MI
       17151912                    20070301            2231.25          420000.00              73.68      No MI
       17151914                    20061201            1618.09          252965.67              80.00      No MI
       17151922                    20070201            2597.08          542000.00              59.89      No MI
       17151924                    20070301            1096.88          195000.00              62.90      No MI
       17151926                    20070201            3776.67          824000.00              80.00      No MI
       17151927                    20070201            2308.81          434600.00              68.29      No MI
       17151929                    20070201            1413.13          266000.00              79.88      No MI
       17151931                    20070201            1408.33          270400.00              80.00      No MI
       17151946                    20070301            1336.56          273000.00              73.78      No MI
       17151925                    20070401            2762.50          510000.00              78.46      No MI
       17151928                    20070401            4416.48          799966.67              57.14      No MI
       17151930                    20070401             998.74          187998.00              80.00      No MI
       17151932                    20070401             901.33          166400.00              80.00      No MI
       17151934                    20070401            5835.44          997856.97              30.07      No MI
       17151937                    20070401            1975.50          351200.00              80.00      No MI
       17151938                    20070401            2227.60          455000.00              55.15      No MI
       17151939                    20070401            2937.50          600000.00              46.15      No MI
       17151940                    20070401            1452.86          223613.20              80.00      No MI
       17151941                    20070401            3250.00          650000.00              61.90      No MI
       17151942                    20070401            4787.97          786464.31              80.00      No MI
       17151943                    20070401            2210.00          442000.00              78.93      No MI
       17151944                    20070401            3703.58          725600.00              80.00      No MI
       17151945                    20070401            3791.67          728000.00              77.45      No MI
       17151947                    20070501           13860.00         2464000.00              66.50      No MI
       17151948                    20070401            5312.50         1000000.00              79.05      No MI
       17151949                    20070401            5520.83         1000000.00              66.67      No MI
       17151951                    20070401            2250.00          450000.00              77.83      No MI
       17151954                    20070401            3845.00          648671.34              52.00      No MI
       17151955                    20070401            3666.67          640000.00              80.00      No MI
       17151956                    20070401            1253.75          236000.00              80.00      No MI
       17151958                    20070401            3402.60          695000.00              78.98      No MI
       17151961                    20070401            2500.00          500000.00              40.00      No MI
       17151962                    20070401            4063.54          830000.00              50.30      No MI
       17151963                    20070401            5541.74         1023090.88              80.00      No MI
       17151964                    20070401            2338.25          477600.00              80.00      No MI
       17151965                    20070501            3743.22          599444.28              41.38      No MI
       17151967                    20070401            3984.24          749973.84              60.00      No MI
       17151969                    20070401            1484.37          285000.00              67.54      No MI
       17151970                    20070401            1634.13          307600.00              80.00      No MI
       17151972                    20070401            2525.00          505000.00              73.19      No MI
       17151973                    20070401            2204.69          415000.00              78.30      No MI
       17151975                    20070401             807.81          165000.00              55.00      No MI
       17151977                    20070401            1645.83          316000.00              80.00      No MI
       17151978                    20070401            1972.87          402968.35              59.88      No MI
       17152017                    20070501            1071.87          210000.00              49.88      No MI
       17152018                    20070401            1875.00          360000.00              78.26      No MI
       17152019                    20070501            1135.33          231896.37              74.84      No MI
       17152020                    20070401            3134.97          699900.00              80.00      No MI
       17152021                    20070401            8281.25         1500000.00              80.00      No MI
       17152022                    20070401            5989.58         1149999.99              52.27      No MI
       17152023                    20070501            2858.33          559999.99              74.67      No MI
       17152024                    20070501            2655.99          542500.00              57.56      No MI
       17152025                    20070401            4500.00          960000.00              40.42      No MI
       17152026                    20070501            6093.75         1125000.00              75.00      No MI
       17152027                    20070501             748.57          152900.00              34.75      No MI
       17152028                    20070501           10000.00         1920000.00              80.00      No MI
       17152029                    20070501            3645.05          591438.28              80.00      No MI
       17151979                    20070401            5308.33          979999.99              57.65      No MI
       17151980                    20070401            1346.35          275000.00              37.67      No MI
       17151982                    20070401            3723.75          662000.00              79.76      No MI
       17151986                    20070401            2291.67          440000.00              80.00      No MI
       17151987                    20070401            3185.00          588000.00              79.46      No MI
       17151988                    20070401            2707.53          509653.14              75.00      No MI
       17151989                    20070401            2333.33          448000.00              80.00      No MI
       17151990                    20070401            2035.63          325700.00              90.00      PMI
       17151991                    20070401             907.03          161250.00              75.00      No MI
       17151994                    20070401            2486.25          468000.00              80.00      No MI
       17152000                    20070401            8445.00         1689000.00              63.50      No MI
       17152001                    20070401             557.82          105000.00              35.00      No MI
       17152003                    20070401            3796.88          675000.00              71.05      No MI
       17152004                    20070401            2421.87          465000.00              77.50      No MI
       17152006                    20070401             668.31          125800.00              74.00      No MI
       17152008                    20070401            3743.22          598627.46              77.92      No MI
       17152009                    20070401             593.67          109600.00              80.00      No MI
       17152010                    20070401            1395.83          268000.00              80.00      No MI
       17152011                    20070401            1723.68          359725.00              54.14      No MI
       17152012                    20070401            1499.50          299899.75              71.43      No MI
       17152013                    20070501            3815.42          644342.39              75.00      No MI
       17152015                    20070401            5312.45          999991.00              66.89      No MI
       17151898                    20070401            1550.00          310000.00              58.49      No MI
       17151899                    20070401            2629.69          495000.00              75.00      No MI
       17151902                    20070401            1475.83          308000.00              79.18      No MI
       17151903                    20070401            1125.00          200000.00              50.00      No MI
       17151904                    20070401            2762.48          466045.41              56.40      No MI
       17151905                    20070401            6721.00         1240800.00              80.00      No MI
       17151906                    20070401            2389.06          417000.00              88.72      PMI
       17151908                    20070301            3547.92          655000.00              54.58      No MI
       17151909                    20070401            3590.15          566970.26              80.00      No MI
       17151910                    20070401            2844.87          473552.90              68.77      No MI
       17151916                    20070401            1047.58          182850.00              80.00      No MI
       17151921                    20070201            2974.75          594949.88              59.50      No MI
       17151923                    20070201           14610.98         2459852.70              65.00      No MI
       17151911                    20070501            4924.69          927000.00              68.67      No MI
       17151957                    20070401            2898.30          476070.41              39.75      No MI
       17151995                    20070401            4275.00          760000.00              80.00      No MI
       17153681                    20070401            2639.71          460750.00              95.00      PMI
       17153682                    20070401            1491.81          255738.31              80.00      No MI
       17153683                    20070401            2199.17          364000.00              80.00      No MI
       17153684                    20070401            1736.81          282600.00              89.82      PMI
       17153685                    20070501            2495.48          399629.52              64.00      No MI
       17153686                    20070501            1386.03          260900.00              79.91      No MI
       17153688                    20070401            1416.67          272000.00              79.42      No MI
       17153689                    20070401            1049.39          179894.98              80.00      No MI
       17153690                    20070401            3135.83          568000.00              80.00      No MI
       17153691                    20070401            3609.38          630000.00              73.68      No MI
       17153692                    20070401            3922.72          603755.63              80.00      No MI
       17153693                    20070401             664.58          110000.00              55.00      No MI
       17153694                    20070401            3262.29          579962.50              79.56      No MI
       17153695                    20070401            2644.07          417561.61              80.00      No MI
       17153696                    20070401            2627.08          485000.00              72.93      No MI
       17153697                    20070401            3932.72          639900.00              80.00      No MI
       17153698                    20070401            2886.41          554191.00              57.43      No MI
       17153699                    20070401             882.09          135765.16              54.62      No MI
       17153700                    20070401             348.50           65600.00              80.00      No MI
       17153701                    20070401            1928.33          356000.00              80.00      No MI
       17153702                    20070401             812.50          150000.00              49.18      No MI
       17153703                    20070501            2100.00          360000.00              80.00      No MI
       17153704                    20070401            1304.75          245600.00              80.00      No MI
       17153705                    20070401            1057.46          199051.17              80.00      No MI
       17153706                    20070401             877.92          172000.00              80.00      No MI
       17153707                    20070401            2081.91          377100.00              90.00      PMI
       17153708                    20070401            1895.30          343300.00              76.29      No MI
       17153709                    20070401            1227.55          240500.00              37.00      No MI
       17153710                    20070401            1620.00          288000.00              80.00      No MI
       17153711                    20070401             877.38          155979.04              80.00      No MI
       17153712                    20070401            1296.25          204000.00              75.58      No MI
       17153713                    20070401            2687.14          496086.52              80.00      No MI
       17153714                    20070401           10968.75         1950000.00              61.90      No MI
       17153715                    20070401             635.91          119700.00              90.00      PMI
       17153716                    20070401            3093.75          550000.00              76.92      No MI
       17153717                    20070401            2476.07          448496.23              65.00      No MI
       17153718                    20070401             978.45          161951.06              90.00      PMI
       17153719                    20070401            1269.79          230000.00              79.58      No MI
       17153720                    20070401             832.81          153750.00              75.00      No MI
       17153721                    20070401            1631.62          284792.00              80.00      No MI
       17153722                    20070401             853.54          136566.00              90.00      PMI
       17153723                    20070401            1310.79          228792.00              80.00      No MI
       17153726                    20070401             705.97          117514.97              75.00      No MI
       17153727                    20070401            3039.06          583500.00              71.16      No MI
       17153728                    20070401            1032.54          156912.15              95.00      Triad Guaranty
       17153729                    20070501            1016.81          168300.00              90.00      Radian Guaranty
       17153537                    20070401             541.67          100000.00              80.00      No MI
       17153539                    20070401            1634.29          265918.26              95.00      PMI
       17153540                    20070401            2578.89          467120.00              80.00      No MI
       17153541                    20070301            1473.33          272000.00              80.00      No MI
       17153542                    20070401            1321.67          244000.00              80.00      No MI
       17153543                    20070301            1451.67          268000.00              80.00      No MI
       17153544                    20070301            2870.83          520000.00              80.00      No MI
       17153545                    20070301            1297.20          199480.49              52.63      No MI
       17153546                    20070301             592.40          118480.00              80.00      No MI
       17153547                    20070301            2852.89          516750.00              65.00      No MI
       17153548                    20070301            1075.00          172000.00              80.00      No MI
       17153549                    20070301            2739.88          515741.96              68.80      No MI
       17153550                    20070401            1785.00          336000.00              80.00      No MI
       17153551                    20070401            2606.67          544000.00              80.00      No MI
       17153552                    20070401            1674.17          328000.00              80.00      No MI
       17153553                    20070201            1094.08          205945.28              80.00      No MI
       17153554                    20070301            1020.82          199996.98              71.75      No MI
       17153556                    20070401            1190.00          224000.00              80.00      No MI
       17153557                    20070401            1213.19          298632.00              80.00      No MI
       17153558                    20070301            1168.10          215650.00              95.00      PMI
       17153559                    20070301            3116.51          507093.00              89.99      PMI
       17153560                    20070401            6574.22         1237500.00              72.83      No MI
       17153561                    20070401             629.55          111920.00              80.00      No MI
       17153562                    20070301            1028.12          210000.00              38.53      No MI
       17153563                    20070401            1075.52          206500.00              80.00      No MI
       17153564                    20070301            2671.88          427500.00              90.00      PMI
       17153565                    20070301            2904.27          569000.00              66.67      No MI
       17153566                    20070301            1417.50          252000.00              90.00      PMI
       17153567                    20070301            1277.90          235920.00              80.00      No MI
       17153568                    20070301            1482.38          273670.22              80.00      No MI
       17153569                    20070401            3091.67          560000.00              74.67      No MI
       17153570                    20070401            1326.80          249750.00              75.00      No MI
       17153571                    20070401            1237.81          233000.00              80.00      No MI
       17153572                    20070301            1004.06          189000.00              40.21      No MI
       17153573                    20070401            1381.25          260000.00              80.00      No MI
       17153575                    20070401            3406.67          584000.00              64.89      No MI
       17153576                    20070301            1369.75          252877.00              73.87      No MI
       17153577                    20070301            1025.00          164000.00              80.00      No MI
       17153578                    20070301            6800.00         1360000.00              32.77      No MI
       17153579                    20070301            1478.62          216239.66              85.00      PMI
       17153580                    20070401           12145.83         2200000.00              34.92      No MI
       17153581                    20070501            1926.25          369840.00              80.00      No MI
       17153582                    20070401            1142.97          219450.00              95.00      PMI
       17153583                    20070401            1094.98          202150.00              72.74      No MI
       17153584                    20070401            1395.00          248000.00              80.00      No MI
       17153585                    20070401            2027.99          374398.44              66.37      No MI
       17153586                    20070301            1901.04          365000.00              54.48      No MI
       17153587                    20070401             870.19          163800.00              61.35      No MI
       17153588                    20070301            1695.75          319200.00              80.00      No MI
       17153589                    20070301            1302.29          266000.00              80.00      No MI
       17153591                    20070301            2405.17          419811.96              70.00      No MI
       17153592                    20070401            1435.82          226750.17              80.00      No MI
       17153593                    20070401            2083.56          444493.00              80.00      No MI
       17153596                    20070401            1115.63          210000.00              46.67      No MI
       17153597                    20070301            2128.75          393000.00              60.00      No MI
       17153598                    20070301            1439.69          271000.00              50.19      No MI
       17153599                    20070301            2296.88          450000.00              74.26      No MI
       17153600                    20070401            2551.57          499900.00              49.99      No MI
       17153601                    20070401            3861.74          607750.00              65.00      No MI
       17153602                    20070401            1203.13          192500.00              78.57      No MI
       17153603                    20070301            2491.67          460000.00              47.92      No MI
       17153604                    20070401            2031.67          368000.00              80.00      No MI
       17153605                    20070401            1968.28          370500.00              92.63      PMI
       17153606                    20070501            1280.83          232000.00              80.00      No MI
       17153608                    20070401             760.67          130400.00              80.00      No MI
       17153609                    20070301            1623.96          311800.00              80.00      No MI
       17153610                    20070401            1242.19          225000.00              75.00      No MI
       17153611                    20070401            2923.58          519747.70              75.00      No MI
       17153612                    20070401            1283.50          241600.00              80.00      No MI
       17153613                    20070301            2621.64          483994.67              80.00      No MI
       17153614                    20070401            8880.21         1705000.00              56.83      No MI
       17153615                    20070401            5041.67          880000.00              80.00      No MI
       17153616                    20070401             253.89           46872.00              80.00      No MI
       17153617                    20070401            2220.31          435000.00              64.93      No MI
       17153618                    20070301            1278.33          236000.00              89.77      MGIC
       17153619                    20070401            1965.63          370000.00              80.00      No MI
       17153620                    20070401            1400.00          280000.00              80.00      No MI
       17153622                    20070401            1279.46          202058.03              75.00      No MI
       17153623                    20070401            3958.33          760000.00              80.00      No MI
       17153624                    20070401            2432.24          374316.84              72.82      No MI
       17153625                    20070401            3851.56          725000.00              60.42      No MI
       17153626                    20070401            3160.34          499093.54              75.79      No MI
       17153627                    20070401            1164.94          196200.00              90.00      PMI
       17153629                    20070401            1023.75          182000.00              70.00      No MI
       17153631                    20070401            2862.71          528500.00              64.02      No MI
       17153632                    20070401            2340.00          432000.00              80.00      No MI
       17153633                    20070501            1325.00          240000.00              40.00      No MI
       17153636                    20070401            1432.29          275000.00              66.59      No MI
       17153637                    20070401            3612.50          680000.00              80.00      No MI
       17153638                    20070401            1229.17          200000.00              32.10      No MI
       17153639                    20070401            1415.79          247120.00              80.00      No MI
       17153640                    20070301            5208.33         1000000.00              58.82      No MI
       17153641                    20070401            4265.63          787500.00              75.00      No MI
       17153643                    20070401            3315.00          624000.00              80.00      No MI
       17153644                    20070401            1267.58          243375.00              64.90      No MI
       17153645                    20070501             755.15          107919.85              80.00      No MI
       17153646                    20070401            4637.50          795000.00              75.00      No MI
       17153647                    20070401            1700.16          302250.00              75.00      No MI
       17153648                    20070401            2650.00          480000.00              80.00      No MI
       17153649                    20070401            1803.75          333000.00              60.00      No MI
       17153650                    20070401            1597.92          260000.00              80.00      No MI
       17153651                    20070401             873.19          127310.07              80.00      No MI
       17153652                    20070401            1318.69          243450.00              55.46      No MI
       17153653                    20070401            2943.04          447245.10              70.00      No MI
       17153654                    20070401             977.50          184000.00              59.35      No MI
       17153655                    20070401            6063.75         1078000.00              42.27      No MI
       17153656                    20070401            2509.05          406724.68              67.92      No MI
       17153657                    20070301            3110.00          622000.00              41.06      No MI
       17153658                    20070401             834.35          157053.37              77.62      No MI
       17153659                    20070401            1096.88          195000.00              65.00      No MI
       17153660                    20070401            1198.13          213000.00              76.07      No MI
       17153661                    20070401            1392.19          243000.00              74.77      No MI
       17153662                    20070401            2412.50          463200.00              80.00      No MI
       17153663                    20070401            2086.00          339416.54              70.00      No MI
       17153664                    20070401            1008.33          220000.00              78.57      No MI
       17153665                    20070401             756.35          137000.00              41.33      No MI
       17153666                    20070401            1543.75          260000.00              80.00      No MI
       17153667                    20070401            1656.25          300000.00              64.52      No MI
       17153668                    20070401             893.75          156000.00              80.00      No MI
       17153669                    20070401            3001.99          543756.98              80.00      No MI
       17153670                    20070401            1742.92          356000.00              80.00      No MI
       17153672                    20070401            2208.33          400000.00              80.00      No MI
       17153674                    20070401            2249.31          423400.00              68.85      No MI
       17153675                    20070401            2448.03          412300.00              95.00      PMI
       17153676                    20070401            1630.94          307000.00              71.40      No MI
       17153677                    20070401            3792.82          614827.98              80.00      No MI
       17153679                    20070401            1560.00          288000.00              80.00      No MI
       17153680                    20070401             940.42          148000.00              80.00      No MI
       17153494                    20070401            3125.00          600000.00              46.15      No MI
       17153495                    20070201            8833.33         1600000.00              69.57      No MI
       17153497                    20070201            1559.67          249066.42              31.85      No MI
       17153498                    20070301            2434.69          441000.00              73.75      No MI
       17153499                    20070401            2141.44          371201.85              80.00      No MI
       17153500                    20070401            1659.38          295000.00              84.29      PMI
       17153501                    20070401            2245.00          449000.00              40.82      No MI
       17153502                    20070401            2858.33          560000.00              80.00      No MI
       17153503                    20070301            2623.02          524604.59              80.00      No MI
       17153504                    20070401            1445.00          272000.00              80.00      No MI
       17153505                    20070301            3485.00          656000.00              80.00      No MI
       17153506                    20070401            1567.41          295042.00              80.00      No MI
       17153507                    20070301            2040.00          384000.00              73.85      No MI
       17153508                    20070401            3229.17          620000.00              80.00      No MI
       17153509                    20070301             800.52          145000.00              59.18      No MI
       17153510                    20070401            1362.67          233600.00              80.00      No MI
       17153512                    20070301            2499.36          452714.00              80.00      No MI
       17153513                    20070301            7145.83         1400000.00              26.67      No MI
       17153514                    20070401            9546.88         1762500.00              75.00      No MI
       17153515                    20070301            2181.22          410582.80              65.16      No MI
       17153516                    20070301             888.25          167200.00              80.00      No MI
       17153517                    20070301            1192.71          229000.00              44.04      No MI
       17153518                    20070401            1666.67          320000.00              80.00      No MI
       17153519                    20070301            1396.48          243750.00              75.00      No MI
       17153520                    20070501            2933.22          599125.00              79.88      No MI
       17153521                    20070301            2560.63          482000.00              67.41      No MI
       17153522                    20070301            1025.00          196800.00              80.00      No MI
       17153523                    20070401            3718.75          700000.00              80.00      No MI
       17153524                    20070301            1005.10          152612.18              60.00      No MI
       17153526                    20070301            7031.25         1250000.00              25.00      No MI
       17153527                    20070301            1375.00          240000.00              80.00      No MI
       17153528                    20070401            2744.79          527000.00              79.85      No MI
       17153529                    20070401            1800.00          320000.00              72.73      No MI
       17153530                    20070401            3905.42          721000.00              70.00      No MI
       17153531                    20070301             570.92           97872.53              90.00      Triad Guaranty
       17153532                    20070401            1273.50          226400.00              80.00      No MI
       17153534                    20070401            1514.06          285000.00              75.00      No MI
       17153535                    20070301            3751.56          735000.00              66.82      No MI
       17153536                    20070401            1349.78          239960.00              80.00      No MI
       17153415                    20070401            3202.08          580000.00              80.00      No MI
       17153416                    20070401            2905.94          547000.00              57.28      No MI
       17153417                    20070401            1412.60          251129.00              80.00      No MI
       17153418                    20070501            1020.00          204000.00              80.00      No MI
       17153419                    20070401            1877.08          340000.00              52.71      No MI
       17153421                    20070401            2545.67          436400.00              80.00      No MI
       17153422                    20070401            2370.52          384267.48              86.52      PMI
       17153424                    20070401            2916.67          560000.00              80.00      No MI
       17153426                    20070401            1639.20          255547.02              80.00      No MI
       17153427                    20070401            2429.17          440000.00              80.00      No MI
       17153428                    20070401            1952.72          312418.64              94.85      PMI
       17153429                    20070401             983.67          181600.00              80.00      No MI
       17153430                    20070301            2093.46          379193.50              80.00      No MI
       17153431                    20070301             866.67          160000.00              80.00      No MI
       17153432                    20070201            1122.39          149015.00              90.00      GE Capital MI
       17153433                    20070401            1674.76          271482.47              80.00      No MI
       17153435                    20070401            1130.52          204772.76              80.00      No MI
       17153436                    20070401            1129.24          161146.25              95.00      PMI
       17153437                    20070401             775.83          152000.00              80.00      No MI
       17153438                    20070401            2975.00          560000.00              70.00      No MI
       17153439                    20070501            2812.50          500000.00              76.39      No MI
       17153440                    20070401            3162.32          659962.50              80.00      No MI
       17153441                    20070401            1120.05          195500.00              53.13      No MI
       17153442                    20070401             918.18          144500.00              85.00      PMI
       17153443                    20070401             888.09          163955.58              80.00      No MI
       17153444                    20070401            2687.19          505823.06              81.61      PMI
       17153445                    20070401             865.51          131527.98              85.00      PMI
       17153446                    20070401            4200.00          840000.00              80.00      No MI
       17153447                    20070501            1792.58          351200.00              80.00      No MI
       17153448                    20070401            1581.67          292000.00              80.00      No MI
       17153449                    20070401            1290.41          242900.00              89.96      PMI
       17153450                    20070501            2052.46          333960.00              80.00      No MI
       17153451                    20070401            1004.03          154532.69              90.00      PMI
       17153452                    20070401            1503.13          277500.00              75.00      No MI
       17153453                    20070401             719.88          132900.00              79.11      No MI
       17153454                    20070401            3386.45          548953.55              69.62      No MI
       17153455                    20070401            1738.13          309000.00              80.00      No MI
       17153456                    20070401             987.57          172375.00              80.00      No MI
       17153457                    20070401             981.55          168266.00              80.00      No MI
       17153458                    20070401            1080.27          203345.00              80.00      No MI
       17153459                    20070401            3891.76          794913.00              80.00      No MI
       17153460                    20070401            3183.88          522978.80              80.00      No MI
       17153462                    20061101            1057.11          202966.00              80.00      No MI
       17153463                    20070401             920.89          170010.00              90.00      PMI
       17153464                    20070301            1806.25          340000.00              80.00      No MI
       17153465                    20070401            2022.13          332151.43              80.00      No MI
       17153466                    20061201            3257.81          625500.00              75.00      No MI
       17153467                    20070101             896.46          165500.00              79.99      No MI
       17153468                    20070401            7537.50         1340000.00              74.44      No MI
       17153471                    20061201            2249.42          399897.73              80.00      No MI
       17153472                    20070401            1057.19          199000.00              78.04      No MI
       17153473                    20070401            1479.30          278457.00              80.00      No MI
       17153474                    20070101            1800.00          320000.00              80.00      No MI
       17153475                    20070301            4275.39          746250.00              75.00      No MI
       17153476                    20061201            3588.54          650000.00              87.25      GE Capital MI
       17153477                    20070401            1279.73          231800.00              95.00      PMI
       17153478                    20070201            2767.66          414483.23              65.00      No MI
       17153479                    20070201            3242.99          498263.45              71.94      No MI
       17153480                    20070301            2283.73          466465.00              80.00      No MI
       17153482                    20070201            1270.46          151537.70              74.44      No MI
       17153483                    20070401            1838.70          326880.00              80.00      No MI
       17153484                    20070401            2056.51          372500.00              67.12      No MI
       17153485                    20070401            3216.67          617600.00              80.00      No MI
       17153486                    20070301            2482.67          425600.00              95.00      PMI
       17153487                    20070301            1896.41          356972.00              80.00      No MI
       17153488                    20070101             955.50          176400.00              80.00      No MI
       17153489                    20070401             610.94          115000.00              73.27      No MI
       17153490                    20070101            2141.44          369992.82              80.00      No MI
       17153492                    20070201            2310.94          435000.00              58.00      No MI
       17153493                    20070301            3416.29          618800.00              80.00      No MI
       17153084                    20070301            1912.50          339999.99              80.00      No MI
       17153085                    20060501            1297.75          239584.00              95.00      Triad Guaranty
       17153086                    20061101             837.48          143568.00              80.00      No MI
       17153088                    20061101            1300.54          185015.42              79.83      No MI
       17153089                    20061101             756.25          132000.00              80.00      No MI
       17153090                    20070201            2222.92          388000.00              79.84      No MI
       17153091                    20061201            1500.10          257160.00              80.00      No MI
       17153092                    20061101            1546.88          270000.00              46.55      No MI
       17153093                    20070101            1629.38          279323.00              80.00      No MI
       17153101                    20061101            1120.00          224000.00              80.00      No MI
       17153102                    20061101            2279.82          349345.49              95.00      PMI
       17153103                    20061201            1832.22          358964.71              40.80      No MI
       17153105                    20070401            1545.83          280000.00              80.00      No MI
       17153106                    20070101            6780.84          990075.76              70.00      No MI
       17153107                    20070101             816.70          147929.00              80.00      No MI
       17153108                    20070301            1046.50          209300.00              65.00      No MI
       17153109                    20070101             703.13          125000.00              89.29      Republic MIC
       17153110                    20061201             866.21          166312.70              80.00      No MI
       17153112                    20070101            1163.24          210700.00              79.99      No MI
       17153113                    20070301             604.17          115999.76              37.91      No MI
       17153114                    20070401            5237.68          738925.40              80.00      No MI
       17153115                    20070201            3351.30          630832.39              64.98      No MI
       17153116                    20070201            1066.51          196893.31              33.62      No MI
       17153117                    20070301            3640.67          574421.39              80.00      No MI
       17153118                    20070301            2054.17          394400.00              80.00      No MI
       17153119                    20070401            1197.92          230000.00              57.50      No MI
       17153120                    20070301            1131.85          167594.55              80.00      No MI
       17153121                    20070201            1037.66          199229.99              80.00      No MI
       17153122                    20070201            2697.98          447280.97              32.49      No MI
       17153123                    20070401             731.25          135000.00              41.80      No MI
       17153126                    20070401             921.26          155160.00              90.00      PMI
       17153127                    20070401             891.50          155608.06              80.00      No MI
       17153128                    20070301            2462.47          454610.32              86.04      PMI
       17153129                    20070301            1386.63          261012.69              77.35      No MI
       17153130                    20070401            2296.88          450000.00              60.00      No MI
       17153131                    20070301             449.55           79920.00              80.00      No MI
       17153132                    20070401            2686.23          495920.00              80.00      No MI
       17153134                    20070401            2257.81          425000.00              68.00      No MI
       17153135                    20061101             657.00          116800.00              80.00      No MI
       17153136                    20070401            3385.42          650000.00              76.47      No MI
       17153137                    20070101             915.00          146400.00              80.00      No MI
       17153138                    20070101            1643.74          254515.00              80.00      No MI
       17153139                    20070301            2559.38          455000.00              60.67      No MI
       17153140                    20070301             926.79          171100.00              79.97      No MI
       17153141                    20070401             840.76          146750.00              79.98      No MI
       17153142                    20070201            7542.54         1219735.87              66.22      No MI
       17153143                    20070301            7375.00         1475000.00              50.00      No MI
       17153145                    20070201             718.31          103680.50              80.00      No MI
       17153146                    20070401            2753.03          480528.00              80.00      No MI
       17153147                    20070401            1152.79          216995.00              80.00      No MI
       17153148                    20070301            1121.25          207000.00              79.62      No MI
       17153149                    20070301            4914.06          925000.00              77.08      No MI
       17153150                    20070301            1187.85          247900.00              79.99      No MI
       17153151                    20070301            2386.04          440500.00              76.61      No MI
       17153152                    20070401            2921.34          549900.00              69.99      No MI
       17153153                    20070301            1462.50          270000.00              71.04      No MI
       17153154                    20070201             820.75          160800.00              80.00      No MI
       17153156                    20070201             901.00          169600.00              80.00      No MI
       17153157                    20070201             931.57          171982.41              65.78      No MI
       17153158                    20070301             907.92          174320.00              80.00      No MI
       17153159                    20070301            3972.69          747800.00              76.31      No MI
       17153160                    20070201            5214.73          801207.63              80.00      No MI
       17153161                    20070301            1472.00          294400.00              80.00      No MI
       17153162                    20070301            1213.33          224000.00              80.00      No MI
       17153164                    20070401            2070.31          375000.00              88.24      PMI
       17153165                    20070401            1958.33          376000.00              73.73      No MI
       17153166                    20070301            3304.17          610000.00              54.22      No MI
       17153167                    20070301            2854.58          527000.00              57.60      No MI
       17153168                    20070301             609.50          110400.00              80.00      No MI
       17153170                    20070401            1245.00          249000.00              66.40      No MI
       17153171                    20070301            4140.63          750000.00              21.43      No MI
       17153172                    20070201            1021.50          181600.00              80.00      No MI
       17153173                    20070101             710.68          100040.00              80.00      No MI
       17153174                    20070201             946.37          168242.75              79.99      No MI
       17153175                    20070401            1332.99          255933.33              80.00      No MI
       17153176                    20070301             755.57          117675.45              80.00      No MI
       17153177                    20070401            1668.33          308000.00              80.00      No MI
       17153179                    20070201            3440.01          688000.00              80.00      No MI
       17153180                    20070301            2286.67          448000.00              80.00      No MI
       17153181                    20070301            2538.97          459889.00              75.00      No MI
       17153182                    20070301            1275.00          240000.00              80.00      No MI
       17153183                    20070401             834.17          154000.00              70.00      No MI
       17153184                    20070201            1301.04          215344.00              80.00      No MI
       17153186                    20070301            1060.00          192000.00              80.00      No MI
       17153187                    20070301            2759.17          473000.00              69.94      No MI
       17153188                    20070401            1090.26          218052.00              80.00      No MI
       17153189                    20070301            1870.00          352000.00              79.10      No MI
       17153190                    20070301             939.17          184000.00              79.65      No MI
       17153191                    20070401            3185.16          566250.00              75.00      No MI
       17153192                    20070401            1859.38          350000.00              70.00      No MI
       17153193                    20070201            1056.31          206950.00              80.00      No MI
       17153194                    20070401            2558.23          481550.00              90.00      Radian Guaranty
       17153195                    20070301             927.57          164900.00              80.00      No MI
       17153196                    20070301            3830.47          680971.81              78.74      No MI
       17153199                    20070301            1432.29          250000.00              74.63      No MI
       17153200                    20070301            1273.44          244500.00              79.98      No MI
       17153201                    20070401            2865.86          475964.63              77.72      No MI
       17153202                    20070401            1958.13          391626.00             100.00      Republic MIC
       17153322                    20070301            4500.00          864000.00              80.00      No MI
       17153323                    20070401            1526.00          261600.00              80.00      No MI
       17153324                    20070401            1257.74          256900.00              76.72      No MI
       17153326                    20070401            1521.00          270400.00              80.00      No MI
       17153327                    20070401            2340.00          416000.00              75.64      No MI
       17153328                    20070401            1504.69          267500.00              56.91      No MI
       17153329                    20070401            3622.50          644000.00              80.00      No MI
       17153330                    20070301            1504.71          288905.21              67.21      No MI
       17153332                    20070401             663.37          103416.67              80.00      No MI
       17153333                    20070401            2736.25          477600.00              80.00      No MI
       17153334                    20070401            1268.38          205544.31              73.57      No MI
       17153335                    20070401             996.67          184000.00              80.00      No MI
       17153336                    20070301            1211.25          228000.00              80.00      No MI
       17153337                    20070401            1114.23          209738.22              79.99      No MI
       17153338                    20070301            4037.50          760000.00              80.00      No MI
       17153339                    20070401            2307.50          426000.00              68.16      No MI
       17153340                    20070401            4527.08          820000.00              80.00      No MI
       17153341                    20070401             755.92          112020.00              85.00      PMI
       17153342                    20070401            3315.00          624000.00              80.00      No MI
       17153343                    20070401             692.86          125500.00              78.44      No MI
       17153345                    20070401            1166.67          224000.00              80.00      No MI
       17153346                    20070301            1210.29          211250.00              65.00      No MI
       17153347                    20070301            1575.00          280000.00              80.00      No MI
       17153348                    20070301            1213.06          223950.00              79.98      No MI
       17153349                    20070401            1580.47          297500.00              63.30      No MI
       17153350                    20070401            4523.44          723750.00              75.00      No MI
       17153351                    20070401            3463.53          639421.43              58.18      No MI
       17153352                    20070301            1327.35          245050.00              79.99      No MI
       17153353                    20070401            3028.13          570000.00              66.67      No MI
       17153354                    20070401             506.49           86826.29              80.00      No MI
       17153355                    20070401            1600.00          240000.00              75.00      No MI
       17153356                    20070401            1993.33          368000.00              80.00      No MI
       17153357                    20070401             926.50          174400.00              80.00      No MI
       17153358                    20070301            4950.00          880000.00              80.00      No MI
       17153359                    20070401            3055.78          553500.00              90.00      PMI
       17153360                    20070101             665.88          114150.00              74.85      No MI
       17153361                    20070401            4113.96          759500.00              70.00      No MI
       17153362                    20070401            1513.00          284800.00              80.00      No MI
       17153363                    20070401            3930.21          686000.00              70.00      No MI
       17153364                    20070401             944.19          174312.00              80.00      No MI
       17153365                    20070401            2063.41          373750.00              76.28      No MI
       17153366                    20070401            4037.50          760000.00              80.00      No MI
       17153367                    20070401            1091.45          170154.39              80.00      No MI
       17153369                    20070401             957.91          173508.00              80.00      No MI
       17153370                    20070401            1191.67          208000.00              80.00      No MI
       17153371                    20070401            1738.25          267436.64              80.00      No MI
       17153372                    20070401            3208.33          560000.00              80.00      No MI
       17153373                    20070401            1952.34          382500.00              75.00      No MI
       17153374                    20070401            1269.58          277000.00              92.33      Triad Guaranty
       17153375                    20070401             855.31          161000.00              70.00      No MI
       17153376                    20070401            2025.00          360000.00              64.86      No MI
       17153377                    20070401             650.00          120000.00              40.00      No MI
       17153378                    20070401            3460.00          692000.00              80.00      No MI
       17153379                    20070401            1196.25          239250.00              75.00      No MI
       17153380                    20070401            2887.50          504000.00              90.00      PMI
       17153381                    20070401            1643.99          315645.83              80.00      No MI
       17153382                    20070401            1249.90          249979.08              62.50      No MI
       17153383                    20070401            2118.34          383700.00              71.72      No MI
       17153384                    20070401             513.33           88000.00              80.00      No MI
       17153385                    20070401            1489.58          260000.00              82.54      PMI
       17153386                    20070401            1743.86          321943.03              74.88      No MI
       17153387                    20070401           12500.00         2000000.00              74.07      No MI
       17153388                    20070401             873.42          139739.97              80.00      No MI
       17153389                    20070401            3072.92          500000.00              71.74      No MI
       17153390                    20070401            2979.17          520000.00              63.03      No MI
       17153391                    20070401             816.20          139920.00              80.00      No MI
       17153392                    20070401            1934.48          379000.00              67.68      No MI
       17153393                    20070301            2329.17          429999.90              74.14      No MI
       17153394                    20070401            1010.48          186550.00              91.00      Triad Guaranty
       17153395                    20070401            1373.02          269000.00              89.67      PMI
       17153396                    20070401             854.00          170800.00              80.00      No MI
       17153397                    20070401            1153.54          226000.00              39.30      No MI
       17153398                    20070401             814.74          156429.71              68.09      No MI
       17153399                    20070401            1562.50          300000.00              67.42      No MI
       17153400                    20070401            4389.58          860000.00              80.00      No MI
       17153401                    20070401            1159.58          202400.00              80.00      No MI
       17153402                    20070401            2539.17          443200.00              77.75      No MI
       17153403                    20070401            1231.44          199619.47              60.61      No MI
       17153405                    20070301            1987.50          359999.16              77.92      No MI
       17153406                    20070401            5520.83         1000000.00              79.37      No MI
       17153407                    20070401            1197.97          225500.00              79.96      No MI
       17153408                    20070401            1503.97          283100.00              95.00      PMI
       17153409                    20070401            2762.50          520000.00              80.00      No MI
       17153410                    20070401             272.44           51282.38              15.52      No MI
       17153411                    20070401            2913.41          499441.72              79.92      No MI
       17153412                    20070401             627.99          113750.00              65.00      No MI
       17153414                    20070401            1773.66          259593.12              80.00      No MI
       17153210                    20070401            2735.42          505000.00              60.12      No MI
       17153211                    20070301            1526.56          244250.00              79.99      No MI
       17153212                    20070301             623.50          103200.00              71.92      No MI
       17153214                    20070301            2965.52          581000.00              74.97      No MI
       17153215                    20070301             918.00          172800.00              80.00      No MI
       17153216                    20070401            2704.00          499200.00              80.00      No MI
       17153217                    20070401             928.52          181915.00              79.13      No MI
       17153218                    20070301             771.88          130000.00              83.87      PMI
       17153219                    20070301             728.00          124800.00              80.00      No MI
       17153220                    20070301             513.33           88000.00              80.00      No MI
       17153221                    20070301            2848.00          569600.00              80.00      No MI
       17153222                    20070301            2676.41          524357.74              40.38      No MI
       17153223                    20070301            1213.06          223950.00              79.98      No MI
       17153224                    20070401             942.50          156000.00              80.00      No MI
       17153225                    20070301            1870.83          359200.00              80.00      No MI
       17153226                    20070401            2448.51          381716.38              80.00      No MI
       17153227                    20070401            1870.00          352000.00              80.00      No MI
       17153228                    20070301            5437.50          900000.00              75.00      No MI
       17153229                    20070401             764.37          133416.95              80.00      No MI
       17153230                    20070301            1307.04          241300.00              80.00      No MI
       17153231                    20070301             964.75          181600.00              80.00      No MI
       17153232                    20070301             748.00          140800.00              80.00      No MI
       17153233                    20070201            4085.42          740000.00              80.00      No MI
       17153234                    20070301            1575.58          315115.00              75.00      No MI
       17153235                    20070301            2970.83          460000.00              80.00      No MI
       17153236                    20070301             719.33          132800.00              80.00      No MI
       17153237                    20070301             700.00          140000.00              36.36      No MI
       17153239                    20070401            1188.14          223650.00              77.56      No MI
       17153240                    20070301            1791.67          344000.00              80.00      No MI
       17153244                    20070301            3306.70          577169.19              75.00      No MI
       17153245                    20070301            1697.93          307550.00              79.99      No MI
       17153247                    20070301            3635.42          698000.00              78.43      No MI
       17153249                    20070301            1696.93          271240.19              78.84      No MI
       17153250                    20070301            4038.67          745600.00              80.00      No MI
       17153251                    20070301            2484.38          450000.00              63.38      No MI
       17153252                    20070301             663.39          109802.63              48.89      No MI
       17153253                    20070301            3931.25          740000.00              80.00      No MI
       17153254                    20070401            3124.02          499843.75              72.99      No MI
       17153255                    20070301             938.30          204720.00              80.00      No MI
       17153256                    20070401            2652.20          383359.71              80.00      No MI
       17153257                    20070401            2695.00          528000.00              80.00      No MI
       17153258                    20061201            5373.33          992000.00              80.00      No MI
       17153259                    20070401            1530.75          299901.92              63.83      No MI
       17153260                    20070401            1536.75          239575.33              80.00      No MI
       17153261                    20070401             850.00          170000.00              66.67      No MI
       17153262                    20070301            1800.00          288000.00              90.00      PMI
       17153263                    20070401            1730.21          302000.00              94.38      PMI
       17153264                    20070301            2206.25          423600.00              95.00      GE Capital MI
       17153267                    20070301            1330.33          245600.00              84.99      PMI
       17153268                    20070401            2015.00          372000.00              80.00      No MI
       17153269                    20070301            1875.00          360000.00              80.00      No MI
       17153270                    20070301            3470.83          680000.00              80.00      No MI
       17153272                    20070401            2227.14          419227.27              65.00      No MI
       17153274                    20070301            3825.00          720000.00              80.00      No MI
       17153275                    20070401            1041.25          196000.00              80.00      No MI
       17153276                    20070301            1873.13          333000.00              79.99      No MI
       17153277                    20070401            1678.33          304000.00              80.00      No MI
       17153278                    20070401             698.98          106219.67              80.00      No MI
       17153279                    20070401             587.35           83872.58              76.36      No MI
       17153280                    20070401            3098.29          502242.60              80.00      No MI
       17153281                    20070401            2196.66          468621.00              79.97      No MI
       17153282                    20070401             913.70          165500.00              78.07      No MI
       17153283                    20070401             997.11          147762.58              80.00      No MI
       17153284                    20070401            1717.86          278469.15              79.94      No MI
       17153285                    20070301            2320.41          420300.00              90.00      PMI
       17153286                    20070401            1054.17          184000.00              80.00      No MI
       17153287                    20070401             918.40          166351.13              75.96      No MI
       17153288                    20070301            3207.81          615900.00              79.99      No MI
       17153289                    20070401            1766.41          332500.00              70.00      No MI
       17153291                    20070401            2191.62          420792.00              80.00      No MI
       17153292                    20070401            1145.83          220000.00              78.57      No MI
       17153293                    20070301            2170.79          416792.00              80.00      No MI
       17153294                    20070301            1124.63          239920.00              80.00      No MI
       17153295                    20070401            3054.57          563920.00              80.00      No MI
       17153296                    20070401            1648.65          282625.00              95.00      PMI
       17153297                    20070401            1764.08          307911.77              80.00      No MI
       17153298                    20070401            3360.00          576000.00              80.00      No MI
       17153299                    20070401             957.06          170144.00              80.00      No MI
       17153300                    20070401             557.81          105000.00              20.19      No MI
       17153301                    20070401            1862.00          319200.00              80.00      No MI
       17153302                    20070301            1043.64          196450.00              79.98      No MI
       17153303                    20070401            1530.70          235592.46              80.00      No MI
       17153304                    20070301            1832.81          345000.00              75.00      No MI
       17153305                    20070301            1071.88          210000.00              60.34      No MI
       17153306                    20070401             536.00           84646.25              80.00      No MI
       17153307                    20070401            1534.58          254000.00              72.57      No MI
       17153308                    20070401             955.04          169784.00              80.00      No MI
       17153310                    20070401            3231.25          660000.00              80.00      No MI
       17153311                    20070401             648.60           99827.32              80.00      No MI
       17153312                    20070301            2312.38          426900.00              75.56      No MI
       17153313                    20070301             320.25           50400.00              80.00      No MI
       17153314                    20070401            1581.67          292000.00              80.00      No MI
       17153316                    20070401            1373.33          208699.72              80.00      No MI
       17153317                    20070401            2208.33          400000.00              80.00      No MI
       17153318                    20070401            2291.67          440000.00              80.00      No MI
       17153319                    20070301             994.73          173624.00              80.00      No MI
       17153320                    20070401            1265.63          225000.00              60.81      No MI
       17153321                    20070301            2911.25          548000.00              68.50      No MI
       17153203                    20070401             517.71           92037.73              80.00      No MI
       17153204                    20070301            1145.83          199999.08              80.00      No MI
       17153205                    20070401            1878.33          368000.00              80.00      No MI
       17153206                    20070401            1532.16          249300.00              89.97      PMI
       17153207                    20070301            1375.00          240000.00              80.00      No MI
       17153208                    20070301            2002.08          384400.00              76.75      No MI
       16846361                    20061201             853.79          174392.00              79.63      No MI
       17153912                    20070401            2438.98          441777.99              80.00      No MI
       17153913                    20070401            2511.98          455000.00              70.00      No MI
       17153914                    20070401            1933.74          301465.63              80.00      No MI
       17153915                    20070301            2870.83          520000.00              65.00      No MI
       17153916                    20070201            3219.46          542224.00              80.00      No MI
       17153917                    20070201            6848.96         1315000.00              52.60      No MI
       17153918                    20070301            1876.88          346500.00              75.00      No MI
       17153919                    20070301           10406.25         1850000.00              74.00      No MI
       17153920                    20070301            4833.98          843750.00              75.00      No MI
       17153921                    20070301            1948.85          353000.00              56.94      No MI
       17153922                    20070201             670.31          117000.00              90.00      GE Capital MI
       17153923                    20070301            1929.79          343073.72              77.83      No MI
       17153924                    20070401             892.50          168000.00              80.00      No MI
       17153925                    20070401            2917.63          460763.14              80.00      No MI
       17153926                    20070201             687.50          120000.00              80.00      No MI
       17153928                    20070301           11250.00         2250000.00              64.29      No MI
       17153929                    20070301            2036.67          416000.00              80.00      No MI
       17153930                    20070401            1820.00          336000.00              48.00      No MI
       17153931                    20070301            8125.00         1500000.00              66.67      No MI
       17153932                    20070401            2327.31          429657.41              51.81      No MI
       17153933                    20070401            1280.62          199581.74              80.00      No MI
       17153934                    20070301            3250.00          600000.00              64.24      No MI
       17153935                    20070401             850.00          160000.00              70.18      No MI
       17153936                    20070301            4648.12          874939.84              51.47      No MI
       17153937                    20070301           10625.00         2000000.00              62.56      No MI
       17153938                    20070301            1604.38          302000.00              53.08      No MI
       17153939                    20070401            2373.96          430000.00              74.01      No MI
       17153940                    20070401            1968.75          350000.00              90.00      PMI
       17153941                    20070301            1279.94          201942.48              90.00      PMI
       17153942                    20070301            2661.04          482000.00              74.73      No MI
       17153943                    20070301            3671.35          665000.00              72.28      No MI
       17153944                    20070401             637.50          120000.00              54.05      No MI
       17153945                    20070401            1501.66          271999.67              80.00      No MI
       17153946                    20070201             782.03          136500.00              60.67      No MI
       17153947                    20070301            3905.79          749912.27              66.25      No MI
       17153948                    20070301            2030.53          389862.14              49.37      No MI
       17153950                    20070301            3083.16          591966.58              53.82      No MI
       17153951                    20070401            1963.13          349000.00              78.65      No MI
       17153952                    20070401             429.81           66700.18              10.46      No MI
       17153953                    20070401             661.72          115500.00              65.00      No MI
       17153954                    20070301            1631.67          313280.00              80.00      No MI
       17153955                    20070401            2693.53          478850.00              76.62      No MI
       17153956                    20070401            1687.43          299987.50              75.00      No MI
       17153957                    20070301            1911.80          339874.68              80.00      No MI
       17153958                    20070401            1071.04          194000.00              80.00      No MI
       17153959                    20070301            2708.33          500000.00              72.57      No MI
       17153960                    20070401             519.72           95949.09              80.00      No MI
       17153961                    20070401            2234.62          363600.00              90.00      PMI
       17153962                    20070401            1668.33          308000.00              70.00      No MI
       17153963                    20070401            1400.00          240000.00              80.00      No MI
       17153964                    20070301            1470.55          271486.28              80.00      No MI
       17153965                    20070401             536.79           99100.00              76.82      No MI
       17153966                    20070501            2268.76          388930.00              89.00      PMI
       17153968                    20070301            2045.31          385000.00              53.32      No MI
       17153969                    20070401            1435.39          218131.81              95.00      PMI
       17153970                    20070401            1050.94          177000.00              79.37      No MI
       17153971                    20070401            1852.67          317600.00              80.00      No MI
       17153972                    20070401            1993.38          347935.62              80.00      No MI
       17153973                    20070401             812.50          150000.00              68.18      No MI
       17153974                    20070401            1036.75          171600.00              80.00      No MI
       17153975                    20070301            2383.33          440000.00              80.00      No MI
       17153976                    20070301            2470.00          456000.00              80.00      No MI
       17153977                    20070301            2760.42          500000.00              67.11      No MI
       17153978                    20070301             394.90           66510.00              89.89      PMI
       17153979                    20070401            1507.65          229113.28              90.00      PMI
       17153980                    20070301             874.89          144810.00              90.00      PMI
       17153981                    20070401            1297.34          194679.39              51.32      No MI
       17153982                    20070401            2477.86          432500.00              32.04      No MI
       17153983                    20070401            2404.43          374844.55              80.00      No MI
       17153984                    20070401            1401.56          258750.00              75.00      No MI
       17153985                    20070401            2839.38          495600.00              80.00      No MI
       17153986                    20070301            1616.40          287360.00              80.00      No MI
       17153987                    20070401            2733.47          485950.00              74.20      No MI
       17153988                    20070301            1147.53          196720.00              80.00      No MI
       17153989                    20070401           20854.17         3640000.00              65.00      No MI
       17153990                    20070401            1793.13          302000.00              67.11      No MI
       17153991                    20070301            2202.81          399000.00              65.41      No MI
       17153992                    20070301            1387.51          242182.83              88.09      PMI
       17153993                    20070401            2200.02          321995.32              75.00      No MI
       17153994                    20070401            1265.00          220800.00              80.00      No MI
       17153995                    20070401            1787.50          330000.00              58.93      No MI
       17153996                    20070401            1237.50          220000.00              80.00      No MI
       17153997                    20070401             812.50          150000.00              28.85      No MI
       17153998                    20070301            2812.50          500000.00              69.44      No MI
       17153999                    20070301            1869.57          276830.30              75.00      No MI
       17154000                    20070401            2383.33          440000.00              80.00      No MI
       17154001                    20070301            2830.21          494000.00              95.00      PMI
       17154002                    20070401            1810.42          316000.00              80.00      No MI
       17154003                    20070401            1037.47          187920.00              80.00      No MI
       17154004                    20070401            5182.11          994964.49              68.62      No MI
       17154005                    20070401            1359.00          271800.00              80.00      No MI
       17154007                    20070401            1454.63          215563.65              90.00      PMI
       17154009                    20070401            2075.51          319447.43              80.00      No MI
       17154010                    20070301            2222.92          388000.00              80.00      No MI
       17154011                    20070301             831.09          147750.00              75.00      No MI
       17154012                    20070301            2195.41          383198.83              80.00      No MI
       17154014                    20070401            1434.79          226588.26              67.76      No MI
       17154015                    20070301            1126.25          212000.00              54.07      No MI
       17154016                    20070401             994.46          164600.00              89.99      PMI
       17154017                    20070401            2323.95          437450.00              85.00      PMI
       17154018                    20070401             839.17          152000.00              80.00      No MI
       17154019                    20070401            1428.75          244929.17              68.06      No MI
       17154020                    20070401            1005.33          166400.00              89.99      PMI
       17154021                    20070401             522.70           92925.00              75.00      No MI
       17154022                    20070401             522.70           92925.00              75.00      No MI
       17154023                    20070401            1399.13          344400.00              76.78      No MI
       17154024                    20070401            1195.99          294398.00              75.62      No MI
       17154025                    20070501            1297.05          234937.23              54.02      No MI
       17154026                    20070401            3195.15          498117.07              61.57      No MI
       17154027                    20070401             653.33          112000.00              80.00      No MI
       17154028                    20070401            3553.33          656000.00              80.00      No MI
       17154029                    20070401            2031.67          368000.00              80.00      No MI
       17154030                    20070401            2700.77          471406.64              78.67      No MI
       17154032                    20070401            1739.06          315000.00              91.30      PMI
       17154033                    20070401            2708.33          500000.00              74.68      No MI
       17154034                    20070301             301.32           56719.67              80.00      No MI
       17154035                    20070401             698.17          113600.00              80.00      No MI
       17154036                    20070401            3973.75          748000.00              80.00      No MI
       17154037                    20070301            3927.08          650000.00              79.75      No MI
       17154038                    20070401            2085.42          364000.00              61.52      No MI
       17154039                    20070401            2073.96          362000.00              57.74      No MI
       17154040                    20070401            2091.15          365000.00              73.74      No MI
       17154041                    20070401            3250.00          624000.00              80.00      No MI
       17154042                    20070401            1236.67          224000.00              80.00      No MI
       17154043                    20070401            1166.67          200000.00              61.54      No MI
       17154044                    20070401            2354.69          411000.00              65.45      No MI
       17154045                    20070401            3529.17          616000.00              69.92      No MI
       17154046                    20070401            1006.88          179000.00              47.35      No MI
       17154047                    20070301             698.90          115680.00              80.00      No MI
       17154048                    20070401            2153.53          382850.00              65.00      No MI
       17154050                    20070401             786.67          128000.00              80.00      No MI
       17154051                    20070401            1885.42          362000.00              52.09      No MI
       17154052                    20070401            1456.00          249600.00              80.00      No MI
       17154053                    20070401            1384.62          250800.00              53.40      No MI
       17154054                    20070401             502.43           83160.00              90.00      PMI
       17154055                    20070401            1594.98          278395.83              80.00      No MI
       17154056                    20070401            1774.38          334000.00              61.28      No MI
       17154057                    20070401             893.18          153117.36              80.00      No MI
       17154058                    20070401             999.17          174400.00              80.00      No MI
       17154059                    20070401            1155.22          177802.44              90.00      PMI
       17154060                    20070401            1155.22          177802.44              90.00      PMI
       17154061                    20070401            1543.75          285000.00              39.58      No MI
       17154062                    20070401             653.94          118450.00              75.00      No MI
       17154063                    20070501            1065.75          176400.00              90.00      PMI
       17154064                    20070401             758.33          130000.00              41.94      No MI
       17154065                    20070401             758.33          130000.00              46.43      No MI
       17154066                    20070401            1934.92          286643.75              80.00      No MI
       17154067                    20070401             419.58           76000.00              80.00      No MI
       17154068                    20070401            1261.30          191676.48              80.00      No MI
       17154069                    20070401            1208.75          183689.95              80.00      No MI
       17154070                    20070401            2731.38          476750.00              71.16      No MI
       17154072                    20070401            1417.50          252000.00              80.00      No MI
       17154074                    20070401            2278.13          405000.00              79.41      No MI
       17154075                    20070401            1524.88          276204.39              63.73      No MI
       17154076                    20070401            4433.16          718630.12              55.38      No MI
       17154077                    20070401            1516.67          260000.00              78.79      No MI
       17154078                    20070501            1087.75          183200.00              80.00      No MI
       17154081                    20070401            1466.67          256000.00              80.00      No MI
       17154082                    20070401            3524.58          615200.00              80.00      No MI
       17154083                    20070401            1923.13          362000.00              56.39      No MI
       17154084                    20070401             721.98          121596.56              80.00      No MI
       17154085                    20070401             688.70          115991.77              80.00      No MI
       17154086                    20070401             598.77           89852.03              43.27      No MI
       17154087                    20070501             871.25          164000.00              80.00      No MI
       17154088                    20070401            2006.13          363375.00              95.00      PMI
       17154089                    20070401            2868.75          510000.00              80.00      No MI
       17154090                    20070401             499.48           99895.02              80.00      No MI
       17154091                    20070401             790.20          140480.00              80.00      No MI
       17154092                    20070401            2262.00          417600.00              80.00      No MI
       17154093                    20070401            6956.25         1260000.00              70.00      No MI
       17154094                    20070401            2139.88          366836.00              76.74      No MI
       17154095                    20070501            5806.67         1072000.00              66.17      No MI
       17154097                    20070501            1256.67          208000.00              80.00      No MI
       17154098                    20070401             664.58          116000.00              80.00      No MI
       17153770                    20070401             976.22          173550.00              65.00      No MI
       17153771                    20070201            3191.15          557000.00              79.90      No MI
       17153772                    20070301            2970.00          528000.00              80.00      No MI
       17153773                    20070401            1169.33          183293.80              67.27      No MI
       17153774                    20070301            4228.75          796000.00              80.00      No MI
       17153775                    20070401            1139.23          210320.00              80.00      No MI
       17153776                    20070401            1005.11          152742.17              90.00      PMI
       17153777                    20070301            2275.00          455000.00              77.78      No MI
       17153779                    20070401            4062.50          750000.00              62.50      No MI
       17153781                    20070401             934.61          169287.00              80.00      No MI
       17153782                    20070301            2431.90          448966.43              69.77      No MI
       17153783                    20070401             992.37          179750.00              27.69      No MI
       17153784                    20070301             912.45          141517.40              95.00      United Guaranty
       17153785                    20070301            1272.38          226200.00              77.92      No MI
       17153786                    20070301            1905.75          326700.00              90.00      MGIC
       17153787                    20070301             751.50          133600.00              68.51      No MI
       17153788                    20070301             466.67           80000.00              80.00      No MI
       17153789                    20070401             896.44          139651.72              80.00      No MI
       17153790                    20070301             714.58          122500.00              70.00      No MI
       17153792                    20070401            1125.00          200000.00              80.00      No MI
       17153793                    20070301            1764.01          307900.00              79.99      No MI
       17153794                    20070301             179.90           31400.00              89.97      Triad Guaranty
       17153795                    20070301            4467.81          779836.75              80.00      No MI
       17153796                    20070401            1083.08          199953.80              80.00      No MI
       17153797                    20070301            4106.25          730000.00              72.28      No MI
       17153798                    20070301            2291.15          415000.00              80.00      No MI
       17153799                    20070301             682.28          112929.43              95.00      PMI
       17153800                    20070301            1514.06          255000.00              79.94      No MI
       17153801                    20070401            7729.17         1400000.00              58.33      No MI
       17153802                    20070301            1161.58          210400.00              80.00      No MI
       17153803                    20070401            1780.12          294640.00              73.66      No MI
       17153804                    20070401            1540.00          264000.00              80.00      No MI
       17153805                    20070401            3426.77          699935.03              80.00      No MI
       17153806                    20070401            1292.53          243300.00              80.00      No MI
       17153807                    20070301            3552.08          620000.00              80.00      No MI
       17153808                    20070301            1856.25          330000.00              75.00      No MI
       17153809                    20070401            1595.56          245575.19              88.17      PMI
       17153810                    20070201            2075.83          376000.00              79.16      No MI
       17153811                    20070401            1866.67          320000.00              80.00      No MI
       17153812                    20070301            1551.25          292000.00              64.89      No MI
       17153813                    20070101            5175.00          920000.00              80.00      No MI
       17153814                    20070401            1030.79          152754.57              90.00      PMI
       17153815                    20070401            2154.17          376000.00              80.00      No MI
       17153816                    20070401             762.04          115804.53              80.00      No MI
       17153817                    20070401             849.71          122832.72              95.00      PMI
       17153818                    20070401            5456.79          988399.00              70.00      No MI
       17153819                    20070401             882.00          151200.00              80.00      No MI
       17153820                    20070401            1925.00          336000.00              80.00      No MI
       17153822                    20070401            1031.25          180000.00              90.00      United Guaranty
       17153823                    20070401            1380.22          212432.53              80.00      No MI
       17153824                    20070301            1057.29          175000.00              56.45      No MI
       17153825                    20070401             372.75           71568.58              80.00      No MI
       17153826                    20070401            3222.69          572923.13              73.46      No MI
       17153827                    20070401            2185.00          368000.00              80.00      No MI
       17153828                    20070401            2086.00          357600.00              80.00      No MI
       17153829                    20070401            6372.21          967762.06              70.80      No MI
       17153831                    20070401            2420.57          422500.00              65.00      No MI
       17153832                    20070401             641.17           97435.53              80.00      No MI
       17153833                    20070401            1364.36          199687.00              80.00      No MI
       17153834                    20070401            1588.56          277276.00              80.00      No MI
       17153835                    20070401            1633.33          280000.00              80.00      No MI
       17153836                    20070401            1633.33          280000.00              80.00      No MI
       17153837                    20070401            1633.33          280000.00              80.00      No MI
       17153838                    20070401            1633.33          280000.00              80.00      No MI
       17153839                    20070401            7189.58         1190000.00              70.00      No MI
       17153840                    20070401            2222.11          374250.00              75.00      No MI
       17153841                    20070401            3643.75          636000.00              80.00      No MI
       17153843                    20070401            1315.84          205136.38              98.33      GE Capital MI
       17153844                    20070401            2864.58          500000.00              79.37      No MI
       17153845                    20070401            1443.75          252000.00              64.95      No MI
       17153846                    20070401            2690.61          461248.00              80.00      No MI
       17153848                    20070401            2624.12          449850.00              80.00      No MI
       17153849                    20070401            1415.66          277354.56              95.00      PMI
       17153850                    20070401            1461.73          259862.50              65.00      No MI
       17153851                    20070401            1592.50          294000.00              70.00      No MI
       17153852                    20070401            1484.88          220046.45              95.00      PMI
       17153853                    20070401            1126.25          204000.00              68.00      No MI
       17153854                    20070401            1354.17          250000.00              55.56      No MI
       17153855                    20070401            1178.81          172529.57              80.00      No MI
       17153856                    20070501            1208.75          183800.96              80.00      No MI
       17153857                    20070401            1576.46          322000.00              59.08      No MI
       17153858                    20070401            3285.00          584000.00              80.00      No MI
       17153859                    20070401            3571.88          635000.00              25.40      No MI
       17153860                    20070401            4057.98          632628.61              65.00      No MI
       17153861                    20070401            2470.06          375240.75              75.96      No MI
       17153862                    20070401            2188.75          412000.00              80.00      No MI
       17153863                    20070501            3139.58          548000.00              51.89      No MI
       17153864                    20070401            2972.67          548800.00              80.00      No MI
       17153865                    20070401            1729.17          332000.00              56.75      No MI
       17153866                    20070401            1289.56          195969.21              75.00      No MI
       17153867                    20070401            1662.03          279920.00              80.00      No MI
       17153868                    20070401             541.67          100000.00              80.00      No MI
       17153869                    20070401            1608.50          266234.00              90.00      PMI
       17153870                    20070401             776.02          130697.59              95.00      PMI
       17153871                    20070401            2869.97          491994.24              80.00      No MI
       17153872                    20070401            1683.28          283500.00              90.00      PMI
       17153874                    20070401            1354.57          250074.00              80.00      No MI
       17153875                    20070401            3667.50          652000.00              66.87      No MI
       17153876                    20070401             985.82          151729.54              80.00      No MI
       17153878                    20070401            2021.25          346500.00              90.00      PMI
       17153879                    20070401            1852.90          296448.04             100.00      United Guaranty
       17153880                    20070401            1145.83          200000.00              80.00      No MI
       17153881                    20070401             825.00          144000.00              75.00      No MI
       17153882                    20070501            1149.65          172658.35              90.00      PMI
       17153883                    20070401             813.20          126775.28             100.00      Republic MIC
       17153884                    20070401             926.50          174400.00              80.00      No MI
       17153885                    20070401             887.63          157800.00              80.00      No MI
       17153886                    20070301           10268.75         1860000.00              58.13      No MI
       17153887                    20070401             540.72           99825.00              31.15      No MI
       17153889                    20070401             854.01          129780.94              80.00      No MI
       17153890                    20060901            8281.25         1500000.00              22.06      No MI
       17153891                    20070401             669.63          116880.00              80.00      No MI
       17153892                    20070301            1043.42          188997.27              90.00      PMI
       17153893                    20070301            1258.75          228000.00              60.00      No MI
       17153894                    20070301            1540.31          279000.00              60.00      No MI
       17153895                    20070301            1407.81          255000.00              60.00      No MI
       17153896                    20070301            1109.69          201000.00              60.00      No MI
       17153897                    20070301            1590.00          288000.00              60.00      No MI
       17153898                    20070301             993.75          180000.00              60.00      No MI
       17153900                    20070301            1954.37          354000.00              60.00      No MI
       17153901                    20070301            2153.12          390000.00              60.00      No MI
       17153902                    20070301            1026.87          186000.00              60.00      No MI
       17153903                    20070301            1440.94          261000.00              60.00      No MI
       17153904                    20061201            1442.51          251784.00              80.00      No MI
       17153905                    20061201            9000.00         1600000.00              59.26      No MI
       17153906                    20070401            3603.87          640687.50              75.00      No MI
       17153907                    20070301             669.37          114750.00              90.00      PMI
       17153908                    20070401             871.54          135871.16              80.00      No MI
       17153910                    20070101            1313.86          199150.18              79.37      No MI
       17153749                    20061001            1179.02          205792.38              70.00      No MI
       17153750                    20060701            2567.54          412532.55              66.72      No MI
       17153751                    20060901            1828.51          302650.00              80.00      No MI
       17153752                    20061101             526.34           99075.00              75.00      No MI
       17153753                    20061101            2475.00          432000.00              89.07      MGIC
       17153754                    20061201            1106.00          189600.00              80.00      No MI
       17153755                    20070401            1421.04          262345.00              80.00      No MI
       17153757                    20070301            3141.67          580000.00              78.91      No MI
       17153758                    20070301            3176.88          598000.00              80.00      No MI
       17153759                    20070401             796.48          122587.95              80.00      No MI
       17153760                    20070101            7041.67         1300000.00              64.04      No MI
       17153762                    20070301            2450.00          420000.00              80.00      No MI
       17153763                    20070201            2566.23          464826.00              80.00      No MI
       17153764                    20070301            1718.75          300000.00              80.00      No MI
       17153765                    20070301             801.61          139917.84              80.00      No MI
       17153766                    20070401            1743.75          310000.00              64.58      No MI
       17153767                    20070301             602.33          111200.00              84.56      United Guaranty
       17153768                    20070301            2375.00          475000.00              57.58      No MI
       17153769                    20070301            1990.62          341250.00              75.00      No MI
       17233046                    20070501            3390.83          626000.00              69.56      No MI
       17233120                    20070601            3520.29          649900.00              61.31      No MI
       17233040                    20070601            3046.88          585000.00              84.78      Triad Guaranty
       17233041                    20070601            3952.50          744000.00              80.00      No MI
       17233123                    20070601            3010.00          602000.00              57.33      No MI
       17233042                    20070501            4274.50          854900.00              60.20      No MI
       17233124                    20070601            2847.50          536000.00              80.00      No MI
       17233043                    20070501            3195.83          613600.00              80.00      No MI
       17233125                    20070601            2291.67          440000.00              80.00      No MI
       17233044                    20070501            4670.22          879000.00              69.80      No MI
       17233045                    20070501            5416.67         1000000.00              58.82      No MI
       17233116                    20070501            3245.83          623200.00              80.00      No MI
       17233036                    20070601            2491.67          460000.00              80.00      No MI
       17233118                    20070601            2316.25          436000.00              80.00      No MI
       17233119                    20070501            2416.50          429600.00              80.00      No MI
       17233038                    20070501            2213.54          424999.09              62.96      No MI
       17233039                    20070501            2500.00          500000.00              64.94      No MI
       17233033                    20070501            2556.77          490900.00              79.99      No MI
       17233115                    20070501            3144.50          529600.00              80.00      No MI
       17233034                    20070501            2578.13          495000.00              64.71      No MI
       17233467                    20070601            2449.06          461000.00              78.80      No MI
       17233409                    20070601            3200.00          640000.00              64.00      No MI
       17233110                    20070501            3020.00          603999.73              80.00      No MI
       17233030                    20070501            2570.00          514000.00              80.00      No MI
       17233113                    20070601            2600.00          520000.00              62.65      No MI
       17233032                    20070601            6750.00         1350000.00              40.18      No MI
       17233114                    20070501            2374.96          455992.50              77.29      No MI
       17233028                    20070501            2604.17          500000.00              69.44      No MI
       17233029                    20070501            3057.29          587000.00              61.15      No MI
       17233108                    20070501            2308.99          434500.00              65.91      No MI
       17233109                    20070501            2343.75          449999.34              76.27      No MI
       17247380                    20070701            2208.33          424000.00              80.00      No MI
       17233000                    20070501            3232.00          646400.00              80.00      No MI
       17233001                    20070601            2635.42          550000.00              79.72      No MI
       17233002                    20070501            2300.00          459999.51              80.00      No MI
       17233003                    20070501            3317.71          650000.00              65.66      No MI
       17233004                    20070501            3062.50          600000.00              71.43      No MI
       17233005                    20070501            3066.67          640000.00              76.88      No MI
       17233006                    20070501            3843.13          922350.00              80.00      No MI
       17233007                    20070501            3307.50          648000.00              73.22      No MI
       17247291                    20070601            3720.00          744000.00              80.00      No MI
       17247373                    20070601            2387.50          458400.00              80.00      No MI
       17233008                    20070501            3100.78          607500.00              75.00      No MI
       17233009                    20070501            3236.52          675436.77              70.00      No MI
       17233010                    20070501            3675.00          720000.00              80.00      No MI
       17233011                    20070501            2447.92          500000.00              65.36      No MI
       17233013                    20070501            2663.33          544000.00              80.00      No MI
       17233014                    20070601            4104.17          788000.00              80.00      No MI
       17233015                    20070601            2643.75          540000.00              80.00      No MI
       17233016                    20070501            3723.96          650000.00              77.38      No MI
       17233017                    20070501            3317.71          650000.00              79.75      No MI
       17233018                    20070501            3355.00          585600.00              80.00      No MI
       17247293                    20070701            3640.00          672000.00              80.00      No MI
       17247294                    20070701            2712.23          500720.00              80.00      No MI
       17233100                    20070601            2427.54          475600.00              80.00      No MI
       17233020                    20070501            2343.75          449999.47              57.32      No MI
       17233101                    20070601            2295.21          479000.00              68.23      No MI
       17233021                    20070501            3749.58          719920.00              79.11      No MI
       17233102                    20070601            3494.69          633000.00              42.20      No MI
       17233022                    20070501            2509.45          512569.00              70.95      No MI
       17233023                    20070501            3164.58          620000.00              80.00      No MI
       17233105                    20070601            4687.50         1000000.00              74.32      No MI
       17233024                    20070501            2428.33          496000.00              79.96      No MI
       17233106                    20070601            3119.35          500000.00              34.25      No MI
       17233025                    20070501            2480.94          466999.94              65.77      No MI
       17233107                    20070501            2810.00          562000.00              80.00      No MI
       17247371                    20070601            2556.00          454400.00              80.00      No MI
       17247365                    20070601            2467.50          504000.00              80.00      No MI
       17247287                    20070701            3342.35          729240.00              80.00      No MI
       17247288                    20070701            3092.74          509000.00              67.69      No MI
       17247289                    20070601            3038.75          572000.00              80.00      No MI
       17247284                    20070601            3346.50          629930.00              70.00      No MI
       17247258                    20070501            2400.00          480000.00              60.00      No MI
       17247259                    20070601            2687.50          516000.00              80.00      No MI
       17247340                    20070601            4568.75          860000.00              80.00      No MI
       17247342                    20070701            3453.13          650000.00              73.45      No MI
       17247346                    20070701            5954.58          980000.00              80.00      No MI
       17247348                    20070601            5565.36          880500.00              76.57      No MI
       17247351                    20070701            2215.21          434000.00              70.00      No MI
       17247270                    20070601            3125.00          600000.00              80.00      No MI
       17247353                    20070701            3916.67          752000.00              80.00      No MI
       17247272                    20070601            2908.00          581600.00              79.89      No MI
       17247355                    20070601            2776.67          544000.00              80.00      No MI
       17247356                    20070701            2565.42          524000.00              80.00      No MI
       17247277                    20070601            2237.50          429600.00              80.00      No MI
       17247278                    20070701            3211.67          656000.00              80.00      No MI
       17247362                    20070601            2921.88          550001.00              65.48      No MI
       17247322                    20070601            2868.75          540000.00              73.07      No MI
       17247324                    20070601            4064.06          765000.00              71.83      No MI
       17247331                    20070601            2307.29          443000.00              79.96      No MI
       17247251                    20070601            4333.33          800000.00              59.26      No MI
       17247333                    20070701            3357.50          632000.00              80.00      No MI
       17247252                    20070601            3825.00          720000.00              79.38      No MI
       17247253                    20070601            2789.06          525000.00              72.92      No MI
       17247255                    20070601            3144.47          591900.00              79.99      No MI
       17247256                    20070601            2583.75          468000.00              69.85      No MI
       17247327                    20070701            2737.50          547500.00              53.68      No MI
       17247328                    20070601            6537.92         1207000.00              46.42      No MI
       17247248                    20070601            4951.04          970000.00              66.90      No MI
       17247237                    20070701            2740.83          506000.00              56.22      No MI
       17247228                    20070601            2856.50          537695.00              80.00      No MI
       17247309                    20070601            3400.00          640000.00              80.00      No MI
       17247310                    20070601            2864.58          550000.00              51.89      No MI
       17247312                    20070601            2940.00          576000.00              80.00      No MI
       17247316                    20070601            5169.06          973000.00              77.53      No MI
       17233391                    20070601            4239.58          814000.00              79.41      No MI
       17233475                    20070601            5729.17         1000000.00              73.26      No MI
       17233476                    20070501           15937.50         3000000.00              71.34      No MI
       17233397                    20070601            5400.00         1080000.00              80.00      No MI
       17247204                    20070701            4083.33          800000.00              74.42      No MI
       17247217                    20070601            4846.88          990000.00              75.00      No MI
       17247218                    20070601            3177.08          500000.00              80.00      No MI
       17247219                    20070501            2604.17          500000.00              79.37      No MI
       17247225                    20070701            4593.75          900000.00              74.14      No MI
       17233452                    20070601            3729.17          716000.00              80.00      No MI
       17233456                    20070601            2271.09          427500.00              75.00      No MI
       17233381                    20070601            2491.67          520000.00              80.00      No MI
       17233432                    20070601            2924.90          475040.00              53.38      No MI
       17233433                    20070601            3433.06          672600.00              80.00      No MI
       17233190                    20070601            2643.33          488000.00              76.25      No MI
       17233193                    20070501            5309.18          999375.00              75.00      No MI
       17233438                    20070601            4502.12          731200.00              80.00      No MI
       17233195                    20070601            5031.25         1050000.00              75.00      No MI
       17233196                    20070601            3476.04          710000.00              67.62      No MI
       17233359                    20070601            2266.25          444000.00              80.00      No MI
       17233198                    20070501            2100.31          429000.00              77.30      No MI
       17233360                    20070601            3583.33          688000.00              76.44      No MI
       17233361                    20070601            3145.83          604000.00              80.00      No MI
       17233364                    20070601            4427.08          850000.00              59.86      No MI
       17233366                    20070601            5414.06          945000.00              75.90      No MI
       17233367                    20070601            4563.44          859000.00              53.69      No MI
       17233180                    20070601            2589.58          452000.00              69.54      No MI
       17233424                    20070601            3897.49          633000.00              79.62      No MI
       17233343                    20070601            3667.50          652000.00              80.00      No MI
       17233344                    20070601            3121.88          555000.00              53.88      No MI
       17233345                    20070601            3657.26          610000.00              61.00      No MI
       17233184                    20070601            2444.61          500000.00              68.97      No MI
       17233185                    20070501            4990.78         1064700.00              37.03      No MI
       17233349                    20070601            5104.17         1000000.00              61.05      No MI
       17233189                    20070601            3293.75          620000.00              80.00      No MI
       17233084                    20070601            2337.50          440000.00              80.00      No MI
       17233327                    20070601            4114.58          790000.00              80.00      No MI
       17233166                    20070601            3288.44          619000.00              78.35      No MI
       17233086                    20070601            2191.67          420800.00              80.00      No MI
       17233167                    20070601            2575.00          494400.00              80.00      No MI
       17233087                    20070501            2197.92          422000.00              71.53      No MI
       17233088                    20070501            3385.03          649898.41              75.71      No MI
       17233169                    20070601            2343.75          450000.00              52.94      No MI
       17233089                    20070501            5104.17         1000000.00              38.46      No MI
       17233413                    20070601            2722.50          484000.00              80.00      No MI
       17233170                    20070501            2843.75          546000.00              75.00      No MI
       17233171                    20070601            2620.00          524000.00              80.00      No MI
       17233333                    20070601            2952.83          496788.00              78.86      No MI
       17233091                    20070601            2487.25          497450.00              72.36      No MI
       17233092                    20070401            3950.00          790000.00              79.40      No MI
       17233173                    20070601            2916.67          560000.00              80.00      No MI
       17233335                    20070601            3656.25          650000.00              50.00      No MI
       17233093                    20070501            4245.84          815199.65              80.00      No MI
       17233174                    20070601            4537.50          660000.00              80.00      No MI
       17233094                    20070601            3293.75          620000.00              80.00      No MI
       17233337                    20070601            2963.38          475000.00              79.17      No MI
       17233095                    20070601            2541.67          488000.00              80.00      No MI
       17233176                    20070601            4205.52          859000.00              78.09      No MI
       17233177                    20070601            4488.95          748720.00              80.00      No MI
       17233178                    20070601            4763.67          784000.00              80.00      No MI
       17233179                    20070601            2275.00          455000.00              75.83      No MI
       17233151                    20070601            3128.13          577500.00              70.00      No MI
       17233071                    20070601            2234.38          429000.00              78.14      No MI
       17233072                    20070601            2343.75          450000.00              65.22      No MI
       17233073                    20070601            3324.55          682000.00              51.28      No MI
       17233154                    20070601            2357.50          492000.00              80.00      No MI
       17233074                    20070501            8983.33         1760000.00              80.00      No MI
       17233075                    20070501            2440.10          468500.00              72.64      No MI
       17233156                    20070601            2187.50          420000.00              74.34      No MI
       17233076                    20070301            2292.88          431599.99              80.00      No MI
       17233319                    20070601            3020.83          580000.00              80.00      No MI
       17233158                    20070601            2318.75          420000.00              80.00      No MI
       17233078                    20070601            2388.75          468000.00              79.05      No MI
       17233159                    20070601            4375.00          840000.00              80.00      No MI
       17233080                    20070501            2638.26          445545.28              78.94      No MI
       17233081                    20070601            2595.67          479200.00              80.00      No MI
       17233162                    20070601            2333.33          448000.00              77.91      No MI
       17233324                    20070601            3687.92          668000.00              80.00      No MI
       17233406                    20070601            9510.42         1660000.00              80.00      No MI
       17233083                    20070501            4710.00          942000.00              67.29      No MI
       17233407                    20070601            5205.53          880000.00              80.00      No MI
       17233164                    20070501            3485.13          760377.13              80.00      No MI
       17233069                    20070601            2209.04          432792.00              80.00      No MI
       17233150                    20070601            3317.71          650000.00              73.45      No MI
       17233067                    20070501            3275.00          628800.00              80.00      No MI
       17233149                    20070501            2937.81          553000.00              72.29      No MI
       17233066                    20070601            3317.71          650000.00              56.52      No MI
       17233309                    20070601            3255.21          625000.00              78.13      No MI
       17233141                    20070501            3359.38          645000.00              65.15      No MI
       17233142                    20070501            2953.65          535000.00              74.83      No MI
       17233304                    20070601            3577.50          648000.00              80.00      No MI
       17233063                    20070601            2452.25          461600.00              80.00      No MI
       17233144                    20070501            2552.08          489999.80              70.00      No MI
       17233064                    20070601            2953.75          556000.00              80.00      No MI
       17233145                    20070501            4750.00          760000.00              80.00      No MI
       17233058                    20070601            3828.13          735000.00              70.00      No MI
       17233059                    20070601            2613.65          570251.00              80.00      No MI
       17233300                    20070601            4819.69          873000.00              74.30      No MI
       17233301                    20070601            4363.04          873500.00              74.34      No MI
       17233140                    20070501            3025.58          605116.00              80.00      No MI
       17233302                    20070601            5103.93          840000.00              76.36      No MI
       17233060                    20070301            3405.23          667036.75              80.00      No MI
       17233051                    20070501            2239.58          430000.00              46.99      No MI
       17233132                    20070501            2612.50          456000.00              76.25      No MI
       17233052                    20070501            2940.00          587999.57              80.00      No MI
       17233133                    20070501            3656.25          650000.00              76.47      No MI
       17233054                    20070601            3166.25          596000.00              80.00      No MI
       17233135                    20070601            2475.00          440000.00              73.95      No MI
       17233136                    20070501            2327.39          455975.50              80.00      No MI
       17233056                    20070601            3385.42          650000.00              48.15      No MI
       17233137                    20070601            3385.42          650000.00              73.86      No MI
       17233047                    20070501           11852.56         1923173.48              70.00      No MI
       17233128                    20070601            2457.81          453750.00              75.00      No MI
       17233129                    20070601            2149.27          439000.00              79.82      No MI
       17233049                    20070601            2437.50          450000.00              69.23      No MI
       17233130                    20070501            3908.75          708000.00              80.00      No MI
       17233050                    20070501            3346.88          630000.00              52.50      No MI
       17233285                    20070601            5380.00         1076000.00              80.00      No MI
       17233288                    20070601            2310.00          492800.00              80.00      No MI
       17233290                    20070601            3859.38          741000.00              76.00      No MI
       17233292                    20070601            3150.54          505000.00              72.66      No MI
       17233293                    20070601            3899.58          764000.00              80.00      No MI
       17233295                    20070501            3600.00          720000.00              45.00      No MI
       17233296                    20070601            3229.17          620000.00              80.00      No MI
       17232973                    20070201            8124.38         1591713.15              80.00      No MI
       17232974                    20070501            5410.42          980000.00              61.25      No MI
       17232977                    20070501            3223.74          615909.15              47.61      No MI
       17232979                    20070601            2595.00          519000.00              72.18      No MI
       17232980                    20070401            7097.68         1197417.37              66.67      No MI
       17232981                    20070601            1943.33          424000.00              80.00      No MI
       17232982                    20070601            3479.17          668000.00              80.00      No MI
       17232983                    20070401            4934.64          947449.64              63.91      No MI
       17232985                    20070601            2982.31          465760.00              80.00      No MI
       17232986                    20070601            3601.44          677918.00              80.00      No MI
       17232987                    20070401           14668.87         2708094.98              54.16      No MI
       17232988                    20070501            5439.69         1023940.00              80.00      No MI
       17232989                    20070501            6256.01         1154956.25              70.00      No MI
       17232990                    20070401            2883.29          522255.68              76.84      No MI
       17232991                    20070401            2698.46          507944.92              80.00      No MI
       17232992                    20070301            2825.60          531665.93              80.00      No MI
       17232994                    20070501            2561.01          523100.00              80.00      No MI
       17232996                    20070501            2250.00          450000.00              73.77      No MI
       17232997                    20070501            2916.67          560000.00              80.00      No MI
       17232998                    20070601            2680.00          536000.00              80.00      No MI
       17232999                    20070501            2960.42          580000.00              80.00      No MI
       17233206                    20070501            2526.04          485000.00              65.28      No MI
       17233211                    20070601            3643.75          636000.00              80.00      No MI
       17233212                    20070501           15166.67         2800000.00              80.00      No MI
       17233214                    20070501            2408.75          492000.00              80.00      No MI
       17233216                    20070601            2572.00          514400.00              80.00      No MI
       17233218                    20070501            4404.50          919200.00              70.71      No MI
       17233219                    20070601            2604.17          500000.00              80.00      No MI
       17233221                    20070501            2245.61          489945.83              67.31      No MI
       17233233                    20070601            2577.79          475900.00              80.00      No MI
       17233235                    20070601            2273.44          485000.00              63.82      No MI
       17233236                    20070601            3229.17          620000.00              77.02      No MI
       17233240                    20070601            2770.83          532000.00              80.00      No MI
       17233241                    20070501            2374.81          474959.13              65.97      No MI
       17233242                    20070601            2468.58          538600.00              79.99      No MI
       17233243                    20070501            2300.00          460000.00              79.31      No MI
       17233245                    20070601            3320.00          664000.00              80.00      No MI
       17233249                    20070501            3662.97          689500.00              68.61      No MI
       17233251                    20070601            2633.75          516000.00              80.00      No MI
       17233252                    20070501            3109.88          635210.32              73.87      No MI
       17233253                    20070601            2698.75          508000.00              80.00      No MI
       17233254                    20070601            3612.50          680000.00              80.00      No MI
       17233256                    20070501            4900.00          960000.00              75.89      No MI
       17233257                    20070601            2340.00          468000.00              73.13      No MI
       17233260                    20070601            2839.58          580000.00              44.62      No MI
       17233262                    20070601            2458.33          472000.00              80.00      No MI
       17233264                    20070601            2934.63          552400.00              74.65      No MI
       17233265                    20070601            4340.00          868000.00              80.00      No MI
       17233266                    20070601            3863.75          674400.00              80.00      No MI
       17233267                    20070501            2589.90          529000.00              68.70      No MI
       17233268                    20070501            2790.63          570000.00              67.86      No MI
       17233269                    20070601            4147.75          847200.00              80.00      No MI
       17233271                    20070501            3250.00          624000.00              80.00      No MI
       17233272                    20070601            2922.61          481000.00              61.27      No MI
       17233273                    20070601            3125.90          566200.00              68.22      No MI
       17233274                    20070601            3385.42          650000.00              59.09      No MI
       17233275                    20070601            2212.92          452000.00              80.00      No MI
       17233280                    20070601            3495.63          714000.00              78.90      No MI
       17233282                    20070601            3583.33          688000.00              80.00      No MI
       17247265                    20070601            2335.48          509560.00              80.00      No MI
       17244992                    20070601            4818.33          944000.00              80.00      No MI
       17244993                    20070501            2291.67          440000.00              80.00      No MI
       17244994                    20070501            4122.75          824550.00              80.00      No MI
       17244995                    20070501            2750.00          600000.00              66.67      No MI
       17244996                    20070601            2383.65          467000.00              66.71      No MI
       17244997                    20070601            6145.83         1000000.00              72.20      No MI
       17244998                    20070501            2395.83          460000.00              80.00      No MI
       17244999                    20070601            2252.08          470000.00              74.60      No MI
       17244990                    20070501            4278.65          775000.00              77.50      No MI
       17244991                    20070501            2208.33          424000.00              80.00      No MI
       17247375                    20070701            3978.00          748800.00              80.00      No MI
       17247295                    20070601            3250.00          650000.00              65.00      No MI
       17247376                    20070601            5179.42          956200.00              70.83      No MI
       17247296                    20070601            3302.83          573750.00              90.00      Republic MIC
       17247377                    20070701            2500.00          500000.00              78.13      No MI
       17247381                    20070701            2708.33          500000.00              80.00      No MI
       17247382                    20070501            2684.80          495655.10              79.94      No MI
       17247374                    20070601            3760.00          752000.00              79.91      No MI
       17247370                    20070601            2695.00          462000.00              66.76      No MI
       17247290                    20070701            4030.00          744000.00              80.00      No MI
       17247367                    20070701            4500.00          800000.00              80.00      No MI
       17247286                    20070601            2413.08          482616.00              80.00      No MI
       17247283                    20070601            2165.63          472500.00              70.00      No MI
       17247261                    20070601            6325.00         1265000.00              55.00      No MI
       17247343                    20070701            3082.92          604000.00              80.00      No MI
       17247344                    20070601            3133.33          640000.00              77.58      No MI
       17247263                    20070601            2720.00          512000.00              80.00      No MI
       17247266                    20070601            2145.71          502410.00              79.90      No MI
       17247349                    20070701            2542.50          452000.00              80.00      No MI
       17247268                    20070601            2537.26          487154.00              78.57      No MI
       17247269                    20070701            2937.50          600000.00              80.00      No MI
       17247350                    20070601            3100.78          661500.00              70.00      No MI
       17247271                    20070601            2380.00          476000.00              80.00      No MI
       17247273                    20070501            3317.71          650000.00              75.14      No MI
       17247274                    20070601            2703.13          519000.00              62.91      No MI
       17247276                    20070601            3633.85          640000.00              78.05      No MI
       17247357                    20070701            2916.67          560000.00              80.00      No MI
       17247197                    20070501            3786.01          712660.00              80.00      No MI
       17247198                    20070501            8213.10         1387016.61              69.18      No MI
       17247279                    20070601            3350.00          643200.00              80.00      No MI
       17247280                    20070701            2407.08          462160.00              80.00      No MI
       17247282                    20070601            2323.96          485000.00              76.98      No MI
       17247320                    20070601            4406.25          900000.00              56.25      No MI
       17247321                    20070601            2594.79          530000.00              51.46      No MI
       17247240                    20070501            3025.00          660000.00              80.00      No MI
       17247241                    20070601            2260.52          452104.00              80.00      No MI
       17247242                    20070601            2085.63          426000.00              78.89      No MI
       17247243                    20070601            3613.13          738000.00              67.09      No MI
       17247254                    20070501            3070.92          685600.00              80.00      No MI
       17247335                    20070701            3750.00          900000.00              60.00      No MI
       17247326                    20070601            2083.71          444524.00              80.00      No MI
       17247246                    20070601            3078.26          628750.00              78.59      No MI
       17247247                    20070601            2640.31          603500.00              85.00      MGIC
       17247329                    20070601            3905.00          568000.00              80.00      No MI
       17247317                    20070601            5078.65          995000.00              56.53      No MI
       17247236                    20070701            2401.67          524000.00              80.00      No MI
       17247318                    20070601            3133.33          640000.00              80.00      No MI
       17247238                    20070601            2428.33          496000.00              80.00      No MI
       17247311                    20070601            2041.67          490000.00              66.22      No MI
       17247230                    20070601            3038.71          571992.00              80.00      No MI
       17247231                    20070501            2550.06          499603.13              75.00      No MI
       17247234                    20070701            3410.00          744000.00              80.00      No MI
       17256615                    20070701            2750.00          528000.00              80.00      No MI
       17256616                    20070701            2552.08          500000.00              69.93      No MI
       17256617                    20070701            2347.97          500900.00              64.63      No MI
       17256609                    20070701            2556.67          472000.00              80.00      No MI
       17256618                    20070701            4120.83          860000.00              80.00      No MI
       17256619                    20070701            4895.83         1000000.00              78.30      No MI
       17256610                    20070701            2735.83          536000.00              80.00      No MI
       17256611                    20070601            3066.48          639960.00              80.00      No MI
       17256613                    20070701            2496.88          510000.00              63.75      No MI
       17255906                    20070701            3720.35          759901.00              75.25      No MI
       17255907                    20070701            2858.33          560000.00              79.43      No MI
       17255917                    20070701            3163.33          584000.00              80.00      No MI
       17255908                    20070701            3000.00          640000.00              80.00      No MI
       17255918                    20070701            3453.13          650000.00              76.92      No MI
       17255909                    20070701            3564.17          728000.00              80.00      No MI
       17255919                    20070701            2953.75          556000.00              80.00      No MI
       17255885                    20070601            2741.67          560000.00              65.12      No MI
       17255894                    20070601            3385.42          650000.00              79.37      No MI
       17255896                    20070601            3114.58          650000.00              79.85      No MI
       17255887                    20070701            6696.67         1312000.00              80.00      No MI
       17255888                    20070701            5270.00          992000.00              80.00      No MI
       17255898                    20070701            1869.52          448684.00              80.00      No MI
       17255899                    20070701            3185.00          624000.00              80.00      No MI
       17255914                    20070701            2854.69          507500.00              70.00      No MI
       17255915                    20070701            3040.00          608000.00              80.00      No MI
       17255916                    20070701            2975.00          560000.00              80.00      No MI
       17255912                    20070701            2894.76          464000.00              80.00      No MI
       17255913                    20070701            2868.75          540000.00              80.00      No MI
       17255904                    20070701            3363.68          645826.00              80.00      No MI
       17255905                    20070701            2377.34          447500.00              79.98      No MI
       17255882                    20070501            3608.65          707000.00              64.27      No MI
       17255883                    20070701            2276.56          465000.00              75.71      No MI
       17255884                    20070701            2695.31          575000.00              68.86      No MI
       17255886                    20070701            4791.67         1000000.00              76.05      No MI
       17255889                    20070601            4080.00          768000.00              80.00      No MI
       17255910                    20070701            2216.67          425600.00              80.00      No MI
       17255911                    20070701            2735.86          462500.00              69.81      No MI
       17255897                    20070601            2812.50          675000.00              73.94      No MI
       17255900                    20070701            2668.23          545000.00              78.42      No MI
       17255901                    20070701            2599.00          542400.00              80.00      No MI
       17255902                    20070701            2313.28          472500.00              76.70      No MI
       17255903                    20070701            2473.96          475000.00              70.37      No MI
       17255880                    20070601            3318.56          650167.00              79.94      No MI
       17255881                    20070601            5416.66          999999.00              74.18      No MI
       17255895                    20070601            5057.50          952000.00              80.00      No MI
       17255891                    20070601            2385.25          487200.00              80.00      No MI
       17255893                    20070601            3038.05          500000.00              80.00      No MI
       17255890                    20070601            2900.00          580000.00              80.00      No MI
       17250575                    20070701            2180.00          436000.00              80.00      No MI
       17250577                    20070701            2746.18          540000.00              80.00      No MI
       17250578                    20070701            6016.33         1089750.00              75.00      No MI
       17250570                    20070601            4705.68          852350.00              80.00      No MI
       17250562                    20070701            2677.08          514000.00              73.43      No MI
       17247202                    20070601            3449.33          752580.00              80.00      No MI
       17247203                    20070601            3674.50          734900.00              79.99      No MI
       17247208                    20070501            2894.78          544900.32              70.31      No MI
       17247209                    20070501            2340.08          440485.00              80.00      No MI
       17247210                    20070101            2578.13          495000.00              75.00      No MI
       17247211                    20070501            2422.50          456000.00              80.00      No MI
       17247212                    20070501            2633.33          505600.00              80.00      No MI
       17247214                    20070501            1047.29          135000.00              79.97      No MI
       17247216                    20070501            4053.22          926450.00              80.00      No MI
       17247300                    20070601            4791.49          880000.00              61.54      No MI
       17247302                    20070601            2838.33          524000.00              80.00      No MI
       17247221                    20070601            2736.77          559000.00              69.01      No MI
       17247222                    20070601            2400.00          480000.00              80.00      No MI
       17247303                    20070601            2465.00          464000.00              80.00      No MI
       17247304                    20070701            6800.31         1389000.00              34.94      No MI
       17247223                    20070601            2250.00          450000.00              75.00      No MI
       17247224                    20070601            3281.25          750000.00              75.00      No MI
       17247306                    20070601            2537.38          459600.00              79.93      No MI
       17244962                    20070501            5063.56          855127.27              80.00      No MI
       17245030                    20070601            2505.82          490936.00              80.00      No MI
       17245031                    20070601            2837.81          504500.00              55.75      No MI
       17245032                    20070601            2703.13          519000.00              71.59      No MI
       17245033                    20070601            4479.17          860000.00              80.00      No MI
       17245034                    20070601             616.94          465000.00              67.39      No MI
       17245035                    20070601            2501.04          490000.00              75.38      No MI
       17245036                    20070601            3082.92          604000.00              80.00      No MI
       17245037                    20070601            3447.92          662000.00              67.90      No MI
       17245038                    20070601            2250.00          432000.00              80.00      No MI
       17245039                    20070601            3172.24          621500.00              79.99      No MI
       17245040                    20070601            2268.75          484000.00              80.00      No MI
       17245041                    20070601            3574.58          746000.00              52.31      No MI
       17245042                    20070601            2308.50          426185.00              79.36      No MI
       17245043                    20070601            3470.83          680000.00              80.00      No MI
       17245044                    20070601            2883.75          487500.00              65.00      No MI
       17245045                    20070601            2291.67          500000.00              80.00      No MI
       17245046                    20070601            3266.26          639920.00              80.00      No MI
       17245047                    20070601            3555.62          473284.00              80.00      No MI
       17245048                    20070601            2550.00          480000.00              80.00      No MI
       17245049                    20070701            4635.16          889950.00              75.00      No MI
       17245050                    20070401            2830.50          447004.15              78.56      No MI
       17245016                    20070601            2690.25          506400.00              80.00      No MI
       17245017                    20070601            2919.75          549600.00              80.00      No MI
       17245018                    20070601            2095.42          428000.00              80.00      No MI
       17245019                    20070601            2500.00          480000.00              80.00      No MI
       17245020                    20070601            2445.92          479200.00              80.00      No MI
       17245021                    20070601            2521.03          432000.00              80.00      No MI
       17245022                    20070601            5129.17          984800.00              80.00      No MI
       17245023                    20070601            2392.79          468792.00              80.00      No MI
       17245025                    20070601            2587.50          460000.00              80.00      No MI
       17245026                    20070601            2679.99          447000.00              75.76      No MI
       17245027                    20070601            3665.63          765000.00              65.67      No MI
       17245028                    20070601            2491.67          460000.00              73.02      No MI
       17245029                    20070601            2281.56          447000.00              65.64      No MI
       17245004                    20070601            6076.11         1000000.00              80.00      No MI
       17245005                    20070601            3500.52          715000.00              76.06      No MI
       17245006                    20070601            4553.63          971440.00              79.63      No MI
       17245007                    20070601            4640.00          928000.00              80.00      No MI
       17245008                    20070601            3634.17          712000.00              80.00      No MI
       17245009                    20070601            2362.50          420000.00              80.00      No MI
       17245010                    20070701            6591.02         1346250.00              75.00      No MI
       17245011                    20070601            3300.00          720000.00              80.00      No MI
       17245012                    20070601           10505.47         1977500.00              70.00      No MI
       17245013                    20070601            3519.65          595000.00              70.00      No MI
       17245014                    20070601            4605.94          867000.00              76.05      No MI
       17245015                    20070601            3000.00          600000.00              73.17      No MI
       17245000                    20070601            1903.00          456720.00              80.00      No MI
       17245001                    20070601            2395.00          479000.00              77.13      No MI
       17245002                    20070601            5104.17          980000.00              80.00      No MI
       17245003                    20070601            3680.00          736000.00              80.00      No MI
       17250580                    20070701            4250.00          800000.00              48.48      No MI
       17250571                    20070701            3225.86          658900.00              72.41      No MI
       17250569                    20070601            2325.52          475000.00              95.00      Republic MIC
       17250579                    20070701            3917.16          800100.00              50.01      No MI
       17250560                    20070601            2324.32          507125.00              71.72      No MI
       17250561                    20070701            3385.42          650000.00              69.30      No MI
       17250558                    20070601            5000.00         1000000.00              80.00      No MI
       17250567                    20070601            2924.80          508080.00              80.00      No MI
       17250568                    20070601            2870.21          599000.00              63.39      No MI
       17250566                    20070601            2862.98          624650.00              80.00      No MI
       17250576                    20070701            2270.83          436000.00              80.00      No MI
       17250572                    20070701            4112.50          840000.00              62.22      No MI
       17250557                    20070601            4182.28          955950.00              79.74      No MI
       17250563                    20070701            3507.50          732000.00              80.00      No MI
       17250581                    20070701            2504.71          511600.00              80.00      No MI
       17250573                    20070701            3399.58          639920.00              80.00      No MI
       17250564                    20070601            2460.80          445730.00              80.00      No MI
       17250574                    20070701            3175.94          496000.00              80.00      No MI
       17250565                    20070601            2521.35          515000.00              76.30      No MI
       17244984                    20070601            3046.88          585000.00              46.43      No MI
       17244985                    20070601            2425.00          485000.00              65.10      No MI
       17244986                    20070501            3964.19          826620.00              80.00      No MI
       17244987                    20070501            6635.42         1300000.00              73.87      No MI
       17244988                    20070501            4895.83         1000000.00              37.04      No MI
       17244989                    20070501            4061.84          999796.87              71.43      No MI
       17244935                    20070301            2787.58          524721.25              69.96      No MI
       17244936                    20070201            3181.39          598684.52              61.11      No MI
       17244937                    20070201            3152.10          548481.06              79.74      No MI
       17244938                    20070501            2992.48          574556.99              65.66      No MI
       17244939                    20070601            2550.00          480000.00              80.00      No MI
       17244940                    20070601            6388.51         1304888.00              50.00      No MI
       17244941                    20070601            4568.75          860000.00              80.00      No MI
       17244942                    20060901            5261.67          971336.75              79.99      No MI
       17244943                    20070601            2480.67          466949.00              80.00      No MI
       17244944                    20070201            3375.00          648000.00              76.24      No MI
       17244945                    20070501            2540.95          487863.00              80.00      No MI
       17244946                    20070401            3017.58          591200.00              80.00      No MI
       17244947                    20070501            4870.47          994818.92              79.15      No MI
       17244948                    20070501            3028.33          632000.00              80.00      No MI
       17244949                    20070501            2213.54          425000.00              79.89      No MI
       17244950                    20070601            4166.67          800000.00              79.92      No MI
       17244951                    20070501            3640.00          728000.00              60.47      No MI
       17244952                    20070501            2211.61          471810.00              80.00      No MI
       17244953                    20070501            2992.50          598500.00              76.24      No MI
       17244954                    20070501            2624.38          494000.00              69.87      No MI
       17244955                    20070501            2380.48          466380.00              80.00      No MI
       17244956                    20070501            2225.00          444999.53              79.46      No MI
       17244957                    20070501            5018.23         1025000.00              69.49      No MI
       17244958                    20070501            2189.77          467150.00              79.85      No MI
       17244959                    20070601            2737.11          536250.00              75.00      No MI
       17244960                    20070501            2864.58          550000.00              68.75      No MI
       17244961                    20070501            4885.71          957200.00              70.00      No MI
       17244963                    20070501            5270.83         1100000.00              59.14      No MI
       17244964                    20070601            2880.00          576000.00              80.00      No MI
       17244965                    20070501            4600.00          920000.00              69.70      No MI
       17244966                    20070601            2458.17          481600.00              80.00      No MI
       17244967                    20070501            2109.13          430800.00              56.87      No MI
       17244968                    20070501            2362.29          493000.00              75.85      No MI
       17244969                    20070101            4895.07          998817.71              79.37      No MI
       17244970                    20070601            2251.01          459780.00              80.00      No MI
       17244971                    20070501            2801.15          479498.85              80.00      No MI
       17244972                    20070601            3198.80          697920.00              80.00      No MI
       17244973                    20070601            2302.08          442000.00              60.97      No MI
       17244974                    20070401            7395.00         1392000.00              80.00      No MI
       17244975                    20070601            2291.67          500000.00              51.55      No MI
       17244976                    20070601            5851.93         1146500.00              69.07      No MI
       17244977                    20070601            5020.31          945000.00              70.00      No MI
       17244978                    20070601            3281.70          519200.00              80.00      No MI
       17244979                    20070701            9900.00         1980000.00              80.00      No MI
       17244980                    20070601            2301.04          470000.00              64.38      No MI
       17244981                    20070601            3055.17          637600.00              80.00      No MI
       17244982                    20070601            8125.00         1500000.00              65.22      No MI
       17244983                    20070601            2368.33          464000.00              80.00      No MI
       17256703                    20070701            7000.00         1400000.00              76.71      No MI
       17256709                    20070701            2860.00          528000.00              80.00      No MI
       17233121                    20070601            4226.56          811500.00              73.77      No MI
       17233122                    20070601            3450.00          720000.00              80.00      No MI
       17233126                    20070501            4966.35          973000.00              58.97      No MI
       17233117                    20070501            2929.79          574000.00              70.00      No MI
       17233037                    20070501            3500.00          700000.00              57.14      No MI
       17233460                    20070601            2370.89          464500.00              78.73      No MI
       17233451                    20070601            2497.42          452362.00              70.03      No MI
       17233111                    20070401            3150.00          671999.36              78.60      No MI
       17233031                    20070501            2643.52          551691.04              84.88      United Guaranty
       17233112                    20070501            4791.67         1000000.00              55.10      No MI
       17247297                    20070601            2245.83          440000.00              80.00      No MI
       17247298                    20070701            2350.00          480000.00              80.00      No MI
       17247372                    20070601            3520.83          650000.00              67.71      No MI
       17247292                    20070601            2212.92          452000.00              80.00      No MI
       17233019                    20070501            5425.73         1063000.00              40.88      No MI
       17233103                    20070501            3266.67          640000.00              77.25      No MI
       17233104                    20070601            4738.75          892000.00              80.00      No MI
       17233026                    20070501            2600.00          520000.00              80.00      No MI
       17247366                    20070601            2911.25          548000.00              80.00      No MI
       17247285                    20070701            2213.54          425000.00              59.03      No MI
       17247368                    20070601            3011.67          556000.00              80.00      No MI
       17247369                    20070701            2452.25          461600.00              80.00      No MI
       17247363                    20070701            2685.43          515602.00              80.00      No MI
       17247364                    20070701            2940.00          576000.00              80.00      No MI
       17247341                    20070601            3450.42          637000.00              70.00      No MI
       17247262                    20070601            2810.00          562000.00              71.59      No MI
       17247345                    20070701            2468.45          504195.00              80.00      No MI
       17247347                    20070601            2437.50          450000.00              73.77      No MI
       17247267                    20070601            2545.70          498750.00              75.00      No MI
       17247352                    20070601            3095.17          606400.00              80.00      No MI
       17247354                    20070601            3065.83          566000.00              68.61      No MI
       17247275                    20070601            2562.29          502000.00              80.00      No MI
       17247359                    20070701            2550.00          480000.00              71.64      No MI
       17247360                    20070601            2592.50          488000.00              80.00      No MI
       17247361                    20070601            3400.00          640000.00              69.19      No MI
       17247281                    20070601            3086.66          508000.00              80.00      No MI
       17247323                    20070701            3613.75          708000.00              80.00      No MI
       17247325                    20070701            2960.28          487200.00              80.00      No MI
       17247250                    20070601            2654.17          490000.00              80.00      No MI
       17247334                    20070601            3575.00          660000.00              56.90      No MI
       17247337                    20070601            2458.33          472000.00              80.00      No MI
       17247257                    20070601            2550.00          480000.00              77.42      No MI
       17247245                    20070601            2539.58          530000.00              74.13      No MI
       17247330                    20070701            3427.08          700000.00              60.61      No MI
       17247229                    20070601            2229.09          436720.00              80.00      No MI
       17247232                    20070701            5208.33         1000000.00              68.97      No MI
       17247314                    20070701            2572.92          475000.00              67.86      No MI
       17247233                    20070701            3352.25          607200.00              80.00      No MI
       17247315                    20070601            3015.83          616000.00              80.00      No MI
       17247215                    20070401            2982.81          622500.00              75.00      No MI
       17233392                    20070601            2800.55          517024.00              80.00      No MI
       17233393                    20070601            2772.92          484000.00              80.00      No MI
       17233394                    20070601            2448.33          452000.00              80.00      No MI
       17233395                    20070601            2932.50          552000.00              80.00      No MI
       17233396                    20070601            2894.42          591200.00              80.00      No MI
       17233398                    20070601            2629.69          495000.00              77.83      No MI
       17233399                    20070601            2818.75          492000.00              80.00      No MI
       17247201                    20070701            2997.50          436000.00              80.00      No MI
       17247206                    20070601            2799.87          437268.00              80.00      No MI
       17247213                    20070501            7145.83         1400000.00              61.27      No MI
       17247301                    20070601            3020.83          580000.00              80.00      No MI
       17247305                    20070601            2528.92          527775.00              51.14      No MI
       17233370                    20070601            4083.33          800000.00              69.14      No MI
       17233453                    20070601            3914.27          751540.00              80.00      No MI
       17233372                    20070601            5156.25         1100000.00              64.14      No MI
       17233454                    20070601            3038.05          500000.00              66.67      No MI
       17233373                    20070601            2985.21          623000.00              69.22      No MI
       17233455                    20070601            2682.92          548000.00              80.00      No MI
       17233374                    20070601            2681.25          495000.00              75.00      No MI
       17233457                    20070601            3291.80          596250.00              75.00      No MI
       17233376                    20070701            3320.42          613000.00              65.91      No MI
       17233458                    20070601            2911.25          548000.00              80.00      No MI
       17233377                    20070601            2968.33          548000.00              79.42      No MI
       17233459                    20070601            5637.50         1230000.00              60.00      No MI
       17233378                    20070601            2952.54          534800.00              80.00      No MI
       17233379                    20070601            4687.50          900000.00              56.25      No MI
       17233461                    20070601            3057.51          514400.00              80.00      No MI
       17233462                    20070601            4010.42          770000.00              70.00      No MI
       17233464                    20070601            4361.46          790000.00              63.63      No MI
       17233383                    20070601            3000.00          600000.00              77.92      No MI
       17233384                    20070601            2870.29          529900.00              72.59      No MI
       17233466                    20070601            6133.33         1280000.00              80.00      No MI
       17233385                    20070601            2295.00          432000.00              80.00      No MI
       17233387                    20070601            2375.48          465400.00              77.18      No MI
       17233388                    20070601            3029.00          559200.00              80.00      No MI
       17233389                    20070601            2741.67          560000.00              80.00      No MI
       17233470                    20070601            3792.41          600000.00              70.59      No MI
       17233390                    20070601            2656.25          500000.00              55.56      No MI
       17233352                    20070501            3046.90          573533.58              75.00      No MI
       17233434                    20070601            2307.08          452000.00              78.61      No MI
       17233191                    20070601            5000.00         1000000.00              62.50      No MI
       17233353                    20070601            2245.83          440000.00              69.29      No MI
       17233435                    20070601            2925.00          520000.00              80.00      No MI
       17233192                    20070601            3888.71          640000.00              80.00      No MI
       17233354                    20070601            2450.00          480000.00              80.00      No MI
       17233436                    20070601            3105.00          552000.00              80.00      No MI
       17233355                    20070601            2519.53          483750.00              75.00      No MI
       17233437                    20070601            2401.25          452000.00              73.50      No MI
       17233356                    20070601            2812.70          445000.00              50.86      No MI
       17233439                    20070601            2924.48          561500.00              82.57      United Guaranty
       17233199                    20070601            3176.88          598000.00              72.93      No MI
       17233440                    20070601            3265.59          510000.00              75.00      No MI
       17233441                    20070601            2775.46          451600.00              80.00      No MI
       17233443                    20070601            5312.50         1000000.00              68.97      No MI
       17233362                    20070601            2604.17          500000.00              71.43      No MI
       17233444                    20070601            2686.00          505600.00              80.00      No MI
       17233445                    20070601            3952.92          716000.00              80.00      No MI
       17233446                    20070601            2337.50          440000.00              80.00      No MI
       17233447                    20070601            2562.08          473000.00              72.77      No MI
       17233448                    20070601            3937.50          700000.00              57.28      No MI
       17233449                    20070601            2320.50          436800.00              54.60      No MI
       17233421                    20070601            4161.46          850000.00              60.71      No MI
       17233340                    20070601            2497.40          479500.00              69.49      No MI
       17233422                    20070601            2395.94          451000.00              45.33      No MI
       17233423                    20070601            3593.75          690000.00              74.59      No MI
       17233342                    20070601            2374.69          447000.00              70.95      No MI
       17233181                    20070501            3056.17          624228.98              52.04      No MI
       17233425                    20070601            2686.00          505600.00              80.00      No MI
       17233182                    20070601            3125.00          600000.00              48.98      No MI
       17233426                    20070601            2825.15          512000.00              80.00      No MI
       17233183                    20070601            4650.00          930000.00              62.00      No MI
       17233427                    20070601            2847.50          536000.00              80.00      No MI
       17233346                    20070601            2764.67          510400.00              80.00      No MI
       17233428                    20070601            2239.58          430000.00              61.87      No MI
       17233347                    20070601            2818.39          510500.00              35.45      No MI
       17233429                    20070601            2916.67          500000.00              80.00      No MI
       17233186                    20070601            2423.44          495000.00              78.57      No MI
       17233348                    20070601            2552.08          490000.00              72.59      No MI
       17233188                    20070601            2998.67          553600.00              80.00      No MI
       17233430                    20070601            3819.17          692000.00              75.63      No MI
       17233431                    20070601            4255.63          619000.00              74.13      No MI
       17233350                    20070501            2205.00          432000.00              80.00      No MI
       17233408                    20070601            3479.17          668000.00              80.00      No MI
       17233165                    20070601            3236.71          706192.00              80.00      No MI
       17233085                    20070601            4229.17          812000.00              80.00      No MI
       17233328                    20070601            3445.31          675000.00              76.79      No MI
       17233329                    20070601            2500.00          480000.00              72.73      No MI
       17233168                    20070601            5000.00         1000000.00              73.26      No MI
       17233410                    20070601            3150.00          604800.00              80.00      No MI
       17233411                    20070601            2485.83          467920.00              80.00      No MI
       17233412                    20070601            2437.50          468000.00              80.00      No MI
       17233331                    20070601            2783.75          524000.00              80.00      No MI
       17233332                    20070601            2805.00          528000.00              80.00      No MI
       17233414                    20070601            4637.50          840000.00              80.00      No MI
       17233090                    20070601            2447.92          500000.00              80.00      No MI
       17233415                    20070601            2284.38          430000.00              58.90      No MI
       17233172                    20070601            4240.44          823200.00              80.00      No MI
       17233334                    20070601            2816.67          520000.00              80.00      No MI
       17233416                    20070601            2244.79          431000.00              65.30      No MI
       17233417                    20070601            4700.00          960000.00              80.00      No MI
       17233336                    20070601            4823.44          945000.00              70.00      No MI
       17233418                    20070601            4400.00          880000.00              73.33      No MI
       17233175                    20070601            4331.25          630000.00              69.23      No MI
       17233419                    20070601            2823.59          531500.00              77.59      No MI
       17233338                    20070601            2645.83          508000.00              79.81      No MI
       17233339                    20070501            5585.94          975000.00              75.00      No MI
       17233098                    20070601            3333.33          640000.00              80.00      No MI
       17233099                    20070601            2460.21          482000.00              75.31      No MI
       17233420                    20070601            2200.00          440000.00              80.00      No MI
       17233314                    20070601            2979.17          550000.00              69.62      No MI
       17233153                    20070601            3150.00          630000.00              60.00      No MI
       17233316                    20070601            2390.63          450000.00              67.67      No MI
       17233155                    20070601            2654.17          520000.00              80.00      No MI
       17233317                    20070601            2252.08          460000.00              31.94      No MI
       17233318                    20070601            5062.50          900000.00              75.00      No MI
       17233157                    20070601            2498.29          599590.00              75.11      No MI
       17233077                    20070601            2937.50          564000.00              80.00      No MI
       17233400                    20070601            4896.67          904000.00              80.00      No MI
       17233401                    20070601            2979.17          572000.00              80.00      No MI
       17233320                    20070601            3453.13          650000.00              56.52      No MI
       17233402                    20070701            7343.75         1500000.00              75.95      No MI
       17233321                    20070601            2916.67          500000.00              79.37      No MI
       17233160                    20070601            4791.67          920000.00              80.00      No MI
       17233404                    20070601            4162.50          799200.00              80.00      No MI
       17233161                    20070501            2465.00          464000.00              69.25      No MI
       17233323                    20070601            2604.17          500000.00              51.95      No MI
       17233082                    20070601            2573.38          496000.00              80.00      No MI
       17233326                    20070601            2250.00          432000.00              69.12      No MI
       17233310                    20070601            4260.42          818000.00              60.59      No MI
       17233311                    20070601            7395.83         1420000.00              80.00      No MI
       17233312                    20070601            2805.00          528000.00              80.00      No MI
       17233070                    20070601            2621.25          559200.00              80.00      No MI
       17233313                    20070601            5187.50          996000.00              80.00      No MI
       17233148                    20070601            3727.25          701600.00              80.00      No MI
       17233061                    20070601            3796.35          728900.00              75.14      No MI
       17233143                    20070601            3466.67          640000.00              79.50      No MI
       17233305                    20070601            5315.37          852000.00              80.00      No MI
       17233306                    20070601            3213.54          617000.00              44.07      No MI
       17233307                    20070601            2958.33          568000.00              80.00      No MI
       17233138                    20070401            3272.29          615960.00              80.00      No MI
       17233303                    20070601            4700.00          960000.00              80.00      No MI
       17233053                    20070601            2700.00          540000.00              80.00      No MI
       17233134                    20070601            3172.73          551150.00              80.00      No MI
       17233055                    20070601            4340.00          868000.00              80.00      No MI
       17233057                    20070601            3201.73          520000.00              80.00      No MI
       17233131                    20070601            3315.00          612000.00              80.00      No MI
       17233284                    20070601            3062.50          600000.00              71.86      No MI
       17233287                    20070601            3080.00          672000.00              80.00      No MI
       17233289                    20070601            3551.41          668500.00              74.28      No MI
       17233291                    20070501            5270.83          920000.00              80.00      No MI
       17233294                    20070501            2746.56          517000.00              74.39      No MI
       17233297                    20070601            9296.88         1750000.00              77.78      No MI
       17233298                    20070601            5520.83         1000000.00              69.20      No MI
       17233299                    20070601            2897.33          524800.00              80.00      No MI
       17232984                    20070601            2669.00          502400.00              80.00      No MI
       17233201                    20070601            3350.00          670000.00              56.40      No MI
       17233202                    20070501            2394.43          522419.43              41.97      No MI
       17233203                    20070601            4000.00          800000.00              80.00      No MI
       17233205                    20070601            2137.50          427500.00              79.46      No MI
       17233208                    20070601            6980.15         1180000.00              80.00      No MI
       17233213                    20070601            3671.88          750000.00              76.14      No MI
       17233215                    20070601            2295.82          479128.00              80.00      No MI
       17233217                    20070601            3759.61          767920.00              80.00      No MI
       17233220                    20070601            2635.42          550000.00              70.97      No MI
       17233223                    20070601            2937.50          600000.00              80.00      No MI
       17233224                    20070601            2812.50          540000.00              60.34      No MI
       17233225                    20070501            2801.15          480000.00              79.27      No MI
       17233228                    20070601            6282.82         1283300.00              22.13      No MI
       17233230                    20070601            4318.23          730000.00              66.36      No MI
       17233231                    20070601            2854.17          548000.00              80.00      No MI
       17233232                    20070501            4298.44          825300.00              80.00      No MI
       17233234                    20070601            2797.97          473000.00              75.92      No MI
       17233237                    20070701            4625.00          925000.00              75.51      No MI
       17233244                    20070601            4446.67          928000.00              80.00      No MI
       17233246                    20070601            3800.00          760000.00              80.00      No MI
       17233247                    20070601            2968.75          570000.00              70.37      No MI
       17233248                    20070601            2552.08          490000.00              56.98      No MI
       17233258                    20070601            5000.00         1000000.00              76.92      No MI
       17233259                    20070601            3091.67          560000.00              80.00      No MI
       17233261                    20070601            4216.67          920000.00              80.00      No MI
       17233263                    20070601            2550.00          480000.00              79.73      No MI
       17233278                    20070601            5206.98         1000000.00              72.73      No MI
       17233281                    20070601            2970.83          620000.00              73.81      No MI
       17233035                    20070501            2755.21          529000.00              79.55      No MI
       17247378                    20070601            3400.00          640000.00              80.00      No MI
       17247379                    20070701            2766.44          541996.00              80.00      No MI
       17247299                    20070601            3902.38          642250.00              67.61      No MI
       17233027                    20070501            2910.33          594450.00              80.00      No MI
       17247339                    20070601            3723.96          650000.00              73.03      No MI
       17247260                    20070601            3206.67          592000.00              80.00      No MI
       17247264                    20070601            3839.50          767900.00              80.00      No MI
       17247358                    20070701            3500.00          700000.00              66.67      No MI
       17247244                    20070601            4062.50          780000.00              80.00      No MI
       17247332                    20070601            3126.67          536000.00              80.00      No MI
       17247336                    20070701            2447.92          500000.00              80.00      No MI
       17247338                    20070701            3585.94          675000.00              61.64      No MI
       17247249                    20070501            5729.17         1000000.00              60.61      No MI
       17247319                    20070701            5208.33         1000000.00              76.92      No MI
       17247239                    20070601            2576.20          449664.00              80.00      No MI
       17247313                    20070601            2291.67          440000.00              80.00      No MI
       17247307                    20070601            2859.17          584000.00              80.00      No MI
       17247308                    20070601            2417.19          455000.00              74.59      No MI
       17233473                    20070601            4297.50          764000.00              80.00      No MI
       17233474                    20070601            2812.50          500000.00              76.92      No MI
       17247200                    20070401            2626.46          560312.00              67.92      No MI
       17247205                    20070601            3339.13          641113.46              66.85      No MI
       17247207                    20070601            3069.20          545635.92              94.89      Triad Guaranty
       17247220                    20070601            2700.00          480000.00              80.00      No MI
       17233450                    20070601            5624.72          999950.00              80.00      No MI
       17233371                    20070601            4195.83          760000.00              80.00      No MI
       17233375                    20070601            4050.00          720000.00              80.00      No MI
       17233380                    20070601            2867.65          540000.00              67.50      No MI
       17233463                    20070601            3855.52          618000.00              80.00      No MI
       17233382                    20070601            2900.00          580000.00              80.00      No MI
       17233386                    20070601            3390.62          589000.00              47.12      No MI
       17233468                    20070601            3060.00          576000.00              76.80      No MI
       17233469                    20070601            2695.00          528000.00              79.88      No MI
       17233471                    20070601            2762.14          437000.00              76.53      No MI
       17233472                    20070601            2720.00          512000.00              80.00      No MI
       17233194                    20070601            2552.08          500000.00              54.05      No MI
       17233357                    20070601            5500.00         1100000.00              64.71      No MI
       17233358                    20070601            2335.96          467192.00              80.00      No MI
       17233363                    20070601            4730.45          789000.00              60.69      No MI
       17233365                    20070601            4200.00          840000.00              80.00      No MI
       17233368                    20070601            3250.00          600000.00              42.86      No MI
       17233369                    20070601            6450.00         1290000.00              66.49      No MI
       17233341                    20070601            2928.52          551250.00              75.00      No MI
       17233187                    20070601            3300.53          597832.00              77.59      No MI
       17233351                    20070601            3375.00          648000.00              76.24      No MI
       17233330                    20070601            2378.54          466000.00              63.84      No MI
       17233152                    20070501            4498.67          799750.00              80.00      No MI
       17233315                    20070601            4005.14          784680.00              80.00      No MI
       17233079                    20070601            4800.00          960000.00              80.00      No MI
       17233403                    20070601            3348.75          684000.00              80.00      No MI
       17233322                    20070601            2497.50          444000.00              80.00      No MI
       17233405                    20070601            5312.50         1000000.00              77.22      No MI
       17233163                    20070601            3208.75          604000.00              80.00      No MI
       17233325                    20070601            2656.25          500000.00              68.97      No MI
       17233068                    20070601            3498.44          671700.00              79.15      No MI
       17233308                    20070601            2358.75          444000.00              80.00      No MI
       17233065                    20070401            7656.25         1500000.00              60.00      No MI
       17233146                    20070501            4032.29          790000.00              69.30      No MI
       17233139                    20070601            3607.19          679000.00              77.25      No MI
       17233048                    20070501            2194.79          430000.00              74.14      No MI
       17233283                    20070601            2639.75          527950.00              80.00      No MI
       17233286                    20070601            3387.88          536000.00              80.00      No MI
       17232995                    20070501            2552.08          500000.00              71.43      No MI
       17233200                    20070501            2708.33          500000.00              59.52      No MI
       17233207                    20070601            2852.81          537000.00              69.29      No MI
       17233210                    20070601            3229.17          620000.00              31.39      No MI
       17233222                    20070601            2312.50          444000.00              80.00      No MI
       17233227                    20070601            2245.83          440000.00              64.61      No MI
       17233229                    20070601            3199.29          626800.00              80.00      No MI
       17233238                    20070601            4473.96          859000.00              66.85      No MI
       17233239                    20070601            3450.52          625000.00              56.82      No MI
       17233250                    20070601            3104.17          596000.00              80.00      No MI
       17233255                    20070601            2592.50          488000.00              80.00      No MI
       17233270                    20070601            3791.67          728000.00              79.13      No MI
       17233276                    20070601            2830.64          543483.00              67.94      No MI
       17233279                    20070601            2373.44          465000.00              62.00      No MI
       17151971                    20070401            3150.00          560000.00              79.43      No MI
       17151933                    20070401            3187.50          600000.00              75.00      No MI
       17151935                    20070401            2267.58          483750.00              75.00      No MI
       17151950                    20070401            2946.67          544000.00              80.00      No MI
       17151953                    20070401            2507.50          472000.00              80.00      No MI
       17151974                    20070401            3802.50          702000.00              69.64      No MI
       17151981                    20070401            1511.33          273750.00              75.00      No MI
       17151983                    20070401            3107.81          585000.00              65.00      No MI
       17151992                    20070401           12109.37         2325000.00              75.00      No MI
       17152002                    20070401            3125.00          625000.00              71.43      No MI
       17152005                    20070401            1752.06          329800.00              75.00      No MI
       17151917                    20070501           10183.33         1880000.00              80.00      No MI
       17151913                    20070401            3374.67          554317.59              80.00      No MI
       17151976                    20070401            3454.17          663200.00              80.00      No MI
       17151998                    20070401            2766.12          491755.33              80.00      No MI
       17152007                    20070401            2713.03          510687.34              78.03      No MI

LOAN_SEQ             MERS_ID1                        MARGIN          NEXT_RATE_            NEXT_PAY_            MAX_RATE
                                                                     ADJ_DATE1             ADJ_DATE1
------------------------------------------------------------------------------------------------------------------------------
       17151996      '100013800918231040                  2.750              20120301             20120401            12.2500
       17151960      '100013800917287332                  2.750              20120301             20120401            12.1250
       17151912      '100013807505624495                  2.750              20120201             20120301            12.3750
       17151914      '100013800909122968                  2.750              20111101             20111201            12.5000
       17151922      '100013800913988834                  2.750              20120101             20120201            11.7500
       17151924      '100013800914156878                  2.750              20120201             20120301            12.7500
       17151926      '100013800914366592                  2.750              20120101             20120201            11.5000
       17151927      '100013800914445131                  2.750              20120101             20120201            12.3750
       17151929      '100013800914481342                  2.750              20120101             20120201            12.3750
       17151931      '100013800914923483                  2.750              20120101             20120201            12.2500
       17151946      '100013800916692185                  2.750              20120201             20120301            11.8750
       17151925      '100013800914316845                  2.750              20120301             20120401            12.5000
       17151928      '100013800914462458                  2.750              20120301             20120401            12.6250
       17151930      '100013800914744038                  2.750              20120301             20120401            12.3750
       17151932      '100013800915042580                  2.750              20120301             20120401            12.5000
       17151934      '100013800915411850                  2.750              20120301             20120401            11.7500
       17151937      '100013800916161280                  2.750              20120301             20120401            12.7500
       17151938      '100013800916234137                  2.750              20120301             20120401            11.8750
       17151939      '100013800916240316                  2.750              20120301             20120401            11.8750
       17151940      '100013800916311018                  2.750              20120301             20120401            12.7500
       17151941      '100013800916356153                  2.750              20120301             20120401            12.0000
       17151942      '100013800916414150                  2.750              20120301             20120401            12.1250
       17151943      '100013800916576925                  2.750              20120301             20120401            12.0000
       17151944      '100013800916650183                  2.750              20120301             20120401            12.1250
       17151945      '100013800916675198                  2.750              20120301             20120401            12.2500
       17151947      '100013800916861053                  2.750              20120401             20120501            12.7500
       17151948      '100013800916879626                  2.750              20120301             20120401            12.3750
       17151949      '100013800916887884                  2.750              20120301             20120401            12.6250
       17151951      '100013800917046506                  2.750              20120301             20120401            12.0000
       17151954      '100013800917157063                  2.750              20120301             20120401            11.8750
       17151955      '100013800917226033                  2.750              20120301             20120401            12.8750
       17151956      '100013800917231553                  2.750              20120301             20120401            12.3750
       17151958      '100013800917249142                  2.750              20120301             20120401            11.8750
       17151961      '100013800917290120                  2.750              20120301             20120401            12.0000
       17151962      '100013800917303337                  2.750              20120301             20120401            11.8750
       17151963      '100013800917323137                  2.750              20120301             20120401            12.5000
       17151964      '100013800917360253                  2.750              20120301             20120401            11.8750
       17151965      '100013800917386332                  2.750              20120401             20120501            12.3750
       17151967      '100013800917436418                  2.750              20120301             20120401            12.3750
       17151969      '100013800917440451                  2.750              20120301             20120401            12.2500
       17151970      '100013800917449387                  2.750              20120301             20120401            12.3750
       17151972      '100013800917538718                  2.750              20120301             20120401            12.0000
       17151973      '100013800917564524                  2.750              20120301             20120401            12.3750
       17151975      '100013800917622868                  2.750              20120301             20120401            11.8750
       17151977      '100013800917737211                  2.750              20120301             20120401            12.2500
       17151978      '100013800917737625                  2.750              20120301             20120401            11.8750
       17152017      '100013800918679297                  2.750              20120401             20120501            12.1250
       17152018      '100013800918685963                  2.750              20120301             20120401            12.2500
       17152019      '100013800918687118                  2.750              20120401             20120501            11.8750
       17152020      '100013800918725561                  2.750              20120301             20120401            11.3750
       17152021      '100013800918731171                  2.750              20120301             20120401            12.6250
       17152022      '100013800918736956                  2.750              20120301             20120401            12.2500
       17152023      '100013800918912185                  2.750              20120401             20120501            12.1250
       17152024      '100013800918960762                  2.750              20120401             20120501            11.8750
       17152025      '100013800918969284                  2.750              20120301             20120401            11.6250
       17152026      '100013800919025938                  2.750              20120401             20120501            12.5000
       17152027      '100013800919081949                  2.750              20120401             20120501            11.8750
       17152028      '100013800919168415                  2.750              20120401             20120501            12.2500
       17152029      '100013800919343729                  2.750              20120401             20120501            12.2500
       17151979      '100013800917751303                  2.750              20120301             20120401            12.5000
       17151980      '100013800917756435                  2.750              20120301             20120401            11.8750
       17151982      '100013800917800498                  2.750              20120301             20120401            12.7500
       17151986      '100013800917881589                  2.750              20120301             20120401            12.2500
       17151987      '100013800917893477                  2.750              20120301             20120401            12.5000
       17151988      '100013800917925808                  2.750              20120301             20120401            12.3750
       17151989      '100013800917948594                  2.750              20120301             20120401            12.2500
       17151990      '100013800917985950                  3.375              20120301             20120401            13.5000
       17151991      '100013800918093762                  2.750              20120301             20120401            12.7500
       17151994      '100013800918124955                  2.750              20120301             20120401            12.3750
       17152000      '100013800918302320                  2.750              20120301             20120401            12.0000
       17152001      '100013800918311313                  2.750              20120301             20120401            12.3750
       17152003      '100013800918345808                  2.750              20120301             20120401            12.7500
       17152004      '100013800918359262                  2.750              20120301             20120401            12.2500
       17152006      '100013800918373446                  2.750              20120301             20120401            12.3750
       17152008      '100013800918436722                  2.750              20120301             20120401            12.3750
       17152009      '100013800918481504                  2.750              20120301             20120401            12.5000
       17152010      '100013800918493152                  2.750              20120301             20120401            12.2500
       17152011      '100013800918546462                  2.750              20120301             20120401            11.7500
       17152012      '100013800918577558                  2.750              20120301             20120401            12.0000
       17152013      '100013800918622438                  2.750              20120401             20120501            11.8750
       17152015      '100013800918651965                  2.750              20120301             20120401            12.3750
       17151898      '100013802032820583                  2.750              20120301             20120401            12.0000
       17151899      '100404001012323000                  2.750              20120301             20120401            12.3750
       17151902      '100013802032903413                  2.750              20120301             20120401            11.7500
       17151903      '100013802032916795                  2.750              20120301             20120401            12.7500
       17151904      '100013802032944599                  2.750              20120301             20120401            11.8750
       17151905      '100013802033084650                  2.750              20120301             20120401            12.5000
       17151906      '100013802033147374                  3.375              20120301             20120401            12.8750
       17151908      '100512700002006322                  2.750              20120201             20120301            12.5000
       17151909      '100404007012427022                  2.750              20120301             20120401            12.5000
       17151910      '100155800000363295                  2.750              20120301             20120401            12.0000
       17151916      '100013800909313203                  2.750              20120301             20120401            12.8750
       17151921      '100013800913897340                  2.750              20120101             20120201            12.0000
       17151923      '100013800914040387                  2.750              20120101             20120201            11.8750
       17151911      '100013807003522308                  2.750              20120401             20120501            12.3750
       17151957      '100013800917240885                  2.750              20120301             20120401            12.1250
       17151995      '100013800918202413                  2.750              20120301             20120401            12.7500
       17153681      '100011300086810453                  2.750              20120301             20120401            11.8750
       17153682      '100011300086811477                  2.750              20120301             20120401            12.0000
       17153683      '100011300086823456                  2.250              20120301             20120401            12.2500
       17153684      '100011300086842977                  2.750              20120301             20120401            12.3750
       17153685      '100011300086858403                  2.750              20120401             20120501            11.3750
       17153686      '100011300086876181                  2.750              20120401             20120501            11.3750
       17153688      '100011300086881256                  2.750              20120301             20120401            11.2500
       17153689      '100011300086888616                  2.750              20120301             20120401            12.0000
       17153690      '100011300086890349                  2.750              20120301             20120401            11.6250
       17153691      '100011300086892287                  2.750              20120301             20120401            11.8750
       17153692      '100011300086897492                  2.250              20120301             20120401            11.7500
       17153693      '100011300086899944                  2.750              20120301             20120401            12.2500
       17153694      '100011300086956348                  2.750              20120301             20120401            11.7500
       17153695      '100011300086958260                  2.750              20120301             20120401            11.5000
       17153696      '100011300086958856                  2.750              20120301             20120401            11.5000
       17153697      '100011300086959060                  2.750              20120301             20120401            12.3750
       17153698      '100011300086972022                  2.750              20120301             20120401            11.2500
       17153699      '100011300086972113                  2.750              20120301             20120401            11.7500
       17153700      '100011300086975769                  2.250              20120301             20120401            11.3750
       17153701      '100011300086981643                  2.750              20120301             20120401            11.5000
       17153702      '100011300086981932                  2.750              20120301             20120401            11.5000
       17153703      '100011300086982492                  2.750              20120401             20120501            12.0000
       17153704      '100011300086986501                  2.750              20120301             20120401            11.3750
       17153705      '100011300086987921                  2.750              20120301             20120401            11.3750
       17153706      '100011300086992731                  2.750              20120301             20120401            11.1250
       17153707      '100011300087001920                  2.750              20120301             20120401            11.6250
       17153708      '100011300087003363                  2.750              20120301             20120401            11.6250
       17153709      '100011300087034293                  2.250              20120301             20120401            11.1250
       17153710      '100011300087034590                  2.750              20120301             20120401            11.7500
       17153711      '100011300087084041                  2.750              20120301             20120401            11.7500
       17153712      '100011300087091186                  2.250              20120301             20120401            12.6250
       17153713      '100011300087094461                  2.750              20120301             20120401            11.5000
       17153714      '100011300087096888                  2.750              20120301             20120401            11.7500
       17153715      '100011300087107636                  2.750              20120301             20120401            11.3750
       17153716      '100011300087108212                  2.750              20120301             20120401            11.7500
       17153717      '100011300087135272                  2.750              20120301             20120401            11.6250
       17153718      '100011300087140066                  2.750              20120301             20120401            12.2500
       17153719      '100011300087148267                  2.750              20120301             20120401            11.6250
       17153720      '100011300087174123                  2.750              20120301             20120401            11.5000
       17153721      '100011300087204110                  2.750              20120301             20120401            11.8750
       17153722      '100011300087216981                  2.750              20120301             20120401            12.5000
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       17153201                                           2.750              20120301             20120401            11.0000
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       17153334                                           2.750              20120301             20120401            11.2500
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       17153342                                           2.250              20120301             20120401            11.3750
       17153343                                           2.250              20120301             20120401            11.6250
       17153345                                           2.750              20120301             20120401            11.2500
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       17153382                                           2.750              20120301             20120401            11.0000
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       17153387                                           2.750              20120301             20120401            12.5000
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       17153398                                           2.750              20120301             20120401            11.2500
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       17233394                                           2.250              20170501             20170601            11.5000
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       17233068                                           2.250              20170501             20170601            11.2500
       17233308                                           2.250              20170501             20170601            11.3750
       17233065      '100133700018701949                  2.250              20170301             20170401            11.1250
       17233146                                           2.250              20170401             20170501            11.1250
       17233139                                           2.250              20170501             20170601            11.3750
       17233048                                           2.250              20170401             20170501            11.1250
       17233283                                           2.250              20170501             20170601            11.0000
       17233286                                           2.250              20170501             20170601            11.5000
       17232995                                           2.250              20170401             20170501            11.1250
       17233200                                           2.250              20170401             20170501            11.5000
       17233207                                           2.250              20170501             20170601            11.3750
       17233210                                           2.250              20170501             20170601            11.2500
       17233222                                           2.250              20170501             20170601            11.2500
       17233227                                           2.250              20170501             20170601            11.1250
       17233229                                           2.250              20170501             20170601            11.1250
       17233238                                           2.250              20170501             20170601            11.2500
       17233239                                           2.250              20170501             20170601            11.6250
       17233250      '100133700020253533                  2.250              20170501             20170601            11.2500
       17233255                                           2.250              20170501             20170601            11.3750
       17233270                                           2.250              20170501             20170601            11.2500
       17233276      '100133700020750033                  2.250              20170501             20170601            11.2500
       17233279                                           2.250              20170501             20170601            11.1250
       17151971      '100013800917501419                  2.750              20140301             20140401            11.7500
       17151933      '100013800915143230                  2.750              20140301             20140401            11.3750
       17151935      '100013800915831875                  2.750              20140301             20140401            10.6250
       17151950      '100013800917017978                  2.750              20140301             20140401            11.5000
       17151953      '100013800917133700                  2.750              20140301             20140401            11.3750
       17151974      '100013800917564607                  2.750              20140301             20140401            11.5000
       17151981      '100013800917770451                  2.750              20140301             20140401            11.6250
       17151983      '100013800917828705                  2.750              20140301             20140401            11.3750
       17151992      '100013800918107885                  2.750              20140301             20140401            11.2500
       17152002      '100013800918325768                  2.750              20140301             20140401            11.0000
       17152005      '100013800918372299                  2.750              20140301             20140401            11.3750
       17151917      '100013800909917532                  2.750              20140401             20140501            11.5000
       17151913      '100013800905795171                  2.750              20140301             20140401            11.1250
       17151976      '100013800917686897                  2.750              20140301             20140401            11.2500
       17151998      '100013800918269909                  2.750              20140301             20140401            11.7500
       17152007      '100013800918397791                  2.750              20140301             20140401            11.3750

LOAN_SEQ             MIN_RATE           PER                  MAIN_GROUP1             SUB               NEG_AM           PRODUCT
                                        _RATE_CAP                                    _GROUP1
--------------------------------------------------------------------------------------------------------------------------------------------
       17151996             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151960             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151912             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151914             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151922             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151924             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151926             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151927             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151929             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151931             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151946             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151925             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151928             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151930             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151932             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151934             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151937             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151938             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151939             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151940             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151941             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151942             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151943             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151944             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151945             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151947             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151948             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151949             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151951             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151954             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151955             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151956             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151958             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151961             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151962             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151963             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151964             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151965             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151967             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151969             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151970             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151972             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151973             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151975             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151977             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151978             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152017             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152018             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152019             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152020             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152021             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152022             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152023             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152024             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152025             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152026             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152027             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152028             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152029             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151979             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151980             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151982             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151986             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151987             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151988             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151989             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151990             2.5205               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151991             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151994             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152000             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152001             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152003             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152004             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152006             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152008             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17152009             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152010             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152011             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152012             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17152013             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17152015             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151898             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151899             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151902             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151903             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151904             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151905             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151906             2.7405               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151908             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151909             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151910             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151916             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151921             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151923             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151911             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17151957             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17151995             2.4955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17153681             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153682             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153683             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153684             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153685             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153686             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153688             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153689             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153690             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153691             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153692             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153693             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153694             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153695             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153696             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153697             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153698             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153699             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153700             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153701             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153702             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153703             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153704             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153705             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153706             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153707             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153708             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153709             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153710             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153711             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153712             1.9955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17153713             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153714             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153715             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153716             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153717             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153718             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153719             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153720             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153721             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153722             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153723             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153726             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153727             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153728             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153729             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153537             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153539             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153540             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153541             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153542             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153543             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153544             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153545             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153546             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153547             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153548             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153549             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153550             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153551             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153552             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153553             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153554             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153556             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153557             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153558             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153559             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153560             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153561             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153562             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153563             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153564             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153565             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153566             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153567             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153568             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153569             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153570             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153571             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153572             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153573             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153575             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153576             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153577             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153578             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153579             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153580             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153581             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153582             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153583             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153584             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153585             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153586             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153587             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153588             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153589             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153591             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153592             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153593             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153596             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153597             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153598             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153599             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153600             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153601             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153602             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153603             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153604             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153605             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153606             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153608             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153609             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153610             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153611             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153612             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153613             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153614             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153615             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153616             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153617             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153618             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153619             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153620             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153622             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153623             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153624             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153625             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153626             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153627             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153629             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153631             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153632             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153633             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153636             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153637             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153638             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153639             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153640             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153641             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153643             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153644             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153645             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153646             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153647             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153648             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153649             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153650             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153651             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153652             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153653             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153654             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153655             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153656             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153657             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153658             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153659             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153660             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153661             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153662             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153663             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153664             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153665             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153666             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153667             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153668             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153669             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153670             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153672             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153674             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153675             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153676             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153677             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153679             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153680             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153494             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153495             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153497             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153498             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153499             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153500             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153501             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153502             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153503             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153504             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153505             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153506             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153507             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153508             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153509             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153510             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153512             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153513             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153514             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153515             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153516             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153517             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153518             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153519             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153520             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153521             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153522             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153523             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153524             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153526             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153527             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153528             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153529             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153530             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153531             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153532             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153534             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153535             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153536             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153415             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153416             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153417             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153418             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153419             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153421             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153422             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153424             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153426             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153427             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153428             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153429             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153430             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153431             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153432             1.9955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17153433             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153435             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153436             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153437             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153438             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153439             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153440             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153441             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153442             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153443             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153444             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153445             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153446             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153447             1.9955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17153448             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153449             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153450             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153451             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153452             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153453             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153454             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153455             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153456             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153457             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153458             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153459             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153460             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153462             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153463             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153464             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153465             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153466             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153467             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153468             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153471             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153472             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153473             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153474             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153475             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153476             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153477             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153478             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153479             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153480             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153482             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153483             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153484             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153485             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153486             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153487             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153488             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153489             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153490             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153492             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153493             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153084             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153085             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153086             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153088             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153089             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153090             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153091             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153092             1.9955               2.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17153093             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153101             1.9955               2.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17153102             1.9955               2.0000      GI. WELLS               G01               No               5/6LIBOR
       17153103             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153105             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153106             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153107             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153108             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153109             1.9955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17153110             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153112             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153113             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153114             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153115             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153116             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153117             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153118             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153119             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153120             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153121             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153122             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153123             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153126             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153127             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153128             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153129             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153130             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153131             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153132             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153134             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153135             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153136             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153137             1.9955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17153138             1.9955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17153139             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153140             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153141             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153142             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153143             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153145             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153146             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153147             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153148             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153149             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153150             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153151             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153152             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153153             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153154             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153156             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153157             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153158             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153159             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153160             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153161             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153162             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153164             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153165             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153166             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153167             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153168             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153170             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153171             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153172             2.4955               2.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17153173             1.9955               1.0000      GI. WELLS               G01               No               5/6LIBOR
       17153174             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153175             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153176             1.9955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153177             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153179             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153180             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153181             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153182             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153183             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153184             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153186             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153187             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153188             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153189             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153190             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153191             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153192             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153193             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153194             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153195             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153196             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153199             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153200             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153201             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153202             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153322             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153323             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153324             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153326             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153327             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153328             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153329             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153330             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153332             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153333             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153334             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153335             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153336             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153337             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153338             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153339             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153340             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153341             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153342             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153343             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153345             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153346             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153347             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153348             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153349             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153350             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153351             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153352             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153353             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153354             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153355             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153356             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153357             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153358             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153359             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153360             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153361             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153362             1.9955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153363             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153364             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153365             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153366             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153367             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153369             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153370             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153371             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153372             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153373             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153374             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153375             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153376             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153377             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153378             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153379             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153380             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153381             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153382             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153383             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153384             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153385             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153386             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153387             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153388             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153389             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153390             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153391             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153392             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153393             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153394             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153395             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153396             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153397             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153398             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153399             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153400             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153401             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153402             1.9955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153403             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153405             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153406             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153407             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153408             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153409             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153410             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153411             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153412             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153414             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153210             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153211             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153212             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153214             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153215             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153216             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153217             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153218             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153219             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153220             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153221             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153222             1.9955               1.0000      GI. WELLS               G01               No               5/6LIBOR  IO
       17153223             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153224             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153225             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153226             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153227             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153228             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153229             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153230             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153231             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153232             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153233             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153234             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153235             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153236             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153237             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153239             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153240             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153244             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153245             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153247             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153249             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153250             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153251             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153252             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153253             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153254             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153255             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153256             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153257             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153258             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153259             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153260             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153261             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153262             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153263             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153264             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153267             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153268             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153269             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153270             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153272             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153274             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153275             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153276             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153277             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153278             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153279             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153280             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153281             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153282             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153283             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153284             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153285             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153286             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153287             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153288             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153289             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153291             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153292             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153293             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153294             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153295             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153296             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153297             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153298             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153299             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153300             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153301             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153302             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153303             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153304             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153305             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153306             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153307             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153308             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153310             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153311             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR
       17153312             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153313             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153314             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153316             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT
       17153317             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153318             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153319             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153320             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153321             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153203             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153204             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153205             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153206             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153207             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       17153208             1.9955               2.0000      GI. WELLS               G01               No               5/1LIBOR  IO
       16846361             2.4955               2.0000      GI. WELLS               G01               No               5/1CMT    IO
       17153912             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153913             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153914             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153915             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153916             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153917             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153918             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153919             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153920             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153921             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153922             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153923             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153924             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153925             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153926             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153928             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153929             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153930             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153931             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153932             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153933             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153934             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153935             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153936             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153937             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153938             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153939             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153940             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153941             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153942             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153943             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153944             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153945             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153946             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153947             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153948             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153950             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153951             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153952             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153953             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153954             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153955             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153956             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153957             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153958             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153959             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153960             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153961             1.9955               1.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153962             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153963             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153964             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153965             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153966             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153968             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153969             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153970             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153971             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153972             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153973             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153974             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153975             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153976             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153977             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153978             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153979             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153980             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153981             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153982             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153983             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153984             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153985             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153986             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153987             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153988             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153989             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153990             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153991             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153992             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153993             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153994             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153995             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153996             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153997             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153998             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153999             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154000             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154001             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154002             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154003             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154004             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154005             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17154007             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154009             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154010             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154011             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154012             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154014             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154015             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17154016             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154017             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154018             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154019             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154020             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154021             1.9955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154022             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17154023             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154024             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154025             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154026             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154027             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154028             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154029             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154030             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154032             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154033             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154034             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154035             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154036             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154037             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154038             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154039             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154040             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154041             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154042             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154043             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154044             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154045             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154046             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154047             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154048             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154050             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154051             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154052             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154053             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154054             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154055             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17154056             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154057             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154058             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154059             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154060             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154061             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154062             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17154063             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154064             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154065             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154066             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154067             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17154068             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154069             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154070             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154072             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154074             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154075             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154076             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154077             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154078             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154081             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154082             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154083             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154084             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154085             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154086             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17154087             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154088             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154089             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154090             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154091             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154092             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154093             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154094             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17154095             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154097             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17154098             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153770             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153771             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153772             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153773             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR
       17153774             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153775             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153776             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR
       17153777             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153779             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153781             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153782             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153783             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153784             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR
       17153785             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153786             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153787             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153788             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153789             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153790             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153792             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153793             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153794             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153795             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153796             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153797             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153798             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153799             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153800             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153801             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153802             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153803             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153804             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153805             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153806             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153807             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153808             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153809             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR
       17153810             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153811             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153812             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153813             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153814             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR
       17153815             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153816             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153817             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR
       17153818             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153819             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153820             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153822             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153823             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR
       17153824             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153825             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153826             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153827             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153828             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153829             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153831             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153832             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153833             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR
       17153834             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153835             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153836             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153837             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153838             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153839             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153840             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153841             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153843             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153844             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153845             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153846             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153848             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153849             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153850             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153851             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153852             1.9955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153853             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153854             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153855             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR
       17153856             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153857             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153858             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153859             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153860             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153861             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153862             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153863             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153864             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153865             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153866             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153867             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153868             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153869             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153870             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153871             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153872             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153874             1.9955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153875             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153876             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153878             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153879             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR
       17153880             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153881             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153882             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153883             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153884             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153885             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153886             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153887             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153889             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153890             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153891             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153892             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153893             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153894             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153895             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153896             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153897             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153898             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153900             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153901             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153902             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153903             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153904             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153905             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153906             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153907             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153908             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153910             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153749             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153750             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT
       17153751             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153752             2.4955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153753             1.9955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153754             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153755             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153757             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153758             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153759             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR
       17153760             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153762             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153763             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153764             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153765             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153766             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153767             1.9955               2.0000      GI. WELLS               G02               No               10/1LIBOR IO
       17153768             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17153769             2.4955               2.0000      GI. WELLS               G02               No               10/1CMT   IO
       17233046             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233120             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233040             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233041             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233123             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233042             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233124             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233043             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233125             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233044             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233045             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233116             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233036             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233118             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233119             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233038             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233039             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233033             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233115             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233034             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233467             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233409             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233110             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233030             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233113             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233032             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233114             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233028             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233029             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233108             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233109             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247380             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233000             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233001             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233002             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233003             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233004             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233005             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233006             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233007             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247291             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247373             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233008             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233009             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233010             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233011             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233013             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233014             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233015             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233016             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233017             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233018             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247293             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247294             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233100             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233020             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233101             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233021             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233102             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233022             2.3205               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233023             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233105             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233024             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233106             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233025             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233107             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247371             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247365             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247287             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247288             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17247289             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247284             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247258             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247259             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247340             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247342             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247346             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17247348             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17247351             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247270             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247353             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247272             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247355             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247356             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247277             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247278             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247362             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247322             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247324             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247331             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247251             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247333             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247252             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247253             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247255             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247256             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247327             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247328             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247248             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247237             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247228             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247309             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247310             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247312             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247316             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233391             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233475             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233476             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233397             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247204             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247217             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247218             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247219             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247225             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233452             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233456             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233381             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233432             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233433             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233190             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233193             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233438             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233195             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233196             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233359             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233198             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233360             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233361             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233364             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233366             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233367             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233180             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233424             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233343             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233344             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233345             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233184             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233185             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233349             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233189             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233084             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233327             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233166             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233086             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233167             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233087             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233088             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233169             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233089             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233413             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233170             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233171             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233333             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233091             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233092             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233173             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233335             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233093             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233174             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233094             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233337             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233095             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233176             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233177             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233178             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233179             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233151             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233071             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233072             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233073             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233154             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233074             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233075             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233156             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233076             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233319             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233158             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233078             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233159             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233080             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233081             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233162             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233324             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233406             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233083             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233407             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233164             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233069             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233150             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233067             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233149             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233066             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233309             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233141             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233142             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233304             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233063             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233144             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233064             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233145             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233058             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233059             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233300             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233301             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233140             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233302             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233060             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233051             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233132             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233052             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233133             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233054             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233135             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233136             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233056             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233137             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233047             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233128             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233129             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233049             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233130             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233050             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233285             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233288             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233290             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233292             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233293             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233295             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233296             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232973             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232974             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232977             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232979             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232980             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17232981             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232982             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232983             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232985             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17232986             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232987             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232988             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232989             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232990             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232991             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232992             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232994             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232996             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232997             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232998             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232999             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233206             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233211             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233212             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233214             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233216             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233218             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233219             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233221             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233233             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233235             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233236             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233240             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233241             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233242             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233243             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233245             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233249             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233251             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233252             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233253             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233254             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233256             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233257             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233260             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233262             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233264             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233265             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233266             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233267             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233268             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233269             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233271             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233272             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233273             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233274             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233275             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233280             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233282             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247265             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244992             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244993             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244994             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244995             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244996             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244997             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244998             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244999             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244990             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244991             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247375             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247295             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247376             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247296             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17247377             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247381             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247382             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247374             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247370             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247290             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247367             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247286             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247283             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247261             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247343             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247344             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247263             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247266             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247349             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247268             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247269             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247350             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247271             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247273             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247274             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247276             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17247357             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247197             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247198             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17247279             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247280             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247282             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247320             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247321             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247240             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247241             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247242             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247243             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247254             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247335             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247326             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247246             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247247             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247329             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247317             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247236             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247318             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247238             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247311             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247230             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247231             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247234             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17256615             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17256616             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17256617             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17256609             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17256618             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17256619             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17256610             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17256611             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17256613             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255906             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255907             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255917             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255908             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255918             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255909             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255919             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255885             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255894             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255896             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255887             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255888             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255898             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255899             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255914             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255915             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255916             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255912             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17255913             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255904             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255905             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255882             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255883             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255884             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255886             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255889             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255910             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255911             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17255897             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255900             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255901             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255902             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255903             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255880             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255881             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255895             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255891             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17255893             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17255890             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250575             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250577             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250578             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250570             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250562             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247202             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247203             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247208             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247209             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247210             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247211             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247212             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247214             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247216             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247300             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17247302             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247221             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247222             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247303             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247304             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247223             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247224             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17247306             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244962             2.5705               2.0000      GII. CW                 G01               No               7/1CMT
       17245030             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245031             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245032             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245033             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245034             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245035             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245036             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245037             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245038             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245039             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245040             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245041             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245042             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245043             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245044             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17245045             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245046             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245047             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17245048             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245049             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245050             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17245016             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245017             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245018             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245019             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245020             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245021             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17245022             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245023             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245025             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245026             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17245027             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245028             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245029             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245004             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17245005             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245006             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245007             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245008             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245009             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245010             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245011             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245012             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245013             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17245014             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245015             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245000             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245001             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245002             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17245003             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250580             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250571             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250569             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250579             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250560             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250561             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250558             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250567             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17250568             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250566             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250576             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250572             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250557             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250563             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250581             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250573             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250564             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17250574             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17250565             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244984             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244985             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244986             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244987             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244988             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244989             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244935             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244936             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244937             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244938             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244939             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244940             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244941             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244942             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244943             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244944             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244945             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244946             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244947             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244948             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244949             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244950             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244951             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244952             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244953             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244954             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244955             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244956             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244957             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244958             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244959             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244960             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244961             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244963             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244964             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244965             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244966             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244967             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244968             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244969             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244970             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244971             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17244972             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244973             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244974             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244975             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244976             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244977             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244978             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR
       17244979             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244980             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244981             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244982             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17244983             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17256703             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17256709             2.0705               2.0000      GII. CW                 G01               No               7/1LIBOR  IO
       17233121             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233122             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233126             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233117             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233037             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233460             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233451             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233111             2.0705               2.0000      GII. CW                 G02               No               10/6LIBOR IO
       17233031             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233112             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247297             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247298             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247372             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247292             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233019             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233103             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233104             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233026             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247366             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247285             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247368             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247369             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247363             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247364             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247341             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247262             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247345             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247347             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247267             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247352             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247354             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247275             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247359             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247360             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247361             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247281             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17247323             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247325             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17247250             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247334             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247337             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247257             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247245             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247330             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247229             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247232             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247314             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247233             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247315             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247215             2.0705               1.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233392             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233393             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233394             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233395             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233396             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233398             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233399             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247201             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247206             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17247213             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247301             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247305             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233370             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233453             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233372             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233454             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233373             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233455             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233374             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233457             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233376             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233458             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233377             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233459             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233378             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233379             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233461             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233462             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233464             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233383             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233384             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233466             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233385             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233387             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233388             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233389             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233470             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233390             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233352             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233434             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233191             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233353             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233435             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233192             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233354             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233436             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233355             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233437             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233356             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233439             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233199             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233440             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233441             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233443             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233362             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233444             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233445             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233446             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233447             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233448             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233449             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233421             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233340             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233422             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233423             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233342             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233181             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233425             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233182             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233426             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233183             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233427             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233346             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233428             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233347             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233429             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233186             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233348             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233188             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233430             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233431             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233350             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233408             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233165             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233085             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233328             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233329             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233168             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233410             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233411             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233412             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233331             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233332             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233414             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233090             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233415             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233172             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233334             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233416             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233417             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233336             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233418             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233175             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233419             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233338             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233339             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233098             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233099             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233420             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233314             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233153             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233316             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233155             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233317             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233318             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233157             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233077             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233400             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233401             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233320             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233402             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233321             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233160             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233404             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233161             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233323             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233082             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233326             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233310             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233311             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233312             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233070             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233313             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233148             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233061             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233143             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233305             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233306             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233307             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233138             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233303             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233053             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233134             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233055             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233057             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233131             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233284             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233287             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233289             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233291             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233294             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233297             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233298             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233299             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17232984             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233201             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233202             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233203             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233205             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233208             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233213             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233215             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233217             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233220             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233223             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233224             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233225             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233228             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233230             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233231             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233232             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233234             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233237             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233244             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233246             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233247             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233248             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233258             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233259             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233261             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233263             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233278             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233281             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233035             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247378             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247379             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247299             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233027             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247339             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247260             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247264             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247358             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247244             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247332             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247336             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247338             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247249             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247319             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247239             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247313             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247307             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247308             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233473             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233474             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247200             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247205             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247207             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17247220             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233450             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233371             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233375             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233380             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233463             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233382             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233386             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233468             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233469             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233471             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233472             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233194             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233357             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233358             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233363             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17233365             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233368             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233369             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233341             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233187             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233351             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233330             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233152             2.0705               2.0000      GII. CW                 G02               No               10/6LIBOR IO
       17233315             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233079             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233403             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233322             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233405             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233163             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233325             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233068             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233308             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233065             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233146             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233139             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233048             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233283             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233286             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR
       17232995             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233200             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233207             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233210             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233222             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233227             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233229             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233238             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233239             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233250             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233255             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233270             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233276             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17233279             2.0705               2.0000      GII. CW                 G02               No               10/1LIBOR IO
       17151971             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17151933             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17151935             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17151950             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17151953             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17151974             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17151981             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17151983             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17151992             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17152002             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17152005             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17151917             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17151913             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR
       17151976             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17151998             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO
       17152007             2.4955               1.0000      GII. CW                 G01               No               7/6LIBOR  IO

LOAN_SEQ             AM_TYPE                   PREPAY           PP_DESC           PP_TYPE           PP_PENALTY_
                                                                                                    HARDNESS_MTHS
----------------------------------------------------------------------------------------------------------------------------
       17151996      ARMS                      No_PP            0MPP              NO PP                                   0
       17151960      ARMS                      No_PP            0MPP              NO PP                                   0
       17151912      ARMS                      No_PP            0MPP              NO PP                                   0
       17151914      ARMS                      No_PP            0MPP              NO PP                                   0
       17151922      ARMS                      No_PP            0MPP              NO PP                                   0
       17151924      ARMS                      No_PP            0MPP              NO PP                                   0
       17151926      ARMS                      No_PP            0MPP              NO PP                                   0
       17151927      ARMS                      No_PP            0MPP              NO PP                                   0
       17151929      ARMS                      No_PP            0MPP              NO PP                                   0
       17151931      ARMS                      No_PP            0MPP              NO PP                                   0
       17151946      ARMS                      No_PP            0MPP              NO PP                                   0
       17151925      ARMS                      No_PP            0MPP              NO PP                                   0
       17151928      ARMS                      No_PP            0MPP              NO PP                                   0
       17151930      ARMS                      No_PP            0MPP              NO PP                                   0
       17151932      ARMS                      Prepay           12MPP             SOFT                                    0
       17151934      ARMS                      No_PP            0MPP              NO PP                                   0
       17151937      ARMS                      No_PP            0MPP              NO PP                                   0
       17151938      ARMS                      No_PP            0MPP              NO PP                                   0
       17151939      ARMS                      No_PP            0MPP              NO PP                                   0
       17151940      ARMS                      No_PP            0MPP              NO PP                                   0
       17151941      ARMS                      Prepay           12MPP             SOFT                                    0
       17151942      ARMS                      Prepay           12MPP             HARD                                   12
       17151943      ARMS                      Prepay           36MPP             HARD                                   36
       17151944      ARMS                      No_PP            0MPP              NO PP                                   0
       17151945      ARMS                      No_PP            0MPP              NO PP                                   0
       17151947      ARMS                      No_PP            0MPP              NO PP                                   0
       17151948      ARMS                      Prepay           12MPP             HARD                                   12
       17151949      ARMS                      No_PP            0MPP              NO PP                                   0
       17151951      ARMS                      Prepay           36MPP             SOFT                                    0
       17151954      ARMS                      No_PP            0MPP              NO PP                                   0
       17151955      ARMS                      No_PP            0MPP              NO PP                                   0
       17151956      ARMS                      Prepay           12MPP             HARD                                   12
       17151958      ARMS                      No_PP            0MPP              NO PP                                   0
       17151961      ARMS                      Prepay           36MPP             HARD                                   36
       17151962      ARMS                      No_PP            0MPP              NO PP                                   0
       17151963      ARMS                      No_PP            0MPP              NO PP                                   0
       17151964      ARMS                      Prepay           12MPP             HARD                                   12
       17151965      ARMS                      No_PP            0MPP              NO PP                                   0
       17151967      ARMS                      No_PP            0MPP              NO PP                                   0
       17151969      ARMS                      No_PP            0MPP              NO PP                                   0
       17151970      ARMS                      No_PP            0MPP              NO PP                                   0
       17151972      ARMS                      No_PP            0MPP              NO PP                                   0
       17151973      ARMS                      No_PP            0MPP              NO PP                                   0
       17151975      ARMS                      Prepay           36MPP             HARD                                   36
       17151977      ARMS                      No_PP            0MPP              NO PP                                   0
       17151978      ARMS                      Prepay           12MPP             HARD                                   12
       17152017      ARMS                      No_PP            0MPP              NO PP                                   0
       17152018      ARMS                      Prepay           36MPP             HARD                                   36
       17152019      ARMS                      No_PP            0MPP              NO PP                                   0
       17152020      ARMS                      No_PP            0MPP              NO PP                                   0
       17152021      ARMS                      Prepay           12MPP             HARD                                   12
       17152022      ARMS                      No_PP            0MPP              NO PP                                   0
       17152023      ARMS                      Prepay           12MPP             HARD                                   12
       17152024      ARMS                      No_PP            0MPP              NO PP                                   0
       17152025      ARMS                      No_PP            0MPP              NO PP                                   0
       17152026      ARMS                      No_PP            0MPP              NO PP                                   0
       17152027      ARMS                      No_PP            0MPP              NO PP                                   0
       17152028      ARMS                      Prepay           12MPP             HARD                                   12
       17152029      ARMS                      No_PP            0MPP              NO PP                                   0
       17151979      ARMS                      No_PP            0MPP              NO PP                                   0
       17151980      ARMS                      No_PP            0MPP              NO PP                                   0
       17151982      ARMS                      No_PP            0MPP              NO PP                                   0
       17151986      ARMS                      No_PP            0MPP              NO PP                                   0
       17151987      ARMS                      No_PP            0MPP              NO PP                                   0
       17151988      ARMS                      No_PP            0MPP              NO PP                                   0
       17151989      ARMS                      No_PP            0MPP              NO PP                                   0
       17151990      ARMS                      Prepay           36MPP             SOFT                                    0
       17151991      ARMS                      No_PP            0MPP              NO PP                                   0
       17151994      ARMS                      No_PP            0MPP              NO PP                                   0
       17152000      ARMS                      No_PP            0MPP              NO PP                                   0
       17152001      ARMS                      No_PP            0MPP              NO PP                                   0
       17152003      ARMS                      No_PP            0MPP              NO PP                                   0
       17152004      ARMS                      No_PP            0MPP              NO PP                                   0
       17152006      ARMS                      No_PP            0MPP              NO PP                                   0
       17152008      ARMS                      No_PP            0MPP              NO PP                                   0
       17152009      ARMS                      No_PP            0MPP              NO PP                                   0
       17152010      ARMS                      Prepay           36MPP             SOFT                                    0
       17152011      ARMS                      No_PP            0MPP              NO PP                                   0
       17152012      ARMS                      Prepay           12MPP             HARD                                   12
       17152013      ARMS                      No_PP            0MPP              NO PP                                   0
       17152015      ARMS                      No_PP            0MPP              NO PP                                   0
       17151898      ARMS                      No_PP            0MPP              NO PP                                   0
       17151899      ARMS                      Prepay           36MPP             HARD                                   36
       17151902      ARMS                      No_PP            0MPP              NO PP                                   0
       17151903      ARMS                      Prepay           12MPP             HARD                                   12
       17151904      ARMS                      No_PP            0MPP              NO PP                                   0
       17151905      ARMS                      No_PP            0MPP              NO PP                                   0
       17151906      ARMS                      Prepay           36MPP             HARD                                   36
       17151908      ARMS                      Prepay           36MPP             HARD                                   36
       17151909      ARMS                      Prepay           12MPP             HARD                                   12
       17151910      ARMS                      No_PP            0MPP              NO PP                                   0
       17151916      ARMS                      No_PP            0MPP              NO PP                                   0
       17151921      ARMS                      No_PP            0MPP              NO PP                                   0
       17151923      ARMS                      No_PP            0MPP              NO PP                                   0
       17151911      ARMS                      No_PP            0MPP              NO PP                                   0
       17151957      ARMS                      No_PP            0MPP              NO PP                                   0
       17151995      ARMS                      No_PP            0MPP              NO PP                                   0
       17153681      ARMS                      No_PP            0MPP              NO PP                                   0
       17153682      ARMS                      No_PP            0MPP              NO PP                                   0
       17153683      ARMS                      No_PP            0MPP              NO PP                                   0
       17153684      ARMS                      No_PP            0MPP              NO PP                                   0
       17153685      ARMS                      No_PP            0MPP              NO PP                                   0
       17153686      ARMS                      No_PP            0MPP              NO PP                                   0
       17153688      ARMS                      No_PP            0MPP              NO PP                                   0
       17153689      ARMS                      No_PP            0MPP              NO PP                                   0
       17153690      ARMS                      No_PP            0MPP              NO PP                                   0
       17153691      ARMS                      No_PP            0MPP              NO PP                                   0
       17153692      ARMS                      No_PP            0MPP              NO PP                                   0
       17153693      ARMS                      No_PP            0MPP              NO PP                                   0
       17153694      ARMS                      No_PP            0MPP              NO PP                                   0
       17153695      ARMS                      No_PP            0MPP              NO PP                                   0
       17153696      ARMS                      No_PP            0MPP              NO PP                                   0
       17153697      ARMS                      No_PP            0MPP              NO PP                                   0
       17153698      ARMS                      No_PP            0MPP              NO PP                                   0
       17153699      ARMS                      No_PP            0MPP              NO PP                                   0
       17153700      ARMS                      No_PP            0MPP              NO PP                                   0
       17153701      ARMS                      No_PP            0MPP              NO PP                                   0
       17153702      ARMS                      No_PP            0MPP              NO PP                                   0
       17153703      ARMS                      No_PP            0MPP              NO PP                                   0
       17153704      ARMS                      No_PP            0MPP              NO PP                                   0
       17153705      ARMS                      No_PP            0MPP              NO PP                                   0
       17153706      ARMS                      No_PP            0MPP              NO PP                                   0
       17153707      ARMS                      No_PP            0MPP              NO PP                                   0
       17153708      ARMS                      No_PP            0MPP              NO PP                                   0
       17153709      ARMS                      No_PP            0MPP              NO PP                                   0
       17153710      ARMS                      No_PP            0MPP              NO PP                                   0
       17153711      ARMS                      No_PP            0MPP              NO PP                                   0
       17153712      ARMS                      No_PP            0MPP              NO PP                                   0
       17153713      ARMS                      No_PP            0MPP              NO PP                                   0
       17153714      ARMS                      No_PP            0MPP              NO PP                                   0
       17153715      ARMS                      No_PP            0MPP              NO PP                                   0
       17153716      ARMS                      No_PP            0MPP              NO PP                                   0
       17153717      ARMS                      No_PP            0MPP              NO PP                                   0
       17153718      ARMS                      No_PP            0MPP              NO PP                                   0
       17153719      ARMS                      No_PP            0MPP              NO PP                                   0
       17153720      ARMS                      No_PP            0MPP              NO PP                                   0
       17153721      ARMS                      No_PP            0MPP              NO PP                                   0
       17153722      ARMS                      No_PP            0MPP              NO PP                                   0
       17153723      ARMS                      No_PP            0MPP              NO PP                                   0
       17153726      ARMS                      No_PP            0MPP              NO PP                                   0
       17153727      ARMS                      No_PP            0MPP              NO PP                                   0
       17153728      ARMS                      No_PP            0MPP              NO PP                                   0
       17153729      ARMS                      No_PP            0MPP              NO PP                                   0
       17153537      ARMS                      No_PP            0MPP              NO PP                                   0
       17153539      ARMS                      No_PP            0MPP              NO PP                                   0
       17153540      ARMS                      No_PP            0MPP              NO PP                                   0
       17153541      ARMS                      No_PP            0MPP              NO PP                                   0
       17153542      ARMS                      No_PP            0MPP              NO PP                                   0
       17153543      ARMS                      No_PP            0MPP              NO PP                                   0
       17153544      ARMS                      No_PP            0MPP              NO PP                                   0
       17153545      ARMS                      No_PP            0MPP              NO PP                                   0
       17153546      ARMS                      No_PP            0MPP              NO PP                                   0
       17153547      ARMS                      No_PP            0MPP              NO PP                                   0
       17153548      ARMS                      No_PP            0MPP              NO PP                                   0
       17153549      ARMS                      No_PP            0MPP              NO PP                                   0
       17153550      ARMS                      No_PP            0MPP              NO PP                                   0
       17153551      ARMS                      No_PP            0MPP              NO PP                                   0
       17153552      ARMS                      No_PP            0MPP              NO PP                                   0
       17153553      ARMS                      No_PP            0MPP              NO PP                                   0
       17153554      ARMS                      No_PP            0MPP              NO PP                                   0
       17153556      ARMS                      No_PP            0MPP              NO PP                                   0
       17153557      ARMS                      No_PP            0MPP              NO PP                                   0
       17153558      ARMS                      No_PP            0MPP              NO PP                                   0
       17153559      ARMS                      No_PP            0MPP              NO PP                                   0
       17153560      ARMS                      No_PP            0MPP              NO PP                                   0
       17153561      ARMS                      No_PP            0MPP              NO PP                                   0
       17153562      ARMS                      No_PP            0MPP              NO PP                                   0
       17153563      ARMS                      No_PP            0MPP              NO PP                                   0
       17153564      ARMS                      No_PP            0MPP              NO PP                                   0
       17153565      ARMS                      No_PP            0MPP              NO PP                                   0
       17153566      ARMS                      No_PP            0MPP              NO PP                                   0
       17153567      ARMS                      No_PP            0MPP              NO PP                                   0
       17153568      ARMS                      No_PP            0MPP              NO PP                                   0
       17153569      ARMS                      No_PP            0MPP              NO PP                                   0
       17153570      ARMS                      No_PP            0MPP              NO PP                                   0
       17153571      ARMS                      No_PP            0MPP              NO PP                                   0
       17153572      ARMS                      No_PP            0MPP              NO PP                                   0
       17153573      ARMS                      No_PP            0MPP              NO PP                                   0
       17153575      ARMS                      No_PP            0MPP              NO PP                                   0
       17153576      ARMS                      No_PP            0MPP              NO PP                                   0
       17153577      ARMS                      No_PP            0MPP              NO PP                                   0
       17153578      ARMS                      No_PP            0MPP              NO PP                                   0
       17153579      ARMS                      No_PP            0MPP              NO PP                                   0
       17153580      ARMS                      No_PP            0MPP              NO PP                                   0
       17153581      ARMS                      No_PP            0MPP              NO PP                                   0
       17153582      ARMS                      No_PP            0MPP              NO PP                                   0
       17153583      ARMS                      No_PP            0MPP              NO PP                                   0
       17153584      ARMS                      No_PP            0MPP              NO PP                                   0
       17153585      ARMS                      No_PP            0MPP              NO PP                                   0
       17153586      ARMS                      No_PP            0MPP              NO PP                                   0
       17153587      ARMS                      No_PP            0MPP              NO PP                                   0
       17153588      ARMS                      No_PP            0MPP              NO PP                                   0
       17153589      ARMS                      No_PP            0MPP              NO PP                                   0
       17153591      ARMS                      No_PP            0MPP              NO PP                                   0
       17153592      ARMS                      No_PP            0MPP              NO PP                                   0
       17153593      ARMS                      No_PP            0MPP              NO PP                                   0
       17153596      ARMS                      No_PP            0MPP              NO PP                                   0
       17153597      ARMS                      No_PP            0MPP              NO PP                                   0
       17153598      ARMS                      No_PP            0MPP              NO PP                                   0
       17153599      ARMS                      No_PP            0MPP              NO PP                                   0
       17153600      ARMS                      No_PP            0MPP              NO PP                                   0
       17153601      ARMS                      No_PP            0MPP              NO PP                                   0
       17153602      ARMS                      No_PP            0MPP              NO PP                                   0
       17153603      ARMS                      No_PP            0MPP              NO PP                                   0
       17153604      ARMS                      No_PP            0MPP              NO PP                                   0
       17153605      ARMS                      No_PP            0MPP              NO PP                                   0
       17153606      ARMS                      No_PP            0MPP              NO PP                                   0
       17153608      ARMS                      No_PP            0MPP              NO PP                                   0
       17153609      ARMS                      No_PP            0MPP              NO PP                                   0
       17153610      ARMS                      No_PP            0MPP              NO PP                                   0
       17153611      ARMS                      No_PP            0MPP              NO PP                                   0
       17153612      ARMS                      No_PP            0MPP              NO PP                                   0
       17153613      ARMS                      No_PP            0MPP              NO PP                                   0
       17153614      ARMS                      No_PP            0MPP              NO PP                                   0
       17153615      ARMS                      No_PP            0MPP              NO PP                                   0
       17153616      ARMS                      No_PP            0MPP              NO PP                                   0
       17153617      ARMS                      No_PP            0MPP              NO PP                                   0
       17153618      ARMS                      No_PP            0MPP              NO PP                                   0
       17153619      ARMS                      No_PP            0MPP              NO PP                                   0
       17153620      ARMS                      No_PP            0MPP              NO PP                                   0
       17153622      ARMS                      No_PP            0MPP              NO PP                                   0
       17153623      ARMS                      No_PP            0MPP              NO PP                                   0
       17153624      ARMS                      No_PP            0MPP              NO PP                                   0
       17153625      ARMS                      No_PP            0MPP              NO PP                                   0
       17153626      ARMS                      No_PP            0MPP              NO PP                                   0
       17153627      ARMS                      No_PP            0MPP              NO PP                                   0
       17153629      ARMS                      No_PP            0MPP              NO PP                                   0
       17153631      ARMS                      No_PP            0MPP              NO PP                                   0
       17153632      ARMS                      No_PP            0MPP              NO PP                                   0
       17153633      ARMS                      No_PP            0MPP              NO PP                                   0
       17153636      ARMS                      No_PP            0MPP              NO PP                                   0
       17153637      ARMS                      No_PP            0MPP              NO PP                                   0
       17153638      ARMS                      No_PP            0MPP              NO PP                                   0
       17153639      ARMS                      No_PP            0MPP              NO PP                                   0
       17153640      ARMS                      No_PP            0MPP              NO PP                                   0
       17153641      ARMS                      No_PP            0MPP              NO PP                                   0
       17153643      ARMS                      No_PP            0MPP              NO PP                                   0
       17153644      ARMS                      No_PP            0MPP              NO PP                                   0
       17153645      ARMS                      No_PP            0MPP              NO PP                                   0
       17153646      ARMS                      No_PP            0MPP              NO PP                                   0
       17153647      ARMS                      No_PP            0MPP              NO PP                                   0
       17153648      ARMS                      No_PP            0MPP              NO PP                                   0
       17153649      ARMS                      No_PP            0MPP              NO PP                                   0
       17153650      ARMS                      No_PP            0MPP              NO PP                                   0
       17153651      ARMS                      No_PP            0MPP              NO PP                                   0
       17153652      ARMS                      No_PP            0MPP              NO PP                                   0
       17153653      ARMS                      No_PP            0MPP              NO PP                                   0
       17153654      ARMS                      No_PP            0MPP              NO PP                                   0
       17153655      ARMS                      No_PP            0MPP              NO PP                                   0
       17153656      ARMS                      No_PP            0MPP              NO PP                                   0
       17153657      ARMS                      No_PP            0MPP              NO PP                                   0
       17153658      ARMS                      No_PP            0MPP              NO PP                                   0
       17153659      ARMS                      No_PP            0MPP              NO PP                                   0
       17153660      ARMS                      No_PP            0MPP              NO PP                                   0
       17153661      ARMS                      No_PP            0MPP              NO PP                                   0
       17153662      ARMS                      No_PP            0MPP              NO PP                                   0
       17153663      ARMS                      No_PP            0MPP              NO PP                                   0
       17153664      ARMS                      No_PP            0MPP              NO PP                                   0
       17153665      ARMS                      No_PP            0MPP              NO PP                                   0
       17153666      ARMS                      No_PP            0MPP              NO PP                                   0
       17153667      ARMS                      No_PP            0MPP              NO PP                                   0
       17153668      ARMS                      No_PP            0MPP              NO PP                                   0
       17153669      ARMS                      No_PP            0MPP              NO PP                                   0
       17153670      ARMS                      No_PP            0MPP              NO PP                                   0
       17153672      ARMS                      No_PP            0MPP              NO PP                                   0
       17153674      ARMS                      No_PP            0MPP              NO PP                                   0
       17153675      ARMS                      No_PP            0MPP              NO PP                                   0
       17153676      ARMS                      No_PP            0MPP              NO PP                                   0
       17153677      ARMS                      No_PP            0MPP              NO PP                                   0
       17153679      ARMS                      No_PP            0MPP              NO PP                                   0
       17153680      ARMS                      No_PP            0MPP              NO PP                                   0
       17153494      ARMS                      No_PP            0MPP              NO PP                                   0
       17153495      ARMS                      No_PP            0MPP              NO PP                                   0
       17153497      ARMS                      No_PP            0MPP              NO PP                                   0
       17153498      ARMS                      No_PP            0MPP              NO PP                                   0
       17153499      ARMS                      No_PP            0MPP              NO PP                                   0
       17153500      ARMS                      No_PP            0MPP              NO PP                                   0
       17153501      ARMS                      No_PP            0MPP              NO PP                                   0
       17153502      ARMS                      No_PP            0MPP              NO PP                                   0
       17153503      ARMS                      No_PP            0MPP              NO PP                                   0
       17153504      ARMS                      No_PP            0MPP              NO PP                                   0
       17153505      ARMS                      No_PP            0MPP              NO PP                                   0
       17153506      ARMS                      No_PP            0MPP              NO PP                                   0
       17153507      ARMS                      No_PP            0MPP              NO PP                                   0
       17153508      ARMS                      No_PP            0MPP              NO PP                                   0
       17153509      ARMS                      No_PP            0MPP              NO PP                                   0
       17153510      ARMS                      No_PP            0MPP              NO PP                                   0
       17153512      ARMS                      No_PP            0MPP              NO PP                                   0
       17153513      ARMS                      No_PP            0MPP              NO PP                                   0
       17153514      ARMS                      No_PP            0MPP              NO PP                                   0
       17153515      ARMS                      No_PP            0MPP              NO PP                                   0
       17153516      ARMS                      No_PP            0MPP              NO PP                                   0
       17153517      ARMS                      No_PP            0MPP              NO PP                                   0
       17153518      ARMS                      No_PP            0MPP              NO PP                                   0
       17153519      ARMS                      No_PP            0MPP              NO PP                                   0
       17153520      ARMS                      No_PP            0MPP              NO PP                                   0
       17153521      ARMS                      No_PP            0MPP              NO PP                                   0
       17153522      ARMS                      No_PP            0MPP              NO PP                                   0
       17153523      ARMS                      No_PP            0MPP              NO PP                                   0
       17153524      ARMS                      No_PP            0MPP              NO PP                                   0
       17153526      ARMS                      No_PP            0MPP              NO PP                                   0
       17153527      ARMS                      No_PP            0MPP              NO PP                                   0
       17153528      ARMS                      No_PP            0MPP              NO PP                                   0
       17153529      ARMS                      No_PP            0MPP              NO PP                                   0
       17153530      ARMS                      No_PP            0MPP              NO PP                                   0
       17153531      ARMS                      No_PP            0MPP              NO PP                                   0
       17153532      ARMS                      No_PP            0MPP              NO PP                                   0
       17153534      ARMS                      No_PP            0MPP              NO PP                                   0
       17153535      ARMS                      No_PP            0MPP              NO PP                                   0
       17153536      ARMS                      No_PP            0MPP              NO PP                                   0
       17153415      ARMS                      No_PP            0MPP              NO PP                                   0
       17153416      ARMS                      No_PP            0MPP              NO PP                                   0
       17153417      ARMS                      No_PP            0MPP              NO PP                                   0
       17153418      ARMS                      No_PP            0MPP              NO PP                                   0
       17153419      ARMS                      No_PP            0MPP              NO PP                                   0
       17153421      ARMS                      No_PP            0MPP              NO PP                                   0
       17153422      ARMS                      No_PP            0MPP              NO PP                                   0
       17153424      ARMS                      No_PP            0MPP              NO PP                                   0
       17153426      ARMS                      No_PP            0MPP              NO PP                                   0
       17153427      ARMS                      No_PP            0MPP              NO PP                                   0
       17153428      ARMS                      No_PP            0MPP              NO PP                                   0
       17153429      ARMS                      No_PP            0MPP              NO PP                                   0
       17153430      ARMS                      No_PP            0MPP              NO PP                                   0
       17153431      ARMS                      No_PP            0MPP              NO PP                                   0
       17153432      ARMS                      No_PP            0MPP              NO PP                                   0
       17153433      ARMS                      No_PP            0MPP              NO PP                                   0
       17153435      ARMS                      No_PP            0MPP              NO PP                                   0
       17153436      ARMS                      No_PP            0MPP              NO PP                                   0
       17153437      ARMS                      No_PP            0MPP              NO PP                                   0
       17153438      ARMS                      No_PP            0MPP              NO PP                                   0
       17153439      ARMS                      No_PP            0MPP              NO PP                                   0
       17153440      ARMS                      No_PP            0MPP              NO PP                                   0
       17153441      ARMS                      No_PP            0MPP              NO PP                                   0
       17153442      ARMS                      No_PP            0MPP              NO PP                                   0
       17153443      ARMS                      No_PP            0MPP              NO PP                                   0
       17153444      ARMS                      No_PP            0MPP              NO PP                                   0
       17153445      ARMS                      No_PP            0MPP              NO PP                                   0
       17153446      ARMS                      No_PP            0MPP              NO PP                                   0
       17153447      ARMS                      No_PP            0MPP              NO PP                                   0
       17153448      ARMS                      No_PP            0MPP              NO PP                                   0
       17153449      ARMS                      No_PP            0MPP              NO PP                                   0
       17153450      ARMS                      No_PP            0MPP              NO PP                                   0
       17153451      ARMS                      No_PP            0MPP              NO PP                                   0
       17153452      ARMS                      No_PP            0MPP              NO PP                                   0
       17153453      ARMS                      No_PP            0MPP              NO PP                                   0
       17153454      ARMS                      No_PP            0MPP              NO PP                                   0
       17153455      ARMS                      No_PP            0MPP              NO PP                                   0
       17153456      ARMS                      No_PP            0MPP              NO PP                                   0
       17153457      ARMS                      No_PP            0MPP              NO PP                                   0
       17153458      ARMS                      No_PP            0MPP              NO PP                                   0
       17153459      ARMS                      No_PP            0MPP              NO PP                                   0
       17153460      ARMS                      No_PP            0MPP              NO PP                                   0
       17153462      ARMS                      No_PP            0MPP              NO PP                                   0
       17153463      ARMS                      No_PP            0MPP              NO PP                                   0
       17153464      ARMS                      No_PP            0MPP              NO PP                                   0
       17153465      ARMS                      No_PP            0MPP              NO PP                                   0
       17153466      ARMS                      No_PP            0MPP              NO PP                                   0
       17153467      ARMS                      No_PP            0MPP              NO PP                                   0
       17153468      ARMS                      No_PP            0MPP              NO PP                                   0
       17153471      ARMS                      No_PP            0MPP              NO PP                                   0
       17153472      ARMS                      No_PP            0MPP              NO PP                                   0
       17153473      ARMS                      No_PP            0MPP              NO PP                                   0
       17153474      ARMS                      No_PP            0MPP              NO PP                                   0
       17153475      ARMS                      No_PP            0MPP              NO PP                                   0
       17153476      ARMS                      No_PP            0MPP              NO PP                                   0
       17153477      ARMS                      No_PP            0MPP              NO PP                                   0
       17153478      ARMS                      No_PP            0MPP              NO PP                                   0
       17153479      ARMS                      No_PP            0MPP              NO PP                                   0
       17153480      ARMS                      No_PP            0MPP              NO PP                                   0
       17153482      ARMS                      No_PP            0MPP              NO PP                                   0
       17153483      ARMS                      No_PP            0MPP              NO PP                                   0
       17153484      ARMS                      No_PP            0MPP              NO PP                                   0
       17153485      ARMS                      No_PP            0MPP              NO PP                                   0
       17153486      ARMS                      No_PP            0MPP              NO PP                                   0
       17153487      ARMS                      No_PP            0MPP              NO PP                                   0
       17153488      ARMS                      No_PP            0MPP              NO PP                                   0
       17153489      ARMS                      No_PP            0MPP              NO PP                                   0
       17153490      ARMS                      No_PP            0MPP              NO PP                                   0
       17153492      ARMS                      No_PP            0MPP              NO PP                                   0
       17153493      ARMS                      No_PP            0MPP              NO PP                                   0
       17153084      ARMS                      No_PP            0MPP              NO PP                                   0
       17153085      ARMS                      No_PP            0MPP              NO PP                                   0
       17153086      ARMS                      No_PP            0MPP              NO PP                                   0
       17153088      ARMS                      No_PP            0MPP              NO PP                                   0
       17153089      ARMS                      No_PP            0MPP              NO PP                                   0
       17153090      ARMS                      No_PP            0MPP              NO PP                                   0
       17153091      ARMS                      No_PP            0MPP              NO PP                                   0
       17153092      ARMS                      Prepay           36MPP             SOFT                                    0
       17153093      ARMS                      No_PP            0MPP              NO PP                                   0
       17153101      ARMS                      No_PP            0MPP              NO PP                                   0
       17153102      ARMS                      No_PP            0MPP              NO PP                                   0
       17153103      ARMS                      No_PP            0MPP              NO PP                                   0
       17153105      ARMS                      No_PP            0MPP              NO PP                                   0
       17153106      ARMS                      No_PP            0MPP              NO PP                                   0
       17153107      ARMS                      No_PP            0MPP              NO PP                                   0
       17153108      ARMS                      No_PP            0MPP              NO PP                                   0
       17153109      ARMS                      No_PP            0MPP              NO PP                                   0
       17153110      ARMS                      No_PP            0MPP              NO PP                                   0
       17153112      ARMS                      No_PP            0MPP              NO PP                                   0
       17153113      ARMS                      No_PP            0MPP              NO PP                                   0
       17153114      ARMS                      No_PP            0MPP              NO PP                                   0
       17153115      ARMS                      No_PP            0MPP              NO PP                                   0
       17153116      ARMS                      No_PP            0MPP              NO PP                                   0
       17153117      ARMS                      No_PP            0MPP              NO PP                                   0
       17153118      ARMS                      No_PP            0MPP              NO PP                                   0
       17153119      ARMS                      No_PP            0MPP              NO PP                                   0
       17153120      ARMS                      No_PP            0MPP              NO PP                                   0
       17153121      ARMS                      No_PP            0MPP              NO PP                                   0
       17153122      ARMS                      No_PP            0MPP              NO PP                                   0
       17153123      ARMS                      No_PP            0MPP              NO PP                                   0
       17153126      ARMS                      No_PP            0MPP              NO PP                                   0
       17153127      ARMS                      No_PP            0MPP              NO PP                                   0
       17153128      ARMS                      No_PP            0MPP              NO PP                                   0
       17153129      ARMS                      No_PP            0MPP              NO PP                                   0
       17153130      ARMS                      No_PP            0MPP              NO PP                                   0
       17153131      ARMS                      No_PP            0MPP              NO PP                                   0
       17153132      ARMS                      No_PP            0MPP              NO PP                                   0
       17153134      ARMS                      No_PP            0MPP              NO PP                                   0
       17153135      ARMS                      No_PP            0MPP              NO PP                                   0
       17153136      ARMS                      No_PP            0MPP              NO PP                                   0
       17153137      ARMS                      Prepay           36MPP             SOFT                                    0
       17153138      ARMS                      No_PP            0MPP              NO PP                                   0
       17153139      ARMS                      No_PP            0MPP              NO PP                                   0
       17153140      ARMS                      No_PP            0MPP              NO PP                                   0
       17153141      ARMS                      No_PP            0MPP              NO PP                                   0
       17153142      ARMS                      No_PP            0MPP              NO PP                                   0
       17153143      ARMS                      No_PP            0MPP              NO PP                                   0
       17153145      ARMS                      No_PP            0MPP              NO PP                                   0
       17153146      ARMS                      No_PP            0MPP              NO PP                                   0
       17153147      ARMS                      No_PP            0MPP              NO PP                                   0
       17153148      ARMS                      No_PP            0MPP              NO PP                                   0
       17153149      ARMS                      No_PP            0MPP              NO PP                                   0
       17153150      ARMS                      No_PP            0MPP              NO PP                                   0
       17153151      ARMS                      No_PP            0MPP              NO PP                                   0
       17153152      ARMS                      No_PP            0MPP              NO PP                                   0
       17153153      ARMS                      No_PP            0MPP              NO PP                                   0
       17153154      ARMS                      No_PP            0MPP              NO PP                                   0
       17153156      ARMS                      No_PP            0MPP              NO PP                                   0
       17153157      ARMS                      No_PP            0MPP              NO PP                                   0
       17153158      ARMS                      No_PP            0MPP              NO PP                                   0
       17153159      ARMS                      No_PP            0MPP              NO PP                                   0
       17153160      ARMS                      No_PP            0MPP              NO PP                                   0
       17153161      ARMS                      No_PP            0MPP              NO PP                                   0
       17153162      ARMS                      No_PP            0MPP              NO PP                                   0
       17153164      ARMS                      No_PP            0MPP              NO PP                                   0
       17153165      ARMS                      No_PP            0MPP              NO PP                                   0
       17153166      ARMS                      No_PP            0MPP              NO PP                                   0
       17153167      ARMS                      No_PP            0MPP              NO PP                                   0
       17153168      ARMS                      No_PP            0MPP              NO PP                                   0
       17153170      ARMS                      No_PP            0MPP              NO PP                                   0
       17153171      ARMS                      No_PP            0MPP              NO PP                                   0
       17153172      ARMS                      No_PP            0MPP              NO PP                                   0
       17153173      ARMS                      Prepay           36MPP             SOFT                                    0
       17153174      ARMS                      No_PP            0MPP              NO PP                                   0
       17153175      ARMS                      No_PP            0MPP              NO PP                                   0
       17153176      ARMS                      No_PP            0MPP              NO PP                                   0
       17153177      ARMS                      No_PP            0MPP              NO PP                                   0
       17153179      ARMS                      No_PP            0MPP              NO PP                                   0
       17153180      ARMS                      No_PP            0MPP              NO PP                                   0
       17153181      ARMS                      No_PP            0MPP              NO PP                                   0
       17153182      ARMS                      No_PP            0MPP              NO PP                                   0
       17153183      ARMS                      No_PP            0MPP              NO PP                                   0
       17153184      ARMS                      No_PP            0MPP              NO PP                                   0
       17153186      ARMS                      No_PP            0MPP              NO PP                                   0
       17153187      ARMS                      No_PP            0MPP              NO PP                                   0
       17153188      ARMS                      No_PP            0MPP              NO PP                                   0
       17153189      ARMS                      No_PP            0MPP              NO PP                                   0
       17153190      ARMS                      No_PP            0MPP              NO PP                                   0
       17153191      ARMS                      No_PP            0MPP              NO PP                                   0
       17153192      ARMS                      No_PP            0MPP              NO PP                                   0
       17153193      ARMS                      No_PP            0MPP              NO PP                                   0
       17153194      ARMS                      No_PP            0MPP              NO PP                                   0
       17153195      ARMS                      No_PP            0MPP              NO PP                                   0
       17153196      ARMS                      No_PP            0MPP              NO PP                                   0
       17153199      ARMS                      No_PP            0MPP              NO PP                                   0
       17153200      ARMS                      No_PP            0MPP              NO PP                                   0
       17153201      ARMS                      No_PP            0MPP              NO PP                                   0
       17153202      ARMS                      No_PP            0MPP              NO PP                                   0
       17153322      ARMS                      No_PP            0MPP              NO PP                                   0
       17153323      ARMS                      No_PP            0MPP              NO PP                                   0
       17153324      ARMS                      No_PP            0MPP              NO PP                                   0
       17153326      ARMS                      No_PP            0MPP              NO PP                                   0
       17153327      ARMS                      No_PP            0MPP              NO PP                                   0
       17153328      ARMS                      No_PP            0MPP              NO PP                                   0
       17153329      ARMS                      No_PP            0MPP              NO PP                                   0
       17153330      ARMS                      No_PP            0MPP              NO PP                                   0
       17153332      ARMS                      No_PP            0MPP              NO PP                                   0
       17153333      ARMS                      No_PP            0MPP              NO PP                                   0
       17153334      ARMS                      No_PP            0MPP              NO PP                                   0
       17153335      ARMS                      No_PP            0MPP              NO PP                                   0
       17153336      ARMS                      No_PP            0MPP              NO PP                                   0
       17153337      ARMS                      No_PP            0MPP              NO PP                                   0
       17153338      ARMS                      No_PP            0MPP              NO PP                                   0
       17153339      ARMS                      No_PP            0MPP              NO PP                                   0
       17153340      ARMS                      No_PP            0MPP              NO PP                                   0
       17153341      ARMS                      No_PP            0MPP              NO PP                                   0
       17153342      ARMS                      No_PP            0MPP              NO PP                                   0
       17153343      ARMS                      No_PP            0MPP              NO PP                                   0
       17153345      ARMS                      No_PP            0MPP              NO PP                                   0
       17153346      ARMS                      No_PP            0MPP              NO PP                                   0
       17153347      ARMS                      No_PP            0MPP              NO PP                                   0
       17153348      ARMS                      No_PP            0MPP              NO PP                                   0
       17153349      ARMS                      No_PP            0MPP              NO PP                                   0
       17153350      ARMS                      No_PP            0MPP              NO PP                                   0
       17153351      ARMS                      No_PP            0MPP              NO PP                                   0
       17153352      ARMS                      No_PP            0MPP              NO PP                                   0
       17153353      ARMS                      No_PP            0MPP              NO PP                                   0
       17153354      ARMS                      No_PP            0MPP              NO PP                                   0
       17153355      ARMS                      No_PP            0MPP              NO PP                                   0
       17153356      ARMS                      No_PP            0MPP              NO PP                                   0
       17153357      ARMS                      No_PP            0MPP              NO PP                                   0
       17153358      ARMS                      No_PP            0MPP              NO PP                                   0
       17153359      ARMS                      No_PP            0MPP              NO PP                                   0
       17153360      ARMS                      No_PP            0MPP              NO PP                                   0
       17153361      ARMS                      No_PP            0MPP              NO PP                                   0
       17153362      ARMS                      No_PP            0MPP              NO PP                                   0
       17153363      ARMS                      No_PP            0MPP              NO PP                                   0
       17153364      ARMS                      No_PP            0MPP              NO PP                                   0
       17153365      ARMS                      No_PP            0MPP              NO PP                                   0
       17153366      ARMS                      No_PP            0MPP              NO PP                                   0
       17153367      ARMS                      No_PP            0MPP              NO PP                                   0
       17153369      ARMS                      No_PP            0MPP              NO PP                                   0
       17153370      ARMS                      No_PP            0MPP              NO PP                                   0
       17153371      ARMS                      No_PP            0MPP              NO PP                                   0
       17153372      ARMS                      No_PP            0MPP              NO PP                                   0
       17153373      ARMS                      No_PP            0MPP              NO PP                                   0
       17153374      ARMS                      No_PP            0MPP              NO PP                                   0
       17153375      ARMS                      No_PP            0MPP              NO PP                                   0
       17153376      ARMS                      No_PP            0MPP              NO PP                                   0
       17153377      ARMS                      No_PP            0MPP              NO PP                                   0
       17153378      ARMS                      No_PP            0MPP              NO PP                                   0
       17153379      ARMS                      No_PP            0MPP              NO PP                                   0
       17153380      ARMS                      No_PP            0MPP              NO PP                                   0
       17153381      ARMS                      No_PP            0MPP              NO PP                                   0
       17153382      ARMS                      No_PP            0MPP              NO PP                                   0
       17153383      ARMS                      No_PP            0MPP              NO PP                                   0
       17153384      ARMS                      No_PP            0MPP              NO PP                                   0
       17153385      ARMS                      No_PP            0MPP              NO PP                                   0
       17153386      ARMS                      No_PP            0MPP              NO PP                                   0
       17153387      ARMS                      No_PP            0MPP              NO PP                                   0
       17153388      ARMS                      No_PP            0MPP              NO PP                                   0
       17153389      ARMS                      No_PP            0MPP              NO PP                                   0
       17153390      ARMS                      No_PP            0MPP              NO PP                                   0
       17153391      ARMS                      No_PP            0MPP              NO PP                                   0
       17153392      ARMS                      No_PP            0MPP              NO PP                                   0
       17153393      ARMS                      No_PP            0MPP              NO PP                                   0
       17153394      ARMS                      No_PP            0MPP              NO PP                                   0
       17153395      ARMS                      No_PP            0MPP              NO PP                                   0
       17153396      ARMS                      No_PP            0MPP              NO PP                                   0
       17153397      ARMS                      No_PP            0MPP              NO PP                                   0
       17153398      ARMS                      No_PP            0MPP              NO PP                                   0
       17153399      ARMS                      No_PP            0MPP              NO PP                                   0
       17153400      ARMS                      No_PP            0MPP              NO PP                                   0
       17153401      ARMS                      No_PP            0MPP              NO PP                                   0
       17153402      ARMS                      No_PP            0MPP              NO PP                                   0
       17153403      ARMS                      No_PP            0MPP              NO PP                                   0
       17153405      ARMS                      No_PP            0MPP              NO PP                                   0
       17153406      ARMS                      No_PP            0MPP              NO PP                                   0
       17153407      ARMS                      No_PP            0MPP              NO PP                                   0
       17153408      ARMS                      No_PP            0MPP              NO PP                                   0
       17153409      ARMS                      No_PP            0MPP              NO PP                                   0
       17153410      ARMS                      No_PP            0MPP              NO PP                                   0
       17153411      ARMS                      No_PP            0MPP              NO PP                                   0
       17153412      ARMS                      No_PP            0MPP              NO PP                                   0
       17153414      ARMS                      No_PP            0MPP              NO PP                                   0
       17153210      ARMS                      No_PP            0MPP              NO PP                                   0
       17153211      ARMS                      No_PP            0MPP              NO PP                                   0
       17153212      ARMS                      No_PP            0MPP              NO PP                                   0
       17153214      ARMS                      No_PP            0MPP              NO PP                                   0
       17153215      ARMS                      No_PP            0MPP              NO PP                                   0
       17153216      ARMS                      No_PP            0MPP              NO PP                                   0
       17153217      ARMS                      No_PP            0MPP              NO PP                                   0
       17153218      ARMS                      No_PP            0MPP              NO PP                                   0
       17153219      ARMS                      No_PP            0MPP              NO PP                                   0
       17153220      ARMS                      No_PP            0MPP              NO PP                                   0
       17153221      ARMS                      No_PP            0MPP              NO PP                                   0
       17153222      ARMS                      No_PP            0MPP              NO PP                                   0
       17153223      ARMS                      No_PP            0MPP              NO PP                                   0
       17153224      ARMS                      No_PP            0MPP              NO PP                                   0
       17153225      ARMS                      No_PP            0MPP              NO PP                                   0
       17153226      ARMS                      No_PP            0MPP              NO PP                                   0
       17153227      ARMS                      No_PP            0MPP              NO PP                                   0
       17153228      ARMS                      No_PP            0MPP              NO PP                                   0
       17153229      ARMS                      No_PP            0MPP              NO PP                                   0
       17153230      ARMS                      No_PP            0MPP              NO PP                                   0
       17153231      ARMS                      No_PP            0MPP              NO PP                                   0
       17153232      ARMS                      No_PP            0MPP              NO PP                                   0
       17153233      ARMS                      No_PP            0MPP              NO PP                                   0
       17153234      ARMS                      No_PP            0MPP              NO PP                                   0
       17153235      ARMS                      No_PP            0MPP              NO PP                                   0
       17153236      ARMS                      No_PP            0MPP              NO PP                                   0
       17153237      ARMS                      No_PP            0MPP              NO PP                                   0
       17153239      ARMS                      No_PP            0MPP              NO PP                                   0
       17153240      ARMS                      No_PP            0MPP              NO PP                                   0
       17153244      ARMS                      No_PP            0MPP              NO PP                                   0
       17153245      ARMS                      No_PP            0MPP              NO PP                                   0
       17153247      ARMS                      No_PP            0MPP              NO PP                                   0
       17153249      ARMS                      No_PP            0MPP              NO PP                                   0
       17153250      ARMS                      No_PP            0MPP              NO PP                                   0
       17153251      ARMS                      No_PP            0MPP              NO PP                                   0
       17153252      ARMS                      No_PP            0MPP              NO PP                                   0
       17153253      ARMS                      No_PP            0MPP              NO PP                                   0
       17153254      ARMS                      No_PP            0MPP              NO PP                                   0
       17153255      ARMS                      No_PP            0MPP              NO PP                                   0
       17153256      ARMS                      No_PP            0MPP              NO PP                                   0
       17153257      ARMS                      No_PP            0MPP              NO PP                                   0
       17153258      ARMS                      No_PP            0MPP              NO PP                                   0
       17153259      ARMS                      No_PP            0MPP              NO PP                                   0
       17153260      ARMS                      No_PP            0MPP              NO PP                                   0
       17153261      ARMS                      No_PP            0MPP              NO PP                                   0
       17153262      ARMS                      No_PP            0MPP              NO PP                                   0
       17153263      ARMS                      No_PP            0MPP              NO PP                                   0
       17153264      ARMS                      No_PP            0MPP              NO PP                                   0
       17153267      ARMS                      No_PP            0MPP              NO PP                                   0
       17153268      ARMS                      No_PP            0MPP              NO PP                                   0
       17153269      ARMS                      No_PP            0MPP              NO PP                                   0
       17153270      ARMS                      No_PP            0MPP              NO PP                                   0
       17153272      ARMS                      No_PP            0MPP              NO PP                                   0
       17153274      ARMS                      No_PP            0MPP              NO PP                                   0
       17153275      ARMS                      No_PP            0MPP              NO PP                                   0
       17153276      ARMS                      No_PP            0MPP              NO PP                                   0
       17153277      ARMS                      No_PP            0MPP              NO PP                                   0
       17153278      ARMS                      No_PP            0MPP              NO PP                                   0
       17153279      ARMS                      No_PP            0MPP              NO PP                                   0
       17153280      ARMS                      No_PP            0MPP              NO PP                                   0
       17153281      ARMS                      No_PP            0MPP              NO PP                                   0
       17153282      ARMS                      No_PP            0MPP              NO PP                                   0
       17153283      ARMS                      No_PP            0MPP              NO PP                                   0
       17153284      ARMS                      No_PP            0MPP              NO PP                                   0
       17153285      ARMS                      No_PP            0MPP              NO PP                                   0
       17153286      ARMS                      No_PP            0MPP              NO PP                                   0
       17153287      ARMS                      No_PP            0MPP              NO PP                                   0
       17153288      ARMS                      No_PP            0MPP              NO PP                                   0
       17153289      ARMS                      No_PP            0MPP              NO PP                                   0
       17153291      ARMS                      No_PP            0MPP              NO PP                                   0
       17153292      ARMS                      No_PP            0MPP              NO PP                                   0
       17153293      ARMS                      No_PP            0MPP              NO PP                                   0
       17153294      ARMS                      No_PP            0MPP              NO PP                                   0
       17153295      ARMS                      No_PP            0MPP              NO PP                                   0
       17153296      ARMS                      No_PP            0MPP              NO PP                                   0
       17153297      ARMS                      No_PP            0MPP              NO PP                                   0
       17153298      ARMS                      No_PP            0MPP              NO PP                                   0
       17153299      ARMS                      No_PP            0MPP              NO PP                                   0
       17153300      ARMS                      No_PP            0MPP              NO PP                                   0
       17153301      ARMS                      No_PP            0MPP              NO PP                                   0
       17153302      ARMS                      No_PP            0MPP              NO PP                                   0
       17153303      ARMS                      No_PP            0MPP              NO PP                                   0
       17153304      ARMS                      No_PP            0MPP              NO PP                                   0
       17153305      ARMS                      No_PP            0MPP              NO PP                                   0
       17153306      ARMS                      No_PP            0MPP              NO PP                                   0
       17153307      ARMS                      No_PP            0MPP              NO PP                                   0
       17153308      ARMS                      No_PP            0MPP              NO PP                                   0
       17153310      ARMS                      No_PP            0MPP              NO PP                                   0
       17153311      ARMS                      No_PP            0MPP              NO PP                                   0
       17153312      ARMS                      No_PP            0MPP              NO PP                                   0
       17153313      ARMS                      No_PP            0MPP              NO PP                                   0
       17153314      ARMS                      No_PP            0MPP              NO PP                                   0
       17153316      ARMS                      No_PP            0MPP              NO PP                                   0
       17153317      ARMS                      No_PP            0MPP              NO PP                                   0
       17153318      ARMS                      No_PP            0MPP              NO PP                                   0
       17153319      ARMS                      No_PP            0MPP              NO PP                                   0
       17153320      ARMS                      No_PP            0MPP              NO PP                                   0
       17153321      ARMS                      No_PP            0MPP              NO PP                                   0
       17153203      ARMS                      No_PP            0MPP              NO PP                                   0
       17153204      ARMS                      No_PP            0MPP              NO PP                                   0
       17153205      ARMS                      No_PP            0MPP              NO PP                                   0
       17153206      ARMS                      No_PP            0MPP              NO PP                                   0
       17153207      ARMS                      No_PP            0MPP              NO PP                                   0
       17153208      ARMS                      No_PP            0MPP              NO PP                                   0
       16846361      ARMS                      No_PP            0MPP              NO PP                                   0
       17153912      ARMS                      No_PP            0MPP              NO PP                                   0
       17153913      ARMS                      No_PP            0MPP              NO PP                                   0
       17153914      ARMS                      No_PP            0MPP              NO PP                                   0
       17153915      ARMS                      No_PP            0MPP              NO PP                                   0
       17153916      ARMS                      No_PP            0MPP              NO PP                                   0
       17153917      ARMS                      No_PP            0MPP              NO PP                                   0
       17153918      ARMS                      No_PP            0MPP              NO PP                                   0
       17153919      ARMS                      No_PP            0MPP              NO PP                                   0
       17153920      ARMS                      No_PP            0MPP              NO PP                                   0
       17153921      ARMS                      No_PP            0MPP              NO PP                                   0
       17153922      ARMS                      No_PP            0MPP              NO PP                                   0
       17153923      ARMS                      No_PP            0MPP              NO PP                                   0
       17153924      ARMS                      No_PP            0MPP              NO PP                                   0
       17153925      ARMS                      No_PP            0MPP              NO PP                                   0
       17153926      ARMS                      No_PP            0MPP              NO PP                                   0
       17153928      ARMS                      No_PP            0MPP              NO PP                                   0
       17153929      ARMS                      No_PP            0MPP              NO PP                                   0
       17153930      ARMS                      No_PP            0MPP              NO PP                                   0
       17153931      ARMS                      No_PP            0MPP              NO PP                                   0
       17153932      ARMS                      No_PP            0MPP              NO PP                                   0
       17153933      ARMS                      No_PP            0MPP              NO PP                                   0
       17153934      ARMS                      No_PP            0MPP              NO PP                                   0
       17153935      ARMS                      No_PP            0MPP              NO PP                                   0
       17153936      ARMS                      No_PP            0MPP              NO PP                                   0
       17153937      ARMS                      No_PP            0MPP              NO PP                                   0
       17153938      ARMS                      No_PP            0MPP              NO PP                                   0
       17153939      ARMS                      No_PP            0MPP              NO PP                                   0
       17153940      ARMS                      No_PP            0MPP              NO PP                                   0
       17153941      ARMS                      No_PP            0MPP              NO PP                                   0
       17153942      ARMS                      No_PP            0MPP              NO PP                                   0
       17153943      ARMS                      No_PP            0MPP              NO PP                                   0
       17153944      ARMS                      No_PP            0MPP              NO PP                                   0
       17153945      ARMS                      No_PP            0MPP              NO PP                                   0
       17153946      ARMS                      No_PP            0MPP              NO PP                                   0
       17153947      ARMS                      No_PP            0MPP              NO PP                                   0
       17153948      ARMS                      No_PP            0MPP              NO PP                                   0
       17153950      ARMS                      No_PP            0MPP              NO PP                                   0
       17153951      ARMS                      No_PP            0MPP              NO PP                                   0
       17153952      ARMS                      No_PP            0MPP              NO PP                                   0
       17153953      ARMS                      No_PP            0MPP              NO PP                                   0
       17153954      ARMS                      No_PP            0MPP              NO PP                                   0
       17153955      ARMS                      No_PP            0MPP              NO PP                                   0
       17153956      ARMS                      No_PP            0MPP              NO PP                                   0
       17153957      ARMS                      No_PP            0MPP              NO PP                                   0
       17153958      ARMS                      No_PP            0MPP              NO PP                                   0
       17153959      ARMS                      No_PP            0MPP              NO PP                                   0
       17153960      ARMS                      No_PP            0MPP              NO PP                                   0
       17153961      ARMS                      No_PP            0MPP              NO PP                                   0
       17153962      ARMS                      No_PP            0MPP              NO PP                                   0
       17153963      ARMS                      No_PP            0MPP              NO PP                                   0
       17153964      ARMS                      No_PP            0MPP              NO PP                                   0
       17153965      ARMS                      No_PP            0MPP              NO PP                                   0
       17153966      ARMS                      No_PP            0MPP              NO PP                                   0
       17153968      ARMS                      No_PP            0MPP              NO PP                                   0
       17153969      ARMS                      No_PP            0MPP              NO PP                                   0
       17153970      ARMS                      No_PP            0MPP              NO PP                                   0
       17153971      ARMS                      No_PP            0MPP              NO PP                                   0
       17153972      ARMS                      No_PP            0MPP              NO PP                                   0
       17153973      ARMS                      No_PP            0MPP              NO PP                                   0
       17153974      ARMS                      No_PP            0MPP              NO PP                                   0
       17153975      ARMS                      No_PP            0MPP              NO PP                                   0
       17153976      ARMS                      No_PP            0MPP              NO PP                                   0
       17153977      ARMS                      No_PP            0MPP              NO PP                                   0
       17153978      ARMS                      No_PP            0MPP              NO PP                                   0
       17153979      ARMS                      No_PP            0MPP              NO PP                                   0
       17153980      ARMS                      No_PP            0MPP              NO PP                                   0
       17153981      ARMS                      No_PP            0MPP              NO PP                                   0
       17153982      ARMS                      No_PP            0MPP              NO PP                                   0
       17153983      ARMS                      No_PP            0MPP              NO PP                                   0
       17153984      ARMS                      No_PP            0MPP              NO PP                                   0
       17153985      ARMS                      No_PP            0MPP              NO PP                                   0
       17153986      ARMS                      No_PP            0MPP              NO PP                                   0
       17153987      ARMS                      No_PP            0MPP              NO PP                                   0
       17153988      ARMS                      No_PP            0MPP              NO PP                                   0
       17153989      ARMS                      No_PP            0MPP              NO PP                                   0
       17153990      ARMS                      No_PP            0MPP              NO PP                                   0
       17153991      ARMS                      No_PP            0MPP              NO PP                                   0
       17153992      ARMS                      No_PP            0MPP              NO PP                                   0
       17153993      ARMS                      No_PP            0MPP              NO PP                                   0
       17153994      ARMS                      No_PP            0MPP              NO PP                                   0
       17153995      ARMS                      No_PP            0MPP              NO PP                                   0
       17153996      ARMS                      No_PP            0MPP              NO PP                                   0
       17153997      ARMS                      No_PP            0MPP              NO PP                                   0
       17153998      ARMS                      No_PP            0MPP              NO PP                                   0
       17153999      ARMS                      No_PP            0MPP              NO PP                                   0
       17154000      ARMS                      No_PP            0MPP              NO PP                                   0
       17154001      ARMS                      No_PP            0MPP              NO PP                                   0
       17154002      ARMS                      No_PP            0MPP              NO PP                                   0
       17154003      ARMS                      No_PP            0MPP              NO PP                                   0
       17154004      ARMS                      No_PP            0MPP              NO PP                                   0
       17154005      ARMS                      No_PP            0MPP              NO PP                                   0
       17154007      ARMS                      No_PP            0MPP              NO PP                                   0
       17154009      ARMS                      No_PP            0MPP              NO PP                                   0
       17154010      ARMS                      No_PP            0MPP              NO PP                                   0
       17154011      ARMS                      No_PP            0MPP              NO PP                                   0
       17154012      ARMS                      No_PP            0MPP              NO PP                                   0
       17154014      ARMS                      No_PP            0MPP              NO PP                                   0
       17154015      ARMS                      No_PP            0MPP              NO PP                                   0
       17154016      ARMS                      No_PP            0MPP              NO PP                                   0
       17154017      ARMS                      No_PP            0MPP              NO PP                                   0
       17154018      ARMS                      No_PP            0MPP              NO PP                                   0
       17154019      ARMS                      No_PP            0MPP              NO PP                                   0
       17154020      ARMS                      No_PP            0MPP              NO PP                                   0
       17154021      ARMS                      No_PP            0MPP              NO PP                                   0
       17154022      ARMS                      No_PP            0MPP              NO PP                                   0
       17154023      ARMS                      No_PP            0MPP              NO PP                                   0
       17154024      ARMS                      No_PP            0MPP              NO PP                                   0
       17154025      ARMS                      No_PP            0MPP              NO PP                                   0
       17154026      ARMS                      No_PP            0MPP              NO PP                                   0
       17154027      ARMS                      No_PP            0MPP              NO PP                                   0
       17154028      ARMS                      No_PP            0MPP              NO PP                                   0
       17154029      ARMS                      No_PP            0MPP              NO PP                                   0
       17154030      ARMS                      No_PP            0MPP              NO PP                                   0
       17154032      ARMS                      No_PP            0MPP              NO PP                                   0
       17154033      ARMS                      No_PP            0MPP              NO PP                                   0
       17154034      ARMS                      No_PP            0MPP              NO PP                                   0
       17154035      ARMS                      No_PP            0MPP              NO PP                                   0
       17154036      ARMS                      No_PP            0MPP              NO PP                                   0
       17154037      ARMS                      No_PP            0MPP              NO PP                                   0
       17154038      ARMS                      No_PP            0MPP              NO PP                                   0
       17154039      ARMS                      No_PP            0MPP              NO PP                                   0
       17154040      ARMS                      No_PP            0MPP              NO PP                                   0
       17154041      ARMS                      No_PP            0MPP              NO PP                                   0
       17154042      ARMS                      No_PP            0MPP              NO PP                                   0
       17154043      ARMS                      No_PP            0MPP              NO PP                                   0
       17154044      ARMS                      No_PP            0MPP              NO PP                                   0
       17154045      ARMS                      No_PP            0MPP              NO PP                                   0
       17154046      ARMS                      No_PP            0MPP              NO PP                                   0
       17154047      ARMS                      No_PP            0MPP              NO PP                                   0
       17154048      ARMS                      No_PP            0MPP              NO PP                                   0
       17154050      ARMS                      No_PP            0MPP              NO PP                                   0
       17154051      ARMS                      No_PP            0MPP              NO PP                                   0
       17154052      ARMS                      No_PP            0MPP              NO PP                                   0
       17154053      ARMS                      No_PP            0MPP              NO PP                                   0
       17154054      ARMS                      No_PP            0MPP              NO PP                                   0
       17154055      ARMS                      No_PP            0MPP              NO PP                                   0
       17154056      ARMS                      No_PP            0MPP              NO PP                                   0
       17154057      ARMS                      No_PP            0MPP              NO PP                                   0
       17154058      ARMS                      No_PP            0MPP              NO PP                                   0
       17154059      ARMS                      No_PP            0MPP              NO PP                                   0
       17154060      ARMS                      No_PP            0MPP              NO PP                                   0
       17154061      ARMS                      No_PP            0MPP              NO PP                                   0
       17154062      ARMS                      No_PP            0MPP              NO PP                                   0
       17154063      ARMS                      No_PP            0MPP              NO PP                                   0
       17154064      ARMS                      No_PP            0MPP              NO PP                                   0
       17154065      ARMS                      No_PP            0MPP              NO PP                                   0
       17154066      ARMS                      No_PP            0MPP              NO PP                                   0
       17154067      ARMS                      No_PP            0MPP              NO PP                                   0
       17154068      ARMS                      No_PP            0MPP              NO PP                                   0
       17154069      ARMS                      No_PP            0MPP              NO PP                                   0
       17154070      ARMS                      No_PP            0MPP              NO PP                                   0
       17154072      ARMS                      No_PP            0MPP              NO PP                                   0
       17154074      ARMS                      No_PP            0MPP              NO PP                                   0
       17154075      ARMS                      No_PP            0MPP              NO PP                                   0
       17154076      ARMS                      No_PP            0MPP              NO PP                                   0
       17154077      ARMS                      No_PP            0MPP              NO PP                                   0
       17154078      ARMS                      No_PP            0MPP              NO PP                                   0
       17154081      ARMS                      No_PP            0MPP              NO PP                                   0
       17154082      ARMS                      No_PP            0MPP              NO PP                                   0
       17154083      ARMS                      No_PP            0MPP              NO PP                                   0
       17154084      ARMS                      No_PP            0MPP              NO PP                                   0
       17154085      ARMS                      No_PP            0MPP              NO PP                                   0
       17154086      ARMS                      No_PP            0MPP              NO PP                                   0
       17154087      ARMS                      No_PP            0MPP              NO PP                                   0
       17154088      ARMS                      No_PP            0MPP              NO PP                                   0
       17154089      ARMS                      No_PP            0MPP              NO PP                                   0
       17154090      ARMS                      No_PP            0MPP              NO PP                                   0
       17154091      ARMS                      No_PP            0MPP              NO PP                                   0
       17154092      ARMS                      No_PP            0MPP              NO PP                                   0
       17154093      ARMS                      No_PP            0MPP              NO PP                                   0
       17154094      ARMS                      No_PP            0MPP              NO PP                                   0
       17154095      ARMS                      No_PP            0MPP              NO PP                                   0
       17154097      ARMS                      No_PP            0MPP              NO PP                                   0
       17154098      ARMS                      No_PP            0MPP              NO PP                                   0
       17153770      ARMS                      No_PP            0MPP              NO PP                                   0
       17153771      ARMS                      No_PP            0MPP              NO PP                                   0
       17153772      ARMS                      No_PP            0MPP              NO PP                                   0
       17153773      ARMS                      No_PP            0MPP              NO PP                                   0
       17153774      ARMS                      No_PP            0MPP              NO PP                                   0
       17153775      ARMS                      No_PP            0MPP              NO PP                                   0
       17153776      ARMS                      No_PP            0MPP              NO PP                                   0
       17153777      ARMS                      No_PP            0MPP              NO PP                                   0
       17153779      ARMS                      No_PP            0MPP              NO PP                                   0
       17153781      ARMS                      No_PP            0MPP              NO PP                                   0
       17153782      ARMS                      No_PP            0MPP              NO PP                                   0
       17153783      ARMS                      No_PP            0MPP              NO PP                                   0
       17153784      ARMS                      No_PP            0MPP              NO PP                                   0
       17153785      ARMS                      No_PP            0MPP              NO PP                                   0
       17153786      ARMS                      No_PP            0MPP              NO PP                                   0
       17153787      ARMS                      No_PP            0MPP              NO PP                                   0
       17153788      ARMS                      No_PP            0MPP              NO PP                                   0
       17153789      ARMS                      No_PP            0MPP              NO PP                                   0
       17153790      ARMS                      No_PP            0MPP              NO PP                                   0
       17153792      ARMS                      No_PP            0MPP              NO PP                                   0
       17153793      ARMS                      No_PP            0MPP              NO PP                                   0
       17153794      ARMS                      No_PP            0MPP              NO PP                                   0
       17153795      ARMS                      No_PP            0MPP              NO PP                                   0
       17153796      ARMS                      No_PP            0MPP              NO PP                                   0
       17153797      ARMS                      No_PP            0MPP              NO PP                                   0
       17153798      ARMS                      No_PP            0MPP              NO PP                                   0
       17153799      ARMS                      No_PP            0MPP              NO PP                                   0
       17153800      ARMS                      No_PP            0MPP              NO PP                                   0
       17153801      ARMS                      No_PP            0MPP              NO PP                                   0
       17153802      ARMS                      No_PP            0MPP              NO PP                                   0
       17153803      ARMS                      No_PP            0MPP              NO PP                                   0
       17153804      ARMS                      No_PP            0MPP              NO PP                                   0
       17153805      ARMS                      No_PP            0MPP              NO PP                                   0
       17153806      ARMS                      No_PP            0MPP              NO PP                                   0
       17153807      ARMS                      No_PP            0MPP              NO PP                                   0
       17153808      ARMS                      No_PP            0MPP              NO PP                                   0
       17153809      ARMS                      No_PP            0MPP              NO PP                                   0
       17153810      ARMS                      No_PP            0MPP              NO PP                                   0
       17153811      ARMS                      No_PP            0MPP              NO PP                                   0
       17153812      ARMS                      No_PP            0MPP              NO PP                                   0
       17153813      ARMS                      No_PP            0MPP              NO PP                                   0
       17153814      ARMS                      No_PP            0MPP              NO PP                                   0
       17153815      ARMS                      No_PP            0MPP              NO PP                                   0
       17153816      ARMS                      No_PP            0MPP              NO PP                                   0
       17153817      ARMS                      No_PP            0MPP              NO PP                                   0
       17153818      ARMS                      No_PP            0MPP              NO PP                                   0
       17153819      ARMS                      No_PP            0MPP              NO PP                                   0
       17153820      ARMS                      No_PP            0MPP              NO PP                                   0
       17153822      ARMS                      No_PP            0MPP              NO PP                                   0
       17153823      ARMS                      No_PP            0MPP              NO PP                                   0
       17153824      ARMS                      No_PP            0MPP              NO PP                                   0
       17153825      ARMS                      No_PP            0MPP              NO PP                                   0
       17153826      ARMS                      No_PP            0MPP              NO PP                                   0
       17153827      ARMS                      No_PP            0MPP              NO PP                                   0
       17153828      ARMS                      No_PP            0MPP              NO PP                                   0
       17153829      ARMS                      No_PP            0MPP              NO PP                                   0
       17153831      ARMS                      No_PP            0MPP              NO PP                                   0
       17153832      ARMS                      No_PP            0MPP              NO PP                                   0
       17153833      ARMS                      No_PP            0MPP              NO PP                                   0
       17153834      ARMS                      No_PP            0MPP              NO PP                                   0
       17153835      ARMS                      No_PP            0MPP              NO PP                                   0
       17153836      ARMS                      No_PP            0MPP              NO PP                                   0
       17153837      ARMS                      No_PP            0MPP              NO PP                                   0
       17153838      ARMS                      No_PP            0MPP              NO PP                                   0
       17153839      ARMS                      No_PP            0MPP              NO PP                                   0
       17153840      ARMS                      No_PP            0MPP              NO PP                                   0
       17153841      ARMS                      No_PP            0MPP              NO PP                                   0
       17153843      ARMS                      No_PP            0MPP              NO PP                                   0
       17153844      ARMS                      No_PP            0MPP              NO PP                                   0
       17153845      ARMS                      No_PP            0MPP              NO PP                                   0
       17153846      ARMS                      No_PP            0MPP              NO PP                                   0
       17153848      ARMS                      No_PP            0MPP              NO PP                                   0
       17153849      ARMS                      No_PP            0MPP              NO PP                                   0
       17153850      ARMS                      No_PP            0MPP              NO PP                                   0
       17153851      ARMS                      No_PP            0MPP              NO PP                                   0
       17153852      ARMS                      No_PP            0MPP              NO PP                                   0
       17153853      ARMS                      No_PP            0MPP              NO PP                                   0
       17153854      ARMS                      No_PP            0MPP              NO PP                                   0
       17153855      ARMS                      No_PP            0MPP              NO PP                                   0
       17153856      ARMS                      No_PP            0MPP              NO PP                                   0
       17153857      ARMS                      No_PP            0MPP              NO PP                                   0
       17153858      ARMS                      No_PP            0MPP              NO PP                                   0
       17153859      ARMS                      No_PP            0MPP              NO PP                                   0
       17153860      ARMS                      No_PP            0MPP              NO PP                                   0
       17153861      ARMS                      No_PP            0MPP              NO PP                                   0
       17153862      ARMS                      No_PP            0MPP              NO PP                                   0
       17153863      ARMS                      No_PP            0MPP              NO PP                                   0
       17153864      ARMS                      No_PP            0MPP              NO PP                                   0
       17153865      ARMS                      No_PP            0MPP              NO PP                                   0
       17153866      ARMS                      No_PP            0MPP              NO PP                                   0
       17153867      ARMS                      No_PP            0MPP              NO PP                                   0
       17153868      ARMS                      No_PP            0MPP              NO PP                                   0
       17153869      ARMS                      No_PP            0MPP              NO PP                                   0
       17153870      ARMS                      No_PP            0MPP              NO PP                                   0
       17153871      ARMS                      No_PP            0MPP              NO PP                                   0
       17153872      ARMS                      No_PP            0MPP              NO PP                                   0
       17153874      ARMS                      No_PP            0MPP              NO PP                                   0
       17153875      ARMS                      No_PP            0MPP              NO PP                                   0
       17153876      ARMS                      No_PP            0MPP              NO PP                                   0
       17153878      ARMS                      No_PP            0MPP              NO PP                                   0
       17153879      ARMS                      No_PP            0MPP              NO PP                                   0
       17153880      ARMS                      No_PP            0MPP              NO PP                                   0
       17153881      ARMS                      No_PP            0MPP              NO PP                                   0
       17153882      ARMS                      No_PP            0MPP              NO PP                                   0
       17153883      ARMS                      No_PP            0MPP              NO PP                                   0
       17153884      ARMS                      No_PP            0MPP              NO PP                                   0
       17153885      ARMS                      No_PP            0MPP              NO PP                                   0
       17153886      ARMS                      No_PP            0MPP              NO PP                                   0
       17153887      ARMS                      No_PP            0MPP              NO PP                                   0
       17153889      ARMS                      No_PP            0MPP              NO PP                                   0
       17153890      ARMS                      No_PP            0MPP              NO PP                                   0
       17153891      ARMS                      No_PP            0MPP              NO PP                                   0
       17153892      ARMS                      No_PP            0MPP              NO PP                                   0
       17153893      ARMS                      No_PP            0MPP              NO PP                                   0
       17153894      ARMS                      No_PP            0MPP              NO PP                                   0
       17153895      ARMS                      No_PP            0MPP              NO PP                                   0
       17153896      ARMS                      No_PP            0MPP              NO PP                                   0
       17153897      ARMS                      No_PP            0MPP              NO PP                                   0
       17153898      ARMS                      No_PP            0MPP              NO PP                                   0
       17153900      ARMS                      No_PP            0MPP              NO PP                                   0
       17153901      ARMS                      No_PP            0MPP              NO PP                                   0
       17153902      ARMS                      No_PP            0MPP              NO PP                                   0
       17153903      ARMS                      No_PP            0MPP              NO PP                                   0
       17153904      ARMS                      No_PP            0MPP              NO PP                                   0
       17153905      ARMS                      No_PP            0MPP              NO PP                                   0
       17153906      ARMS                      No_PP            0MPP              NO PP                                   0
       17153907      ARMS                      No_PP            0MPP              NO PP                                   0
       17153908      ARMS                      No_PP            0MPP              NO PP                                   0
       17153910      ARMS                      No_PP            0MPP              NO PP                                   0
       17153749      ARMS                      No_PP            0MPP              NO PP                                   0
       17153750      ARMS                      No_PP            0MPP              NO PP                                   0
       17153751      ARMS                      No_PP            0MPP              NO PP                                   0
       17153752      ARMS                      No_PP            0MPP              NO PP                                   0
       17153753      ARMS                      No_PP            0MPP              NO PP                                   0
       17153754      ARMS                      No_PP            0MPP              NO PP                                   0
       17153755      ARMS                      No_PP            0MPP              NO PP                                   0
       17153757      ARMS                      No_PP            0MPP              NO PP                                   0
       17153758      ARMS                      No_PP            0MPP              NO PP                                   0
       17153759      ARMS                      No_PP            0MPP              NO PP                                   0
       17153760      ARMS                      No_PP            0MPP              NO PP                                   0
       17153762      ARMS                      No_PP            0MPP              NO PP                                   0
       17153763      ARMS                      No_PP            0MPP              NO PP                                   0
       17153764      ARMS                      No_PP            0MPP              NO PP                                   0
       17153765      ARMS                      No_PP            0MPP              NO PP                                   0
       17153766      ARMS                      No_PP            0MPP              NO PP                                   0
       17153767      ARMS                      No_PP            0MPP              NO PP                                   0
       17153768      ARMS                      No_PP            0MPP              NO PP                                   0
       17153769      ARMS                      No_PP            0MPP              NO PP                                   0
       17233046      ARMS                      No_PP            0MPP              NO PP                                   0
       17233120      ARMS                      No_PP            0MPP              NO PP                                   0
       17233040      ARMS                      No_PP            0MPP              NO PP                                   0
       17233041      ARMS                      No_PP            0MPP              NO PP                                   0
       17233123      ARMS                      No_PP            0MPP              NO PP                                   0
       17233042      ARMS                      Prepay           12MPP             HARD                                   12
       17233124      ARMS                      Prepay           36MPP             SOFT                                    0
       17233043      ARMS                      Prepay           12MPP             HARD                                   12
       17233125      ARMS                      No_PP            0MPP              NO PP                                   0
       17233044      ARMS                      No_PP            0MPP              NO PP                                   0
       17233045      ARMS                      No_PP            0MPP              NO PP                                   0
       17233116      ARMS                      Prepay           12MPP             HARD                                   12
       17233036      ARMS                      No_PP            0MPP              NO PP                                   0
       17233118      ARMS                      No_PP            0MPP              NO PP                                   0
       17233119      ARMS                      No_PP            0MPP              NO PP                                   0
       17233038      ARMS                      No_PP            0MPP              NO PP                                   0
       17233039      ARMS                      No_PP            0MPP              NO PP                                   0
       17233033      ARMS                      No_PP            0MPP              NO PP                                   0
       17233115      ARMS                      No_PP            0MPP              NO PP                                   0
       17233034      ARMS                      No_PP            0MPP              NO PP                                   0
       17233467      ARMS                      Prepay           36MPP             SOFT                                    0
       17233409      ARMS                      No_PP            0MPP              NO PP                                   0
       17233110      ARMS                      No_PP            0MPP              NO PP                                   0
       17233030      ARMS                      No_PP            0MPP              NO PP                                   0
       17233113      ARMS                      No_PP            0MPP              NO PP                                   0
       17233032      ARMS                      No_PP            0MPP              NO PP                                   0
       17233114      ARMS                      Prepay           36MPP             SOFT                                    0
       17233028      ARMS                      No_PP            0MPP              NO PP                                   0
       17233029      ARMS                      No_PP            0MPP              NO PP                                   0
       17233108      ARMS                      No_PP            0MPP              NO PP                                   0
       17233109      ARMS                      No_PP            0MPP              NO PP                                   0
       17247380      ARMS                      Prepay           36MPP             SOFT                                    0
       17233000      ARMS                      No_PP            0MPP              NO PP                                   0
       17233001      ARMS                      No_PP            0MPP              NO PP                                   0
       17233002      ARMS                      No_PP            0MPP              NO PP                                   0
       17233003      ARMS                      Prepay           36MPP             SOFT                                    0
       17233004      ARMS                      No_PP            0MPP              NO PP                                   0
       17233005      ARMS                      No_PP            0MPP              NO PP                                   0
       17233006      ARMS                      No_PP            0MPP              NO PP                                   0
       17233007      ARMS                      No_PP            0MPP              NO PP                                   0
       17247291      ARMS                      Prepay           12MPP             HARD                                   12
       17247373      ARMS                      Prepay           12MPP             HARD                                   12
       17233008      ARMS                      No_PP            0MPP              NO PP                                   0
       17233009      ARMS                      No_PP            0MPP              NO PP                                   0
       17233010      ARMS                      No_PP            0MPP              NO PP                                   0
       17233011      ARMS                      No_PP            0MPP              NO PP                                   0
       17233013      ARMS                      No_PP            0MPP              NO PP                                   0
       17233014      ARMS                      No_PP            0MPP              NO PP                                   0
       17233015      ARMS                      No_PP            0MPP              NO PP                                   0
       17233016      ARMS                      No_PP            0MPP              NO PP                                   0
       17233017      ARMS                      Prepay           36MPP             SOFT                                    0
       17233018      ARMS                      No_PP            0MPP              NO PP                                   0
       17247293      ARMS                      Prepay           12MPP             HARD                                   12
       17247294      ARMS                      Prepay           36MPP             SOFT                                    0
       17233100      ARMS                      Prepay           12MPP             HARD                                   12
       17233020      ARMS                      No_PP            0MPP              NO PP                                   0
       17233101      ARMS                      No_PP            0MPP              NO PP                                   0
       17233021      ARMS                      No_PP            0MPP              NO PP                                   0
       17233102      ARMS                      No_PP            0MPP              NO PP                                   0
       17233022      ARMS                      No_PP            0MPP              NO PP                                   0
       17233023      ARMS                      No_PP            0MPP              NO PP                                   0
       17233105      ARMS                      Prepay           12MPP             HARD                                   12
       17233024      ARMS                      No_PP            0MPP              NO PP                                   0
       17233106      ARMS                      No_PP            0MPP              NO PP                                   0
       17233025      ARMS                      No_PP            0MPP              NO PP                                   0
       17233107      ARMS                      No_PP            0MPP              NO PP                                   0
       17247371      ARMS                      Prepay           12MPP             HARD                                   12
       17247365      ARMS                      Prepay           36MPP             SOFT                                    0
       17247287      ARMS                      Prepay           12MPP             HARD                                   12
       17247288      ARMS                      No_PP            0MPP              NO PP                                   0
       17247289      ARMS                      Prepay           36MPP             SOFT                                    0
       17247284      ARMS                      No_PP            0MPP              NO PP                                   0
       17247258      ARMS                      Prepay           6MPP              HARD                                    6
       17247259      ARMS                      No_PP            0MPP              NO PP                                   0
       17247340      ARMS                      Prepay           12MPP             HARD                                   12
       17247342      ARMS                      No_PP            0MPP              NO PP                                   0
       17247346      ARMS                      Prepay           60MPP             SOFT                                    0
       17247348      ARMS                      No_PP            0MPP              NO PP                                   0
       17247351      ARMS                      Prepay           36MPP             SOFT                                    0
       17247270      ARMS                      No_PP            0MPP              NO PP                                   0
       17247353      ARMS                      Prepay           12MPP             HARD                                   12
       17247272      ARMS                      No_PP            0MPP              NO PP                                   0
       17247355      ARMS                      No_PP            0MPP              NO PP                                   0
       17247356      ARMS                      No_PP            0MPP              NO PP                                   0
       17247277      ARMS                      Prepay           12MPP             HARD                                   12
       17247278      ARMS                      Prepay           60MPP             SOFT                                    0
       17247362      ARMS                      No_PP            0MPP              NO PP                                   0
       17247322      ARMS                      No_PP            0MPP              NO PP                                   0
       17247324      ARMS                      No_PP            0MPP              NO PP                                   0
       17247331      ARMS                      No_PP            0MPP              NO PP                                   0
       17247251      ARMS                      Prepay           12MPP             HARD                                   12
       17247333      ARMS                      Prepay           12MPP             HARD                                   12
       17247252      ARMS                      No_PP            0MPP              NO PP                                   0
       17247253      ARMS                      No_PP            0MPP              NO PP                                   0
       17247255      ARMS                      Prepay           60MPP             SOFT                                    0
       17247256      ARMS                      No_PP            0MPP              NO PP                                   0
       17247327      ARMS                      Prepay           60MPP             SOFT                                    0
       17247328      ARMS                      No_PP            0MPP              NO PP                                   0
       17247248      ARMS                      No_PP            0MPP              NO PP                                   0
       17247237      ARMS                      Prepay           36MPP             SOFT                                    0
       17247228      ARMS                      Prepay           12MPP             HARD                                   12
       17247309      ARMS                      Prepay           12MPP             HARD                                   12
       17247310      ARMS                      Prepay           12MPP             HARD                                   12
       17247312      ARMS                      Prepay           36MPP             SOFT                                    0
       17247316      ARMS                      No_PP            0MPP              NO PP                                   0
       17233391      ARMS                      No_PP            0MPP              NO PP                                   0
       17233475      ARMS                      No_PP            0MPP              NO PP                                   0
       17233476      ARMS                      Prepay           12MPP             HARD                                   12
       17233397      ARMS                      Prepay           60MPP             SOFT                                    0
       17247204      ARMS                      Prepay           36MPP             SOFT                                    0
       17247217      ARMS                      No_PP            0MPP              NO PP                                   0
       17247218      ARMS                      No_PP            0MPP              NO PP                                   0
       17247219      ARMS                      No_PP            0MPP              NO PP                                   0
       17247225      ARMS                      Prepay           36MPP             SOFT                                    0
       17233452      ARMS                      Prepay           12MPP             HARD                                   12
       17233456      ARMS                      Prepay           12MPP             HARD                                   12
       17233381      ARMS                      Prepay           60MPP             SOFT                                    0
       17233432      ARMS                      Prepay           36MPP             SOFT                                    0
       17233433      ARMS                      Prepay           12MPP             HARD                                   12
       17233190      ARMS                      No_PP            0MPP              NO PP                                   0
       17233193      ARMS                      Prepay           60MPP             SOFT                                    0
       17233438      ARMS                      Prepay           12MPP             HARD                                   12
       17233195      ARMS                      Prepay           12MPP             HARD                                   12
       17233196      ARMS                      No_PP            0MPP              NO PP                                   0
       17233359      ARMS                      No_PP            0MPP              NO PP                                   0
       17233198      ARMS                      Prepay           12MPP             HARD                                   12
       17233360      ARMS                      Prepay           36MPP             SOFT                                    0
       17233361      ARMS                      No_PP            0MPP              NO PP                                   0
       17233364      ARMS                      Prepay           12MPP             HARD                                   12
       17233366      ARMS                      No_PP            0MPP              NO PP                                   0
       17233367      ARMS                      No_PP            0MPP              NO PP                                   0
       17233180      ARMS                      No_PP            0MPP              NO PP                                   0
       17233424      ARMS                      Prepay           12MPP             HARD                                   12
       17233343      ARMS                      No_PP            0MPP              NO PP                                   0
       17233344      ARMS                      No_PP            0MPP              NO PP                                   0
       17233345      ARMS                      No_PP            0MPP              NO PP                                   0
       17233184      ARMS                      No_PP            0MPP              NO PP                                   0
       17233185      ARMS                      Prepay           36MPP             SOFT                                    0
       17233349      ARMS                      No_PP            0MPP              NO PP                                   0
       17233189      ARMS                      No_PP            0MPP              NO PP                                   0
       17233084      ARMS                      Prepay           12MPP             HARD                                   12
       17233327      ARMS                      Prepay           12MPP             HARD                                   12
       17233166      ARMS                      No_PP            0MPP              NO PP                                   0
       17233086      ARMS                      No_PP            0MPP              NO PP                                   0
       17233167      ARMS                      Prepay           36MPP             SOFT                                    0
       17233087      ARMS                      Prepay           12MPP             HARD                                   12
       17233088      ARMS                      No_PP            0MPP              NO PP                                   0
       17233169      ARMS                      Prepay           12MPP             HARD                                   12
       17233089      ARMS                      No_PP            0MPP              NO PP                                   0
       17233413      ARMS                      No_PP            0MPP              NO PP                                   0
       17233170      ARMS                      Prepay           36MPP             SOFT                                    0
       17233171      ARMS                      Prepay           36MPP             SOFT                                    0
       17233333      ARMS                      Prepay           12MPP             HARD                                   12
       17233091      ARMS                      Prepay           12MPP             HARD                                   12
       17233092      ARMS                      No_PP            0MPP              NO PP                                   0
       17233173      ARMS                      Prepay           60MPP             SOFT                                    0
       17233335      ARMS                      No_PP            0MPP              NO PP                                   0
       17233093      ARMS                      Prepay           60MPP             SOFT                                    0
       17233174      ARMS                      No_PP            0MPP              NO PP                                   0
       17233094      ARMS                      Prepay           12MPP             HARD                                   12
       17233337      ARMS                      Prepay           12MPP             HARD                                   12
       17233095      ARMS                      Prepay           12MPP             HARD                                   12
       17233176      ARMS                      Prepay           12MPP             HARD                                   12
       17233177      ARMS                      Prepay           12MPP             HARD                                   12
       17233178      ARMS                      Prepay           36MPP             SOFT                                    0
       17233179      ARMS                      Prepay           60MPP             SOFT                                    0
       17233151      ARMS                      No_PP            0MPP              NO PP                                   0
       17233071      ARMS                      Prepay           12MPP             HARD                                   12
       17233072      ARMS                      Prepay           12MPP             HARD                                   12
       17233073      ARMS                      Prepay           60MPP             SOFT                                    0
       17233154      ARMS                      No_PP            0MPP              NO PP                                   0
       17233074      ARMS                      Prepay           12MPP             HARD                                   12
       17233075      ARMS                      Prepay           12MPP             HARD                                   12
       17233156      ARMS                      No_PP            0MPP              NO PP                                   0
       17233076      ARMS                      Prepay           36MPP             SOFT                                    0
       17233319      ARMS                      Prepay           36MPP             SOFT                                    0
       17233158      ARMS                      No_PP            0MPP              NO PP                                   0
       17233078      ARMS                      Prepay           12MPP             HARD                                   12
       17233159      ARMS                      Prepay           12MPP             HARD                                   12
       17233080      ARMS                      No_PP            0MPP              NO PP                                   0
       17233081      ARMS                      Prepay           12MPP             HARD                                   12
       17233162      ARMS                      Prepay           60MPP             SOFT                                    0
       17233324      ARMS                      No_PP            0MPP              NO PP                                   0
       17233406      ARMS                      Prepay           12MPP             HARD                                   12
       17233083      ARMS                      No_PP            0MPP              NO PP                                   0
       17233407      ARMS                      No_PP            0MPP              NO PP                                   0
       17233164      ARMS                      Prepay           36MPP             SOFT                                    0
       17233069      ARMS                      No_PP            0MPP              NO PP                                   0
       17233150      ARMS                      No_PP            0MPP              NO PP                                   0
       17233067      ARMS                      Prepay           36MPP             SOFT                                    0
       17233149      ARMS                      No_PP            0MPP              NO PP                                   0
       17233066      ARMS                      Prepay           12MPP             HARD                                   12
       17233309      ARMS                      Prepay           36MPP             SOFT                                    0
       17233141      ARMS                      Prepay           12MPP             HARD                                   12
       17233142      ARMS                      No_PP            0MPP              NO PP                                   0
       17233304      ARMS                      No_PP            0MPP              NO PP                                   0
       17233063      ARMS                      No_PP            0MPP              NO PP                                   0
       17233144      ARMS                      No_PP            0MPP              NO PP                                   0
       17233064      ARMS                      No_PP            0MPP              NO PP                                   0
       17233145      ARMS                      No_PP            0MPP              NO PP                                   0
       17233058      ARMS                      No_PP            0MPP              NO PP                                   0
       17233059      ARMS                      Prepay           12MPP             HARD                                   12
       17233300      ARMS                      No_PP            0MPP              NO PP                                   0
       17233301      ARMS                      Prepay           12MPP             HARD                                   12
       17233140      ARMS                      No_PP            0MPP              NO PP                                   0
       17233302      ARMS                      Prepay           12MPP             HARD                                   12
       17233060      ARMS                      No_PP            0MPP              NO PP                                   0
       17233051      ARMS                      Prepay           12MPP             HARD                                   12
       17233132      ARMS                      No_PP            0MPP              NO PP                                   0
       17233052      ARMS                      No_PP            0MPP              NO PP                                   0
       17233133      ARMS                      No_PP            0MPP              NO PP                                   0
       17233054      ARMS                      Prepay           36MPP             SOFT                                    0
       17233135      ARMS                      No_PP            0MPP              NO PP                                   0
       17233136      ARMS                      No_PP            0MPP              NO PP                                   0
       17233056      ARMS                      Prepay           60MPP             SOFT                                    0
       17233137      ARMS                      No_PP            0MPP              NO PP                                   0
       17233047      ARMS                      No_PP            0MPP              NO PP                                   0
       17233128      ARMS                      Prepay           60MPP             SOFT                                    0
       17233129      ARMS                      No_PP            0MPP              NO PP                                   0
       17233049      ARMS                      No_PP            0MPP              NO PP                                   0
       17233130      ARMS                      No_PP            0MPP              NO PP                                   0
       17233050      ARMS                      No_PP            0MPP              NO PP                                   0
       17233285      ARMS                      Prepay           12MPP             HARD                                   12
       17233288      ARMS                      No_PP            0MPP              NO PP                                   0
       17233290      ARMS                      No_PP            0MPP              NO PP                                   0
       17233292      ARMS                      Prepay           12MPP             HARD                                   12
       17233293      ARMS                      Prepay           36MPP             SOFT                                    0
       17233295      ARMS                      Prepay           60MPP             SOFT                                    0
       17233296      ARMS                      Prepay           12MPP             HARD                                   12
       17232973      ARMS                      No_PP            0MPP              NO PP                                   0
       17232974      ARMS                      No_PP            0MPP              NO PP                                   0
       17232977      ARMS                      No_PP            0MPP              NO PP                                   0
       17232979      ARMS                      Prepay           12MPP             HARD                                   12
       17232980      ARMS                      No_PP            0MPP              NO PP                                   0
       17232981      ARMS                      No_PP            0MPP              NO PP                                   0
       17232982      ARMS                      No_PP            0MPP              NO PP                                   0
       17232983      ARMS                      No_PP            0MPP              NO PP                                   0
       17232985      ARMS                      Prepay           12MPP             HARD                                   12
       17232986      ARMS                      No_PP            0MPP              NO PP                                   0
       17232987      ARMS                      No_PP            0MPP              NO PP                                   0
       17232988      ARMS                      Prepay           12MPP             HARD                                   12
       17232989      ARMS                      No_PP            0MPP              NO PP                                   0
       17232990      ARMS                      No_PP            0MPP              NO PP                                   0
       17232991      ARMS                      No_PP            0MPP              NO PP                                   0
       17232992      ARMS                      No_PP            0MPP              NO PP                                   0
       17232994      ARMS                      No_PP            0MPP              NO PP                                   0
       17232996      ARMS                      No_PP            0MPP              NO PP                                   0
       17232997      ARMS                      Prepay           36MPP             HARD                                   36
       17232998      ARMS                      No_PP            0MPP              NO PP                                   0
       17232999      ARMS                      No_PP            0MPP              NO PP                                   0
       17233206      ARMS                      Prepay           60MPP             SOFT                                    0
       17233211      ARMS                      No_PP            0MPP              NO PP                                   0
       17233212      ARMS                      Prepay           36MPP             SOFT                                    0
       17233214      ARMS                      Prepay           36MPP             SOFT                                    0
       17233216      ARMS                      No_PP            0MPP              NO PP                                   0
       17233218      ARMS                      Prepay           36MPP             SOFT                                    0
       17233219      ARMS                      No_PP            0MPP              NO PP                                   0
       17233221      ARMS                      No_PP            0MPP              NO PP                                   0
       17233233      ARMS                      Prepay           36MPP             SOFT                                    0
       17233235      ARMS                      Prepay           60MPP             SOFT                                    0
       17233236      ARMS                      Prepay           36MPP             SOFT                                    0
       17233240      ARMS                      Prepay           36MPP             SOFT                                    0
       17233241      ARMS                      Prepay           60MPP             SOFT                                    0
       17233242      ARMS                      No_PP            0MPP              NO PP                                   0
       17233243      ARMS                      No_PP            0MPP              NO PP                                   0
       17233245      ARMS                      Prepay           36MPP             SOFT                                    0
       17233249      ARMS                      Prepay           60MPP             SOFT                                    0
       17233251      ARMS                      No_PP            0MPP              NO PP                                   0
       17233252      ARMS                      Prepay           60MPP             SOFT                                    0
       17233253      ARMS                      No_PP            0MPP              NO PP                                   0
       17233254      ARMS                      No_PP            0MPP              NO PP                                   0
       17233256      ARMS                      Prepay           12MPP             HARD                                   12
       17233257      ARMS                      Prepay           60MPP             SOFT                                    0
       17233260      ARMS                      No_PP            0MPP              NO PP                                   0
       17233262      ARMS                      No_PP            0MPP              NO PP                                   0
       17233264      ARMS                      No_PP            0MPP              NO PP                                   0
       17233265      ARMS                      Prepay           60MPP             SOFT                                    0
       17233266      ARMS                      No_PP            0MPP              NO PP                                   0
       17233267      ARMS                      Prepay           36MPP             SOFT                                    0
       17233268      ARMS                      No_PP            0MPP              NO PP                                   0
       17233269      ARMS                      No_PP            0MPP              NO PP                                   0
       17233271      ARMS                      No_PP            0MPP              NO PP                                   0
       17233272      ARMS                      Prepay           36MPP             SOFT                                    0
       17233273      ARMS                      No_PP            0MPP              NO PP                                   0
       17233274      ARMS                      Prepay           36MPP             SOFT                                    0
       17233275      ARMS                      No_PP            0MPP              NO PP                                   0
       17233280      ARMS                      No_PP            0MPP              NO PP                                   0
       17233282      ARMS                      No_PP            0MPP              NO PP                                   0
       17247265      ARMS                      No_PP            0MPP              NO PP                                   0
       17244992      ARMS                      Prepay           12MPP             HARD                                   12
       17244993      ARMS                      No_PP            0MPP              NO PP                                   0
       17244994      ARMS                      No_PP            0MPP              NO PP                                   0
       17244995      ARMS                      No_PP            0MPP              NO PP                                   0
       17244996      ARMS                      No_PP            0MPP              NO PP                                   0
       17244997      ARMS                      Prepay           60MPP             SOFT                                    0
       17244998      ARMS                      No_PP            0MPP              NO PP                                   0
       17244999      ARMS                      No_PP            0MPP              NO PP                                   0
       17244990      ARMS                      No_PP            0MPP              NO PP                                   0
       17244991      ARMS                      No_PP            0MPP              NO PP                                   0
       17247375      ARMS                      Prepay           12MPP             HARD                                   12
       17247295      ARMS                      No_PP            0MPP              NO PP                                   0
       17247376      ARMS                      No_PP            0MPP              NO PP                                   0
       17247296      ARMS                      No_PP            0MPP              NO PP                                   0
       17247377      ARMS                      No_PP            0MPP              NO PP                                   0
       17247381      ARMS                      Prepay           12MPP             HARD                                   12
       17247382      ARMS                      Prepay           12MPP             HARD                                   12
       17247374      ARMS                      No_PP            0MPP              NO PP                                   0
       17247370      ARMS                      No_PP            0MPP              NO PP                                   0
       17247290      ARMS                      No_PP            0MPP              NO PP                                   0
       17247367      ARMS                      No_PP            0MPP              NO PP                                   0
       17247286      ARMS                      No_PP            0MPP              NO PP                                   0
       17247283      ARMS                      No_PP            0MPP              NO PP                                   0
       17247261      ARMS                      Prepay           36MPP             SOFT                                    0
       17247343      ARMS                      No_PP            0MPP              NO PP                                   0
       17247344      ARMS                      Prepay           12MPP             HARD                                   12
       17247263      ARMS                      No_PP            0MPP              NO PP                                   0
       17247266      ARMS                      No_PP            0MPP              NO PP                                   0
       17247349      ARMS                      No_PP            0MPP              NO PP                                   0
       17247268      ARMS                      Prepay           12MPP             HARD                                   12
       17247269      ARMS                      Prepay           12MPP             HARD                                   12
       17247350      ARMS                      No_PP            0MPP              NO PP                                   0
       17247271      ARMS                      Prepay           12MPP             HARD                                   12
       17247273      ARMS                      No_PP            0MPP              NO PP                                   0
       17247274      ARMS                      No_PP            0MPP              NO PP                                   0
       17247276      ARMS                      No_PP            0MPP              NO PP                                   0
       17247357      ARMS                      No_PP            0MPP              NO PP                                   0
       17247197      ARMS                      No_PP            0MPP              NO PP                                   0
       17247198      ARMS                      No_PP            0MPP              NO PP                                   0
       17247279      ARMS                      Prepay           12MPP             HARD                                   12
       17247280      ARMS                      Prepay           12MPP             HARD                                   12
       17247282      ARMS                      Prepay           12MPP             HARD                                   12
       17247320      ARMS                      No_PP            0MPP              NO PP                                   0
       17247321      ARMS                      No_PP            0MPP              NO PP                                   0
       17247240      ARMS                      No_PP            0MPP              NO PP                                   0
       17247241      ARMS                      No_PP            0MPP              NO PP                                   0
       17247242      ARMS                      No_PP            0MPP              NO PP                                   0
       17247243      ARMS                      No_PP            0MPP              NO PP                                   0
       17247254      ARMS                      No_PP            0MPP              NO PP                                   0
       17247335      ARMS                      Prepay           60MPP             SOFT                                    0
       17247326      ARMS                      No_PP            0MPP              NO PP                                   0
       17247246      ARMS                      No_PP            0MPP              NO PP                                   0
       17247247      ARMS                      No_PP            0MPP              NO PP                                   0
       17247329      ARMS                      No_PP            0MPP              NO PP                                   0
       17247317      ARMS                      No_PP            0MPP              NO PP                                   0
       17247236      ARMS                      Prepay           12MPP             HARD                                   12
       17247318      ARMS                      Prepay           60MPP             SOFT                                    0
       17247238      ARMS                      Prepay           12MPP             HARD                                   12
       17247311      ARMS                      No_PP            0MPP              NO PP                                   0
       17247230      ARMS                      No_PP            0MPP              NO PP                                   0
       17247231      ARMS                      No_PP            0MPP              NO PP                                   0
       17247234      ARMS                      No_PP            0MPP              NO PP                                   0
       17256615      ARMS                      No_PP            0MPP              NO PP                                   0
       17256616      ARMS                      No_PP            0MPP              NO PP                                   0
       17256617      ARMS                      No_PP            0MPP              NO PP                                   0
       17256609      ARMS                      Prepay           36MPP             SOFT                                    0
       17256618      ARMS                      No_PP            0MPP              NO PP                                   0
       17256619      ARMS                      Prepay           60MPP             SOFT                                    0
       17256610      ARMS                      No_PP            0MPP              NO PP                                   0
       17256611      ARMS                      No_PP            0MPP              NO PP                                   0
       17256613      ARMS                      Prepay           60MPP             SOFT                                    0
       17255906      ARMS                      Prepay           12MPP             HARD                                   12
       17255907      ARMS                      Prepay           60MPP             SOFT                                    0
       17255917      ARMS                      No_PP            0MPP              NO PP                                   0
       17255908      ARMS                      No_PP            0MPP              NO PP                                   0
       17255918      ARMS                      No_PP            0MPP              NO PP                                   0
       17255909      ARMS                      Prepay           12MPP             HARD                                   12
       17255919      ARMS                      No_PP            0MPP              NO PP                                   0
       17255885      ARMS                      Prepay           36MPP             SOFT                                    0
       17255894      ARMS                      No_PP            0MPP              NO PP                                   0
       17255896      ARMS                      No_PP            0MPP              NO PP                                   0
       17255887      ARMS                      Prepay           12MPP             HARD                                   12
       17255888      ARMS                      No_PP            0MPP              NO PP                                   0
       17255898      ARMS                      No_PP            0MPP              NO PP                                   0
       17255899      ARMS                      No_PP            0MPP              NO PP                                   0
       17255914      ARMS                      No_PP            0MPP              NO PP                                   0
       17255915      ARMS                      Prepay           12MPP             HARD                                   12
       17255916      ARMS                      No_PP            0MPP              NO PP                                   0
       17255912      ARMS                      No_PP            0MPP              NO PP                                   0
       17255913      ARMS                      Prepay           36MPP             SOFT                                    0
       17255904      ARMS                      No_PP            0MPP              NO PP                                   0
       17255905      ARMS                      Prepay           12MPP             HARD                                   12
       17255882      ARMS                      No_PP            0MPP              NO PP                                   0
       17255883      ARMS                      No_PP            0MPP              NO PP                                   0
       17255884      ARMS                      No_PP            0MPP              NO PP                                   0
       17255886      ARMS                      No_PP            0MPP              NO PP                                   0
       17255889      ARMS                      No_PP            0MPP              NO PP                                   0
       17255910      ARMS                      Prepay           12MPP             HARD                                   12
       17255911      ARMS                      No_PP            0MPP              NO PP                                   0
       17255897      ARMS                      No_PP            0MPP              NO PP                                   0
       17255900      ARMS                      Prepay           12MPP             HARD                                   12
       17255901      ARMS                      Prepay           12MPP             HARD                                   12
       17255902      ARMS                      No_PP            0MPP              NO PP                                   0
       17255903      ARMS                      Prepay           12MPP             HARD                                   12
       17255880      ARMS                      No_PP            0MPP              NO PP                                   0
       17255881      ARMS                      No_PP            0MPP              NO PP                                   0
       17255895      ARMS                      No_PP            0MPP              NO PP                                   0
       17255891      ARMS                      No_PP            0MPP              NO PP                                   0
       17255893      ARMS                      No_PP            0MPP              NO PP                                   0
       17255890      ARMS                      No_PP            0MPP              NO PP                                   0
       17250575      ARMS                      Prepay           12MPP             HARD                                   12
       17250577      ARMS                      No_PP            0MPP              NO PP                                   0
       17250578      ARMS                      No_PP            0MPP              NO PP                                   0
       17250570      ARMS                      No_PP            0MPP              NO PP                                   0
       17250562      ARMS                      No_PP            0MPP              NO PP                                   0
       17247202      ARMS                      Prepay           12MPP             HARD                                   12
       17247203      ARMS                      No_PP            0MPP              NO PP                                   0
       17247208      ARMS                      No_PP            0MPP              NO PP                                   0
       17247209      ARMS                      Prepay           12MPP             HARD                                   12
       17247210      ARMS                      No_PP            0MPP              NO PP                                   0
       17247211      ARMS                      No_PP            0MPP              NO PP                                   0
       17247212      ARMS                      No_PP            0MPP              NO PP                                   0
       17247214      ARMS                      No_PP            0MPP              NO PP                                   0
       17247216      ARMS                      No_PP            0MPP              NO PP                                   0
       17247300      ARMS                      No_PP            0MPP              NO PP                                   0
       17247302      ARMS                      No_PP            0MPP              NO PP                                   0
       17247221      ARMS                      No_PP            0MPP              NO PP                                   0
       17247222      ARMS                      No_PP            0MPP              NO PP                                   0
       17247303      ARMS                      Prepay           36MPP             SOFT                                    0
       17247304      ARMS                      No_PP            0MPP              NO PP                                   0
       17247223      ARMS                      No_PP            0MPP              NO PP                                   0
       17247224      ARMS                      No_PP            0MPP              NO PP                                   0
       17247306      ARMS                      No_PP            0MPP              NO PP                                   0
       17244962      ARMS                      No_PP            0MPP              NO PP                                   0
       17245030      ARMS                      No_PP            0MPP              NO PP                                   0
       17245031      ARMS                      No_PP            0MPP              NO PP                                   0
       17245032      ARMS                      No_PP            0MPP              NO PP                                   0
       17245033      ARMS                      No_PP            0MPP              NO PP                                   0
       17245034      ARMS                      No_PP            0MPP              NO PP                                   0
       17245035      ARMS                      No_PP            0MPP              NO PP                                   0
       17245036      ARMS                      Prepay           60MPP             SOFT                                    0
       17245037      ARMS                      Prepay           12MPP             HARD                                   12
       17245038      ARMS                      No_PP            0MPP              NO PP                                   0
       17245039      ARMS                      Prepay           60MPP             SOFT                                    0
       17245040      ARMS                      Prepay           12MPP             HARD                                   12
       17245041      ARMS                      Prepay           12MPP             HARD                                   12
       17245042      ARMS                      Prepay           12MPP             HARD                                   12
       17245043      ARMS                      No_PP            0MPP              NO PP                                   0
       17245044      ARMS                      No_PP            0MPP              NO PP                                   0
       17245045      ARMS                      No_PP            0MPP              NO PP                                   0
       17245046      ARMS                      No_PP            0MPP              NO PP                                   0
       17245047      ARMS                      No_PP            0MPP              NO PP                                   0
       17245048      ARMS                      No_PP            0MPP              NO PP                                   0
       17245049      ARMS                      No_PP            0MPP              NO PP                                   0
       17245050      ARMS                      No_PP            0MPP              NO PP                                   0
       17245016      ARMS                      No_PP            0MPP              NO PP                                   0
       17245017      ARMS                      No_PP            0MPP              NO PP                                   0
       17245018      ARMS                      No_PP            0MPP              NO PP                                   0
       17245019      ARMS                      Prepay           12MPP             HARD                                   12
       17245020      ARMS                      Prepay           12MPP             HARD                                   12
       17245021      ARMS                      No_PP            0MPP              NO PP                                   0
       17245022      ARMS                      No_PP            0MPP              NO PP                                   0
       17245023      ARMS                      No_PP            0MPP              NO PP                                   0
       17245025      ARMS                      No_PP            0MPP              NO PP                                   0
       17245026      ARMS                      Prepay           36MPP             SOFT                                    0
       17245027      ARMS                      No_PP            0MPP              NO PP                                   0
       17245028      ARMS                      No_PP            0MPP              NO PP                                   0
       17245029      ARMS                      Prepay           12MPP             HARD                                   12
       17245004      ARMS                      No_PP            0MPP              NO PP                                   0
       17245005      ARMS                      No_PP            0MPP              NO PP                                   0
       17245006      ARMS                      No_PP            0MPP              NO PP                                   0
       17245007      ARMS                      Prepay           12MPP             HARD                                   12
       17245008      ARMS                      No_PP            0MPP              NO PP                                   0
       17245009      ARMS                      Prepay           12MPP             HARD                                   12
       17245010      ARMS                      No_PP            0MPP              NO PP                                   0
       17245011      ARMS                      Prepay           12MPP             HARD                                   12
       17245012      ARMS                      No_PP            0MPP              NO PP                                   0
       17245013      ARMS                      Prepay           12MPP             HARD                                   12
       17245014      ARMS                      Prepay           12MPP             HARD                                   12
       17245015      ARMS                      No_PP            0MPP              NO PP                                   0
       17245000      ARMS                      Prepay           12MPP             HARD                                   12
       17245001      ARMS                      No_PP            0MPP              NO PP                                   0
       17245002      ARMS                      Prepay           12MPP             HARD                                   12
       17245003      ARMS                      Prepay           12MPP             HARD                                   12
       17250580      ARMS                      Prepay           36MPP             SOFT                                    0
       17250571      ARMS                      Prepay           12MPP             HARD                                   12
       17250569      ARMS                      No_PP            0MPP              NO PP                                   0
       17250579      ARMS                      No_PP            0MPP              NO PP                                   0
       17250560      ARMS                      Prepay           12MPP             HARD                                   12
       17250561      ARMS                      No_PP            0MPP              NO PP                                   0
       17250558      ARMS                      No_PP            0MPP              NO PP                                   0
       17250567      ARMS                      No_PP            0MPP              NO PP                                   0
       17250568      ARMS                      No_PP            0MPP              NO PP                                   0
       17250566      ARMS                      No_PP            0MPP              NO PP                                   0
       17250576      ARMS                      Prepay           12MPP             HARD                                   12
       17250572      ARMS                      Prepay           12MPP             HARD                                   12
       17250557      ARMS                      No_PP            0MPP              NO PP                                   0
       17250563      ARMS                      Prepay           12MPP             HARD                                   12
       17250581      ARMS                      No_PP            0MPP              NO PP                                   0
       17250573      ARMS                      No_PP            0MPP              NO PP                                   0
       17250564      ARMS                      No_PP            0MPP              NO PP                                   0
       17250574      ARMS                      No_PP            0MPP              NO PP                                   0
       17250565      ARMS                      No_PP            0MPP              NO PP                                   0
       17244984      ARMS                      Prepay           12MPP             HARD                                   12
       17244985      ARMS                      No_PP            0MPP              NO PP                                   0
       17244986      ARMS                      No_PP            0MPP              NO PP                                   0
       17244987      ARMS                      No_PP            0MPP              NO PP                                   0
       17244988      ARMS                      No_PP            0MPP              NO PP                                   0
       17244989      ARMS                      Prepay           12MPP             HARD                                   12
       17244935      ARMS                      No_PP            0MPP              NO PP                                   0
       17244936      ARMS                      No_PP            0MPP              NO PP                                   0
       17244937      ARMS                      No_PP            0MPP              NO PP                                   0
       17244938      ARMS                      No_PP            0MPP              NO PP                                   0
       17244939      ARMS                      No_PP            0MPP              NO PP                                   0
       17244940      ARMS                      No_PP            0MPP              NO PP                                   0
       17244941      ARMS                      No_PP            0MPP              NO PP                                   0
       17244942      ARMS                      No_PP            0MPP              NO PP                                   0
       17244943      ARMS                      No_PP            0MPP              NO PP                                   0
       17244944      ARMS                      No_PP            0MPP              NO PP                                   0
       17244945      ARMS                      No_PP            0MPP              NO PP                                   0
       17244946      ARMS                      No_PP            0MPP              NO PP                                   0
       17244947      ARMS                      No_PP            0MPP              NO PP                                   0
       17244948      ARMS                      No_PP            0MPP              NO PP                                   0
       17244949      ARMS                      No_PP            0MPP              NO PP                                   0
       17244950      ARMS                      No_PP            0MPP              NO PP                                   0
       17244951      ARMS                      No_PP            0MPP              NO PP                                   0
       17244952      ARMS                      No_PP            0MPP              NO PP                                   0
       17244953      ARMS                      Prepay           12MPP             HARD                                   12
       17244954      ARMS                      No_PP            0MPP              NO PP                                   0
       17244955      ARMS                      No_PP            0MPP              NO PP                                   0
       17244956      ARMS                      No_PP            0MPP              NO PP                                   0
       17244957      ARMS                      No_PP            0MPP              NO PP                                   0
       17244958      ARMS                      No_PP            0MPP              NO PP                                   0
       17244959      ARMS                      No_PP            0MPP              NO PP                                   0
       17244960      ARMS                      No_PP            0MPP              NO PP                                   0
       17244961      ARMS                      No_PP            0MPP              NO PP                                   0
       17244963      ARMS                      No_PP            0MPP              NO PP                                   0
       17244964      ARMS                      No_PP            0MPP              NO PP                                   0
       17244965      ARMS                      No_PP            0MPP              NO PP                                   0
       17244966      ARMS                      No_PP            0MPP              NO PP                                   0
       17244967      ARMS                      No_PP            0MPP              NO PP                                   0
       17244968      ARMS                      No_PP            0MPP              NO PP                                   0
       17244969      ARMS                      No_PP            0MPP              NO PP                                   0
       17244970      ARMS                      Prepay           12MPP             HARD                                   12
       17244971      ARMS                      No_PP            0MPP              NO PP                                   0
       17244972      ARMS                      Prepay           12MPP             HARD                                   12
       17244973      ARMS                      No_PP            0MPP              NO PP                                   0
       17244974      ARMS                      No_PP            0MPP              NO PP                                   0
       17244975      ARMS                      Prepay           12MPP             HARD                                   12
       17244976      ARMS                      Prepay           12MPP             HARD                                   12
       17244977      ARMS                      Prepay           12MPP             HARD                                   12
       17244978      ARMS                      No_PP            0MPP              NO PP                                   0
       17244979      ARMS                      No_PP            0MPP              NO PP                                   0
       17244980      ARMS                      Prepay           36MPP             SOFT                                    0
       17244981      ARMS                      No_PP            0MPP              NO PP                                   0
       17244982      ARMS                      Prepay           12MPP             HARD                                   12
       17244983      ARMS                      No_PP            0MPP              NO PP                                   0
       17256703      ARMS                      No_PP            0MPP              NO PP                                   0
       17256709      ARMS                      No_PP            0MPP              NO PP                                   0
       17233121      ARMS                      No_PP            0MPP              NO PP                                   0
       17233122      ARMS                      No_PP            0MPP              NO PP                                   0
       17233126      ARMS                      No_PP            0MPP              NO PP                                   0
       17233117      ARMS                      Prepay           36MPP             SOFT                                    0
       17233037      ARMS                      No_PP            0MPP              NO PP                                   0
       17233460      ARMS                      Prepay           36MPP             SOFT                                    0
       17233451      ARMS                      No_PP            0MPP              NO PP                                   0
       17233111      ARMS                      No_PP            0MPP              NO PP                                   0
       17233031      ARMS                      No_PP            0MPP              NO PP                                   0
       17233112      ARMS                      No_PP            0MPP              NO PP                                   0
       17247297      ARMS                      Prepay           36MPP             SOFT                                    0
       17247298      ARMS                      Prepay           36MPP             SOFT                                    0
       17247372      ARMS                      No_PP            0MPP              NO PP                                   0
       17247292      ARMS                      Prepay           60MPP             SOFT                                    0
       17233019      ARMS                      No_PP            0MPP              NO PP                                   0
       17233103      ARMS                      Prepay           12MPP             HARD                                   12
       17233104      ARMS                      No_PP            0MPP              NO PP                                   0
       17233026      ARMS                      No_PP            0MPP              NO PP                                   0
       17247366      ARMS                      No_PP            0MPP              NO PP                                   0
       17247285      ARMS                      No_PP            0MPP              NO PP                                   0
       17247368      ARMS                      Prepay           12MPP             HARD                                   12
       17247369      ARMS                      No_PP            0MPP              NO PP                                   0
       17247363      ARMS                      No_PP            0MPP              NO PP                                   0
       17247364      ARMS                      Prepay           12MPP             HARD                                   12
       17247341      ARMS                      Prepay           60MPP             SOFT                                    0
       17247262      ARMS                      No_PP            0MPP              NO PP                                   0
       17247345      ARMS                      Prepay           60MPP             SOFT                                    0
       17247347      ARMS                      No_PP            0MPP              NO PP                                   0
       17247267      ARMS                      Prepay           36MPP             SOFT                                    0
       17247352      ARMS                      Prepay           12MPP             HARD                                   12
       17247354      ARMS                      Prepay           36MPP             SOFT                                    0
       17247275      ARMS                      Prepay           60MPP             SOFT                                    0
       17247359      ARMS                      Prepay           12MPP             HARD                                   12
       17247360      ARMS                      No_PP            0MPP              NO PP                                   0
       17247361      ARMS                      Prepay           12MPP             HARD                                   12
       17247281      ARMS                      Prepay           12MPP             HARD                                   12
       17247323      ARMS                      No_PP            0MPP              NO PP                                   0
       17247325      ARMS                      Prepay           12MPP             HARD                                   12
       17247250      ARMS                      Prepay           36MPP             SOFT                                    0
       17247334      ARMS                      No_PP            0MPP              NO PP                                   0
       17247337      ARMS                      No_PP            0MPP              NO PP                                   0
       17247257      ARMS                      No_PP            0MPP              NO PP                                   0
       17247245      ARMS                      No_PP            0MPP              NO PP                                   0
       17247330      ARMS                      Prepay           36MPP             SOFT                                    0
       17247229      ARMS                      Prepay           36MPP             SOFT                                    0
       17247232      ARMS                      No_PP            0MPP              NO PP                                   0
       17247314      ARMS                      Prepay           12MPP             HARD                                   12
       17247233      ARMS                      Prepay           12MPP             HARD                                   12
       17247315      ARMS                      No_PP            0MPP              NO PP                                   0
       17247215      ARMS                      Prepay           6MPP              HARD                                    6
       17233392      ARMS                      No_PP            0MPP              NO PP                                   0
       17233393      ARMS                      Prepay           12MPP             HARD                                   12
       17233394      ARMS                      Prepay           12MPP             HARD                                   12
       17233395      ARMS                      Prepay           12MPP             HARD                                   12
       17233396      ARMS                      No_PP            0MPP              NO PP                                   0
       17233398      ARMS                      Prepay           36MPP             SOFT                                    0
       17233399      ARMS                      Prepay           60MPP             SOFT                                    0
       17247201      ARMS                      No_PP            0MPP              NO PP                                   0
       17247206      ARMS                      No_PP            0MPP              NO PP                                   0
       17247213      ARMS                      No_PP            0MPP              NO PP                                   0
       17247301      ARMS                      Prepay           36MPP             SOFT                                    0
       17247305      ARMS                      Prepay           60MPP             SOFT                                    0
       17233370      ARMS                      Prepay           36MPP             SOFT                                    0
       17233453      ARMS                      Prepay           60MPP             SOFT                                    0
       17233372      ARMS                      No_PP            0MPP              NO PP                                   0
       17233454      ARMS                      No_PP            0MPP              NO PP                                   0
       17233373      ARMS                      No_PP            0MPP              NO PP                                   0
       17233455      ARMS                      No_PP            0MPP              NO PP                                   0
       17233374      ARMS                      No_PP            0MPP              NO PP                                   0
       17233457      ARMS                      No_PP            0MPP              NO PP                                   0
       17233376      ARMS                      No_PP            0MPP              NO PP                                   0
       17233458      ARMS                      Prepay           36MPP             SOFT                                    0
       17233377      ARMS                      Prepay           12MPP             HARD                                   12
       17233459      ARMS                      No_PP            0MPP              NO PP                                   0
       17233378      ARMS                      No_PP            0MPP              NO PP                                   0
       17233379      ARMS                      Prepay           36MPP             SOFT                                    0
       17233461      ARMS                      Prepay           36MPP             SOFT                                    0
       17233462      ARMS                      Prepay           60MPP             SOFT                                    0
       17233464      ARMS                      No_PP            0MPP              NO PP                                   0
       17233383      ARMS                      Prepay           12MPP             HARD                                   12
       17233384      ARMS                      Prepay           36MPP             SOFT                                    0
       17233466      ARMS                      No_PP            0MPP              NO PP                                   0
       17233385      ARMS                      Prepay           60MPP             SOFT                                    0
       17233387      ARMS                      No_PP            0MPP              NO PP                                   0
       17233388      ARMS                      No_PP            0MPP              NO PP                                   0
       17233389      ARMS                      No_PP            0MPP              NO PP                                   0
       17233470      ARMS                      No_PP            0MPP              NO PP                                   0
       17233390      ARMS                      Prepay           36MPP             SOFT                                    0
       17233352      ARMS                      Prepay           36MPP             SOFT                                    0
       17233434      ARMS                      Prepay           12MPP             HARD                                   12
       17233191      ARMS                      No_PP            0MPP              NO PP                                   0
       17233353      ARMS                      No_PP            0MPP              NO PP                                   0
       17233435      ARMS                      No_PP            0MPP              NO PP                                   0
       17233192      ARMS                      Prepay           36MPP             SOFT                                    0
       17233354      ARMS                      Prepay           12MPP             HARD                                   12
       17233436      ARMS                      No_PP            0MPP              NO PP                                   0
       17233355      ARMS                      No_PP            0MPP              NO PP                                   0
       17233437      ARMS                      No_PP            0MPP              NO PP                                   0
       17233356      ARMS                      No_PP            0MPP              NO PP                                   0
       17233439      ARMS                      Prepay           36MPP             SOFT                                    0
       17233199      ARMS                      Prepay           12MPP             HARD                                   12
       17233440      ARMS                      No_PP            0MPP              NO PP                                   0
       17233441      ARMS                      No_PP            0MPP              NO PP                                   0
       17233443      ARMS                      No_PP            0MPP              NO PP                                   0
       17233362      ARMS                      Prepay           12MPP             HARD                                   12
       17233444      ARMS                      No_PP            0MPP              NO PP                                   0
       17233445      ARMS                      No_PP            0MPP              NO PP                                   0
       17233446      ARMS                      Prepay           12MPP             HARD                                   12
       17233447      ARMS                      Prepay           12MPP             HARD                                   12
       17233448      ARMS                      No_PP            0MPP              NO PP                                   0
       17233449      ARMS                      Prepay           60MPP             SOFT                                    0
       17233421      ARMS                      Prepay           12MPP             HARD                                   12
       17233340      ARMS                      No_PP            0MPP              NO PP                                   0
       17233422      ARMS                      Prepay           12MPP             HARD                                   12
       17233423      ARMS                      No_PP            0MPP              NO PP                                   0
       17233342      ARMS                      No_PP            0MPP              NO PP                                   0
       17233181      ARMS                      No_PP            0MPP              NO PP                                   0
       17233425      ARMS                      No_PP            0MPP              NO PP                                   0
       17233182      ARMS                      No_PP            0MPP              NO PP                                   0
       17233426      ARMS                      No_PP            0MPP              NO PP                                   0
       17233183      ARMS                      No_PP            0MPP              NO PP                                   0
       17233427      ARMS                      Prepay           12MPP             HARD                                   12
       17233346      ARMS                      Prepay           36MPP             SOFT                                    0
       17233428      ARMS                      Prepay           36MPP             SOFT                                    0
       17233347      ARMS                      Prepay           36MPP             SOFT                                    0
       17233429      ARMS                      No_PP            0MPP              NO PP                                   0
       17233186      ARMS                      No_PP            0MPP              NO PP                                   0
       17233348      ARMS                      Prepay           12MPP             HARD                                   12
       17233188      ARMS                      No_PP            0MPP              NO PP                                   0
       17233430      ARMS                      Prepay           12MPP             HARD                                   12
       17233431      ARMS                      No_PP            0MPP              NO PP                                   0
       17233350      ARMS                      No_PP            0MPP              NO PP                                   0
       17233408      ARMS                      Prepay           12MPP             HARD                                   12
       17233165      ARMS                      No_PP            0MPP              NO PP                                   0
       17233085      ARMS                      No_PP            0MPP              NO PP                                   0
       17233328      ARMS                      Prepay           60MPP             SOFT                                    0
       17233329      ARMS                      No_PP            0MPP              NO PP                                   0
       17233168      ARMS                      No_PP            0MPP              NO PP                                   0
       17233410      ARMS                      No_PP            0MPP              NO PP                                   0
       17233411      ARMS                      No_PP            0MPP              NO PP                                   0
       17233412      ARMS                      Prepay           36MPP             SOFT                                    0
       17233331      ARMS                      Prepay           36MPP             SOFT                                    0
       17233332      ARMS                      Prepay           60MPP             SOFT                                    0
       17233414      ARMS                      No_PP            0MPP              NO PP                                   0
       17233090      ARMS                      Prepay           12MPP             HARD                                   12
       17233415      ARMS                      Prepay           12MPP             HARD                                   12
       17233172      ARMS                      No_PP            0MPP              NO PP                                   0
       17233334      ARMS                      Prepay           12MPP             HARD                                   12
       17233416      ARMS                      No_PP            0MPP              NO PP                                   0
       17233417      ARMS                      Prepay           12MPP             HARD                                   12
       17233336      ARMS                      No_PP            0MPP              NO PP                                   0
       17233418      ARMS                      Prepay           60MPP             SOFT                                    0
       17233175      ARMS                      No_PP            0MPP              NO PP                                   0
       17233419      ARMS                      No_PP            0MPP              NO PP                                   0
       17233338      ARMS                      Prepay           36MPP             SOFT                                    0
       17233339      ARMS                      No_PP            0MPP              NO PP                                   0
       17233098      ARMS                      No_PP            0MPP              NO PP                                   0
       17233099      ARMS                      Prepay           12MPP             HARD                                   12
       17233420      ARMS                      Prepay           60MPP             SOFT                                    0
       17233314      ARMS                      No_PP            0MPP              NO PP                                   0
       17233153      ARMS                      No_PP            0MPP              NO PP                                   0
       17233316      ARMS                      Prepay           12MPP             HARD                                   12
       17233155      ARMS                      No_PP            0MPP              NO PP                                   0
       17233317      ARMS                      Prepay           36MPP             SOFT                                    0
       17233318      ARMS                      No_PP            0MPP              NO PP                                   0
       17233157      ARMS                      No_PP            0MPP              NO PP                                   0
       17233077      ARMS                      Prepay           12MPP             HARD                                   12
       17233400      ARMS                      Prepay           36MPP             SOFT                                    0
       17233401      ARMS                      No_PP            0MPP              NO PP                                   0
       17233320      ARMS                      Prepay           12MPP             HARD                                   12
       17233402      ARMS                      No_PP            0MPP              NO PP                                   0
       17233321      ARMS                      No_PP            0MPP              NO PP                                   0
       17233160      ARMS                      No_PP            0MPP              NO PP                                   0
       17233404      ARMS                      No_PP            0MPP              NO PP                                   0
       17233161      ARMS                      Prepay           12MPP             HARD                                   12
       17233323      ARMS                      No_PP            0MPP              NO PP                                   0
       17233082      ARMS                      No_PP            0MPP              NO PP                                   0
       17233326      ARMS                      Prepay           36MPP             SOFT                                    0
       17233310      ARMS                      No_PP            0MPP              NO PP                                   0
       17233311      ARMS                      Prepay           36MPP             SOFT                                    0
       17233312      ARMS                      No_PP            0MPP              NO PP                                   0
       17233070      ARMS                      No_PP            0MPP              NO PP                                   0
       17233313      ARMS                      Prepay           12MPP             HARD                                   12
       17233148      ARMS                      No_PP            0MPP              NO PP                                   0
       17233061      ARMS                      Prepay           12MPP             HARD                                   12
       17233143      ARMS                      No_PP            0MPP              NO PP                                   0
       17233305      ARMS                      No_PP            0MPP              NO PP                                   0
       17233306      ARMS                      Prepay           60MPP             SOFT                                    0
       17233307      ARMS                      Prepay           12MPP             HARD                                   12
       17233138      ARMS                      No_PP            0MPP              NO PP                                   0
       17233303      ARMS                      No_PP            0MPP              NO PP                                   0
       17233053      ARMS                      No_PP            0MPP              NO PP                                   0
       17233134      ARMS                      No_PP            0MPP              NO PP                                   0
       17233055      ARMS                      Prepay           12MPP             HARD                                   12
       17233057      ARMS                      Prepay           60MPP             SOFT                                    0
       17233131      ARMS                      No_PP            0MPP              NO PP                                   0
       17233284      ARMS                      Prepay           12MPP             HARD                                   12
       17233287      ARMS                      No_PP            0MPP              NO PP                                   0
       17233289      ARMS                      Prepay           12MPP             HARD                                   12
       17233291      ARMS                      No_PP            0MPP              NO PP                                   0
       17233294      ARMS                      Prepay           12MPP             HARD                                   12
       17233297      ARMS                      Prepay           36MPP             SOFT                                    0
       17233298      ARMS                      No_PP            0MPP              NO PP                                   0
       17233299      ARMS                      Prepay           12MPP             HARD                                   12
       17232984      ARMS                      No_PP            0MPP              NO PP                                   0
       17233201      ARMS                      Prepay           36MPP             SOFT                                    0
       17233202      ARMS                      No_PP            0MPP              NO PP                                   0
       17233203      ARMS                      Prepay           60MPP             SOFT                                    0
       17233205      ARMS                      No_PP            0MPP              NO PP                                   0
       17233208      ARMS                      No_PP            0MPP              NO PP                                   0
       17233213      ARMS                      No_PP            0MPP              NO PP                                   0
       17233215      ARMS                      No_PP            0MPP              NO PP                                   0
       17233217      ARMS                      No_PP            0MPP              NO PP                                   0
       17233220      ARMS                      No_PP            0MPP              NO PP                                   0
       17233223      ARMS                      No_PP            0MPP              NO PP                                   0
       17233224      ARMS                      Prepay           12MPP             HARD                                   12
       17233225      ARMS                      Prepay           12MPP             HARD                                   12
       17233228      ARMS                      No_PP            0MPP              NO PP                                   0
       17233230      ARMS                      No_PP            0MPP              NO PP                                   0
       17233231      ARMS                      No_PP            0MPP              NO PP                                   0
       17233232      ARMS                      No_PP            0MPP              NO PP                                   0
       17233234      ARMS                      No_PP            0MPP              NO PP                                   0
       17233237      ARMS                      Prepay           36MPP             SOFT                                    0
       17233244      ARMS                      Prepay           60MPP             SOFT                                    0
       17233246      ARMS                      No_PP            0MPP              NO PP                                   0
       17233247      ARMS                      No_PP            0MPP              NO PP                                   0
       17233248      ARMS                      Prepay           36MPP             SOFT                                    0
       17233258      ARMS                      Prepay           36MPP             SOFT                                    0
       17233259      ARMS                      Prepay           60MPP             SOFT                                    0
       17233261      ARMS                      No_PP            0MPP              NO PP                                   0
       17233263      ARMS                      Prepay           12MPP             HARD                                   12
       17233278      ARMS                      No_PP            0MPP              NO PP                                   0
       17233281      ARMS                      Prepay           36MPP             SOFT                                    0
       17233035      ARMS                      Prepay           60MPP             SOFT                                    0
       17247378      ARMS                      Prepay           12MPP             HARD                                   12
       17247379      ARMS                      Prepay           60MPP             SOFT                                    0
       17247299      ARMS                      No_PP            0MPP              NO PP                                   0
       17233027      ARMS                      No_PP            0MPP              NO PP                                   0
       17247339      ARMS                      Prepay           12MPP             HARD                                   12
       17247260      ARMS                      No_PP            0MPP              NO PP                                   0
       17247264      ARMS                      No_PP            0MPP              NO PP                                   0
       17247358      ARMS                      Prepay           12MPP             HARD                                   12
       17247244      ARMS                      No_PP            0MPP              NO PP                                   0
       17247332      ARMS                      No_PP            0MPP              NO PP                                   0
       17247336      ARMS                      Prepay           60MPP             SOFT                                    0
       17247338      ARMS                      Prepay           12MPP             HARD                                   12
       17247249      ARMS                      No_PP            0MPP              NO PP                                   0
       17247319      ARMS                      Prepay           36MPP             SOFT                                    0
       17247239      ARMS                      No_PP            0MPP              NO PP                                   0
       17247313      ARMS                      Prepay           36MPP             SOFT                                    0
       17247307      ARMS                      Prepay           12MPP             HARD                                   12
       17247308      ARMS                      No_PP            0MPP              NO PP                                   0
       17233473      ARMS                      No_PP            0MPP              NO PP                                   0
       17233474      ARMS                      No_PP            0MPP              NO PP                                   0
       17247200      ARMS                      No_PP            0MPP              NO PP                                   0
       17247205      ARMS                      No_PP            0MPP              NO PP                                   0
       17247207      ARMS                      No_PP            0MPP              NO PP                                   0
       17247220      ARMS                      No_PP            0MPP              NO PP                                   0
       17233450      ARMS                      No_PP            0MPP              NO PP                                   0
       17233371      ARMS                      Prepay           60MPP             SOFT                                    0
       17233375      ARMS                      Prepay           36MPP             SOFT                                    0
       17233380      ARMS                      No_PP            0MPP              NO PP                                   0
       17233463      ARMS                      Prepay           36MPP             SOFT                                    0
       17233382      ARMS                      Prepay           36MPP             SOFT                                    0
       17233386      ARMS                      Prepay           60MPP             SOFT                                    0
       17233468      ARMS                      Prepay           36MPP             SOFT                                    0
       17233469      ARMS                      No_PP            0MPP              NO PP                                   0
       17233471      ARMS                      No_PP            0MPP              NO PP                                   0
       17233472      ARMS                      No_PP            0MPP              NO PP                                   0
       17233194      ARMS                      Prepay           12MPP             HARD                                   12
       17233357      ARMS                      No_PP            0MPP              NO PP                                   0
       17233358      ARMS                      No_PP            0MPP              NO PP                                   0
       17233363      ARMS                      Prepay           60MPP             SOFT                                    0
       17233365      ARMS                      Prepay           60MPP             SOFT                                    0
       17233368      ARMS                      No_PP            0MPP              NO PP                                   0
       17233369      ARMS                      No_PP            0MPP              NO PP                                   0
       17233341      ARMS                      Prepay           36MPP             SOFT                                    0
       17233187      ARMS                      No_PP            0MPP              NO PP                                   0
       17233351      ARMS                      Prepay           60MPP             SOFT                                    0
       17233330      ARMS                      No_PP            0MPP              NO PP                                   0
       17233152      ARMS                      No_PP            0MPP              NO PP                                   0
       17233315      ARMS                      No_PP            0MPP              NO PP                                   0
       17233079      ARMS                      Prepay           36MPP             SOFT                                    0
       17233403      ARMS                      No_PP            0MPP              NO PP                                   0
       17233322      ARMS                      No_PP            0MPP              NO PP                                   0
       17233405      ARMS                      No_PP            0MPP              NO PP                                   0
       17233163      ARMS                      Prepay           36MPP             SOFT                                    0
       17233325      ARMS                      Prepay           36MPP             SOFT                                    0
       17233068      ARMS                      No_PP            0MPP              NO PP                                   0
       17233308      ARMS                      No_PP            0MPP              NO PP                                   0
       17233065      ARMS                      No_PP            0MPP              NO PP                                   0
       17233146      ARMS                      No_PP            0MPP              NO PP                                   0
       17233139      ARMS                      No_PP            0MPP              NO PP                                   0
       17233048      ARMS                      No_PP            0MPP              NO PP                                   0
       17233283      ARMS                      No_PP            0MPP              NO PP                                   0
       17233286      ARMS                      Prepay           36MPP             SOFT                                    0
       17232995      ARMS                      No_PP            0MPP              NO PP                                   0
       17233200      ARMS                      No_PP            0MPP              NO PP                                   0
       17233207      ARMS                      No_PP            0MPP              NO PP                                   0
       17233210      ARMS                      Prepay           12MPP             HARD                                   12
       17233222      ARMS                      Prepay           12MPP             HARD                                   12
       17233227      ARMS                      Prepay           36MPP             SOFT                                    0
       17233229      ARMS                      Prepay           12MPP             HARD                                   12
       17233238      ARMS                      Prepay           12MPP             HARD                                   12
       17233239      ARMS                      No_PP            0MPP              NO PP                                   0
       17233250      ARMS                      Prepay           60MPP             SOFT                                    0
       17233255      ARMS                      Prepay           12MPP             HARD                                   12
       17233270      ARMS                      Prepay           12MPP             HARD                                   12
       17233276      ARMS                      Prepay           60MPP             SOFT                                    0
       17233279      ARMS                      Prepay           12MPP             HARD                                   12
       17151971      ARMS                      No_PP            0MPP              NO PP                                   0
       17151933      ARMS                      No_PP            0MPP              NO PP                                   0
       17151935      ARMS                      Prepay           36MPP             HARD                                   36
       17151950      ARMS                      No_PP            0MPP              NO PP                                   0
       17151953      ARMS                      No_PP            0MPP              NO PP                                   0
       17151974      ARMS                      No_PP            0MPP              NO PP                                   0
       17151981      ARMS                      No_PP            0MPP              NO PP                                   0
       17151983      ARMS                      No_PP            0MPP              NO PP                                   0
       17151992      ARMS                      Prepay           36MPP             HARD                                   36
       17152002      ARMS                      No_PP            0MPP              NO PP                                   0
       17152005      ARMS                      No_PP            0MPP              NO PP                                   0
       17151917      ARMS                      No_PP            0MPP              NO PP                                   0
       17151913      ARMS                      No_PP            0MPP              NO PP                                   0
       17151976      ARMS                      Prepay           12MPP             HARD                                   12
       17151998      ARMS                      No_PP            0MPP              NO PP                                   0
       17152007      ARMS                      Prepay           12MPP             HARD                                   12

LOAN_SEQ             LIEN                 BALLOON           IO_FLAG          IO_            AMORT_
                                                                             PERIOD         TERM1
--------------------------------------------------------------------------------------------------------
       17151996      First Lien           No                Yes                    120              360
       17151960      First Lien           No                Yes                    120              360
       17151912      First Lien           No                Yes                    120              360
       17151914      First Lien           No                No                       0              360
       17151922      First Lien           No                Yes                    120              360
       17151924      First Lien           No                Yes                    120              360
       17151926      First Lien           No                Yes                    120              360
       17151927      First Lien           No                Yes                    120              360
       17151929      First Lien           No                Yes                    120              360
       17151931      First Lien           No                Yes                    120              360
       17151946      First Lien           No                Yes                    120              360
       17151925      First Lien           No                Yes                    120              360
       17151928      First Lien           No                Yes                    120              360
       17151930      First Lien           No                Yes                    120              360
       17151932      First Lien           No                Yes                    120              360
       17151934      First Lien           No                No                       0              360
       17151937      First Lien           No                Yes                    120              360
       17151938      First Lien           No                Yes                    120              360
       17151939      First Lien           No                Yes                    120              360
       17151940      First Lien           No                No                       0              360
       17151941      First Lien           No                Yes                    120              360
       17151942      First Lien           No                No                       0              360
       17151943      First Lien           No                Yes                    120              360
       17151944      First Lien           No                Yes                    120              360
       17151945      First Lien           No                Yes                    120              360
       17151947      First Lien           No                Yes                    120              360
       17151948      First Lien           No                Yes                    120              360
       17151949      First Lien           No                Yes                    120              360
       17151951      First Lien           No                Yes                    120              360
       17151954      First Lien           No                No                       0              360
       17151955      First Lien           No                Yes                    120              360
       17151956      First Lien           No                Yes                    120              360
       17151958      First Lien           No                Yes                    120              360
       17151961      First Lien           No                Yes                    120              360
       17151962      First Lien           No                Yes                    120              360
       17151963      First Lien           No                Yes                    120              360
       17151964      First Lien           No                Yes                    120              360
       17151965      First Lien           No                No                       0              360
       17151967      First Lien           No                Yes                    120              360
       17151969      First Lien           No                Yes                    120              360
       17151970      First Lien           No                Yes                    120              360
       17151972      First Lien           No                Yes                    120              360
       17151973      First Lien           No                Yes                    120              360
       17151975      First Lien           No                Yes                    120              360
       17151977      First Lien           No                Yes                    120              360
       17151978      First Lien           No                Yes                    120              360
       17152017      First Lien           No                Yes                    120              360
       17152018      First Lien           No                Yes                    120              360
       17152019      First Lien           No                Yes                    120              360
       17152020      First Lien           No                Yes                    120              360
       17152021      First Lien           No                Yes                    120              360
       17152022      First Lien           No                Yes                    120              360
       17152023      First Lien           No                Yes                    120              360
       17152024      First Lien           No                Yes                    120              360
       17152025      First Lien           No                Yes                    120              360
       17152026      First Lien           No                Yes                    120              360
       17152027      First Lien           No                Yes                    120              360
       17152028      First Lien           No                Yes                    120              360
       17152029      First Lien           No                No                       0              360
       17151979      First Lien           No                Yes                    120              360
       17151980      First Lien           No                Yes                    120              360
       17151982      First Lien           No                Yes                    120              360
       17151986      First Lien           No                Yes                    120              360
       17151987      First Lien           No                Yes                    120              360
       17151988      First Lien           No                Yes                    120              360
       17151989      First Lien           No                Yes                    120              360
       17151990      First Lien           No                Yes                    120              360
       17151991      First Lien           No                Yes                    120              360
       17151994      First Lien           No                Yes                    120              360
       17152000      First Lien           No                Yes                    120              360
       17152001      First Lien           No                Yes                    120              360
       17152003      First Lien           No                Yes                    120              360
       17152004      First Lien           No                Yes                    120              360
       17152006      First Lien           No                Yes                    120              360
       17152008      First Lien           No                No                       0              360
       17152009      First Lien           No                Yes                    120              360
       17152010      First Lien           No                Yes                    120              360
       17152011      First Lien           No                Yes                    120              360
       17152012      First Lien           No                Yes                    120              360
       17152013      First Lien           No                No                       0              360
       17152015      First Lien           No                Yes                    120              360
       17151898      First Lien           No                Yes                    120              360
       17151899      First Lien           No                Yes                    120              360
       17151902      First Lien           No                Yes                    120              360
       17151903      First Lien           No                Yes                    120              360
       17151904      First Lien           No                No                       0              360
       17151905      First Lien           No                Yes                    120              360
       17151906      First Lien           No                Yes                    120              360
       17151908      First Lien           No                Yes                    120              360
       17151909      First Lien           No                No                       0              360
       17151910      First Lien           No                No                       0              360
       17151916      First Lien           No                Yes                    120              360
       17151921      First Lien           No                Yes                    120              360
       17151923      First Lien           No                No                       0              360
       17151911      First Lien           No                Yes                    120              360
       17151957      First Lien           No                No                       0              360
       17151995      First Lien           No                Yes                    120              360
       17153681      First Lien           No                Yes                     60              360
       17153682      First Lien           No                Yes                     60              360
       17153683      First Lien           No                Yes                    120              360
       17153684      First Lien           No                Yes                     60              360
       17153685      First Lien           No                No                       0              360
       17153686      First Lien           No                Yes                     60              360
       17153688      First Lien           No                Yes                    120              360
       17153689      First Lien           No                Yes                     60              360
       17153690      First Lien           No                Yes                    120              360
       17153691      First Lien           No                Yes                    120              360
       17153692      First Lien           No                No                       0              360
       17153693      First Lien           No                Yes                     60              360
       17153694      First Lien           No                Yes                    120              360
       17153695      First Lien           No                No                       0              360
       17153696      First Lien           No                Yes                     60              360
       17153697      First Lien           No                Yes                     60              360
       17153698      First Lien           No                Yes                    120              360
       17153699      First Lien           No                No                       0              360
       17153700      First Lien           No                Yes                     60              360
       17153701      First Lien           No                Yes                    120              360
       17153702      First Lien           No                Yes                     60              360
       17153703      First Lien           No                Yes                     60              360
       17153704      First Lien           No                Yes                     60              360
       17153705      First Lien           No                Yes                     60              360
       17153706      First Lien           No                Yes                     60              360
       17153707      First Lien           No                Yes                    120              360
       17153708      First Lien           No                Yes                     60              360
       17153709      First Lien           No                Yes                     60              360
       17153710      First Lien           No                Yes                    120              360
       17153711      First Lien           No                Yes                     60              360
       17153712      First Lien           No                Yes                    120              360
       17153713      First Lien           No                Yes                     60              360
       17153714      First Lien           No                Yes                    120              360
       17153715      First Lien           No                Yes                    120              360
       17153716      First Lien           No                Yes                    120              360
       17153717      First Lien           No                Yes                    120              360
       17153718      First Lien           No                Yes                     60              360
       17153719      First Lien           No                Yes                     60              360
       17153720      First Lien           No                Yes                    120              360
       17153721      First Lien           No                Yes                     60              360
       17153722      First Lien           No                Yes                     60              360
       17153723      First Lien           No                Yes                     60              360
       17153726      First Lien           No                No                       0              360
       17153727      First Lien           No                Yes                     60              360
       17153728      First Lien           No                No                       0              360
       17153729      First Lien           No                Yes                     60              360
       17153537      First Lien           No                Yes                     60              360
       17153539      First Lien           No                Yes                     60              360
       17153540      First Lien           No                Yes                    120              360
       17153541      First Lien           No                Yes                     60              360
       17153542      First Lien           No                Yes                     60              360
       17153543      First Lien           No                Yes                     60              360
       17153544      First Lien           No                Yes                     60              360
       17153545      First Lien           No                No                       0              360
       17153546      First Lien           No                Yes                     60              360
       17153547      First Lien           No                Yes                     60              360
       17153548      First Lien           No                Yes                    120              360
       17153549      First Lien           No                Yes                    120              360
       17153550      First Lien           No                Yes                    120              360
       17153551      First Lien           No                Yes                     60              360
       17153552      First Lien           No                Yes                     60              360
       17153553      First Lien           No                Yes                    120              360
       17153554      First Lien           No                Yes                     60              360
       17153556      First Lien           No                Yes                    120              360
       17153557      First Lien           No                Yes                     60              360
       17153558      First Lien           No                Yes                     60              360
       17153559      First Lien           No                Yes                     60              360
       17153560      First Lien           No                Yes                     60              360
       17153561      First Lien           No                Yes                     60              360
       17153562      First Lien           No                Yes                     60              360
       17153563      First Lien           No                Yes                     60              360
       17153564      First Lien           No                Yes                     60              360
       17153565      First Lien           No                Yes                     60              360
       17153566      First Lien           No                Yes                     60              360
       17153567      First Lien           No                Yes                     60              360
       17153568      First Lien           No                Yes                     60              360
       17153569      First Lien           No                Yes                     60              360
       17153570      First Lien           No                Yes                    120              360
       17153571      First Lien           No                Yes                     60              360
       17153572      First Lien           No                Yes                     60              360
       17153573      First Lien           No                Yes                     60              360
       17153575      First Lien           No                Yes                     60              360
       17153576      First Lien           No                Yes                    120              360
       17153577      First Lien           No                Yes                    120              360
       17153578      First Lien           No                Yes                    120              360
       17153579      First Lien           No                No                       0              360
       17153580      First Lien           No                Yes                     60              360
       17153581      First Lien           No                Yes                     60              360
       17153582      First Lien           No                Yes                     60              360
       17153583      First Lien           No                Yes                     60              360
       17153584      First Lien           No                Yes                     60              360
       17153585      First Lien           No                Yes                     60              360
       17153586      First Lien           No                Yes                    120              360
       17153587      First Lien           No                Yes                     60              360
       17153588      First Lien           No                Yes                    120              360
       17153589      First Lien           No                Yes                    120              360
       17153591      First Lien           No                Yes                     60              360
       17153592      First Lien           No                No                       0              360
       17153593      First Lien           No                Yes                     60              360
       17153596      First Lien           No                Yes                    120              360
       17153597      First Lien           No                Yes                     60              360
       17153598      First Lien           No                Yes                    120              360
       17153599      First Lien           No                Yes                     60              360
       17153600      First Lien           No                Yes                     60              360
       17153601      First Lien           No                Yes                     60              360
       17153602      First Lien           No                Yes                     60              360
       17153603      First Lien           No                Yes                     60              360
       17153604      First Lien           No                Yes                     60              360
       17153605      First Lien           No                Yes                     60              360
       17153606      First Lien           No                Yes                     60              360
       17153608      First Lien           No                Yes                    120              360
       17153609      First Lien           No                Yes                     60              360
       17153610      First Lien           No                Yes                     60              360
       17153611      First Lien           No                Yes                     60              360
       17153612      First Lien           No                Yes                     60              360
       17153613      First Lien           No                Yes                     60              360
       17153614      First Lien           No                Yes                     60              360
       17153615      First Lien           No                Yes                     60              360
       17153616      First Lien           No                Yes                     60              360
       17153617      First Lien           No                Yes                    120              360
       17153618      First Lien           No                Yes                     60              360
       17153619      First Lien           No                Yes                     60              360
       17153620      First Lien           No                Yes                     60              360
       17153622      First Lien           No                No                       0              360
       17153623      First Lien           No                Yes                    120              360
       17153624      First Lien           No                No                       0              360
       17153625      First Lien           No                Yes                     60              360
       17153626      First Lien           No                No                       0              360
       17153627      First Lien           No                Yes                     60              360
       17153629      First Lien           No                Yes                    120              360
       17153631      First Lien           No                Yes                     60              360
       17153632      First Lien           No                Yes                     60              360
       17153633      First Lien           No                Yes                     60              360
       17153636      First Lien           No                Yes                    120              360
       17153637      First Lien           No                Yes                    120              360
       17153638      First Lien           No                Yes                     60              360
       17153639      First Lien           No                Yes                    120              360
       17153640      First Lien           No                Yes                     60              360
       17153641      First Lien           No                Yes                     60              360
       17153643      First Lien           No                Yes                     60              360
       17153644      First Lien           No                Yes                    120              360
       17153645      First Lien           No                No                       0              360
       17153646      First Lien           No                Yes                    120              360
       17153647      First Lien           No                Yes                    120              360
       17153648      First Lien           No                Yes                     60              360
       17153649      First Lien           No                Yes                     60              360
       17153650      First Lien           No                Yes                    120              360
       17153651      First Lien           No                No                       0              360
       17153652      First Lien           No                Yes                    120              360
       17153653      First Lien           No                No                       0              360
       17153654      First Lien           No                Yes                     60              360
       17153655      First Lien           No                Yes                    120              360
       17153656      First Lien           No                No                       0              360
       17153657      First Lien           No                Yes                     60              360
       17153658      First Lien           No                Yes                     60              360
       17153659      First Lien           No                Yes                    120              360
       17153660      First Lien           No                Yes                    120              360
       17153661      First Lien           No                Yes                     60              360
       17153662      First Lien           No                Yes                     60              360
       17153663      First Lien           No                Yes                     60              360
       17153664      First Lien           No                Yes                     60              360
       17153665      First Lien           No                Yes                     60              360
       17153666      First Lien           No                Yes                     60              360
       17153667      First Lien           No                Yes                     60              360
       17153668      First Lien           No                Yes                     60              360
       17153669      First Lien           No                Yes                     60              360
       17153670      First Lien           No                Yes                    120              360
       17153672      First Lien           No                Yes                     60              360
       17153674      First Lien           No                Yes                    120              360
       17153675      First Lien           No                Yes                    120              360
       17153676      First Lien           No                Yes                     60              360
       17153677      First Lien           No                No                       0              360
       17153679      First Lien           No                Yes                    120              360
       17153680      First Lien           No                Yes                     60              360
       17153494      First Lien           No                Yes                     60              360
       17153495      First Lien           No                Yes                     60              360
       17153497      First Lien           No                No                       0              360
       17153498      First Lien           No                Yes                    120              360
       17153499      First Lien           No                No                       0              360
       17153500      First Lien           No                Yes                     60              360
       17153501      First Lien           No                Yes                     60              360
       17153502      First Lien           No                Yes                     60              360
       17153503      First Lien           No                Yes                     60              360
       17153504      First Lien           No                Yes                     60              360
       17153505      First Lien           No                Yes                     60              360
       17153506      First Lien           No                Yes                     60              360
       17153507      First Lien           No                Yes                     60              360
       17153508      First Lien           No                Yes                     60              360
       17153509      First Lien           No                Yes                    120              360
       17153510      First Lien           No                Yes                     60              360
       17153512      First Lien           No                Yes                     60              360
       17153513      First Lien           No                Yes                     60              360
       17153514      First Lien           No                Yes                     60              360
       17153515      First Lien           No                Yes                     60              360
       17153516      First Lien           No                Yes                     60              360
       17153517      First Lien           No                Yes                    120              360
       17153518      First Lien           No                Yes                     60              360
       17153519      First Lien           No                Yes                     60              360
       17153520      First Lien           No                Yes                     60              360
       17153521      First Lien           No                Yes                    120              360
       17153522      First Lien           No                Yes                     60              360
       17153523      First Lien           No                Yes                     60              360
       17153524      First Lien           No                No                       0              360
       17153526      First Lien           No                Yes                    120              360
       17153527      First Lien           No                Yes                    120              360
       17153528      First Lien           No                Yes                    120              360
       17153529      First Lien           No                Yes                    120              360
       17153530      First Lien           No                Yes                     60              360
       17153531      First Lien           No                Yes                    120              360
       17153532      First Lien           No                Yes                     60              360
       17153534      First Lien           No                Yes                     60              360
       17153535      First Lien           No                Yes                     60              360
       17153536      First Lien           No                Yes                    120              360
       17153415      First Lien           No                Yes                    120              360
       17153416      First Lien           No                Yes                    120              360
       17153417      First Lien           No                Yes                    120              360
       17153418      First Lien           No                Yes                    120              360
       17153419      First Lien           No                Yes                    120              360
       17153421      First Lien           No                Yes                     60              360
       17153422      First Lien           No                No                       0              360
       17153424      First Lien           No                Yes                    120              360
       17153426      First Lien           No                No                       0              360
       17153427      First Lien           No                Yes                     60              360
       17153428      First Lien           No                No                       0              360
       17153429      First Lien           No                Yes                     60              360
       17153430      First Lien           No                Yes                    120              360
       17153431      First Lien           No                Yes                     60              360
       17153432      First Lien           No                No                       0              360
       17153433      First Lien           No                No                       0              360
       17153435      First Lien           No                Yes                     60              360
       17153436      First Lien           No                No                       0              360
       17153437      First Lien           No                Yes                    120              360
       17153438      First Lien           No                Yes                     60              360
       17153439      First Lien           No                Yes                    120              360
       17153440      First Lien           No                Yes                    120              360
       17153441      First Lien           No                Yes                    120              360
       17153442      First Lien           No                Yes                    120              360
       17153443      First Lien           No                Yes                    120              360
       17153444      First Lien           No                Yes                    120              360
       17153445      First Lien           No                No                       0              360
       17153446      First Lien           No                Yes                     60              360
       17153447      First Lien           No                Yes                    120              360
       17153448      First Lien           No                Yes                    120              360
       17153449      First Lien           No                Yes                    120              360
       17153450      First Lien           No                Yes                    120              360
       17153451      First Lien           No                No                       0              360
       17153452      First Lien           No                Yes                    120              360
       17153453      First Lien           No                Yes                    120              360
       17153454      First Lien           No                No                       0              360
       17153455      First Lien           No                Yes                     60              360
       17153456      First Lien           No                Yes                     60              360
       17153457      First Lien           No                Yes                     60              360
       17153458      First Lien           No                Yes                     60              360
       17153459      First Lien           No                Yes                     60              360
       17153460      First Lien           No                No                       0              360
       17153462      First Lien           No                Yes                     60              360
       17153463      First Lien           No                Yes                     60              360
       17153464      First Lien           No                Yes                     60              360
       17153465      First Lien           No                No                       0              360
       17153466      First Lien           No                Yes                     60              360
       17153467      First Lien           No                Yes                     60              360
       17153468      First Lien           No                Yes                     60              360
       17153471      First Lien           No                Yes                     60              360
       17153472      First Lien           No                Yes                    120              360
       17153473      First Lien           No                Yes                     60              360
       17153474      First Lien           No                Yes                     60              360
       17153475      First Lien           No                Yes                    120              360
       17153476      First Lien           No                Yes                     60              360
       17153477      First Lien           No                Yes                    120              360
       17153478      First Lien           No                No                       0              360
       17153479      First Lien           No                No                       0              360
       17153480      First Lien           No                Yes                     60              360
       17153482      First Lien           No                No                       0              360
       17153483      First Lien           No                Yes                     60              360
       17153484      First Lien           No                Yes                    120              360
       17153485      First Lien           No                Yes                    120              360
       17153486      First Lien           No                Yes                     60              360
       17153487      First Lien           No                Yes                     60              360
       17153488      First Lien           No                Yes                    120              360
       17153489      First Lien           No                Yes                     60              360
       17153490      First Lien           No                No                       0              360
       17153492      First Lien           No                Yes                    120              360
       17153493      First Lien           No                Yes                     60              360
       17153084      First Lien           No                Yes                     60              360
       17153085      First Lien           No                Yes                     60              360
       17153086      First Lien           No                Yes                     60              360
       17153088      First Lien           No                No                       0              360
       17153089      First Lien           No                Yes                     60              360
       17153090      First Lien           No                Yes                     60              360
       17153091      First Lien           No                Yes                     60              360
       17153092      First Lien           No                Yes                    120              360
       17153093      First Lien           No                Yes                     60              360
       17153101      First Lien           No                Yes                    120              360
       17153102      First Lien           No                No                       0              360
       17153103      First Lien           No                Yes                    120              360
       17153105      First Lien           No                Yes                     60              360
       17153106      First Lien           No                No                       0              360
       17153107      First Lien           No                Yes                     60              360
       17153108      First Lien           No                Yes                     60              360
       17153109      First Lien           No                Yes                    120              360
       17153110      First Lien           No                Yes                     60              360
       17153112      First Lien           No                Yes                     60              360
       17153113      First Lien           No                Yes                     60              360
       17153114      First Lien           No                No                       0              360
       17153115      First Lien           No                Yes                     60              360
       17153116      First Lien           No                Yes                    120              360
       17153117      First Lien           No                No                       0              360
       17153118      First Lien           No                Yes                     60              360
       17153119      First Lien           No                Yes                     60              360
       17153120      First Lien           No                No                       0              360
       17153121      First Lien           No                Yes                     60              360
       17153122      First Lien           No                No                       0              360
       17153123      First Lien           No                Yes                    120              360
       17153126      First Lien           No                Yes                     60              360
       17153127      First Lien           No                Yes                     60              360
       17153128      First Lien           No                Yes                    120              360
       17153129      First Lien           No                Yes                     60              360
       17153130      First Lien           No                Yes                    120              360
       17153131      First Lien           No                Yes                    120              360
       17153132      First Lien           No                Yes                    120              360
       17153134      First Lien           No                Yes                    120              360
       17153135      First Lien           No                Yes                     60              360
       17153136      First Lien           No                Yes                    120              360
       17153137      First Lien           No                Yes                    120              360
       17153138      First Lien           No                Yes                    120              360
       17153139      First Lien           No                Yes                    120              360
       17153140      First Lien           No                Yes                     60              360
       17153141      First Lien           No                Yes                     60              360
       17153142      First Lien           No                No                       0              360
       17153143      First Lien           No                Yes                     60              360
       17153145      First Lien           No                No                       0              360
       17153146      First Lien           No                Yes                    120              360
       17153147      First Lien           No                Yes                    120              360
       17153148      First Lien           No                Yes                    120              360
       17153149      First Lien           No                Yes                     60              360
       17153150      First Lien           No                Yes                     60              360
       17153151      First Lien           No                Yes                     60              360
       17153152      First Lien           No                Yes                    120              360
       17153153      First Lien           No                Yes                     60              360
       17153154      First Lien           No                Yes                     60              360
       17153156      First Lien           No                Yes                     60              360
       17153157      First Lien           No                Yes                     60              360
       17153158      First Lien           No                Yes                     60              360
       17153159      First Lien           No                Yes                     60              360
       17153160      First Lien           No                No                       0              360
       17153161      First Lien           No                Yes                     60              360
       17153162      First Lien           No                Yes                    120              360
       17153164      First Lien           No                Yes                    120              360
       17153165      First Lien           No                Yes                     60              360
       17153166      First Lien           No                Yes                     60              360
       17153167      First Lien           No                Yes                    120              360
       17153168      First Lien           No                Yes                     60              360
       17153170      First Lien           No                Yes                    120              360
       17153171      First Lien           No                Yes                     60              360
       17153172      First Lien           No                Yes                    120              360
       17153173      First Lien           No                No                       0              360
       17153174      First Lien           No                Yes                     60              360
       17153175      First Lien           No                Yes                     60              360
       17153176      First Lien           No                No                       0              360
       17153177      First Lien           No                Yes                    120              360
       17153179      First Lien           No                Yes                    120              360
       17153180      First Lien           No                Yes                    120              360
       17153181      First Lien           No                Yes                     60              360
       17153182      First Lien           No                Yes                     60              360
       17153183      First Lien           No                Yes                     60              360
       17153184      First Lien           No                Yes                    120              360
       17153186      First Lien           No                Yes                     60              360
       17153187      First Lien           No                Yes                     60              360
       17153188      First Lien           No                Yes                     60              360
       17153189      First Lien           No                Yes                     60              360
       17153190      First Lien           No                Yes                     60              360
       17153191      First Lien           No                Yes                     60              360
       17153192      First Lien           No                Yes                    120              360
       17153193      First Lien           No                Yes                     60              360
       17153194      First Lien           No                Yes                     60              360
       17153195      First Lien           No                Yes                     60              360
       17153196      First Lien           No                Yes                    120              360
       17153199      First Lien           No                Yes                     60              360
       17153200      First Lien           No                Yes                     60              360
       17153201      First Lien           No                No                       0              360
       17153202      First Lien           No                Yes                     60              360
       17153322      First Lien           No                Yes                    120              360
       17153323      First Lien           No                Yes                    120              360
       17153324      First Lien           No                Yes                    120              360
       17153326      First Lien           No                Yes                     60              360
       17153327      First Lien           No                Yes                    120              360
       17153328      First Lien           No                Yes                     60              360
       17153329      First Lien           No                Yes                    120              360
       17153330      First Lien           No                Yes                     60              360
       17153332      First Lien           No                No                       0              360
       17153333      First Lien           No                Yes                    120              360
       17153334      First Lien           No                No                       0              360
       17153335      First Lien           No                Yes                     60              360
       17153336      First Lien           No                Yes                     60              360
       17153337      First Lien           No                Yes                     60              360
       17153338      First Lien           No                Yes                    120              360
       17153339      First Lien           No                Yes                     60              360
       17153340      First Lien           No                Yes                     60              360
       17153341      First Lien           No                No                       0              360
       17153342      First Lien           No                Yes                    120              360
       17153343      First Lien           No                Yes                     60              360
       17153345      First Lien           No                Yes                     60              360
       17153346      First Lien           No                Yes                     60              360
       17153347      First Lien           No                Yes                     60              360
       17153348      First Lien           No                Yes                     60              360
       17153349      First Lien           No                Yes                    120              360
       17153350      First Lien           No                Yes                     60              360
       17153351      First Lien           No                Yes                    120              360
       17153352      First Lien           No                Yes                     60              360
       17153353      First Lien           No                Yes                     60              360
       17153354      First Lien           No                Yes                     60              360
       17153355      First Lien           No                Yes                     60              360
       17153356      First Lien           No                Yes                     60              360
       17153357      First Lien           No                Yes                    120              360
       17153358      First Lien           No                Yes                    120              360
       17153359      First Lien           No                Yes                     60              360
       17153360      First Lien           No                Yes                     60              360
       17153361      First Lien           No                Yes                    120              360
       17153362      First Lien           No                Yes                     60              360
       17153363      First Lien           No                Yes                    120              360
       17153364      First Lien           No                Yes                     60              360
       17153365      First Lien           No                Yes                    120              360
       17153366      First Lien           No                Yes                     60              360
       17153367      First Lien           No                No                       0              360
       17153369      First Lien           No                Yes                     60              360
       17153370      First Lien           No                Yes                    120              360
       17153371      First Lien           No                No                       0              360
       17153372      First Lien           No                Yes                     60              360
       17153373      First Lien           No                Yes                    120              360
       17153374      First Lien           No                Yes                     60              360
       17153375      First Lien           No                Yes                     60              360
       17153376      First Lien           No                Yes                     60              360
       17153377      First Lien           No                Yes                     60              360
       17153378      First Lien           No                Yes                     60              360
       17153379      First Lien           No                Yes                    120              360
       17153380      First Lien           No                Yes                    120              360
       17153381      First Lien           No                Yes                     60              360
       17153382      First Lien           No                Yes                    120              360
       17153383      First Lien           No                Yes                    120              360
       17153384      First Lien           No                Yes                     60              360
       17153385      First Lien           No                Yes                     60              360
       17153386      First Lien           No                Yes                    120              360
       17153387      First Lien           No                Yes                    120              360
       17153388      First Lien           No                No                       0              360
       17153389      First Lien           No                Yes                     60              360
       17153390      First Lien           No                Yes                     60              360
       17153391      First Lien           No                Yes                     60              360
       17153392      First Lien           No                Yes                     60              360
       17153393      First Lien           No                Yes                    120              360
       17153394      First Lien           No                Yes                     60              360
       17153395      First Lien           No                Yes                    120              360
       17153396      First Lien           No                Yes                     60              360
       17153397      First Lien           No                Yes                     60              360
       17153398      First Lien           No                Yes                    120              360
       17153399      First Lien           No                Yes                    120              360
       17153400      First Lien           No                Yes                    120              360
       17153401      First Lien           No                Yes                     60              360
       17153402      First Lien           No                Yes                    120              360
       17153403      First Lien           No                No                       0              360
       17153405      First Lien           No                Yes                     60              360
       17153406      First Lien           No                Yes                    120              360
       17153407      First Lien           No                Yes                    120              360
       17153408      First Lien           No                Yes                    120              360
       17153409      First Lien           No                Yes                     60              360
       17153410      First Lien           No                Yes                    120              360
       17153411      First Lien           No                Yes                     60              360
       17153412      First Lien           No                Yes                     60              360
       17153414      First Lien           No                No                       0              360
       17153210      First Lien           No                Yes                    120              360
       17153211      First Lien           No                Yes                     60              360
       17153212      First Lien           No                Yes                     60              360
       17153214      First Lien           No                Yes                    120              360
       17153215      First Lien           No                Yes                     60              360
       17153216      First Lien           No                Yes                     60              360
       17153217      First Lien           No                Yes                    120              360
       17153218      First Lien           No                Yes                    120              360
       17153219      First Lien           No                Yes                    120              360
       17153220      First Lien           No                Yes                    120              360
       17153221      First Lien           No                Yes                     60              360
       17153222      First Lien           No                Yes                    120              360
       17153223      First Lien           No                Yes                     60              360
       17153224      First Lien           No                Yes                     60              360
       17153225      First Lien           No                Yes                    120              360
       17153226      First Lien           No                No                       0              360
       17153227      First Lien           No                Yes                     60              360
       17153228      First Lien           No                Yes                    120              360
       17153229      First Lien           No                Yes                     60              360
       17153230      First Lien           No                Yes                     60              360
       17153231      First Lien           No                Yes                    120              360
       17153232      First Lien           No                Yes                     60              360
       17153233      First Lien           No                Yes                     60              360
       17153234      First Lien           No                Yes                    120              360
       17153235      First Lien           No                Yes                     60              360
       17153236      First Lien           No                Yes                     60              360
       17153237      First Lien           No                Yes                    120              360
       17153239      First Lien           No                Yes                     60              360
       17153240      First Lien           No                Yes                    120              360
       17153244      First Lien           No                Yes                     60              360
       17153245      First Lien           No                Yes                     60              360
       17153247      First Lien           No                Yes                     60              360
       17153249      First Lien           No                No                       0              360
       17153250      First Lien           No                Yes                     60              360
       17153251      First Lien           No                Yes                    120              360
       17153252      First Lien           No                Yes                     60              360
       17153253      First Lien           No                Yes                     60              360
       17153254      First Lien           No                Yes                     60              360
       17153255      First Lien           No                Yes                     60              360
       17153256      First Lien           No                No                       0              360
       17153257      First Lien           No                Yes                    120              360
       17153258      First Lien           No                Yes                    120              360
       17153259      First Lien           No                Yes                     60              360
       17153260      First Lien           No                No                       0              360
       17153261      First Lien           No                Yes                     60              360
       17153262      First Lien           No                Yes                     60              360
       17153263      First Lien           No                Yes                    120              360
       17153264      First Lien           No                Yes                     60              360
       17153267      First Lien           No                Yes                     60              360
       17153268      First Lien           No                Yes                    120              360
       17153269      First Lien           No                Yes                    120              360
       17153270      First Lien           No                Yes                    120              360
       17153272      First Lien           No                Yes                    120              360
       17153274      First Lien           No                Yes                     60              360
       17153275      First Lien           No                Yes                    120              360
       17153276      First Lien           No                Yes                    120              360
       17153277      First Lien           No                Yes                    120              360
       17153278      First Lien           No                No                       0              360
       17153279      First Lien           No                No                       0              360
       17153280      First Lien           No                No                       0              360
       17153281      First Lien           No                Yes                     60              360
       17153282      First Lien           No                Yes                    120              360
       17153283      First Lien           No                No                       0              360
       17153284      First Lien           No                No                       0              360
       17153285      First Lien           No                Yes                     60              360
       17153286      First Lien           No                Yes                    120              360
       17153287      First Lien           No                Yes                    120              360
       17153288      First Lien           No                Yes                    120              360
       17153289      First Lien           No                Yes                     60              360
       17153291      First Lien           No                Yes                    120              360
       17153292      First Lien           No                Yes                    120              360
       17153293      First Lien           No                Yes                    120              360
       17153294      First Lien           No                Yes                     60              360
       17153295      First Lien           No                Yes                    120              360
       17153296      First Lien           No                Yes                    120              360
       17153297      First Lien           No                Yes                    120              360
       17153298      First Lien           No                Yes                    120              360
       17153299      First Lien           No                Yes                     60              360
       17153300      First Lien           No                Yes                     60              360
       17153301      First Lien           No                Yes                    120              360
       17153302      First Lien           No                Yes                     60              360
       17153303      First Lien           No                No                       0              360
       17153304      First Lien           No                Yes                     60              360
       17153305      First Lien           No                Yes                     60              360
       17153306      First Lien           No                No                       0              360
       17153307      First Lien           No                Yes                    120              360
       17153308      First Lien           No                Yes                     60              360
       17153310      First Lien           No                Yes                    120              360
       17153311      First Lien           No                No                       0              360
       17153312      First Lien           No                Yes                     60              360
       17153313      First Lien           No                Yes                     60              360
       17153314      First Lien           No                Yes                    120              360
       17153316      First Lien           No                No                       0              360
       17153317      First Lien           No                Yes                     60              360
       17153318      First Lien           No                Yes                    120              360
       17153319      First Lien           No                Yes                     60              360
       17153320      First Lien           No                Yes                    120              360
       17153321      First Lien           No                Yes                    120              360
       17153203      First Lien           No                Yes                    120              360
       17153204      First Lien           No                Yes                    120              360
       17153205      First Lien           No                Yes                    120              360
       17153206      First Lien           No                Yes                     60              360
       17153207      First Lien           No                Yes                    120              360
       17153208      First Lien           No                Yes                    120              360
       16846361      First Lien           No                Yes                     60              360
       17153912      First Lien           No                Yes                    120              360
       17153913      First Lien           No                Yes                    120              360
       17153914      First Lien           No                No                       0              360
       17153915      First Lien           No                Yes                    120              360
       17153916      First Lien           No                Yes                    120              360
       17153917      First Lien           No                Yes                    120              360
       17153918      First Lien           No                Yes                    120              360
       17153919      First Lien           No                Yes                    120              360
       17153920      First Lien           No                Yes                    120              360
       17153921      First Lien           No                Yes                    120              360
       17153922      First Lien           No                Yes                    120              360
       17153923      First Lien           No                Yes                    120              360
       17153924      First Lien           No                Yes                    120              360
       17153925      First Lien           No                No                       0              360
       17153926      First Lien           No                Yes                    120              360
       17153928      First Lien           No                Yes                    120              360
       17153929      First Lien           No                Yes                    120              360
       17153930      First Lien           No                Yes                    120              360
       17153931      First Lien           No                Yes                    120              360
       17153932      First Lien           No                Yes                    120              360
       17153933      First Lien           No                No                       0              360
       17153934      First Lien           No                Yes                    120              360
       17153935      First Lien           No                Yes                    120              360
       17153936      First Lien           No                Yes                    120              360
       17153937      First Lien           No                Yes                    120              360
       17153938      First Lien           No                Yes                    120              360
       17153939      First Lien           No                Yes                    120              360
       17153940      First Lien           No                Yes                    120              360
       17153941      First Lien           No                No                       0              360
       17153942      First Lien           No                Yes                    120              360
       17153943      First Lien           No                Yes                    120              360
       17153944      First Lien           No                Yes                    120              360
       17153945      First Lien           No                Yes                    120              360
       17153946      First Lien           No                Yes                    120              360
       17153947      First Lien           No                Yes                    120              360
       17153948      First Lien           No                Yes                    120              360
       17153950      First Lien           No                Yes                    120              360
       17153951      First Lien           No                Yes                    120              360
       17153952      First Lien           No                No                       0              360
       17153953      First Lien           No                Yes                    120              360
       17153954      First Lien           No                Yes                    120              360
       17153955      First Lien           No                Yes                    120              360
       17153956      First Lien           No                Yes                    120              360
       17153957      First Lien           No                Yes                    120              360
       17153958      First Lien           No                Yes                    120              360
       17153959      First Lien           No                Yes                    120              360
       17153960      First Lien           No                Yes                    120              360
       17153961      First Lien           No                Yes                    120              360
       17153962      First Lien           No                Yes                    120              360
       17153963      First Lien           No                Yes                    120              360
       17153964      First Lien           No                Yes                    120              360
       17153965      First Lien           No                Yes                    120              360
       17153966      First Lien           No                Yes                    120              360
       17153968      First Lien           No                Yes                    120              360
       17153969      First Lien           No                No                       0              360
       17153970      First Lien           No                Yes                    120              360
       17153971      First Lien           No                Yes                    120              360
       17153972      First Lien           No                Yes                    120              360
       17153973      First Lien           No                Yes                    120              360
       17153974      First Lien           No                Yes                    120              360
       17153975      First Lien           No                Yes                    120              360
       17153976      First Lien           No                Yes                    120              360
       17153977      First Lien           No                Yes                    120              360
       17153978      First Lien           No                Yes                    120              360
       17153979      First Lien           No                No                       0              360
       17153980      First Lien           No                Yes                    120              360
       17153981      First Lien           No                No                       0              360
       17153982      First Lien           No                Yes                    120              360
       17153983      First Lien           No                No                       0              360
       17153984      First Lien           No                Yes                    120              360
       17153985      First Lien           No                Yes                    120              360
       17153986      First Lien           No                Yes                    120              360
       17153987      First Lien           No                Yes                    120              360
       17153988      First Lien           No                Yes                    120              360
       17153989      First Lien           No                Yes                    120              360
       17153990      First Lien           No                Yes                    120              360
       17153991      First Lien           No                Yes                    120              360
       17153992      First Lien           No                Yes                    120              360
       17153993      First Lien           No                No                       0              360
       17153994      First Lien           No                Yes                    120              360
       17153995      First Lien           No                Yes                    120              360
       17153996      First Lien           No                Yes                    120              360
       17153997      First Lien           No                Yes                    120              360
       17153998      First Lien           No                Yes                    120              360
       17153999      First Lien           No                No                       0              360
       17154000      First Lien           No                Yes                    120              360
       17154001      First Lien           No                Yes                    120              360
       17154002      First Lien           No                Yes                    120              360
       17154003      First Lien           No                Yes                    120              360
       17154004      First Lien           No                Yes                    120              360
       17154005      First Lien           No                Yes                    120              360
       17154007      First Lien           No                No                       0              360
       17154009      First Lien           No                No                       0              360
       17154010      First Lien           No                Yes                    120              360
       17154011      First Lien           No                Yes                    120              360
       17154012      First Lien           No                Yes                    120              360
       17154014      First Lien           No                No                       0              360
       17154015      First Lien           No                Yes                    120              360
       17154016      First Lien           No                Yes                    120              360
       17154017      First Lien           No                Yes                    120              360
       17154018      First Lien           No                Yes                    120              360
       17154019      First Lien           No                Yes                    120              360
       17154020      First Lien           No                Yes                    120              360
       17154021      First Lien           No                Yes                    120              360
       17154022      First Lien           No                Yes                    120              360
       17154023      First Lien           No                Yes                    120              360
       17154024      First Lien           No                Yes                    120              360
       17154025      First Lien           No                Yes                    120              360
       17154026      First Lien           No                No                       0              360
       17154027      First Lien           No                Yes                    120              360
       17154028      First Lien           No                Yes                    120              360
       17154029      First Lien           No                Yes                    120              360
       17154030      First Lien           No                Yes                    120              360
       17154032      First Lien           No                Yes                    120              360
       17154033      First Lien           No                Yes                    120              360
       17154034      First Lien           No                Yes                    120              360
       17154035      First Lien           No                Yes                    120              360
       17154036      First Lien           No                Yes                    120              360
       17154037      First Lien           No                Yes                    120              360
       17154038      First Lien           No                Yes                    120              360
       17154039      First Lien           No                Yes                    120              360
       17154040      First Lien           No                Yes                    120              360
       17154041      First Lien           No                Yes                    120              360
       17154042      First Lien           No                Yes                    120              360
       17154043      First Lien           No                Yes                    120              360
       17154044      First Lien           No                Yes                    120              360
       17154045      First Lien           No                Yes                    120              360
       17154046      First Lien           No                Yes                    120              360
       17154047      First Lien           No                Yes                    120              360
       17154048      First Lien           No                Yes                    120              360
       17154050      First Lien           No                Yes                    120              360
       17154051      First Lien           No                Yes                    120              360
       17154052      First Lien           No                Yes                    120              360
       17154053      First Lien           No                Yes                    120              360
       17154054      First Lien           No                Yes                    120              360
       17154055      First Lien           No                Yes                    120              360
       17154056      First Lien           No                Yes                    120              360
       17154057      First Lien           No                Yes                    120              360
       17154058      First Lien           No                Yes                    120              360
       17154059      First Lien           No                No                       0              360
       17154060      First Lien           No                No                       0              360
       17154061      First Lien           No                Yes                    120              360
       17154062      First Lien           No                Yes                    120              360
       17154063      First Lien           No                Yes                    120              360
       17154064      First Lien           No                Yes                    120              360
       17154065      First Lien           No                Yes                    120              360
       17154066      First Lien           No                No                       0              360
       17154067      First Lien           No                Yes                    120              360
       17154068      First Lien           No                No                       0              360
       17154069      First Lien           No                No                       0              360
       17154070      First Lien           No                Yes                    120              360
       17154072      First Lien           No                Yes                    120              360
       17154074      First Lien           No                Yes                    120              360
       17154075      First Lien           No                Yes                    120              360
       17154076      First Lien           No                No                       0              360
       17154077      First Lien           No                Yes                    120              360
       17154078      First Lien           No                Yes                    120              360
       17154081      First Lien           No                Yes                    120              360
       17154082      First Lien           No                Yes                    120              360
       17154083      First Lien           No                Yes                    120              360
       17154084      First Lien           No                Yes                    120              360
       17154085      First Lien           No                Yes                    120              360
       17154086      First Lien           No                No                       0              360
       17154087      First Lien           No                Yes                    120              360
       17154088      First Lien           No                Yes                    120              360
       17154089      First Lien           No                Yes                    120              360
       17154090      First Lien           No                Yes                    120              360
       17154091      First Lien           No                Yes                    120              360
       17154092      First Lien           No                Yes                    120              360
       17154093      First Lien           No                Yes                    120              360
       17154094      First Lien           No                Yes                    120              360
       17154095      First Lien           No                Yes                    120              360
       17154097      First Lien           No                Yes                    120              360
       17154098      First Lien           No                Yes                    120              360
       17153770      First Lien           No                Yes                    120              360
       17153771      First Lien           No                Yes                    120              360
       17153772      First Lien           No                Yes                    120              360
       17153773      First Lien           No                No                       0              360
       17153774      First Lien           No                Yes                    120              360
       17153775      First Lien           No                Yes                    120              360
       17153776      First Lien           No                No                       0              360
       17153777      First Lien           No                Yes                    120              360
       17153779      First Lien           No                Yes                    120              360
       17153781      First Lien           No                Yes                    120              360
       17153782      First Lien           No                Yes                    120              360
       17153783      First Lien           No                Yes                    120              360
       17153784      First Lien           No                No                       0              360
       17153785      First Lien           No                Yes                    120              360
       17153786      First Lien           No                Yes                    120              360
       17153787      First Lien           No                Yes                    120              360
       17153788      First Lien           No                Yes                    120              360
       17153789      First Lien           No                No                       0              360
       17153790      First Lien           No                Yes                    120              360
       17153792      First Lien           No                Yes                    120              360
       17153793      First Lien           No                Yes                    120              360
       17153794      First Lien           No                Yes                    120              360
       17153795      First Lien           No                Yes                    120              360
       17153796      First Lien           No                Yes                    120              360
       17153797      First Lien           No                Yes                    120              360
       17153798      First Lien           No                Yes                    120              360
       17153799      First Lien           No                Yes                    120              360
       17153800      First Lien           No                Yes                    120              360
       17153801      First Lien           No                Yes                    120              360
       17153802      First Lien           No                Yes                    120              360
       17153803      First Lien           No                Yes                    120              360
       17153804      First Lien           No                Yes                    120              360
       17153805      First Lien           No                Yes                    120              360
       17153806      First Lien           No                Yes                    120              360
       17153807      First Lien           No                Yes                    120              360
       17153808      First Lien           No                Yes                    120              360
       17153809      First Lien           No                No                       0              360
       17153810      First Lien           No                Yes                    120              360
       17153811      First Lien           No                Yes                    120              360
       17153812      First Lien           No                Yes                    120              360
       17153813      First Lien           No                Yes                    120              360
       17153814      First Lien           No                No                       0              360
       17153815      First Lien           No                Yes                    120              360
       17153816      First Lien           No                No                       0              360
       17153817      First Lien           No                No                       0              360
       17153818      First Lien           No                Yes                    120              360
       17153819      First Lien           No                Yes                    120              360
       17153820      First Lien           No                Yes                    120              360
       17153822      First Lien           No                Yes                    120              360
       17153823      First Lien           No                No                       0              360
       17153824      First Lien           No                Yes                    120              360
       17153825      First Lien           No                Yes                    120              360
       17153826      First Lien           No                Yes                    120              360
       17153827      First Lien           No                Yes                    120              360
       17153828      First Lien           No                Yes                    120              360
       17153829      First Lien           No                No                       0              360
       17153831      First Lien           No                Yes                    120              360
       17153832      First Lien           No                No                       0              360
       17153833      First Lien           No                No                       0              360
       17153834      First Lien           No                Yes                    120              360
       17153835      First Lien           No                Yes                    120              360
       17153836      First Lien           No                Yes                    120              360
       17153837      First Lien           No                Yes                    120              360
       17153838      First Lien           No                Yes                    120              360
       17153839      First Lien           No                Yes                    120              360
       17153840      First Lien           No                Yes                    120              360
       17153841      First Lien           No                Yes                    120              360
       17153843      First Lien           No                No                       0              360
       17153844      First Lien           No                Yes                    120              360
       17153845      First Lien           No                Yes                    120              360
       17153846      First Lien           No                Yes                    120              360
       17153848      First Lien           No                Yes                    120              360
       17153849      First Lien           No                Yes                    120              360
       17153850      First Lien           No                Yes                    120              360
       17153851      First Lien           No                Yes                    120              360
       17153852      First Lien           No                No                       0              360
       17153853      First Lien           No                Yes                    120              360
       17153854      First Lien           No                Yes                    120              360
       17153855      First Lien           No                No                       0              360
       17153856      First Lien           No                No                       0              360
       17153857      First Lien           No                Yes                    120              360
       17153858      First Lien           No                Yes                    120              360
       17153859      First Lien           No                Yes                    120              360
       17153860      First Lien           No                No                       0              360
       17153861      First Lien           No                No                       0              360
       17153862      First Lien           No                Yes                    120              360
       17153863      First Lien           No                Yes                    120              360
       17153864      First Lien           No                Yes                    120              360
       17153865      First Lien           No                Yes                    120              360
       17153866      First Lien           No                No                       0              360
       17153867      First Lien           No                Yes                    120              360
       17153868      First Lien           No                Yes                    120              360
       17153869      First Lien           No                Yes                    120              360
       17153870      First Lien           No                Yes                    120              360
       17153871      First Lien           No                Yes                    120              360
       17153872      First Lien           No                Yes                    120              360
       17153874      First Lien           No                Yes                    120              360
       17153875      First Lien           No                Yes                    120              360
       17153876      First Lien           No                No                       0              360
       17153878      First Lien           No                Yes                    120              360
       17153879      First Lien           No                No                       0              360
       17153880      First Lien           No                Yes                    120              360
       17153881      First Lien           No                Yes                    120              360
       17153882      First Lien           No                No                       0              360
       17153883      First Lien           No                No                       0              360
       17153884      First Lien           No                Yes                    120              360
       17153885      First Lien           No                Yes                    120              360
       17153886      First Lien           No                Yes                    120              360
       17153887      First Lien           No                Yes                    120              360
       17153889      First Lien           No                No                       0              360
       17153890      First Lien           No                Yes                    120              360
       17153891      First Lien           No                Yes                    120              360
       17153892      First Lien           No                Yes                    120              360
       17153893      First Lien           No                Yes                    120              360
       17153894      First Lien           No                Yes                    120              360
       17153895      First Lien           No                Yes                    120              360
       17153896      First Lien           No                Yes                    120              360
       17153897      First Lien           No                Yes                    120              360
       17153898      First Lien           No                Yes                    120              360
       17153900      First Lien           No                Yes                    120              360
       17153901      First Lien           No                Yes                    120              360
       17153902      First Lien           No                Yes                    120              360
       17153903      First Lien           No                Yes                    120              360
       17153904      First Lien           No                Yes                    120              360
       17153905      First Lien           No                Yes                    120              360
       17153906      First Lien           No                Yes                    120              360
       17153907      First Lien           No                Yes                    120              360
       17153908      First Lien           No                No                       0              360
       17153910      First Lien           No                No                       0              360
       17153749      First Lien           No                Yes                    120              360
       17153750      First Lien           No                No                       0              360
       17153751      First Lien           No                Yes                    120              360
       17153752      First Lien           No                Yes                    120              360
       17153753      First Lien           No                Yes                    120              360
       17153754      First Lien           No                Yes                    120              360
       17153755      First Lien           No                Yes                    120              360
       17153757      First Lien           No                Yes                    120              360
       17153758      First Lien           No                Yes                    120              360
       17153759      First Lien           No                No                       0              360
       17153760      First Lien           No                Yes                    120              360
       17153762      First Lien           No                Yes                    120              360
       17153763      First Lien           No                Yes                    120              360
       17153764      First Lien           No                Yes                    120              360
       17153765      First Lien           No                Yes                    120              360
       17153766      First Lien           No                Yes                    120              360
       17153767      First Lien           No                Yes                    120              360
       17153768      First Lien           No                Yes                    120              360
       17153769      First Lien           No                Yes                    120              360
       17233046      First Lien           No                Yes                    120              360
       17233120      First Lien           No                Yes                    120              360
       17233040      First Lien           No                Yes                    120              360
       17233041      First Lien           No                Yes                    120              360
       17233123      First Lien           No                Yes                    120              360
       17233042      First Lien           No                Yes                    120              360
       17233124      First Lien           No                Yes                    120              360
       17233043      First Lien           No                Yes                    120              360
       17233125      First Lien           No                Yes                    120              360
       17233044      First Lien           No                Yes                    120              360
       17233045      First Lien           No                Yes                    120              360
       17233116      First Lien           No                Yes                    120              360
       17233036      First Lien           No                Yes                    120              360
       17233118      First Lien           No                Yes                    120              360
       17233119      First Lien           No                Yes                    120              360
       17233038      First Lien           No                Yes                    120              360
       17233039      First Lien           No                Yes                    120              360
       17233033      First Lien           No                Yes                    120              360
       17233115      First Lien           No                Yes                    120              360
       17233034      First Lien           No                Yes                    120              360
       17233467      First Lien           No                Yes                    120              360
       17233409      First Lien           No                Yes                    120              360
       17233110      First Lien           No                Yes                    120              360
       17233030      First Lien           No                Yes                    120              360
       17233113      First Lien           No                Yes                    120              360
       17233032      First Lien           No                Yes                    120              360
       17233114      First Lien           No                Yes                    120              360
       17233028      First Lien           No                Yes                    120              360
       17233029      First Lien           No                Yes                    120              360
       17233108      First Lien           No                Yes                    120              360
       17233109      First Lien           No                Yes                    120              360
       17247380      First Lien           No                Yes                    120              360
       17233000      First Lien           No                Yes                    120              360
       17233001      First Lien           No                Yes                    120              360
       17233002      First Lien           No                Yes                    120              360
       17233003      First Lien           No                Yes                    120              360
       17233004      First Lien           No                Yes                    120              360
       17233005      First Lien           No                Yes                    120              360
       17233006      First Lien           No                Yes                    120              360
       17233007      First Lien           No                Yes                    120              360
       17247291      First Lien           No                Yes                    120              360
       17247373      First Lien           No                Yes                    120              360
       17233008      First Lien           No                Yes                    120              360
       17233009      First Lien           No                Yes                    120              360
       17233010      First Lien           No                Yes                    120              360
       17233011      First Lien           No                Yes                    120              360
       17233013      First Lien           No                Yes                    120              360
       17233014      First Lien           No                Yes                    120              360
       17233015      First Lien           No                Yes                    120              360
       17233016      First Lien           No                Yes                    120              360
       17233017      First Lien           No                Yes                    120              360
       17233018      First Lien           No                Yes                    120              360
       17247293      First Lien           No                Yes                    120              360
       17247294      First Lien           No                Yes                    120              360
       17233100      First Lien           No                Yes                    120              360
       17233020      First Lien           No                Yes                    120              360
       17233101      First Lien           No                Yes                    120              360
       17233021      First Lien           No                Yes                    120              360
       17233102      First Lien           No                Yes                    120              360
       17233022      First Lien           No                Yes                    120              360
       17233023      First Lien           No                Yes                    120              360
       17233105      First Lien           No                Yes                    120              360
       17233024      First Lien           No                Yes                    120              360
       17233106      First Lien           No                No                       0              360
       17233025      First Lien           No                Yes                    120              360
       17233107      First Lien           No                Yes                    120              360
       17247371      First Lien           No                Yes                    120              360
       17247365      First Lien           No                Yes                    120              360
       17247287      First Lien           No                Yes                    120              360
       17247288      First Lien           No                No                       0              360
       17247289      First Lien           No                Yes                    120              360
       17247284      First Lien           No                Yes                    120              360
       17247258      First Lien           No                Yes                    120              360
       17247259      First Lien           No                Yes                    120              360
       17247340      First Lien           No                Yes                    120              360
       17247342      First Lien           No                Yes                    120              360
       17247346      First Lien           No                No                       0              360
       17247348      First Lien           No                No                       0              360
       17247351      First Lien           No                Yes                    120              360
       17247270      First Lien           No                Yes                    120              360
       17247353      First Lien           No                Yes                    120              360
       17247272      First Lien           No                Yes                    120              360
       17247355      First Lien           No                Yes                    120              360
       17247356      First Lien           No                Yes                    120              360
       17247277      First Lien           No                Yes                    120              360
       17247278      First Lien           No                Yes                    120              360
       17247362      First Lien           No                Yes                    120              360
       17247322      First Lien           No                Yes                    120              360
       17247324      First Lien           No                Yes                    120              360
       17247331      First Lien           No                Yes                    120              360
       17247251      First Lien           No                Yes                    120              360
       17247333      First Lien           No                Yes                    120              360
       17247252      First Lien           No                Yes                    120              360
       17247253      First Lien           No                Yes                    120              360
       17247255      First Lien           No                Yes                    120              360
       17247256      First Lien           No                Yes                    120              360
       17247327      First Lien           No                Yes                    120              360
       17247328      First Lien           No                Yes                    120              360
       17247248      First Lien           No                Yes                    120              360
       17247237      First Lien           No                Yes                    120              360
       17247228      First Lien           No                Yes                    120              360
       17247309      First Lien           No                Yes                    120              360
       17247310      First Lien           No                Yes                    120              360
       17247312      First Lien           No                Yes                    120              360
       17247316      First Lien           No                Yes                    120              360
       17233391      First Lien           No                Yes                    120              360
       17233475      First Lien           No                Yes                    120              360
       17233476      First Lien           No                Yes                    120              360
       17233397      First Lien           No                Yes                    120              360
       17247204      First Lien           No                Yes                    120              360
       17247217      First Lien           No                Yes                    120              360
       17247218      First Lien           No                Yes                    120              360
       17247219      First Lien           No                Yes                    120              360
       17247225      First Lien           No                Yes                    120              360
       17233452      First Lien           No                Yes                    120              360
       17233456      First Lien           No                Yes                    120              360
       17233381      First Lien           No                Yes                    120              360
       17233432      First Lien           No                No                       0              360
       17233433      First Lien           No                Yes                    120              360
       17233190      First Lien           No                Yes                    120              360
       17233193      First Lien           No                Yes                    120              360
       17233438      First Lien           No                No                       0              360
       17233195      First Lien           No                Yes                    120              360
       17233196      First Lien           No                Yes                    120              360
       17233359      First Lien           No                Yes                    120              360
       17233198      First Lien           No                Yes                    120              360
       17233360      First Lien           No                Yes                    120              360
       17233361      First Lien           No                Yes                    120              360
       17233364      First Lien           No                Yes                    120              360
       17233366      First Lien           No                Yes                    120              360
       17233367      First Lien           No                Yes                    120              360
       17233180      First Lien           No                Yes                    120              360
       17233424      First Lien           No                No                       0              360
       17233343      First Lien           No                Yes                    120              360
       17233344      First Lien           No                Yes                    120              360
       17233345      First Lien           No                No                       0              360
       17233184      First Lien           No                Yes                    120              360
       17233185      First Lien           No                Yes                    120              360
       17233349      First Lien           No                Yes                    120              360
       17233189      First Lien           No                Yes                    120              360
       17233084      First Lien           No                Yes                    120              360
       17233327      First Lien           No                Yes                    120              360
       17233166      First Lien           No                Yes                    120              360
       17233086      First Lien           No                Yes                    120              360
       17233167      First Lien           No                Yes                    120              360
       17233087      First Lien           No                Yes                    120              360
       17233088      First Lien           No                Yes                    120              360
       17233169      First Lien           No                Yes                    120              360
       17233089      First Lien           No                Yes                    120              360
       17233413      First Lien           No                Yes                    120              360
       17233170      First Lien           No                Yes                    120              360
       17233171      First Lien           No                Yes                    120              360
       17233333      First Lien           No                No                       0              480
       17233091      First Lien           No                Yes                    120              360
       17233092      First Lien           No                Yes                    120              360
       17233173      First Lien           No                Yes                    120              360
       17233335      First Lien           No                Yes                    120              360
       17233093      First Lien           No                Yes                    120              360
       17233174      First Lien           No                Yes                    120              360
       17233094      First Lien           No                Yes                    120              360
       17233337      First Lien           No                No                       0              360
       17233095      First Lien           No                Yes                    120              360
       17233176      First Lien           No                Yes                    120              360
       17233177      First Lien           No                No                       0              360
       17233178      First Lien           No                No                       0              360
       17233179      First Lien           No                Yes                    120              360
       17233151      First Lien           No                Yes                    120              360
       17233071      First Lien           No                Yes                    120              360
       17233072      First Lien           No                Yes                    120              360
       17233073      First Lien           No                Yes                    120              360
       17233154      First Lien           No                Yes                    120              360
       17233074      First Lien           No                Yes                    120              360
       17233075      First Lien           No                Yes                    120              360
       17233156      First Lien           No                Yes                    120              360
       17233076      First Lien           No                Yes                    120              360
       17233319      First Lien           No                Yes                    120              360
       17233158      First Lien           No                Yes                    120              360
       17233078      First Lien           No                Yes                    120              360
       17233159      First Lien           No                Yes                    120              360
       17233080      First Lien           No                No                       0              360
       17233081      First Lien           No                Yes                    120              360
       17233162      First Lien           No                Yes                    120              360
       17233324      First Lien           No                Yes                    120              360
       17233406      First Lien           No                Yes                    120              360
       17233083      First Lien           No                Yes                    120              360
       17233407      First Lien           No                No                       0              360
       17233164      First Lien           No                Yes                    120              360
       17233069      First Lien           No                Yes                    120              360
       17233150      First Lien           No                Yes                    120              360
       17233067      First Lien           No                Yes                    120              360
       17233149      First Lien           No                Yes                    120              360
       17233066      First Lien           No                Yes                    120              360
       17233309      First Lien           No                Yes                    120              360
       17233141      First Lien           No                Yes                    120              360
       17233142      First Lien           No                Yes                    120              360
       17233304      First Lien           No                Yes                    120              360
       17233063      First Lien           No                Yes                    120              360
       17233144      First Lien           No                Yes                    120              360
       17233064      First Lien           No                Yes                    120              360
       17233145      First Lien           No                Yes                    120              360
       17233058      First Lien           No                Yes                    120              360
       17233059      First Lien           No                Yes                    120              360
       17233300      First Lien           No                Yes                    120              360
       17233301      First Lien           No                Yes                    120              360
       17233140      First Lien           No                Yes                    120              360
       17233302      First Lien           No                No                       0              360
       17233060      First Lien           No                Yes                    120              360
       17233051      First Lien           No                Yes                    120              360
       17233132      First Lien           No                Yes                    120              360
       17233052      First Lien           No                Yes                    120              360
       17233133      First Lien           No                Yes                    120              360
       17233054      First Lien           No                Yes                    120              360
       17233135      First Lien           No                Yes                    120              360
       17233136      First Lien           No                Yes                    120              360
       17233056      First Lien           No                Yes                    120              360
       17233137      First Lien           No                Yes                    120              360
       17233047      First Lien           No                No                       0              360
       17233128      First Lien           No                Yes                    120              360
       17233129      First Lien           No                Yes                    120              360
       17233049      First Lien           No                Yes                    120              360
       17233130      First Lien           No                Yes                    120              360
       17233050      First Lien           No                Yes                    120              360
       17233285      First Lien           No                Yes                    120              360
       17233288      First Lien           No                Yes                    120              360
       17233290      First Lien           No                Yes                    120              360
       17233292      First Lien           No                No                       0              360
       17233293      First Lien           No                Yes                    120              360
       17233295      First Lien           No                Yes                    120              360
       17233296      First Lien           No                Yes                    120              360
       17232973      First Lien           No                Yes                    120              360
       17232974      First Lien           No                Yes                    120              360
       17232977      First Lien           No                Yes                    120              360
       17232979      First Lien           No                Yes                    120              360
       17232980      First Lien           No                No                       0              360
       17232981      First Lien           No                Yes                    120              360
       17232982      First Lien           No                Yes                    120              360
       17232983      First Lien           No                Yes                    120              360
       17232985      First Lien           No                No                       0              360
       17232986      First Lien           No                Yes                    120              360
       17232987      First Lien           No                Yes                    120              360
       17232988      First Lien           No                Yes                    120              360
       17232989      First Lien           No                Yes                    120              360
       17232990      First Lien           No                Yes                    120              360
       17232991      First Lien           No                Yes                    120              360
       17232992      First Lien           No                Yes                    120              360
       17232994      First Lien           No                Yes                    120              360
       17232996      First Lien           No                Yes                    120              360
       17232997      First Lien           No                Yes                    120              360
       17232998      First Lien           No                Yes                    120              360
       17232999      First Lien           No                Yes                    120              360
       17233206      First Lien           No                Yes                    120              360
       17233211      First Lien           No                Yes                    120              360
       17233212      First Lien           No                Yes                    120              360
       17233214      First Lien           No                Yes                    120              360
       17233216      First Lien           No                Yes                    120              360
       17233218      First Lien           No                Yes                    120              360
       17233219      First Lien           No                Yes                    120              360
       17233221      First Lien           No                Yes                    120              360
       17233233      First Lien           No                Yes                    120              360
       17233235      First Lien           No                Yes                    120              360
       17233236      First Lien           No                Yes                    120              360
       17233240      First Lien           No                Yes                    120              360
       17233241      First Lien           No                Yes                    120              360
       17233242      First Lien           No                Yes                    120              360
       17233243      First Lien           No                Yes                    120              360
       17233245      First Lien           No                Yes                    120              360
       17233249      First Lien           No                Yes                    120              360
       17233251      First Lien           No                Yes                    120              360
       17233252      First Lien           No                Yes                    120              360
       17233253      First Lien           No                Yes                    120              360
       17233254      First Lien           No                Yes                    120              360
       17233256      First Lien           No                Yes                    120              360
       17233257      First Lien           No                Yes                    120              360
       17233260      First Lien           No                Yes                    120              360
       17233262      First Lien           No                Yes                    120              360
       17233264      First Lien           No                Yes                    120              360
       17233265      First Lien           No                Yes                    120              360
       17233266      First Lien           No                Yes                    120              360
       17233267      First Lien           No                Yes                    120              360
       17233268      First Lien           No                Yes                    120              360
       17233269      First Lien           No                Yes                    120              360
       17233271      First Lien           No                Yes                    120              360
       17233272      First Lien           No                No                       0              360
       17233273      First Lien           No                Yes                    120              360
       17233274      First Lien           No                Yes                    120              360
       17233275      First Lien           No                Yes                    120              360
       17233280      First Lien           No                Yes                    120              360
       17233282      First Lien           No                Yes                    120              360
       17247265      First Lien           No                Yes                    120              360
       17244992      First Lien           No                Yes                     84              360
       17244993      First Lien           No                Yes                     84              360
       17244994      First Lien           No                Yes                    120              360
       17244995      First Lien           No                Yes                     84              480
       17244996      First Lien           No                Yes                     84              360
       17244997      First Lien           No                Yes                     84              360
       17244998      First Lien           No                Yes                    120              360
       17244999      First Lien           No                Yes                    120              360
       17244990      First Lien           No                Yes                     84              360
       17244991      First Lien           No                Yes                    120              360
       17247375      First Lien           No                Yes                    120              360
       17247295      First Lien           No                Yes                    120              360
       17247376      First Lien           No                Yes                    120              360
       17247296      First Lien           No                No                       0              360
       17247377      First Lien           No                Yes                    120              360
       17247381      First Lien           No                Yes                    120              360
       17247382      First Lien           No                Yes                    120              360
       17247374      First Lien           No                Yes                    120              360
       17247370      First Lien           No                Yes                    120              360
       17247290      First Lien           No                Yes                    120              360
       17247367      First Lien           No                Yes                    120              360
       17247286      First Lien           No                Yes                    120              360
       17247283      First Lien           No                Yes                    120              360
       17247261      First Lien           No                Yes                    120              360
       17247343      First Lien           No                Yes                    120              360
       17247344      First Lien           No                Yes                    120              360
       17247263      First Lien           No                Yes                     84              360
       17247266      First Lien           No                Yes                    120              360
       17247349      First Lien           No                Yes                    120              360
       17247268      First Lien           No                Yes                    120              360
       17247269      First Lien           No                Yes                    120              360
       17247350      First Lien           No                Yes                    120              360
       17247271      First Lien           No                Yes                    120              360
       17247273      First Lien           No                Yes                    120              360
       17247274      First Lien           No                Yes                    120              360
       17247276      First Lien           No                No                       0              360
       17247357      First Lien           No                Yes                    120              360
       17247197      First Lien           No                Yes                     84              360
       17247198      First Lien           No                No                       0              360
       17247279      First Lien           No                Yes                    120              360
       17247280      First Lien           No                Yes                    120              360
       17247282      First Lien           No                Yes                    120              360
       17247320      First Lien           No                Yes                    120              360
       17247321      First Lien           No                Yes                    120              360
       17247240      First Lien           No                Yes                    120              360
       17247241      First Lien           No                Yes                     84              360
       17247242      First Lien           No                Yes                     84              360
       17247243      First Lien           No                Yes                    120              360
       17247254      First Lien           No                Yes                    120              360
       17247335      First Lien           No                Yes                    120              360
       17247326      First Lien           No                Yes                    120              360
       17247246      First Lien           No                Yes                     84              360
       17247247      First Lien           No                Yes                     84              360
       17247329      First Lien           No                Yes                    120              360
       17247317      First Lien           No                Yes                    120              360
       17247236      First Lien           No                Yes                    120              360
       17247318      First Lien           No                Yes                    120              360
       17247238      First Lien           No                Yes                    120              360
       17247311      First Lien           No                Yes                    120              360
       17247230      First Lien           No                Yes                    120              360
       17247231      First Lien           No                Yes                    120              360
       17247234      First Lien           No                Yes                    120              360
       17256615      First Lien           No                Yes                    120              360
       17256616      First Lien           No                Yes                    120              360
       17256617      First Lien           No                Yes                    120              360
       17256609      First Lien           No                Yes                    120              360
       17256618      First Lien           No                Yes                    120              360
       17256619      First Lien           No                Yes                    120              360
       17256610      First Lien           No                Yes                     84              360
       17256611      First Lien           No                Yes                    120              360
       17256613      First Lien           No                Yes                    120              360
       17255906      First Lien           No                Yes                    120              360
       17255907      First Lien           No                Yes                    120              360
       17255917      First Lien           No                Yes                    120              360
       17255908      First Lien           No                Yes                    120              360
       17255918      First Lien           No                Yes                    120              360
       17255909      First Lien           No                Yes                    120              360
       17255919      First Lien           No                Yes                    120              360
       17255885      First Lien           No                Yes                    120              360
       17255894      First Lien           No                Yes                     84              360
       17255896      First Lien           No                Yes                    120              360
       17255887      First Lien           No                Yes                    120              360
       17255888      First Lien           No                Yes                    120              360
       17255898      First Lien           No                Yes                    120              360
       17255899      First Lien           No                Yes                    120              360
       17255914      First Lien           No                Yes                    120              360
       17255915      First Lien           No                Yes                    120              360
       17255916      First Lien           No                Yes                    120              360
       17255912      First Lien           No                No                       0              360
       17255913      First Lien           No                Yes                    120              360
       17255904      First Lien           No                Yes                    120              360
       17255905      First Lien           No                Yes                    120              360
       17255882      First Lien           No                Yes                     84              360
       17255883      First Lien           No                Yes                    120              360
       17255884      First Lien           No                Yes                    120              360
       17255886      First Lien           No                Yes                    120              360
       17255889      First Lien           No                Yes                    120              360
       17255910      First Lien           No                Yes                    120              360
       17255911      First Lien           No                No                       0              360
       17255897      First Lien           No                Yes                    120              360
       17255900      First Lien           No                Yes                    120              360
       17255901      First Lien           No                Yes                    120              360
       17255902      First Lien           No                Yes                    120              360
       17255903      First Lien           No                Yes                    120              360
       17255880      First Lien           No                Yes                     84              360
       17255881      First Lien           No                Yes                     84              360
       17255895      First Lien           No                Yes                     84              360
       17255891      First Lien           No                Yes                     84              360
       17255893      First Lien           No                No                       0              360
       17255890      First Lien           No                Yes                     84              360
       17250575      First Lien           No                Yes                    120              360
       17250577      First Lien           No                Yes                    120              360
       17250578      First Lien           No                Yes                    120              360
       17250570      First Lien           No                Yes                     84              360
       17250562      First Lien           No                Yes                    120              360
       17247202      First Lien           No                Yes                     84              360
       17247203      First Lien           No                Yes                     84              360
       17247208      First Lien           No                Yes                    120              360
       17247209      First Lien           No                Yes                    120              360
       17247210      First Lien           No                Yes                     84              360
       17247211      First Lien           No                Yes                     84              360
       17247212      First Lien           No                Yes                    120              360
       17247214      First Lien           No                Yes                    120              360
       17247216      First Lien           No                Yes                     84              360
       17247300      First Lien           No                No                       0              360
       17247302      First Lien           No                Yes                    120              360
       17247221      First Lien           No                Yes                     84              360
       17247222      First Lien           No                Yes                     84              360
       17247303      First Lien           No                Yes                    120              360
       17247304      First Lien           No                Yes                    120              360
       17247223      First Lien           No                Yes                    120              360
       17247224      First Lien           No                Yes                     84              360
       17247306      First Lien           No                Yes                    120              360
       17244962      First Lien           No                No                       0              360
       17245030      First Lien           No                Yes                    120              360
       17245031      First Lien           No                Yes                    120              360
       17245032      First Lien           No                Yes                    120              360
       17245033      First Lien           No                Yes                    120              360
       17245034      First Lien           No                Yes                    120              360
       17245035      First Lien           No                Yes                    120              360
       17245036      First Lien           No                Yes                    120              360
       17245037      First Lien           No                Yes                    120              360
       17245038      First Lien           No                Yes                    120              360
       17245039      First Lien           No                Yes                    120              360
       17245040      First Lien           No                Yes                    120              360
       17245041      First Lien           No                Yes                    120              360
       17245042      First Lien           No                Yes                    120              360
       17245043      First Lien           No                Yes                    120              360
       17245044      First Lien           No                No                       0              360
       17245045      First Lien           No                Yes                    120              360
       17245046      First Lien           No                Yes                    120              360
       17245047      First Lien           No                No                       0              360
       17245048      First Lien           No                Yes                    120              360
       17245049      First Lien           No                Yes                    120              360
       17245050      First Lien           No                No                       0              360
       17245016      First Lien           No                Yes                    120              360
       17245017      First Lien           No                Yes                    120              360
       17245018      First Lien           No                Yes                    120              360
       17245019      First Lien           No                Yes                    120              360
       17245020      First Lien           No                Yes                    120              360
       17245021      First Lien           No                No                       0              360
       17245022      First Lien           No                Yes                    120              360
       17245023      First Lien           No                Yes                    120              360
       17245025      First Lien           No                Yes                    120              360
       17245026      First Lien           No                No                       0              360
       17245027      First Lien           No                Yes                    120              360
       17245028      First Lien           No                Yes                    120              360
       17245029      First Lien           No                Yes                    120              360
       17245004      First Lien           No                No                       0              360
       17245005      First Lien           No                Yes                    120              360
       17245006      First Lien           No                Yes                    120              360
       17245007      First Lien           No                Yes                    120              360
       17245008      First Lien           No                Yes                    120              360
       17245009      First Lien           No                Yes                    120              360
       17245010      First Lien           No                Yes                    120              360
       17245011      First Lien           No                Yes                    120              360
       17245012      First Lien           No                Yes                    120              360
       17245013      First Lien           No                No                       0              360
       17245014      First Lien           No                Yes                    120              360
       17245015      First Lien           No                Yes                    120              360
       17245000      First Lien           No                Yes                    120              360
       17245001      First Lien           No                Yes                    120              360
       17245002      First Lien           No                Yes                    120              360
       17245003      First Lien           No                Yes                    120              360
       17250580      First Lien           No                Yes                    120              360
       17250571      First Lien           No                Yes                    120              360
       17250569      First Lien           No                Yes                    120              360
       17250579      First Lien           No                Yes                    120              360
       17250560      First Lien           No                Yes                    120              360
       17250561      First Lien           No                Yes                    120              360
       17250558      First Lien           No                Yes                     84              360
       17250567      First Lien           No                No                       0              360
       17250568      First Lien           No                Yes                    120              360
       17250566      First Lien           No                Yes                     84              360
       17250576      First Lien           No                Yes                    120              360
       17250572      First Lien           No                Yes                    120              360
       17250557      First Lien           No                Yes                     84              360
       17250563      First Lien           No                Yes                    120              360
       17250581      First Lien           No                Yes                    120              360
       17250573      First Lien           No                Yes                    120              360
       17250564      First Lien           No                Yes                     84              360
       17250574      First Lien           No                No                       0              360
       17250565      First Lien           No                Yes                     84              360
       17244984      First Lien           No                Yes                    120              360
       17244985      First Lien           No                Yes                     84              360
       17244986      First Lien           No                Yes                     84              360
       17244987      First Lien           No                Yes                     84              360
       17244988      First Lien           No                Yes                     84              360
       17244989      First Lien           No                Yes                    120              360
       17244935      First Lien           No                Yes                    120              360
       17244936      First Lien           No                Yes                    120              360
       17244937      First Lien           No                Yes                    120              360
       17244938      First Lien           No                Yes                    120              360
       17244939      First Lien           No                Yes                    120              360
       17244940      First Lien           No                Yes                    120              360
       17244941      First Lien           No                Yes                    120              360
       17244942      First Lien           No                Yes                     84              360
       17244943      First Lien           No                Yes                    120              360
       17244944      First Lien           No                Yes                     84              360
       17244945      First Lien           No                Yes                    120              360
       17244946      First Lien           No                Yes                     84              360
       17244947      First Lien           No                Yes                    120              360
       17244948      First Lien           No                Yes                     84              360
       17244949      First Lien           No                Yes                     84              360
       17244950      First Lien           No                Yes                     84              360
       17244951      First Lien           No                Yes                     84              360
       17244952      First Lien           No                Yes                    120              360
       17244953      First Lien           No                Yes                     84              360
       17244954      First Lien           No                Yes                     84              360
       17244955      First Lien           No                Yes                     84              360
       17244956      First Lien           No                Yes                    120              360
       17244957      First Lien           No                Yes                     84              360
       17244958      First Lien           No                Yes                     84              360
       17244959      First Lien           No                Yes                    120              360
       17244960      First Lien           No                Yes                     84              360
       17244961      First Lien           No                Yes                     84              360
       17244963      First Lien           No                Yes                    120              360
       17244964      First Lien           No                Yes                    120              360
       17244965      First Lien           No                Yes                    120              360
       17244966      First Lien           No                Yes                    120              360
       17244967      First Lien           No                Yes                    120              360
       17244968      First Lien           No                Yes                     84              360
       17244969      First Lien           No                Yes                    120              360
       17244970      First Lien           No                Yes                    120              360
       17244971      First Lien           No                No                       0              360
       17244972      First Lien           No                Yes                    120              360
       17244973      First Lien           No                Yes                    120              360
       17244974      First Lien           No                Yes                    120              360
       17244975      First Lien           No                Yes                    120              360
       17244976      First Lien           No                Yes                    120              360
       17244977      First Lien           No                Yes                    120              360
       17244978      First Lien           No                No                       0              360
       17244979      First Lien           No                Yes                    120              360
       17244980      First Lien           No                Yes                    120              360
       17244981      First Lien           No                Yes                    120              360
       17244982      First Lien           No                Yes                    120              360
       17244983      First Lien           No                Yes                    120              360
       17256703      First Lien           No                Yes                     84              360
       17256709      First Lien           No                Yes                    120              360
       17233121      First Lien           No                Yes                    120              360
       17233122      First Lien           No                Yes                    120              360
       17233126      First Lien           No                Yes                    120              360
       17233117      First Lien           No                Yes                    120              360
       17233037      First Lien           No                Yes                    120              360
       17233460      First Lien           No                Yes                    120              360
       17233451      First Lien           No                Yes                    120              360
       17233111      First Lien           No                Yes                    120              360
       17233031      First Lien           No                Yes                    120              360
       17233112      First Lien           No                Yes                    120              360
       17247297      First Lien           No                Yes                    120              360
       17247298      First Lien           No                Yes                    120              360
       17247372      First Lien           No                Yes                    120              360
       17247292      First Lien           No                Yes                    120              360
       17233019      First Lien           No                Yes                    120              360
       17233103      First Lien           No                Yes                    120              360
       17233104      First Lien           No                Yes                    120              360
       17233026      First Lien           No                Yes                    120              360
       17247366      First Lien           No                Yes                    120              360
       17247285      First Lien           No                Yes                    120              360
       17247368      First Lien           No                Yes                    120              360
       17247369      First Lien           No                Yes                    120              360
       17247363      First Lien           No                Yes                    120              360
       17247364      First Lien           No                Yes                    120              360
       17247341      First Lien           No                Yes                    120              360
       17247262      First Lien           No                Yes                    120              360
       17247345      First Lien           No                Yes                    120              360
       17247347      First Lien           No                Yes                    120              360
       17247267      First Lien           No                Yes                    120              360
       17247352      First Lien           No                Yes                    120              360
       17247354      First Lien           No                Yes                    120              360
       17247275      First Lien           No                Yes                    120              360
       17247359      First Lien           No                Yes                    120              360
       17247360      First Lien           No                Yes                    120              360
       17247361      First Lien           No                Yes                    120              360
       17247281      First Lien           No                No                       0              360
       17247323      First Lien           No                Yes                    120              360
       17247325      First Lien           No                No                       0              360
       17247250      First Lien           No                Yes                    120              360
       17247334      First Lien           No                Yes                    120              360
       17247337      First Lien           No                Yes                    120              360
       17247257      First Lien           No                Yes                    120              360
       17247245      First Lien           No                Yes                    120              360
       17247330      First Lien           No                Yes                    120              360
       17247229      First Lien           No                Yes                    120              360
       17247232      First Lien           No                Yes                    120              360
       17247314      First Lien           No                Yes                    120              360
       17247233      First Lien           No                Yes                    120              360
       17247315      First Lien           No                Yes                    120              360
       17247215      First Lien           No                Yes                    120              360
       17233392      First Lien           No                Yes                    120              360
       17233393      First Lien           No                Yes                    120              360
       17233394      First Lien           No                Yes                    120              360
       17233395      First Lien           No                Yes                    120              360
       17233396      First Lien           No                Yes                    120              360
       17233398      First Lien           No                Yes                    120              360
       17233399      First Lien           No                Yes                    120              360
       17247201      First Lien           No                Yes                    120              360
       17247206      First Lien           No                No                       0              360
       17247213      First Lien           No                Yes                    120              360
       17247301      First Lien           No                Yes                    120              360
       17247305      First Lien           No                Yes                    120              360
       17233370      First Lien           No                Yes                    120              360
       17233453      First Lien           No                Yes                    120              360
       17233372      First Lien           No                Yes                    120              360
       17233454      First Lien           No                No                       0              360
       17233373      First Lien           No                Yes                    120              360
       17233455      First Lien           No                Yes                    120              360
       17233374      First Lien           No                Yes                    120              360
       17233457      First Lien           No                Yes                    120              360
       17233376      First Lien           No                Yes                    120              360
       17233458      First Lien           No                Yes                    120              360
       17233377      First Lien           No                Yes                    120              360
       17233459      First Lien           No                Yes                    120              360
       17233378      First Lien           No                Yes                    120              360
       17233379      First Lien           No                Yes                    120              360
       17233461      First Lien           No                No                       0              480
       17233462      First Lien           No                Yes                    120              360
       17233464      First Lien           No                Yes                    120              360
       17233383      First Lien           No                Yes                    120              360
       17233384      First Lien           No                Yes                    120              360
       17233466      First Lien           No                Yes                    120              360
       17233385      First Lien           No                Yes                    120              360
       17233387      First Lien           No                Yes                    120              360
       17233388      First Lien           No                Yes                    120              360
       17233389      First Lien           No                Yes                    120              360
       17233470      First Lien           No                No                       0              360
       17233390      First Lien           No                Yes                    120              360
       17233352      First Lien           No                Yes                    120              360
       17233434      First Lien           No                Yes                    120              360
       17233191      First Lien           No                Yes                    120              360
       17233353      First Lien           No                Yes                    120              360
       17233435      First Lien           No                Yes                    120              360
       17233192      First Lien           No                No                       0              360
       17233354      First Lien           No                Yes                    120              360
       17233436      First Lien           No                Yes                    120              360
       17233355      First Lien           No                Yes                    120              360
       17233437      First Lien           No                Yes                    120              360
       17233356      First Lien           No                No                       0              360
       17233439      First Lien           No                Yes                    120              360
       17233199      First Lien           No                Yes                    120              360
       17233440      First Lien           No                No                       0              360
       17233441      First Lien           No                Yes                    120              360
       17233443      First Lien           No                Yes                    120              360
       17233362      First Lien           No                Yes                    120              360
       17233444      First Lien           No                Yes                    120              360
       17233445      First Lien           No                Yes                    120              360
       17233446      First Lien           No                Yes                    120              360
       17233447      First Lien           No                Yes                    120              360
       17233448      First Lien           No                Yes                    120              360
       17233449      First Lien           No                Yes                    120              360
       17233421      First Lien           No                Yes                    120              360
       17233340      First Lien           No                Yes                    120              360
       17233422      First Lien           No                Yes                    120              360
       17233423      First Lien           No                Yes                    120              360
       17233342      First Lien           No                Yes                    120              360
       17233181      First Lien           No                Yes                    120              360
       17233425      First Lien           No                Yes                    120              360
       17233182      First Lien           No                Yes                    120              360
       17233426      First Lien           No                Yes                    120              360
       17233183      First Lien           No                Yes                    120              360
       17233427      First Lien           No                Yes                    120              360
       17233346      First Lien           No                Yes                    120              360
       17233428      First Lien           No                Yes                    120              360
       17233347      First Lien           No                Yes                    120              360
       17233429      First Lien           No                Yes                    120              360
       17233186      First Lien           No                Yes                    120              360
       17233348      First Lien           No                Yes                    120              360
       17233188      First Lien           No                Yes                    120              360
       17233430      First Lien           No                Yes                    120              360
       17233431      First Lien           No                Yes                    120              360
       17233350      First Lien           No                Yes                    120              360
       17233408      First Lien           No                Yes                    120              360
       17233165      First Lien           No                Yes                    120              360
       17233085      First Lien           No                Yes                    120              360
       17233328      First Lien           No                Yes                    120              360
       17233329      First Lien           No                Yes                    120              360
       17233168      First Lien           No                Yes                    120              360
       17233410      First Lien           No                Yes                    120              360
       17233411      First Lien           No                Yes                    120              360
       17233412      First Lien           No                Yes                    120              360
       17233331      First Lien           No                Yes                    120              360
       17233332      First Lien           No                Yes                    120              360
       17233414      First Lien           No                Yes                    120              360
       17233090      First Lien           No                Yes                    120              360
       17233415      First Lien           No                Yes                    120              360
       17233172      First Lien           No                Yes                    120              360
       17233334      First Lien           No                Yes                    120              360
       17233416      First Lien           No                Yes                    120              360
       17233417      First Lien           No                Yes                    120              360
       17233336      First Lien           No                Yes                    120              360
       17233418      First Lien           No                Yes                    120              360
       17233175      First Lien           No                Yes                    120              360
       17233419      First Lien           No                Yes                    120              360
       17233338      First Lien           No                Yes                    120              360
       17233339      First Lien           No                Yes                    120              360
       17233098      First Lien           No                Yes                    120              360
       17233099      First Lien           No                Yes                    120              360
       17233420      First Lien           No                Yes                    120              360
       17233314      First Lien           No                Yes                    120              360
       17233153      First Lien           No                Yes                    120              360
       17233316      First Lien           No                Yes                    120              360
       17233155      First Lien           No                Yes                    120              360
       17233317      First Lien           No                Yes                    120              360
       17233318      First Lien           No                Yes                    120              360
       17233157      First Lien           No                Yes                    120              360
       17233077      First Lien           No                Yes                    120              360
       17233400      First Lien           No                Yes                    120              360
       17233401      First Lien           No                Yes                    120              360
       17233320      First Lien           No                Yes                    120              360
       17233402      First Lien           No                Yes                    120              360
       17233321      First Lien           No                Yes                    120              360
       17233160      First Lien           No                Yes                    120              360
       17233404      First Lien           No                Yes                    120              360
       17233161      First Lien           No                Yes                    120              360
       17233323      First Lien           No                Yes                    120              360
       17233082      First Lien           No                Yes                    120              360
       17233326      First Lien           No                Yes                    120              360
       17233310      First Lien           No                Yes                    120              360
       17233311      First Lien           No                Yes                    120              360
       17233312      First Lien           No                Yes                    120              360
       17233070      First Lien           No                Yes                    120              360
       17233313      First Lien           No                Yes                    120              360
       17233148      First Lien           No                Yes                    120              360
       17233061      First Lien           No                Yes                    120              360
       17233143      First Lien           No                Yes                    120              360
       17233305      First Lien           No                No                       0              360
       17233306      First Lien           No                Yes                    120              360
       17233307      First Lien           No                Yes                    120              360
       17233138      First Lien           No                Yes                    120              360
       17233303      First Lien           No                Yes                    120              360
       17233053      First Lien           No                Yes                    120              360
       17233134      First Lien           No                No                       0              360
       17233055      First Lien           No                Yes                    120              360
       17233057      First Lien           No                No                       0              360
       17233131      First Lien           No                Yes                    120              360
       17233284      First Lien           No                Yes                    120              360
       17233287      First Lien           No                Yes                    120              360
       17233289      First Lien           No                Yes                    120              360
       17233291      First Lien           No                Yes                    120              360
       17233294      First Lien           No                Yes                    120              360
       17233297      First Lien           No                Yes                    120              360
       17233298      First Lien           No                Yes                    120              360
       17233299      First Lien           No                Yes                    120              360
       17232984      First Lien           No                Yes                    120              360
       17233201      First Lien           No                Yes                    120              360
       17233202      First Lien           No                Yes                    120              360
       17233203      First Lien           No                Yes                    120              360
       17233205      First Lien           No                Yes                    120              360
       17233208      First Lien           No                No                       0              360
       17233213      First Lien           No                Yes                    120              360
       17233215      First Lien           No                Yes                    120              360
       17233217      First Lien           No                Yes                    120              360
       17233220      First Lien           No                Yes                    120              360
       17233223      First Lien           No                Yes                    120              360
       17233224      First Lien           No                Yes                    120              360
       17233225      First Lien           No                No                       0              360
       17233228      First Lien           No                Yes                    120              360
       17233230      First Lien           No                No                       0              360
       17233231      First Lien           No                Yes                    120              360
       17233232      First Lien           No                Yes                    120              360
       17233234      First Lien           No                No                       0              360
       17233237      First Lien           No                Yes                    120              360
       17233244      First Lien           No                Yes                    120              360
       17233246      First Lien           No                Yes                    120              360
       17233247      First Lien           No                Yes                    120              360
       17233248      First Lien           No                Yes                    120              360
       17233258      First Lien           No                Yes                    120              360
       17233259      First Lien           No                Yes                    120              360
       17233261      First Lien           No                Yes                    120              360
       17233263      First Lien           No                Yes                    120              360
       17233278      First Lien           No                Yes                    120              360
       17233281      First Lien           No                Yes                    120              360
       17233035      First Lien           No                Yes                    120              360
       17247378      First Lien           No                Yes                    120              360
       17247379      First Lien           No                Yes                    120              360
       17247299      First Lien           No                No                       0              360
       17233027      First Lien           No                Yes                    120              360
       17247339      First Lien           No                Yes                    120              360
       17247260      First Lien           No                Yes                    120              360
       17247264      First Lien           No                Yes                    120              480
       17247358      First Lien           No                Yes                    120              360
       17247244      First Lien           No                Yes                    120              360
       17247332      First Lien           No                Yes                    120              360
       17247336      First Lien           No                Yes                    120              360
       17247338      First Lien           No                Yes                    120              360
       17247249      First Lien           No                Yes                    120              360
       17247319      First Lien           No                Yes                    120              360
       17247239      First Lien           No                Yes                    120              360
       17247313      First Lien           No                Yes                    120              360
       17247307      First Lien           No                Yes                    120              360
       17247308      First Lien           No                Yes                    120              360
       17233473      First Lien           No                Yes                    120              360
       17233474      First Lien           No                Yes                    120              360
       17247200      First Lien           No                Yes                    120              360
       17247205      First Lien           No                Yes                    120              360
       17247207      First Lien           No                Yes                    120              360
       17247220      First Lien           No                Yes                    120              360
       17233450      First Lien           No                Yes                    120              360
       17233371      First Lien           No                Yes                    120              360
       17233375      First Lien           No                Yes                    120              360
       17233380      First Lien           No                Yes                    120              360
       17233463      First Lien           No                No                       0              360
       17233382      First Lien           No                Yes                    120              360
       17233386      First Lien           No                No                       0              360
       17233468      First Lien           No                Yes                    120              360
       17233469      First Lien           No                Yes                    120              360
       17233471      First Lien           No                No                       0              360
       17233472      First Lien           No                Yes                    120              360
       17233194      First Lien           No                Yes                    120              360
       17233357      First Lien           No                Yes                    120              360
       17233358      First Lien           No                Yes                    120              360
       17233363      First Lien           No                No                       0              360
       17233365      First Lien           No                Yes                    120              360
       17233368      First Lien           No                Yes                    120              360
       17233369      First Lien           No                Yes                    120              360
       17233341      First Lien           No                Yes                    120              360
       17233187      First Lien           No                Yes                    120              360
       17233351      First Lien           No                Yes                    120              360
       17233330      First Lien           No                Yes                    120              360
       17233152      First Lien           No                Yes                    120              360
       17233315      First Lien           No                Yes                    120              360
       17233079      First Lien           No                Yes                    120              360
       17233403      First Lien           No                Yes                    120              360
       17233322      First Lien           No                Yes                    120              360
       17233405      First Lien           No                Yes                    120              360
       17233163      First Lien           No                Yes                    120              360
       17233325      First Lien           No                Yes                    120              360
       17233068      First Lien           No                Yes                    120              360
       17233308      First Lien           No                Yes                    120              360
       17233065      First Lien           No                Yes                    120              360
       17233146      First Lien           No                Yes                    120              360
       17233139      First Lien           No                Yes                    120              360
       17233048      First Lien           No                Yes                    120              360
       17233283      First Lien           No                Yes                    120              360
       17233286      First Lien           No                No                       0              360
       17232995      First Lien           No                Yes                    120              360
       17233200      First Lien           No                Yes                    120              360
       17233207      First Lien           No                Yes                    120              360
       17233210      First Lien           No                Yes                    120              360
       17233222      First Lien           No                Yes                    120              360
       17233227      First Lien           No                Yes                    120              360
       17233229      First Lien           No                Yes                    120              360
       17233238      First Lien           No                Yes                    120              360
       17233239      First Lien           No                Yes                    120              360
       17233250      First Lien           No                Yes                    120              360
       17233255      First Lien           No                Yes                    120              360
       17233270      First Lien           No                Yes                    120              360
       17233276      First Lien           No                Yes                    120              360
       17233279      First Lien           No                Yes                    120              360
       17151971      First Lien           No                Yes                    120              360
       17151933      First Lien           No                Yes                    120              360
       17151935      First Lien           No                Yes                    120              360
       17151950      First Lien           No                Yes                    120              360
       17151953      First Lien           No                Yes                    120              360
       17151974      First Lien           No                Yes                    120              360
       17151981      First Lien           No                Yes                    120              360
       17151983      First Lien           No                Yes                    120              360
       17151992      First Lien           No                Yes                    120              360
       17152002      First Lien           No                Yes                    120              360
       17152005      First Lien           No                Yes                    120              360
       17151917      First Lien           No                Yes                    120              360
       17151913      First Lien           No                No                       0              360
       17151976      First Lien           No                Yes                    120              360
       17151998      First Lien           No                Yes                    120              360
       17152007      First Lien           No                Yes                    120              360

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        C

       

      [RESERVED]

       

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        D-1

      REQUEST
        FOR RELEASE OF DOCUMENTS

       

      
        	
                To:

              	
                Wells
                  Fargo Bank, N.A.

              

      

      1015
        10th Avenue
        S.E.

      Minneapolis,
        MN 55414-0031

      Attn:  Inventory
        Control

       

      
        	
                RE:

              	
                Custodial
                  Agreement, dated as of

              

      

      May
        31,
        2007, among SAMI II,

      EMC
        Mortgage Corporation, as a Seller and Master Servicer,

      Master
        Funding LLC, as a Seller,

      Wells
        Fargo Bank, N.A., as Securities Administrator,

      Wells
        Fargo Bank, N.A., as Custodian,

      and
        Citibank, N.A., 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
        D-2

      REQUEST
        FOR RELEASE OF DOCUMENTS

       

      
        	
                To:

              	
                Treasury
                  Bank, A Division of Countrywide Bank
                  FSB

              

      

      4100
        E. Los Angeles Avenue

      Simi
        Valley, California
        93063

      Facsimile:  (805)
        577-6069

      

      
        	
                RE:

              	
                Custodial
                  Agreement, dated as of

              

      

      May
        31,
        2007, among SAMI II,

      EMC
        Mortgage Corporation, as a Seller and Master Servicer,

      Master
        Funding LLC, as a Seller,

      Wells
        Fargo Bank, N.A., as Securities Administrator,

      Treasury
        Bank, A Division of Countrywide Bank, FSB, as custodian,

      and
        Citibank, N.A., 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
        E-1

      

      FORM
        OF
        TRANSFEREE AFFIDAVIT AND AGREEMENT

       

      

      Affidavit
        pursuant to

      Section
        860E(e)(4) of

      the
        Internal Revenue

      Code
        of
        1986, as

      amended,
        and for other purposes

       

      STATE
        OF
        NEW
        YORK                     )

      )
        ss:

      COUNTY
        OF
        NEW
        YORK                 )

      

      The
        undersigned is the [Title of Officer] of [_________] (the “Investor”), the
        proposed transferee of an ownership interest in the Bear Stearns Arm Trust
        Mortgage Pass-Through Certificates, Series 2007-4, Class
        [R-I][R-II][R-III][R-IV] Certificates (the “Certificates”) issued pursuant to
        the Pooling and Servicing Agreement, dated as of May 1, 2007 (the “Agreement”),
        among Structured Asset Mortgage Investments II Inc. as depositor (the
“Depositor”), Wells Fargo Bank, N.A., as securities administrator (the
“Securities Administrator”), EMC Mortgage Corporation, as seller and as master
        servicer, and Citibank, N.A., as trustee (the “Trustee”), and makes this
        affidavit on behalf of the Investor for the benefit of the Depositor, the
        Securities Administrator, the Certificate Registrar and the
        Trustee.  Capitalized terms used, but not defined herein, shall have
        the meanings ascribed to such terms in the Agreement.

       

       

      1.  The
        Investor is, as of the date hereof, and will be, as of the date of the Transfer,
        a Permitted Transferee.  The Investor is not acquiring its ownership
        interest in the Certificates for the account of a Person other than a Permitted
        Transferee.

       

      2.  The
        Investor has been advised and understands that (i) a tax will be imposed on
        transfers of the Certificates to Persons that are not Permitted Transferees;
        (ii) such tax will be imposed on the transferor, or, if such transfer is
        through an agent (which includes a broker, nominee or middleman) for a Person
        that is not a Permitted Transferee, on the agent; and (iii) the Person
        otherwise liable for the tax shall be relieved of liability for the tax if
        a
        subsequent transferee furnishes to such Person an affidavit that such subsequent
        transferee is a Permitted Transferee, and at the time of transfer, such Person
        does not have actual knowledge that the affidavit is false.

       

      3.  The
        Investor has been advised and understands that a tax will be imposed on a
        “pass-through entity” holding the Certificates if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity.  The Investor
        understands that such tax will not be imposed for any period with respect
        to
        which the record holder furnishes to the pass-through entity an affidavit
        that
        such record holder is a Permitted Transferee and the pass-through entity
        does
        not have actual knowledge that such affidavit is false.  (For this
        purpose, a “pass-through entity” includes a regulated investment company, a real
        estate investment trust or common trust fund, a partnership, trust or estate,
        and certain cooperatives and, except as may be provided in Treasury regulations,
        Persons holding interests in pass-through entities as a nominee for another
        Person.)

       

      4.  The
        Investor has reviewed the provisions of Section 5.05 of the Agreement and
        understands the legal consequences of the acquisition of an ownership interest
        in the Certificates, including, without limitation, the restrictions on
        subsequent transfers and the provisions regarding voiding any prohibited
        transfers and mandatory sales.  The Investor expressly agrees to be
        bound by, and to abide by, such provisions of the Agreement and the restrictions
        noted on the face of the Certificates.  The Investor understands and
        agrees that any breach of any of the representations included herein shall
        render the transfer of the Certificates to the Investor contemplated hereby
        null
        and void. The Investor consents to any amendment of the Agreement that shall
        be
        deemed necessary by the Tax Matters Person, the Trustee, the Securities
        Administrator or the Depositor (upon advice of nationally recognized
        counsel) to constitute a reasonable arrangement to ensure that the Certificates
        will not be owned directly or indirectly by a Person other than a Permitted
        Transferee.

       

      5.  The
        Investor agrees not to transfer the Certificates, or cause the transfer of
        the
        Certificates by a Person for whom the Investor is acting as nominee, trustee
        or
        agent, in each case unless it has received an affidavit and agreement in
        substantially the same form as this affidavit and agreement containing these
        same representations and covenants from the subsequent transferee.  In
        connection with any such transfer by the Investor, the Investor agrees to
        deliver to the  Securities Administrator, the Certificate Registrar and the
        Depositor an affidavit substantially in the form set forth as Exhibit P to
        the Agreement to the effect that the Investor has no actual knowledge that
        the
        Person to which the transfer is to be made is not a Permitted
        Transferee.

       

      6.  The
        Investor has historically paid its debts as they have come due, intends to
        pay
        its debts as they come due in the future, and understands that the taxes
        associated with holder an ownership interest in the Certificates may exceed
        the
        cash flow with respect thereto in some or all periods and intends to pay
        such
        taxes as they become due.  The Investor does not have the intention,
        and no purpose of the transfer of the Certificates to the Investor is, to
        impede
        the assessment or collection of any tax legally required to be paid with
        respect
        to the Certificates.

       

      7.  The
        Investor’s U.S. taxpayer identification number is #[__________].

       

      8.  The
        Investor is a “United States person” within the meaning of Section 7701(a)(30)
        of the Code (a “United State Person”).

       

      9.  The
        Investor is aware that the Certificates may be a “noneconomic residual interest”
within the meaning of Treasury regulations promulgated under Section 860E
        of the
        Code and that the transferor of a noneconomic residual interest will remain
        liable for any taxes due with respect to the income on such residual interest,
        unless no significant purpose of the transfer was to impede the assessment
        or
        collection of tax.

       

      10.  The
        Investor will not cause income from the Certificates to be attributable to
        a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Investor or any other United States
        Person.

       

      11.  Check
        one
        of the following:

      o  
        The transfer of the Certificates complies with U.S. Treasury Regulation Sections
        1.860E-1(c)(7) and (8) and, accordingly:

       

      (i)           the
        present value of the anticipated tax liabilities associated with holding
        the
        Certificates does not exceed the sum of:

       

      
        	
                  

              	
                (a)           the
                  present value of any consideration given to the Investor to acquire
                  such
                  Certificates;

              

      

       

      
        	
                  

              	
                (b)           the
                  present value of the expected future distributions on such Certificates;
                  and

              

      

       

      
        	
                  

              	
                (c)           the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificates as the related REMIC generates losses;
                  and

              

      

       

      (ii)           the
        transfer of the Certificates will not result in such Certificates being held,
        directly or indirectly, by a foreign permanent establishment or fixed base,
        within the meaning of an applicable income tax treaty, of the Investor or
        any
        other United States Person.

       

      For
        purposes of the calculation in clause (i) above, (x) the Investor is assumed
        to
        pay tax at the highest rate currently specified in Section 11(b)(1) of the
        Code
        (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of
        the highest rate specified in Section 11(b)(1) of the Code if the Investor
        has
        been subject to the alternative minimum tax under Section 55 of the Code
        in the
        preceding two years and will compute its taxable income in the current taxable
        year using the alternative minimum tax rate) and (y) present values are computed
        using a discount rate equal to the short-term Federal rate prescribed by
        Section
        1274(d) of the Code for the month of the transfer and the compounding period
        used by the Investor.

       

      o  
        The transfer of the Certificates complies with U.S. Treasury Regulation Sections
        1.860E-1(c)(5) and (6) and, accordingly:

       

      
        	
                (i)         
                    

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

              

      

       

      
        	
                (ii)            

              	
                at
                  the time of the transfer, and at the close of the Investor’s two fiscal
                  years preceding the fiscal year of the transfer, the Investor had
                  gross
                  assets for financial reporting purposes (excluding any obligation
                  of a
                  “related person” to the Investor within the meaning of U.S. Treasury
                  Regulation Section 1.860E-1(c)(6)(ii) and any other asset the principal
                  purpose of which is to permit the Investor to satisfy the condition
                  of
                  this clause (ii)) in excess of $100 million and net assets in excess
                  of
                  $10 million;

              

      

       

      
        	
                (iii)            

              	
                the
                  Investor will transfer the Certificates only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulation Section
                  1.860E-1(c)(6)(i), in a transaction in which the requirements of
                  U.S. Treasury Regulation Sections 1.860E-1(c)(4)(i), (ii) and (iii)
                  and -1(c)(5) are satisfied and, accordingly, the subsequent transferee
                  provides a similar affidavit with this box checked;
                  and

              

      

       

      
        	
                (iv)            

              	
                the
                  Investor determined the consideration paid to it to acquire the
                  Certificates based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Investor) that it has determined in good
                  faith and
                  has concluded that such consideration, together with other assets
                  of the
                  Investor, will be sufficient to cover the taxes associated with
                  the
                  Certificates.

              

      

       

      o  
        None
        of the above.

       

       

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to the authority of its Board of Directors, by its managing
        director as of the ___ day of ___________, 2____.

       

      

        
          	
                  [__________________________]

                
	 
	
                  By:_________________________

                
	
                  Name:

                
	
                  Title:

                
	 
	
                  [Address]

                
	 
	 
	
                  Address
                    of Investor for

                
	
                  receipt
                    of tax

                
	
                  information:

                
	
                  [_________]

                

        

      

      Personally
        appeared before me the above-named ____________, known or proved to me to
        be the
        same person who executed the foregoing instrument and to be the Managing
        Director of the Owner, and acknowledged to me that he executed the same as
        his
        free act and deed and the free act and deed of the Investor.

       

      Subscribed
        and sworn before me this ___ day of ___________, 2____.

       

      

      ________________________

      NOTARY
        PUBLIC

      

      COUNTY
        OF
        NEW YORK

      STATE
        OF
        NEW YORK

      

      My
        commission expires the  ___ day of _____________, ______.

      

      [SEAL]

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        E-2

      

       

      FORM
        OF TRANSFEROR CERTIFICATE

       

      ______________,200___

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

       

      Structured
        Asset Mortgage Investments II Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      Attention:
        Structured Asset Mortgage Investments II Inc. 2007-4

       

      

        
          	
                  Re:

                	
                  Structured
                    Asset Mortgage Investments II Inc.

                  Bear
                    Stearns ARM Trust, Mortgage Pass-Through Certificates,

                  Series
                    2007-4, Class

                

        

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the sale by ___________ (the “[Transferor]”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Bear Stearns
        ARM Trust, Mortgage Pass-Through Certificates, Series 2007-4, Class _____
        (the
“Certificates”), issued pursuant to the Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”), dated as of May 1, 2007, among Structured
        Asset Mortgage Investments II Inc., as depositor (the “Depositor”), EMC Mortgage
        Corporation, as master servicer and seller, Wells Fargo Bank, National
        Association, as securities administrator and Citibank, N.A., as trustee (the
        “Trustee”). The [Transferor] hereby certifies, represents and warrants to, a
        covenants with, the Depositor, the Certificate Registrar and the Trustee
        that:

       

      Neither
        the [Transferor] nor anyone acting on its behalf has (a) offered, pledged,
        sold,
        disposed of or otherwise transferred any Certificate, any interest in any
        Certificate or any other similar security to any person in any manner, (b)
        has
        solicited any offer to buy or to accept a pledge, disposition or other transfer
        of any Certificate, any interest in any Certificate or any other similar
        security from any person in any manner, (c) has otherwise approached or
        negotiated with respect to any Certificate, any interest in any Certificate
        or
        any other similar security with any person in any manner, (d) has made any
        general solicitation by means of general advertising or in any other manner,
        or
        (e) has taken any other action, that (as to any of (a) through (e) above)
        would
        constitute a distribution of the Certificates under the Securities Act of
        1933
        (the “Act”), that would render the disposition of any Certificate a violation of
        Section 5 of the Act or any state securities law, or that would require
        registration or qualification pursuant thereto. The [Transferor] will not
        act in
        any manner set forth in the foregoing sentence with respect to any Certificate.
        The [Transferor] has not and will not sell or otherwise transfer any of the
        Certificates, except in compliance with the provisions of the Pooling and
        Servicing Agreement.

       

      

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                ([Transferor])

              	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        F-1

       

      FORM
        OF
        INVESTMENT LETTER

       

       [Date]

      [SELLER]

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

       

      Structured
        Asset Mortgage Investments II Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      

        
          	 	
                  Re:

                	
                  Structured
                    Asset Mortgage Investments II Inc., Bear Stearns ARM Trust, Series
                    2007-4
                    Mortgage Pass-Through Certificates (the “Certificates”), including the
                    Class I-B-4, Class I-B-5, Class I-B-6, Class II-B-4, Class II-B-5
                    and
                    Class II-B-6 Certificates (the “Privately Offered
                    Certificates”)

                

        

      

       

      Dear
        Ladies and Gentlemen:

       

      In
        connection with our purchase of Privately Offered Certificates, we confirm
        that:

       

      
        	
                 

              	
                (i)

              	
                we
                  understand that the Privately Offered Certificates are not being
                  registered under the Securities Act of 1933, as amended (the “Act”) or any
                  applicable state securities or “Blue Sky” laws, and are being sold to us
                  in a transaction that is exempt from the registration requirements
                  of such
                  laws;

              

      

       

      
        	
                 

              	
                (ii)

              	
                any
                  information we desired concerning the Certificates, including the
                  Privately Offered Certificates, the trust in which the Certificates
                  represent the entire beneficial ownership interest (the “Trust”) or any
                  other matter we deemed relevant to our decision to purchase Privately
                  Offered Certificates has been made available to
                  us;

              

      

       

      
        	
                 

              	
                (iii)

              	
                we
                  are able to bear the economic risk of investment in Privately Offered
                  Certificates; we are an institutional “accredited investor” as defined in
                  Section 501(a) of Regulation D promulgated under the Act and a
                  sophisticated institutional
                  investor;

              

      

       

      
        	
                 

              	
                (iv)

              	
                we
                  are acquiring Privately Offered Certificates for our own account,
                  not as
                  nominee for any other person, and not with a present view to any
                  distribution or other disposition of the Privately Offered
                  Certificates;

              

      

       

      
        	
                 

              	
                (v)

              	
                we
                  agree the Privately Offered Certificates must be held indefinitely
                  by us
                  (and may not be sold, pledged, hypothecated or in any way disposed
                  of)
                  unless subsequently registered under the Act and any applicable
                  state
                  securities or “Blue Sky” laws or an exemption from the registration
                  requirements of the Act and any applicable state securities or
“Blue Sky”
                  laws is available;

              

      

       

      
        	
                 

              	
                (vi)

              	
                we
                  agree that in the event that at some future time we wish to dispose
                  of or
                  exchange any of the Privately Offered Certificates (such disposition
                  or
                  exchange not being currently foreseen or contemplated), we will
                  not
                  transfer or exchange any of the Privately Offered Certificates
                  unless:

              

      

       

      (A)
        (1)
        the sale is to an Eligible Purchaser (as defined below), (2) if required
        by the
        Pooling and Servicing Agreement (as defined below) a letter to substantially
        the
        same effect as either this letter or, if the Eligible Purchaser is a Qualified
        Institutional Buyer as defined under Rule 144A of the Act, the Rule 144A
        and
        Related Matters Certificate in the form attached to the Pooling and Servicing
        Agreement (as defined below) (or such other documentation as may be acceptable
        to the 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 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, or Section
                  4975 of the
                  Internal Revenue Code of 1986, as amended, or (ii) are providing
                  a
                  representation to the effect that the proposed transfer and holding
                  of a
                  Privately Offered Certificate and the servicing, management and
                  operation
                  of the Trust and its assets: (I) will not result in any prohibited
                  transaction which is not covered under an individual or class prohibited
                  transaction exemption, including, but not limited to, Prohibited
                  Transaction Class Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1, PTCE
                  95-60, or PTCE 96-23 and (II) will not give rise to any additional
                  obligations on the part of the Depositor, the Master Servicer,
                  the
                  Securities Administrator or the Trustee or (iii) have attached
                  hereto the
                  opinion specified in Section 5.07 of the
                  Agreement.

              

      

       

      
        	
                 

              	
                (ix)

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

              

      

       

      “Eligible
        Purchaser” means a corporation, partnership or other entity which we have
        reasonable grounds to believe and do believe (i) can make representations
        with
        respect to itself to substantially the same effect as the representations
        set
        forth herein, and (ii) is either a Qualified Institutional Buyer as defined
        under Rule 144A of the Act or an institutional “Accredited Investor” as defined
        under Rule 501 of the Act.

       

      Terms
        not
        otherwise defined herein shall have the meanings assigned to them in the
        Pooling
        and Servicing Agreement, dated as of May 1, 2007, among Structured Asset
        Mortgage Investments II Inc., EMC Mortgage Corporation as seller and master
        servicer , Wells Fargo Bank, N.A. as securities administrator, and Citibank,
        N.A., as Trustee (the “Pooling and Servicing Agreement”).

       

      If
        the
        Purchaser proposes that its Certificates be registered in the name of a nominee
        on its behalf, the Purchaser has identified such nominee below, and has caused
        such nominee to complete the Nominee Acknowledgment at the end of this
        letter.

       

      Name
        of
        Nominee (if
        any):                                                                                               

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      IN
        WITNESS WHEREOF, this document has been executed by the undersigned who is
        duly
        authorized to do so on behalf of the undersigned Eligible Purchaser on the
        ___
        day of ________, 20___.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [PURCHASER]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized
                  Officer)

              
	 	 	 	 	 	 	 	
                [By:

              	 
	 	 	 	 	 	 	 	 	
                Attorney-in-fact]

              

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Nominee
        Acknowledgment

       

      The
        undersigned hereby acknowledges and agrees that as to the Certificates being
        registered in its name, the sole beneficial owner thereof is and shall be
        the
        Purchaser identified above, for whom the undersigned is acting as
        nominee.

       

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF NOMINEE]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized
                  Officer)

              
	 	 	 	 	 	 	 	
                [By:

              	 
	 	 	 	 	 	 	 	 	
                Attorney-in-fact]

              

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        F-2

       

      FORM
        OF
        RULE 144A AND RELATED MATTERS CERTIFICATE

       

       

      
        
          	[SELLER] 	
                    [Date]

                

        

      

       

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

       

      Structured
        Asset Mortgage Investments II Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

       

       

      
        	 	 Re:	 Structured
                Asset Mortgage Investments II Inc., Bear Stearns ARM Trust, Series
                2007-4
                Mortgage Pass-Through Certificates, Class I-B-4, Class I-B-5, Class
                I-B-6,
                Class II-B-4, Class II-B-5 and Class II-B-6 Certificates (the “Privately
                Offered Certificates”)

      

       

      Dear
        Ladies and Gentlemen:

       

      In
        connection with our purchase of Privately Offered Certificates, the undersigned
        certifies to each of the parties to whom this letter is addressed that it
        is a
        qualified institutional buyer (as defined in Rule 144A under the Securities
        Act
        of 1933, as amended (the “Act”)) as follows:

       

      
        	
                1.

              	
                It
                  owned and/or invested on a discretionary basis eligible securities
                  (excluding affiliate’s securities, bank deposit notes and CD’s, loan
                  participations, repurchase agreements, securities owned but subject
                  to a
                  repurchase agreement and swaps), as described
                  below:

              

      

       

      Date:
        ______________, 20__ (must be on or after the close of its most recent fiscal
        year)

       

      Amount:
        $
        _____________________; and

       

      
        	
                2.

              	
                The
                  dollar amount set forth above is:

              

      

       

      
        	
                 

              	
                a.

              	
                   
                  greater than $100 million and the undersigned is one of the following
                  entities:

              

      

       

      
        	 	
                (x)

              	
                [
                   ]

              	
                an
                  insurance company as defined in Section 2(13) of the Act1; or

              
	 	 	 	 
	 	
                (y)

              	
                [ 
                  ]

              	
                an
                  investment company registered under the Investment Company Act
                  or any
                  business development company as defined in Section 2(a)(48) of
                  the
                  Investment Company Act of 1940; or

              
	 	 	 	 
	 	
                (z)

              	
                [
                   ]

              	
                a
                  Small Business Investment Company licensed by the U.S. Small Business
                  Administration under Section 301(c) or (d) of the Small Business
                  Investment Act of 1958; or

              

      

       

      
        

          

        

          
          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.

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	 	
                (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 May 1, 2007, among Structured Asset Mortgage
        Investments II Inc., Wells Fargo Bank, N.A., EMC Mortgage Corporation and
        Citibank, N.A., as Trustee, pursuant to Certificates were issued.

       

      The
        undersigned certifies that it either: (i) is not acquiring the Privately
        Offered
        Certificate directly or indirectly by, or on behalf of, an employee benefit
        plan
        or other retirement arrangement which is subject to Title I of the Employee
        Retirement Income Security Act of 1974, as amended, or Section 4975 of the
        Internal Revenue Code of 1986, as amended, or (ii) is providing a representation
        or an opinion of counsel to the effect that the proposed transfer and holding
        of
        a Privately Offered Certificate and the servicing, management and operation
        of
        the Trust and its assets: (I) will not result in any prohibited transaction
        which is not covered under a prohibited transaction exemption, including,
        but
        not limited to, Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE
        91-38, PTCE 90-1, PTCE 95-60, PTCE 96-23 and (II) will not give rise to any
        additional obligations on the part of the Depositor, the Master Servicer,
        the
        Securities Administrator or the Trustee or (iii) has attached hereto the
        opinion
        specified in Section 5.07 of the Agreement.

       

      If
        the
        Purchaser proposes that its Certificates be registered in the name of a nominee
        on its behalf, the Purchaser has identified such nominee below, and has caused
        such nominee to complete the Nominee Acknowledgment at the end of this
        letter.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Name
        of
        Nominee (if any):

       

      IN
        WITNESS WHEREOF, this document has been executed by the undersigned who is
        duly
        authorized to do so on behalf of the undersigned Eligible Purchaser on the
        ____
        day of ___________, 20___.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [PURCHASER]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized
                  Officer)

              
	 	 	 	 	 	 	 	
                [By:

              	 
	 	 	 	 	 	 	 	 	
                Attorney-in-fact]

              

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      NOMINEE
        ACKNOWLEDGMENT

       

      The
        undersigned hereby acknowledges and agrees that as to the Certificates being
        registered in its name, the sole beneficial owner thereof is and shall be
        the
        Purchaser identified above, for whom the undersigned is acting as
        nominee.

       

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF NOMINEE]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized
                  Officer)

              
	 	 	 	 	 	 	 	
                [By:

              	 
	 	 	 	 	 	 	 	 	
                Attorney-in-fact]

              

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        G-1

       

      FORM
        OF
        WELLS FARGO CUSTODIAL AGREEMENT

       

      

      THIS
        CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
“Agreement’), dated as of May 31, 2007, by and among CITIBANK, N.A., not
        individually but solely as trustee under the Pooling and Servicing Agreement
        defined below (including its successors under the Pooling and Servicing
        Agreement defined below, the “Trustee”), STRUCTURED ASSET MORTGAGE INVESTMENTS
        II INC., as depositor (together with any successor in interest, the
“Depositor”), EMC MORTGAGE CORPORATION, as a seller (in such capacity, “EMC”)
        and as master servicer (together with any successor in interest or successor
        under the Pooling and Servicing Agreement referred to below, the “Master
        Servicer”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as securities administrator
        (in such capacity, the “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
        May 1,
        2007, relating to the issuance of Bear Stearns ARM Trust 2007-4, Mortgage
        Pass-Through Certificates, Series 2007-4 (as in effect on the date of this
        agreement, the “Original Pooling and Servicing Agreement,” and as amended and
        supplemented from time to time, the “Pooling and Servicing Agreement”);
        and

       

      WHEREAS,
        the Custodian has agreed to act as agent for the Trustee for the purposes
        of
        receiving and holding certain documents and other instruments delivered by
        the
        Depositor, the Sellers or the Master Servicer under the Pooling and Servicing
        Agreement and the Servicers under their respective Servicing Agreements,
        all
        upon the terms and conditions and subject to the limitations hereinafter
        set
        forth;

       

      NOW,
        THEREFORE, in consideration of the premises and the mutual covenants and
        agreements hereinafter set forth, the Trustee, the Depositor, the Sellers,
        the
        Master Servicer and the Custodian hereby agree as follows:

       

      ARTICLE
        I

       

      DEFINITIONS

       

      Capitalized
        terms used in this Agreement and not defined herein shall have the meanings
        assigned in the Original Pooling and Servicing Agreement, unless otherwise
        required by the context herein.

       

      ARTICLE
        II

       

      CUSTODY
        OF MORTGAGE DOCUMENTS

       

      Section
        2.1  Custodian
        to Act as Agent: Acceptance of Mortgage
        Files.  The  Custodian, as the duly appointed custodial
        agent of the Trustee for these purposes, acknowledges (subject to any exceptions
        noted in the Initial Certification referred to in Section 2.3(a)), receipt
        of
        the Mortgage Files relating to the Mortgage Loans identified on the schedule
        attached hereto (the “Mortgage Files”) and declares that it holds and will hold
        such Mortgage Files as agent for the Trustee, in trust, for the use and benefit
        of all present and future Certificateholders.

       

      Section
        2.2  Recordation
        of Assignments.  If any Mortgage File includes one or more
        assignments of Mortgage to the Trustee in  a state which is
        specifically excluded from the Opinion of Counsel delivered by the Seller
        to the
        Trustee and the Custodian pursuant to the provisions of Section 2.01 of the
        Pooling and Servicing Agreement, each such assignment shall be delivered
        by the
        Custodian to the Depositor for the purpose of recording it in the appropriate
        public office for real property records, and the Depositor, at no expense
        to the
        Custodian, shall promptly cause to be recorded in the appropriate public
        office
        for real property records each such assignment of Mortgage and, upon receipt
        thereof from such public office, shall return each such assignment of Mortgage
        to the Custodian.

       

      Section
        2.3  Review
        of Mortgage Files.

       

      (a)  On
        or
        prior to the Closing Date, in accordance with Section 2.02 of the Pooling
        and
        Servicing Agreement, the Custodian shall deliver to the Depositor, EMC (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
        the Depositor, 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 Trustee or the Custodian shall
        review
        the Mortgage Files as provided in Section 2.02 of the Pooling and Servicing
        Agreement and deliver to the Depositor, EMC (on its own behalf and on behalf
        of
        Master Funding), the Master Servicer and the Trustee a Final Certification
        in
        the form annexed hereto as Exhibit Three evidencing the completeness of the
        Mortgage Files.

       

      (d)  In
        reviewing the Mortgage Files as provided herein and in the Pooling and Servicing
        Agreement, the Custodian shall make no representation as to and shall not
        be
        responsible to verify (i) the validity, legality, enforceability, due
        authorization, recordability, sufficiency or genuineness of any of the documents
        included in any Mortgage File or (ii) the collectibility, insurability,
        effectiveness or suitability of any of the documents in any Mortgage
        File.

       

      Upon
        receipt of written request from the Trustee, the Custodian shall as soon
        as
        practicable supply the Trustee with a list of all of the documents relating
        to
        the Mortgage Loans missing from the Mortgage Files.

       

      Section
        2.4  Notification
        of Breaches of Representations and Warranties.  Upon discovery by
        the Custodian of a breach of any representation or warranty made by the
        Depositor as set forth in the Pooling and Servicing Agreement with respect
        to a
        Mortgage Loan relating to a Mortgage File, the Custodian shall give prompt
        written notice to the Depositor, the related Servicer and the
        Trustee.

       

      Section
        2.5  Custodian
        to Cooperate: Release of Mortgage Files.  Upon receipt of written
        notice from the Trustee that the Seller has repurchased a Mortgage Loan pursuant
        to Article II of the Pooling and Servicing Agreement, and that the purchase
        price therefore has been deposited in the Distribution Account, then the
        Custodian agrees to promptly release to the Seller the related Mortgage
        File.

       

      Upon
        the
        Custodian’s receipt of a request for release (a “Request for Release”)
        substantially in the form of Exhibit D to the Pooling and Servicing Agreement
        signed by a Servicing Officer of the related Servicer stating that it has
        received payment in full of a Mortgage Loan or that payment in full will
        be
        escrowed in a manner customary for such purposes, the Custodian agrees promptly
        to release to the related Servicer the related Mortgage File. The Depositor
        shall deliver to the Custodian and the Custodian agrees to accept the Mortgage
        Note and other documents constituting the Mortgage File with respect to any
        Substitute Mortgage Loan.

       

      From
        time
        to time as is appropriate for the servicing or foreclosure of any Mortgage
        Loan,
        including, for this purpose, collection under any Primary Insurance Policy,
        the
        related Servicer (or if the Servicer does not, the Master Servicer) shall
        deliver to the Custodian a Request for Release signed by a Servicing Officer
        requesting that possession of all of the Mortgage File be released to the
        related Servicer and certifying as to the reason for such release and that
        such
        release will not invalidate any insurance coverage provided in respect of
        the
        Mortgage Loan under any of the Insurance Policies. Upon receipt of the
        foregoing, the Custodian shall deliver the Mortgage File to the related
        Servicer. The related Servicer shall cause each Mortgage File or any document
        therein so released to be returned to the Custodian when the need therefore
        by
        the related Servicer no longer exists, unless (i) the Mortgage Loan has been
        liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
        been
        deposited in  the Distribution Account or (ii) the Mortgage File or
        such document has been delivered to an attorney, or to a public trustee or
        other
        public official as required by law, for purposes of initiating or pursuing
        legal
        action or other proceedings for the foreclosure of the Mortgaged Property
        either
        judicially or non-judicially, and the related Servicer has delivered to the
        Custodian a certificate of a Servicing Officer certifying as to the name
        and
        address of the Person to which such Mortgage File or such document was delivered
        and the purpose or purposes of such delivery.

       

      At
        any
        time that a Servicer is required to deliver to the Custodian a Request for
        Release, the Servicer shall deliver two copies of the Request for Release
        if
        delivered in hard copy or the Servicer may furnish such Request for Release
        electronically to the Custodian, in which event the Servicing Officer
        transmitting the same shall be deemed to have signed the Request for Release.
        In
        connection with any Request for Release of a Mortgage File because of a
        repurchase of a Mortgage Loan, such Request for Release shall be followed
        by an
        assignment of mortgage, without recourse, representation or warranty from
        the
        Trustee to the Seller and the related Mortgage Note shall be endorsed without
        recourse by the Trustee and be returned to the Seller; provided, however,
        that
        in the case of a Mortgage Loan that is registered on the MERS System or has
        been
        assigned in blank pursuant to clause (iii) of Section 2.01 of the Pooling
        and
        Servicing Agreement, no assignment of mortgage or endorsement of the Mortgage
        Note by the Trustee shall be required. In connection with any Request for
        Release of a Mortgage File because of the payment in full of a Mortgage Loan,
        such Request for Release shall be accompanied by a certificate of satisfaction
        or other similar instrument to be executed by or on behalf of the Trustee
        and
        returned to the related Servicer.

       

      Section
        2.6  Assumption
        Agreements.  In the event that any assumption agreement,
        substitution of liability agreement or sale of servicing agreement is entered
        into with respect to any Mortgage Loan subject to this Agreement in accordance
        with the terms and provisions of the Pooling and Servicing Agreement, the
        Master
        Servicer, to the extent provided in the related Servicing Agreement, shall
        cause
        the related Servicer to notify the Custodian that such assumption or
        substitution agreement has been completed by forwarding to the Custodian
        the
        original of such assumption or substitution agreement, which shall be added
        to
        the related Mortgage File and, for all purposes, shall be considered a part
        of
        such Mortgage File to the same extent as all other documents and instruments
        constituting parts thereof.

       

      ARTICLE
        III

       

      CONCERNING
        THE CUSTODIAN

       

      Section
        3.1  Custodian
        as Bailee and Agent of the Trustee.  With respect to each Mortgage
        Note, Mortgage and other documents constituting each Mortgage File which
        are
        delivered to the Custodian, the Custodian is exclusively the bailee and
        custodial agent of the Trustee and has no instructions to hold any Mortgage
        Note
        or Mortgage for the benefit of any person other than the Trustee and the
        Certificateholders and undertakes to perform such duties and only such duties
        as
        are specifically set forth in this Agreement and in the Pooling and Servicing
        Agreement. Except upon compliance with the provisions of Section 2.5 of this
        Agreement, no Mortgage Note, Mortgage or Mortgage File shall be delivered
        by the
        Custodian to the Depositor, the Servicers or the Master Servicer or otherwise
        released from the possession of the Custodian.

       

      Section
        3.2  Reserved.

       

      Section
        3.3  Custodian
        May Own Certificates.  The Custodian in its individual or any
        other capacity may become the owner or pledgee of Certificates with the same
        rights it would have if it were not Custodian.

       

      Section
        3.4  Custodian’s
        Fees and Expenses.  The Master Servicer covenants and agrees to
        pay to the Custodian from time to time, and the Custodian shall be entitled
        to,
        reasonable compensation for all services rendered by it in the exercise and
        performance of any of the powers and duties hereunder of the Custodian pursuant
        to an agreement between the Master Servicer and the Custodian, and the Custodian
        will be entitled to be paid or reimbursed by the Trust upon its request for
        all
        reasonable expenses, disbursements and advances incurred or made by the
        Custodian in accordance with any of the provisions of this Agreement (including
        the reasonable compensation and the expenses and disbursements of its counsel
        and of all persons not regularly in its employ), except any such expense,
        disbursement or advance as may arise from its negligence or bad faith or
        to the
        extent that such cost or expense is indemnified by the Depositor pursuant
        to the
        Pooling and Servicing Agreement.

       

      Section
        3.5  Custodian
        May Resign Trustee May Remove Custodian.  The Custodian may resign
        from the obligations and duties hereby imposed upon it as such obligations
        and
        duties relate to its acting as Custodian of the Mortgage Loans. Upon receiving
        such written notice of resignation, the Trustee shall either take custody
        of the
        Mortgage Files itself and give prompt written notice thereof to the Depositor,
        the Master Servicer and the Custodian, or promptly appoint a successor Custodian
        by written instrument, in duplicate, one copy of which instrument shall be
        delivered to the resigning Custodian and one copy to the successor Custodian.
        If
        the Trustee shall not have taken custody of the Mortgage Files and no successor
        Custodian shall have been so appointed and have accepted appointment within
        30
        days after the giving of such written notice of resignation, the resigning
        Custodian may petition any court of competent jurisdiction for the appointment
        of a successor Custodian.

       

      The
        Trustee may remove the Custodian at any time with the consent of the Master
        Servicer. In such event, the Trustee shall appoint, or petition a court of
        competent jurisdiction to appoint, a successor Custodian hereunder. Any
        successor Custodian shall be a depository institution subject to supervision
        or
        examination by federal or state authority, shall be able to satisfy the other
        requirements contained in Section 3.7 and shall be unaffiliated with the
        Servicer or the Depositor.

       

      Any
        resignation or removal of the Custodian and appointment of a successor Custodian
        pursuant to any of the provisions of this Section 3.5 shall become effective
        upon acceptance of appointment by the successor Custodian. The Trustee shall
        give prompt notice to the Depositor and the Master Servicer of the appointment
        of any successor Custodian. No successor Custodian shall be appointed by
        the
        Trustee without the prior approval of the Depositor and the Master
        Servicer.

       

      Section
        3.6  Merger
        or Consolidation of Custodian.  Any Person into which the
        Custodian may be merged or converted or with which it may be consolidated,
        or
        any Person resulting from any merger, conversion or consolidation to which
        the
        Custodian shall be a party, or any Person succeeding to the business of the
        Custodian, shall be the successor of the Custodian hereunder, without the
        execution or filing of any paper or any further act on the part of any of
        the
        parties hereto, anything herein to the contrary notwithstanding.

       

      Section
        3.7  Representations
        of the Custodian.  The Custodian hereby represents that it is a
        depository institution subject to supervision or examination by a federal
        or
        state authority, has a combined capital and surplus of at least $15,000,000
        and
        is qualified to do business in the jurisdictions in which it will hold any
        Mortgage File.

       

      ARTICLE
        IV

       

      COMPLIANCE
        WITH REGULATION AB

       

      Section
        4.1  Intent
        of
        the parties; Reasonableness.  The parties hereto acknowledge and agree
        that the purpose of this Article IV is to facilitate compliance by the Depositor
        with the provisions of Regulation AB and related rules and regulations of
        the
        Commission.  The Depositor shall not exercise its right to request
        delivery of information or other performance under these provisions other
        than
        in good faith, or for purposes other than compliance with the Securities
        Act,
        the Exchange Act and the rules and regulations of the Commission under the
        Securities Act and the Exchange Act.  Each of the parties hereto
        acknowledges that interpretations of the requirements of Regulation AB may
        change over time, whether due to interpretive guidance provided by the
        Commission or its staff, consensus among participants in the mortgage-backed
        securities markets, advice of counsel, or otherwise, and agrees to comply
        with
        requests made by the Depositor in good faith for delivery of information
        under
        these provisions on the basis of evolving interpretations of Regulation AB
        to
        the extent reasonably practicable.  The Custodian shall cooperate
        reasonably with the Depositor to deliver to the Depositor (including any
        of its
        assignees or designees), any and all disclosure, statements, reports,
        certifications, records and any other information necessary in the reasonable,
        good faith determination of the Depositor to permit the Depositor to comply
        with
        the provisions of Regulation AB.

       

      Section
        4.2  Additional
        Representations and Warranties of the Custodian.

       

      (a)  The
        Custodian shall be deemed to represent to the Depositor as of the date hereof
        and on each date on which information is provided to the Depositor under
        Section
        4.3 that, except as disclosed in writing to the Depositor prior to such date:
        (i) there are no aspects of its financial condition that could have a material
        adverse effect on the performance by it of its Custodian obligations under
        this
        Agreement or any other Securitization Transaction as to which it is the
        custodian; (ii) there are no material legal or governmental proceedings pending
        (or known to be contemplated) against it; and (iii) there are no affiliations,
        relationships or transactions relating to the Custodian with respect to the
        Depositor or any sponsor, issuing entity, servicer, trustee, originator,
        significant obligor, enhancement or support provider or other material
        transaction party (as such terms are used in Regulation AB) relating to the
        Securitization Transaction contemplated by the Agreement, as identified by
        the
        Depositor to the Custodian in writing as of the Closing Date (each, a
        "Transaction Party").

       

      (b)  If
        so
        requested by the Depositor on any date following the Closing Date, the Custodian
        shall, within five Business Days following such request, confirm in writing
        the
        accuracy of the representations and warranties set forth in paragraph (a)
        of
        this Section or, if any such representation and warranty is not accurate
        as of
        the date of such confirmation, provide reasonably adequate disclosure of
        the
        pertinent facts, in writing, to the requesting party. Any such request from
        the
        Depositor shall not be given more than once each calendar quarter, unless
        the
        Depositor shall have a reasonable basis for a determination that any of the
        representations and warranties may not be accurate.

       

      Section
        4.3  Additional
        Information to Be Provided by the Custodian. For so long as the Certificates
        are
        outstanding, for the purpose of satisfying the Depositor 's reporting obligation
        under the Exchange Act with respect to any class of Certificates, the Custodian
        shall (a) notify the Depositor in writing of any material litigation or
        governmental proceedings pending against the Custodian that would be material
        to
        Certificateholders, and (b) provide to the Depositor a written description
        of
        such proceedings. Any notices and descriptions required under this Section
        4.3
        shall be given no later than five Business Days prior to the Determination
        Date
        following the month in which the Custodian has knowledge of the occurrence of
        the relevant event. As of the date the Depositor or Master Servicer files
        each
        Report on Form 10-D or Form 10-K with respect to the Certificates, the Custodian
        will be deemed to represent that any information previously provided under
        this
        Section 4.3, if any, is materially correct and does not have any material
        omissions unless the Custodian has provided an update to such
        information.

       

      Section
        4.4  Report
        on
        Assessment of Compliance and Attestation. On or before March 15 of each calendar
        year in which a report on Form 10-K is requested to be filed with respect
        to the
        certificates, the Custodian shall:

       

      (a)           deliver
        to the Depositor, the Master Servicer and the Securities Administrator a
        report
        (in form and substance reasonably satisfactory to the Depositor) regarding
        the
        Custodian’s assessment of compliance with the Applicable Servicing Criteria as
        set forth in Exhibit Four during the immediately preceding calendar year,
        as
        required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122
        of
        Regulation AB.  Such report shall be addressed to the Depositor and
        the 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 hereto; and

       

      (b)           deliver
        to the Depositor, the Master Servicer and the Securities Administrator, a
        report
        of a registered public accounting firm reasonably acceptable to the Master
        Servicer, the Depositor and the Securities Administrator that attests to,
        and
        reports on, the assessment of compliance made by the Custodian and delivered
        pursuant to the preceding paragraph. Such attestation shall be in accordance
        with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities
        Act and
        the Exchange Act.

       

      Section
        4.5  Indemnification;
        Remedies.

       

      (a)  The
        Custodian shall indemnify the Depositor, each affiliate of the Depositor,
        EMC
        and each broker dealer acting as underwriter, placement agent or initial
        purchaser of the Certificates or each Person who controls any of such parties
        (within the meaning of Section 15 of the Securities Act and Section 20 of
        the
        Exchange Act); and the respective present and former directors, officers,
        employees and agents of each of the foregoing, and shall hold each of them
        harmless from and against any losses, damages, penalties, fines, forfeitures,
        legal fees and expenses and related costs, judgments, and any other costs,
        fees
        and expenses that any of them may sustain arising out of or based
        upon:

       

      (i)
        (A)  any untrue statement of a material fact contained or alleged to
        be contained in any information, report, certification, accountants’ attestation
        or other material provided under this Article IV by or on behalf of the
        Custodian (collectively, the “Custodian Information”), or (B) the omission or
        alleged omission to state in the Custodian Information a material fact required
        to be stated in the Custodian Information or necessary in order to make the
        statements therein, in the light of the circumstances under which they were
        made, not misleading; or

       

      (ii)
        any failure by the Custodian to
        deliver any information, report, certification, accountants’ attestation or
        other material when and as required under this Article IV; or

       

      (iii)
        the negligence, bad faith or
        willful misconduct of the Custodian in the performance of its obligations
        under
        this Article IV.

      

      In
        the case of any failure of
        performance described in clause (ii) above, the Custodian shall promptly
        reimburse the Depositor, the Master Servicer and the Securities Administrator
        for all costs reasonably incurred by any of such Persons in order to obtain
        the
        information, report, certification, accountants’ letter or other material not
        delivered as required by the Custodian.

      

      In
        no event shall the Custodian or its
        directors, officers, and employees be liable for any special, indirect or
        consequential damages from any action taken or omitted to be taken by it
        or them
        hereunder or in connection herewith even if advised of the possibility of
        such
        damages.

      

      This
        indemnification shall survive the termination of this Agreement or the
        termination of the Custodian.

      

      ARTICLE
        V

      MISCELLANEOUS
        PROVISIONS

      

      Section
        5.1  Notices.  All
        notices, requests, consents and demands and other communications required
        under
        this Agreement or pursuant to any other instrument or document delivered
        hereunder shall be in writing and, unless otherwise specifically provided,
        may
        be delivered personally, by telegram or telex, or by registered or certified
        mail, postage prepaid, return receipt requested, at the addresses specified
        on
        the signature page hereof (unless changed by the particular party whose address
        is stated herein by similar notice in writing), in which case the notice
        will be
        deemed delivered when received.

       

      Section
        5.2  Amendments.   No
        modification or amendment of or supplement to this Agreement shall be valid
        or
        effective unless the same is in writing and signed by all parties hereto,
        and
        neither the Depositor, the Master Servicer, the Securities
        Administrator nor the Trustee shall enter into any amendment hereof except
        as permitted by the Pooling and Servicing Agreement. The Securities
        Administrator shall give prompt notice to the Custodian of any amendment
        or
        supplement to the Pooling and Servicing Agreement and furnish the Custodian
        with
        written copies thereof.

       

      Section
        5.3  GOVERNING
        LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
        ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
        CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE  GENERAL
        OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
        HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

       

      Section
        5.4  Recordation
        of Agreement.  To the extent permitted by applicable law, this
        Agreement is subject to recordation in all appropriate public offices for
        real
        property records in all the counties or other comparable jurisdictions in
        which
        any or all of the properties subject to the Mortgages are situated, and in
        any
        other appropriate public recording office or elsewhere, such recordation
        to be
        effected by the Depositor and at the Trust’s expense, but only upon direction
        accompanied by an Opinion of Counsel reasonably satisfactory to the Depositor
        to
        the effect that the failure to effect such recordation is likely to materially
        and adversely affect the interests of the Certificateholders.

       

      For
        the
        purpose of facilitating the recordation of this Agreement as herein provided
        and
        for other purposes, this Agreement may be executed simultaneously in any
        number
        of counterparts, each of which counterparts shall be deemed to be an original,
        and such counterparts shall constitute but one and the same
        instrument.

       

      Section
        5.5  Severability
        of Provisions.  If any one or more of the covenants, agreements,
        provisions or terms of this Agreement shall be for any reason whatsoever
        held
        invalid, then such covenants, agreements, provisions or terms shall be deemed
        severable from the remaining covenants, agreements, provisions or terms of
        this
        Agreement and shall in no way affect the validity or enforceability of the
        other
        provisions of this Agreement or of the Certificates or the rights of the
        holders
        thereof.

       

      

       

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

           

        

      

      

      IN
        WITNESS WHEREOF, this Agreement is executed as of the date first above
        written.

      

      
        	
                Address:

                 

                388
                  Greenwich Street, 14th Floor

                New
                  York, New York 10013

                 

                Attention:

                Telecopy:

                Confirmation:

                 

                 

              	
                CITIBANK
                  N.A.,

                not
                  individually but solely as Trustee

                 

                 

                By:  ________________________________

                Name:

                Title:

              
	
                Address:

                 

                383
                  Madison Avenue

                New
                  York, New York 10179

              	
                STRUCTURED
                  ASSET MORTGAGE INVESTMENTS II INC.

                 

                By:  ________________________________

                Name:                      

                Title:                      

                 

                 

              
	
                Address:

                 

                2780
                  Lake Vista Drive

                Lewisville,
                  Texas 75067

                (214)
                  626-4889

                Attention:
                  Michelle Viner

              	
                EMC
                  MORTGAGE CORPORATION,

                as
                  Master Servicer and Seller

                 

                By:  ________________________________

                Name:

                Title:

                 

                 

              
	
                Address:

                 

                2780
                  Lake Vista Drive,

                Lewisville,
                  Texas 75067

                Facsimile:
                  (214) 626-4889

                Attention:
                  Mark Novachek

                 

                 

              	
                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
                  Tenth Avenue SE

                Minneapolis,
                  Minnesota 55414

              	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Custodian

                 

                By:  ________________________________

                Name:

                Title:

              

      

       

       

       

      CUSTODIAL AGREEMENT

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      STATE
        OF
        NEW
        YORK                                     )

      )ss.:

      COUNTY
        OF
        NEW
        YORK                                 )

       

      On
        the
        31st day of
        May, 2007 before me, a notary public in and for said State,
        personally appeared ______________, known to me to be a ________________
        of
        Citibank, N.A., a national banking association that executed the within
        instrument, and also known to me to be the person who executed it on behalf
        of
        said corporation and acknowledged to me that such corporation executed the
        within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
 

      
        	 	 
	 	
                 Notary
                  Public

              

      

       

       

       

      [SEAL]

       

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

           

        

      

      

      STATE
        OF
        TEXAS                            
 )

      )
        ss.:

      COUNTY
        OF                                         )

       

      On
        the
        31st day of
        May, 2007 before me, a notary public in and for said State,
        personally appeared __________________known to me to be an authorized
        representative of EMC Mortgage Corporation, one of the corporations that
        executed the within instrument, and also known to me to be the person who
        executed it on behalf of said national banking association, and acknowledged
        to
        me that such national banking association executed the within
        instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      

       

      
        
          	 	 
	 	
                   Notary
                    Public

                

        

         

      

       

      [SEAL]

      

      
        
          
            
            

          

          
            
            

            
              

            

          

           

        

      

      

      STATE
        OF
        TEXAS                              )

      )
        ss.:

      COUNTY
        OF                                         )

       

      On
        the
        31st day of
        May, 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 corporations that executed
        the
        within instrument, and also known to me to be the person who executed it
        on
        behalf of said national banking association, and acknowledged to me that
        such
        national banking association executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
 

      
        
          	 	 
	 	
                   Notary
                    Public

                

        

         

      

      [SEAL]

      

      
        
          
            
            

          

          
            
            

            
              

            

          

           

        

      

      

      STATE
        OF
        NEW
        YORK                                    
)

      )ss.:

      COUNTY
        OF
        NEW
        YORK                                
)

       

      On
        the
        31st day of
        May, 2007 before me, a notary public in and for said State,
        personally appeared Baron Silverstein known to me to be a Vice President
        of
        Structured Asset Mortgage Investments II Inc., one of the corporations that
        executed the within instrument, and also known to me to be the person who
        executed it on behalf of said corporation, and acknowledged to me that such
        corporation executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

       

       

      
        
          	 	 
	 	
                   Notary
                    Public

                

        

         

      

      [Notarial
        Seal]

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

           

        

      

      

      STATE
        OF
        MARYLAND                  
)

      )ss.:

      COUNTY
        OF
        HOWARD                    )

       

      On
        the
        31st day of
        May, 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, one of the
        corporations that executed the within instrument, and also known to me to
        be the
        person who executed it on behalf of said corporation, and acknowledged to
        me
        that such corporation executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
 

      
        
          	 	 
	 	
                   Notary
                    Public

                

        

         

      

      [Notarial
        Seal]

      

      

      

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

           

        

      

      

      STATE
        OF
        MINNESOTA                  )

      )ss.:

      COUNTY
        OF
        HENNEPIN                   )

       

      On
        the
        31st day of
        May, 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, one of the
        corporations that executed the within instrument, and also known to me to
        be the
        person who executed it on behalf of said corporation, and acknowledged to
        me
        that such corporation executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
 

      
        
          	 	 
	 	
                   Notary
                    Public

                

        

         

      

       

       

      
 

      
        
          
            
            

          

          
            
            

            
              

            

          

           

        

      

      

      EXHIBIT
        ONE

       

      FORM
        OF
        CUSTODIAN INITIAL CERTIFICATION

       

      May
        31, 2007

       

       

      
        	
                Citibank,
                  N.A.

                388
                  Greenwich Street, 14th Floor

                New
                  York, New York 10013

                Attn:
                  Structured Finance Agency &
                  Trust,

                BSARM
                  2007-4

              	
                Structured
                  Asset Mortgage Investments II Inc.

                383
                  Madison Avenue

                New
                  York, New York 10179

              
	
                 

                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Janan Weeks

                Email:
                  jweeks@bear.com

                Facsimile:
                  (214) 626-3704

                 

                With
                  a copy to:

                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Michelle Viner

                Email: 
                  mviner@bear.com

                Facsimile:
                  (214) 626-4889

                 

              	 

      

      

      Attention: 
        Structured Asset Mortgage Investments II Inc.

      Bear
        Stearns ARM Trust 2007-4, Mortgage Pass-Through Certificates, Series
        2007-4

       

       

      
        	 	 Re:	 Custodial
                Agreement, dated as of May 31, 2007, by and among Citibank, N.A.,
                Structured Asset Mortgage Investments II Inc., EMC Mortgage Corporation,
                Wells Fargo Bank, National Association and Master Funding LLC relating
                to
                Bear Stearns ARM Trust 2007-4, Mortgage Pass-Through Certificates,
                Series
                2007-4                   

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(a) of the above-captioned Custodial Agreement
        and,
        subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        (which contains an original Mortgage Note or lost note affidavit) to the
        extent
        required in Section 2.01 of the Pooling and Servicing Agreement with respect
        to
        each Mortgage Loan listed in the Mortgage Loan Schedule, with any exceptions
        listed on Schedule A attached hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

      

        
          	
                  WELLS
                    FARGO BANK, N.A.

                
	 
	
                  By:
                    ___________________________________________________________

                
	
                  Name:

                
	
                  Title:

                

        

      

      
        
          
            
            

          

          
            
            

            
              

            

          

           

        

      

      

      EXHIBIT
        TWO

       

      FORM
        OF
        CUSTODIAN INTERIM CERTIFICATION

       

      ___________,
        20__

       

      
        	
                Citibank,
                  N.A.

                388
                  Greenwich Street, 14th Floor

                New
                  York, New York 10013

                Attn:
                  Structured Finance Agency &
                  Trust,

                BSARM
                  2007-4

              	
                Structured
                  Asset Mortgage Investments II Inc.

                383
                  Madison Avenue

                New
                  York, New York 10179

              
	
                 

                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Janan Weeks

                Email:
                  jweeks@bear.com

                Facsimile:
                  (214) 626-3704

                 

                With
                  a copy to:

                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Michelle Viner

                Email: 
                  mviner@bear.com

                Facsimile:
                  (214) 626-4889

                 

              	 

      

      

      Attention:  Structured
        Asset Mortgage Investments II Inc.

      Bear
        Stearns ARM Trust 2007-4, Mortgage Pass-Through Certificates, Series
        2007-4

       

      
         

        
          	 	 Re:	
                   Custodial
                    Agreement, dated as of May 31, 2007, by and among Citibank, N.A.,
                    Structured Asset Mortgage Investments II Inc., EMC Mortgage Corporation,
                    Wells Fargo Bank, National Association and Master Funding LLC
                    relating to
                    Bear Stearns ARM Trust 2007-4, 

                  Mortgage
                    Pass-Through Certificates, Series
                    2007-4                   

                

        

         

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(b) of the above-captioned Custodial Agreement
        and,
        subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        to the extent required pursuant to Section 2.01 of the Pooling and Servicing
        Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
        Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
        and has determined that: all required documents have been executed and received
        and that such documents relate to the Mortgage Loans identified on the Mortgage
        Loan Schedule, with any exceptions listed on Schedule A attached
        hereto.

       

      

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

      

        
          	
                  WELLS
                    FARGO BANK, N.A.

                
	 
	
                  By:
                    ___________________________________________________________

                
	
                  Name:

                
	
                  Title:

                

        

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

           

        

      

      

      EXHIBIT
        THREE

       

      FORM
        OF
        CUSTODIAN FINAL CERTIFICATION

       

      _______,
        20__

       

      
        	
                Citibank,
                  N.A.

                388
                  Greenwich Street, 14th Floor

                New
                  York, New York 10013

                Attn:
                  Structured Finance Agency &
                  Trust,

                BSARM
                  2007-4

              	
                Structured
                  Asset Mortgage Investments II Inc.

                383
                  Madison Avenue

                New
                  York, New York 10179

              
	
                 

                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Janan Weeks

                Email:
                  jweeks@bear.com

                Facsimile:
                  (214) 626-3704

                 

                With
                  a copy to:

                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Michelle Viner

                Email: 
                  mviner@bear.com

                Facsimile:
                  (214) 626-4889

                 

              	 

      

      

      Attention:
        Structured Asset Mortgage Investments II Inc.

      Bear
        Stearns ARM Trust 2007-4, Mortgage Pass-Through Certificates, Series
        2007-4

       

       

      
        
           

          
            	 	 Re:	
                    
                      Custodial
                        Agreement, dated as of May 31, 2007, by and among Citibank,
                        N.A.,
                        Structured Asset Mortgage Investments II Inc., EMC Mortgage
                        Corporation,
                        Wells Fargo Bank, National Association and Master Funding
                        LLC relating to
                        Bear Stearns ARM Trust 2007-4,

                      Mortgage
                        Pass-Through Certificates, Series
                        2007-4                   

                    

                  

          

           

        

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(c) of the above-captioned Custodial Agreement
        and,
        subject to Section 2.02(b) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        to the extent required pursuant to Section 2.01 of the Pooling and Servicing
        Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
        Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
        and has determined that: all required documents have been executed and received
        and that such documents relate to the Mortgage Loans identified on the Mortgage
        Loan Schedule, with any exceptions listed on Schedule A attached
        hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement or in the Pooling and Servicing
        Agreement, as applicable.

       

       

      

        
          	
                  WELLS
                    FARGO BANK, N.A.

                
	 
	
                  By:
                    ___________________________________________________________

                
	
                  Name:

                
	
                  Title:

                

        

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

           

        

      

      

      EXHIBIT
        FOUR

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by the Custodian shall address,
        at a
        minimum, the criteria identified below as “Applicable Servicing
        Criteria”:

      

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	 	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements.  For
                  purposes of this criterion, “federally insured depository institutions”
                  with respect to a foreign financial institution means a foreign
                  financial
                  institution that meets the requirements of Rule 13k-1(b)(1) of
                  the
                  Securities Exchange Act.

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliations; and (D) contain explanations for reconciling items,
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	 
	 	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements, (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors; or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the
                  servicer.

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	 
	 	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related asset pool documents.

              	
                √

              
	
                1122(d)(4)(ii)

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

              	
                √

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	 
	
                1122(d)(4)(v)

              	
                The
                  servicer’s records regarding the pool assets agree with the servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s pool asset (e.g., loan
                  modifications or re-agings) are made, reviewed and approved by
                  authorized
                  personnel in accordance with the transaction agreements and related
                  pool
                  asset documents.

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation of recovery actions (e.g., forbearance plans, modifications
                  and
                  deed in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  documents.

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.,
                  Such
                  records are maintained in at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets
                  with  variable rates are computed based on the related pool
                  asset documents.

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts);
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 3-
                  calendar
                  days of full repayment of the related pool asset, or such other
                  number of
                  days specified in the transaction agreements.

              	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax ore insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the service at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible funds are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in item 1114(a)(1)
                  through (3) or item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 

      

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

           

        

      

      

      EXHIBIT
        G-2

       

      FORM
        OF
        TREASURY BANK CUSTODIAL AGREEMENT

       

      THIS
        CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
        "Agreement”), dated as of May 31, 2007, by and among CITIBANK, N.A., not
        individually but solely as trustee under the Pooling and Servicing Agreement
        defined below (including its successors under the Pooling and Servicing
        Agreement defined below, the “Trustee”), STRUCTURED ASSET MORTGAGE INVESTMENTS
        II INC., as depositor (together with any successor in interest, the
“Depositor”), EMC MORTGAGE CORPORATION, as a seller (in such capacity, “EMC”)
        and master servicer (together with any successor in interest or successor
        under
        the Pooling and Servicing Agreement referred to below, the “Master Servicer”),
        WELLS FARGO BANK, NATIONAL ASSOCIATION, as securities administrator, TREASURY
        BANK, A DIVISION OF COUNTRYWIDE BANK FSB, as 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
        May 1,
        2007, relating to the issuance of Bear Stearns ARM Trust 2007-4, Mortgage
        Pass-Through Certificates, Series 2007-4 (as in effect on the date of this
        agreement, the "Original Pooling and Servicing Agreement," and as amended
        and
        supplemented from time to time, the "Pooling and Servicing Agreement”);
        and

       

      WHEREAS,
        the Custodian has agreed to act as agent for the Trustee for the purposes
        of
        receiving and holding certain documents and other instruments relating to
        the
        mortgage loans (herein referred to as the “Mortgage Loans”) listed on Schedule I
        hereto (the “Mortgage Loan Schedule”) delivered by (i) the Depositor, the Seller
        or the Master Servicer under the Pooling and Servicing Agreement and (ii)
        the
        Servicers under their respective Servicing Agreements, all upon the terms
        and
        conditions and subject to the limitations hereinafter set forth;

       

      NOW,
        THEREFORE, in consideration of the premises and the mutual covenants and
        agreements hereinafter set forth, the Trustee, the Depositor, the Seller,
        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 agent of the Trustee for these purposes, acknowledges (subject
        to any
        exceptions noted in the Initial Certification referred to in Section 2.3(a))
        receipt of the Mortgage Files relating to the Mortgage Loans attached hereto
        (the "Mortgage Files") and declares that it holds and will hold such Mortgage
        Files as agent for the Trustee, in trust, for the use and benefit of all
        present
        and future Certificateholders.

       

      Section
        2.2.         Recordation of
        Assignments.  If any Mortgage File relating to the Mortgage Loans
        includes one or more assignments of Mortgage to the Trustee in a state which
        is
        specifically excluded from the Opinion of Counsel delivered by the Seller
        to the
        Trustee and the Custodian pursuant to the provisions of Section 2.01 of the
        Pooling and Servicing Agreement, each such assignment shall be delivered,
        at the
        direction of the Depositor (in written or electronic format), by the Custodian
        to the Depositor for the purpose of recording it in the appropriate public
        office for real property records, and the Depositor, at no expense to the
        Custodian, shall promptly cause to be recorded in the appropriate public
        office
        for real property records each such assignment of Mortgage and, upon receipt
        thereof from such public office, shall return each such assignment of Mortgage
        to the Custodian.

       

      Section
        2.3.          Review of
        Mortgage Files.

       

      (a)           On
        or prior to the Closing Date, in accordance with Section 2.02 of the Pooling
        and
        Servicing Agreement, the Custodian shall deliver to the Depositor, EMC (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.

       

      (b)           Within
        90 days of the Closing Date (or, with respect to any Substitute Mortgage
        Loans,
        within 5 Business Days after the receipt by the Trustee or the Custodian
        thereof), the Custodian agrees, for the benefit of Certificateholders, to
        review, in accordance with the provisions of Section 2.02 of the Pooling
        and
        Servicing Agreement, each such document relating to the Mortgage Loans, and
        shall execute and deliver to the Depositor, EMC (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 (or, with respect to any Substitute
        Mortgage Loans, within 5 Business Days after the receipt by the Trustee or
        the
        Custodian thereof), the Custodian shall review the Mortgage Files relating
        to
        the Mortgage Loans as provided in Section 2.02 of the Pooling and Servicing
        Agreement and execute and deliver to the Depositor, EMC (on its own behalf
        and
        on behalf of Master Funding), the Master Servicer and the Trustee a Final
        Certification in the form annexed hereto as Exhibit Three evidencing the
        completeness of such Mortgage Files.

       

      (d)           In
        reviewing the Mortgage Files relating to the Mortgage Loans as provided herein
        and in the Pooling and Servicing Agreement, the Custodian shall make no
        representation as to and shall not be responsible to verify (i) the validity,
        legality, enforceability, due authorization, recordability, sufficiency or
        genuineness of any of the documents included in any Mortgage File or (ii)
        the
        collectibility, insurability, effectiveness or suitability of any of the
        documents in any Mortgage File.

       

      Upon
        receipt of written request from the Trustee, the Custodian shall as soon
        as
        practicable supply the requesting party with a list of all of the documents
        missing from the Mortgage Loans then contained in the Mortgage
        Files.

       

      Section
        2.4.          Notification of
        Breaches of Representations and Warranties.  Upon discovery by the
        Custodian of a breach of any representation or warranty made by the Depositor
        as
        set forth in the Pooling and Servicing Agreement with respect to a Mortgage
        Loan
        relating to a Mortgage File, the Custodian shall give prompt written notice
        to
        the Depositor, the Master Servicer, the applicable Servicer and the
        Trustee.

       

      Section
        2.5.          Custodian to
        Cooperate: Release of Mortgage Files.  Upon receipt of written
        notice from the Master Servicer or the Trustee that the Sellers have repurchased
        a Mortgage Loan pursuant to Article II of the Pooling and Servicing Agreement,
        and that the Repurchase Price therefor has been deposited in the Distribution
        Account, and a Request for Release (as defined below), the Custodian agrees
        to
        promptly release to the Sellers the related Mortgage File.

       

      Upon
        the
        Custodian's receipt of a request for release (a "Request for Release")
        substantially in the form of Exhibit D-2 to the Pooling and Servicing Agreement
        signed by an officer of the related Servicer involved in, or responsible
        for,
        the administration and servicing of the Mortgage Loans whose name appears
        on a
        list of servicing officers furnished by such Servicer upon request, as such
        list
        may from time to time be amended (each, a “Servicing Officer”) stating that it
        has received payment in full of a Mortgage Loan or that payment in full will
        be
        escrowed in a manner customary for such purposes, the Custodian agrees to
        promptly release to such Servicer the related Mortgage File.  The
        Depositor shall deliver to the Custodian, and the Custodian agrees to accept,
        the Mortgage Note and other documents constituting the Mortgage File with
        respect to any Substitute Mortgage Loan, which documents the Custodian will
        review to the extent provided in Article II of the Pooling and Servicing
        Agreement.

       

      From
        time
        to time as is appropriate for the servicing or foreclosure of any Mortgage
        Loan,
        including, for this purpose, collection under any Primary Mortgage Insurance
        Policy, the related Servicer shall (or if the related Servicer does not,
        then
        the Master Servicer may) deliver to the Custodian a Request for Release signed
        by a Servicing Officer requesting that possession of all of the related Mortgage
        File be released to such Servicer and certifying as to the reason for such
        release and that such release will not invalidate any insurance coverage
        provided in respect of the related Mortgage Loan under any of the Insurance
        Policies.  Upon receipt of the foregoing, the Custodian shall deliver
        such Mortgage File to the related Servicer.  All Mortgage Files so
        released to the related Servicer shall be held by it in trust for the Trustee
        for the use and benefit of all present and future
        Certificateholders.  The related Servicer shall cause each Mortgage
        File or any document therein so released to be returned to the Custodian
        when
        the need therefor by such Servicer no longer exists, unless (i) such Mortgage
        Loan has been liquidated and the Liquidation Proceeds relating to the related
        Mortgage Loan have been deposited in the Distribution Account or (ii) such
        Mortgage File or such document has been delivered to an attorney, or to a
        public
        trustee or other public official as required by law, for purposes of initiating
        or pursuing legal action or other proceedings for the foreclosure of the
        related
        Mortgaged Property either judicially or non-judicially, and the related Servicer
        has delivered to the Custodian a certificate of a Servicing Officer certifying
        as to the name and address of the Person to which such Mortgage File or such
        document was delivered and the purpose or purposes of such
        delivery.

       

      At
        any
        time that a Servicer or the Master Servicer is required to deliver to the
        Custodian a Request for Release, such Servicer or the Master Servicer shall
        deliver two copies of the Request for Release if delivered in hard copy or
        such
        Servicer or the Master Servicer may furnish such Request for Release
        electronically to the Custodian, in which event the Servicing Officer
        transmitting the same shall be deemed to have signed such Request for Release.
        In connection with any Request for Release of a Mortgage File because of
        a
        repurchase of a Mortgage Loan, the assignment of mortgage and the related
        Mortgage Note shall be returned to the related Servicer or the Master Servicer,
        as applicable, for execution and endorsement, respectively, pursuant to a
        power
        of attorney from the Trustee and for delivery to the Sellers.  If the
        related Servicer or the Master Servicer does not have a power of attorney
        from
        the Trustee to execute the applicable assignment and to endorse the related
        Mortgage Note, such Request for Release shall be accompanied by an assignment
        of
        mortgage, without recourse, executed by the Trustee to the Sellers and the
        related Mortgage Note shall be endorsed without recourse by the Trustee (if
        not
        in blank) and be returned to the related Servicer or the Master Servicer,
        as
        applicable, for delivery to the Sellers; provided, however, that in the case
        of
        a Mortgage Loan that is registered on the MERS® System, no assignment of
        mortgage or endorsement of the Mortgage Note by the Trustee, or by the related
        Servicer or the Master Servicer pursuant to a power of attorney from the
        Trustee, shall be required.  In connection with any Request for
        Release of a Mortgage File because of the payment in full of a Mortgage Loan
        and
        if the related Servicer or the Master Servicer does not have a power of attorney
        from the Trustee to execute the applicable certificate of satisfaction or
        similar instrument, such Request for Release shall be accompanied by a
        certificate of satisfaction or other similar instrument to be executed by
        or on
        behalf of the Trustee and returned to the related Servicer or the Master
        Servicer, as applicable.

       

      Section
        2.6.          Assumption
        Agreements.  In the event that any assumption
        agreement,  substitution of liability agreement or sale of servicing
        agreement is entered into with respect to any Mortgage Loan subject to this
        Agreement in accordance with the terms and provisions of the Pooling and
        Servicing Agreement, the Master Servicer, to the extent provided in the related
        Servicing Agreement, shall cause the related Servicer to notify the Custodian
        that such assumption agreement, substitution of liability agreement or sale
        of
        servicing agreement has been completed by forwarding to the Custodian the
        original of such assumption agreement, substitution of liability agreement
        or
        sale of servicing agreement, which shall be added to the related Mortgage
        File
        and, for all purposes, shall be considered a part of such Mortgage File to
        the
        same extent as all other documents and instruments constituting parts
        thereof.

       

      ARTICLE
        III.

      CONCERNING
        THE CUSTODIAN

       

      Section
        3.1.          Custodian as
        Bailee and Agent of the Trustee.  With respect to each Mortgage
        Note and other documents constituting each Mortgage File relating to the
        Mortgage Loans which are delivered to the Custodian, the Custodian is
        exclusively the bailee and agent of the Trustee and has no instructions to
        hold
        any Mortgage Note or Mortgage File for the benefit of any person other than
        the
        Trustee and the Certificateholders and undertakes to perform such duties
        and
        only such duties as are specifically set forth in this
        Agreement.  Except upon compliance with the provisions of Section 2.5
        of this Agreement with respect to any Mortgage Loan, no Mortgage Note, Mortgage
        or Mortgage File shall be delivered by the Custodian to the Depositor, the
        Sellers, any Servicer or the Master Servicer or otherwise released from the
        possession of the Custodian.

       

      Section
        3.2.          [Reserved.]

       

      Section
        3.3.          Custodian May
        Own Certificates.  The Custodian in its individual or any other
        capacity may become the owner or pledgee of Certificates with the same rights
        it
        would have if it were not Custodian.

       

      Section
        3.4.          Custodian's
        Fees and Expenses.  The Depositor covenants and agrees to cause
        EMC to pay the Custodian from time to time, and the Custodian shall be entitled
        to, reasonable compensation for all services rendered by it in the exercise
        and
        performance of any of the powers and duties hereunder of the Custodian pursuant
        to a letter agreement between the Custodian and EMC.  In addition, EMC
        will pay or reimburse the Custodian upon its request for all reasonable
        expenses, disbursements and advances incurred or made by the Custodian in
        accordance with any of the provisions of this Agreement (including the
        reasonable compensation and the expenses and disbursements of its counsel
        and of
        all persons not regularly in its employ), except any such expense, disbursement
        or advance as may arise from its negligence or bad faith, or to the extent
        that
        such cost or expense is indemnified by the Depositor pursuant to the Pooling
        and
        Servicing Agreement.

       

      Section
        3.5.          Custodian May
        Resign; Trustee May Remove Custodian.  The Custodian may resign
        from the obligations and duties hereby imposed upon it as such obligations
        and
        duties relate to its acting as Custodian of the Mortgage Loans.  Upon
        receiving such notice of resignation, the Trustee shall either take custody
        of
        the Mortgage Files itself and give prompt notice thereof to the Depositor,
        the
        Master Servicer, the Servicers and the Custodian, or promptly appoint a
        successor Custodian by written instrument, in duplicate, one copy of which
        instrument shall be delivered to the resigning Custodian and one copy to
        the
        successor Custodian.  If the Trustee shall not have taken custody of
        the Mortgage Files and no successor Custodian shall have been so appointed
        and
        have accepted appointment within 30 days after the giving of such notice
        of
        resignation, the resigning Custodian may petition any court of competent
        jurisdiction for the appointment of a successor Custodian.

       

      The
        Trustee may remove the Custodian at any time with the consent of the Master
        Servicer.  In such event, the Trustee shall appoint, or petition a
        court of competent jurisdiction to appoint, a successor Custodian
        hereunder.  Any successor Custodian shall be a depository institution
        subject to supervision or examination by federal or state authority, shall
        be
        able to satisfy the other requirements contained in Section 3.7 and shall
        be
        unaffiliated with any Servicer or the Depositor.

       

      Any
        resignation or removal of the Custodian and appointment of a successor Custodian
        pursuant to any of the provisions of this Section 3.5 shall become effective
        upon acceptance of appointment by the successor Custodian.  The
        Trustee shall give prompt notice to the Depositor and the Master Servicer
        of the
        appointment of any successor Custodian.  No successor Custodian shall
        be appointed by the Trustee without the prior approval of the Depositor and
        the
        Master Servicer.

       

      Section
        3.6.          Merger or
        Consolidation of Custodian.  Any Person into which the Custodian
        may be merged or converted or with which it may be consolidated, or any Person
        resulting from any merger, conversion or consolidation to which the Custodian
        shall be a party, or any Person succeeding to the business of the Custodian,
        shall be the successor of the Custodian hereunder (provided such Person shall
        satisfy the requirements set forth in Section 3.7), without the execution
        or
        filing of any paper or any further act on the part of any of the parties
        hereto,
        anything herein to the contrary notwithstanding.

       

      Section
        3.7.          Representations
        of the Custodian.  The Custodian hereby represents, and any
        successor Custodian hereunder shall represent, that it is a depository
        institution subject to supervision or examination by a federal or state
        authority, has a combined capital and surplus of at least $15,000,000 and
        is
        qualified to do business in the jurisdictions in which it will hold any Mortgage
        File.

       

      Section
        3.8.          Duties and
        Obligations of the Custodian.

       

      (a)           The
        Custodian shall be under no duty or obligation to inspect, review or examine
        the
        Mortgage Files to determine that the contents thereof are appropriate for
        the
        represented purpose or that they have been actually recorded or that they
        are
        other than what they purport to be on their face.

       

      (b)           The
        Custodian shall not be responsible or liable for, and makes no representation
        or
        warranty with respect to, the validity, adequacy or perfection or any lien
        upon
        or security interest in the Mortgage Files.

       

      (c)           Any
        other provision of this Agreement to the contrary notwithstanding, the Custodian
        shall have no notice, and shall not be bound by any of the terms and conditions
        of any other document or agreement executed or delivered in connection with,
        or
        intended to control any part of, the transactions anticipated by or referred
        to
        in this Agreement unless the Custodian is a signatory party to that document
        or
        agreement.

       

      (d)           The
        Custodian may rely on and shall be protected in acting in good faith upon
        any
        certificate, instrument, opinion, notice, magnetic tape, letter, telegram
        or
        other document, or any security, delivered to it and in good faith believed
        by
        it to be genuine and to have been signed by the proper party or parties;
        but in
        the case of any loan document or other request, instruction, document or
        certificate which by any provision hereof is specifically required to be
        furnished to the Custodian, the Custodian shall be under a duty to examine
        the
        same to determine whether or not it conforms prima facie to the requirements
        of
        this Custodial Agreement.

       

      (e)           The
        Custodian shall not be liable for any error of judgment, or for any act done
        or
        step taken or omitted by it, in good faith, or for any mistake of fact or
        law,
        or for anything that it may do or refrain from doing in connection therewith,
        except in the case of its negligent performance or omission.

       

      (f)           The
        Custodian shall have no obligation to verify the receipt of any such documents
        the existence of which was not made known to the Custodian by the Mortgage
        Files.

       

      (g)           The
        Custodian shall not be responsible for delays or failures in performance
        resulting from acts beyond its control.  Such acts shall include, but
        not be limited to, acts of God, strikes, lockouts, riots, acts of war or
        terrorism, epidemics, nationalization, expropriation, currency restrictions,
        governmental regulations superimposed after the fact, fire, communication
        line
        failures, power failures, earthquakes or other disasters.

       

      ARTICLE
        IV.

      COMPLIANCE
        WITH REGULATION AB

       

      Section
        4.1.          Intent of the
        parties; Reasonableness.  The parties hereto acknowledge and agree
        that the purpose of this Article IV is to facilitate compliance by the
        Depositor, the Master Servicer and the Securities Administrator with the
        provisions of Regulation AB and related rules and regulations of the
        Commission.  The Depositor, the Master Servicer and the Securities
        Administrator shall not exercise its right to request delivery of information
        or
        other performance under these provisions other than in good faith, or for
        purposes other than compliance with the Securities Act, the Exchange Act
        and the
        rules and regulations of the Commission under the Securities Act and the
        Exchange Act.  Each of the parties hereto acknowledges that
        interpretations of the requirements of Regulation AB may change over time,
        whether due to interpretive guidance provided by the Commission or its staff,
        consensus among participants in the mortgage-backed securities markets, advice
        of counsel, or otherwise, and the Custodian agrees to comply with requests
        made
        by the Depositor, the Master Servicer and the Securities Administrator in
        good
        faith for delivery of information under these provisions on the basis of
        evolving interpretations of Regulation AB to the extent reasonably practicable,
        unless otherwise advised in writing by counsel.  The Custodian shall
        cooperate reasonably with the Depositor, the Master Servicer and the Securities
        Administrator to deliver to the Depositor and the Master Servicer (including
        any
        of their respective assignees or designees), any and all disclosure, statements,
        reports, certifications, records and any other information necessary in the
        reasonable, good faith determination of the Depositor, the Master Servicer
        and
        the Securities Administrator to permit the Depositor, the Master Servicer
        and
        the Securities Administrator to comply with the provisions of Regulation
        AB.

       

      Section
        4.2.          Additional
        Representations and Warranties of the Custodian.

       

      (a)           The
        Custodian hereby represents and warrants that the information with respect
        to
        the Custodian set forth in the Prospectus Supplement under the caption
        "Description of the Certificates—The Custodians—Treasury Bank" (the "Custodian
        Disclosure") does not contain any untrue statement of a material fact or
        omit to
        state a material fact required to be stated therein or necessary in order
        to
        make the statements therein, in the light of the circumstances under which
        they
        were made, not misleading.

       

      (b)           The
        Custodian shall be deemed to represent to the Depositor as of the date hereof
        and on each date on which information is provided to the Depositor under
        Section
        4.3 that, except as disclosed in writing to the Depositor prior to such date:
        (i) there are no aspects of its financial condition that could have a material
        adverse effect on the performance by it of its Custodian obligations under
        this
        Agreement; (ii) there are no material legal or governmental proceedings pending
        (or known to be contemplated) against it that would affect or interfere with
        the
        performance of its obligations hereunder; and (iii) there are no affiliations,
        relationships or transactions relating to the Custodian with respect to the
        Depositor or any sponsor, issuing entity, servicer (other than Countrywide
        Home
        Loan Servicing LP), trustee, originator, significant obligor, enhancement
        or
        support provider or other material transaction party (as such terms are used
        in
        Regulation AB) relating to the securitization transaction contemplated by
        the
        Pooling and Servicing Agreement, as identified by the Depositor to the Custodian
        in writing as of the Closing Date (each, a "Transaction Party") that would
        affect or interfere with the performance of its obligations hereunder and
        have
        not been previously disclosed to the Depositor and the Trustee.

       

      (c)           If
        so requested by the Depositor on any date following the Closing Date, the
        Custodian shall, within five Business Days following such request, confirm
        in
        writing the accuracy of the representations and warranties set forth in
        paragraph (1) of this section or, if any such representation and warranty
        is not
        accurate as of the date of such confirmation, provide reasonably adequate
        disclosure of the pertinent facts, in writing, to the requesting party. Any
        such
        request from the Depositor shall not be given more than once each calendar
        quarter, unless the Depositor shall have a reasonable basis for a determination
        that any of the representations and warranties may not be accurate.

       

      Section
        4.3.          Additional
        Information to Be Provided by the Custodian.  For so long as the
        Certificates are outstanding, for the purpose of satisfying the Depositor’s
        reporting obligation under the Exchange Act with respect to any class of
        Certificates, the Custodian shall (a) notify the Depositor, the Securities
        Administrator and the Master Servicer in writing of any material litigation
        or
        governmental proceedings pending against the Custodian (including any such
        proceedings known to be contemplated by the governmental authorities) that
        would
        be material to Certificateholders, and (b) provide to the Depositor, Securities
        Administrator and the Master Servicer a written description of such proceedings.
        Any notices and descriptions required under this Section 4.3 shall be given
        no
        later than five Business Days prior to the Determination Date following the
        month in which the Custodian has knowledge of the occurrence of the relevant
        event. As of the date the Depositor, the Securities Administrator or Master
        Servicer files each Report on Form 10-D or Form 10-K with respect to the
        Certificates, the Custodian will be deemed to represent that any information
        previously provided under this Section 4.3, if any, is materially correct
        and
        does not have any material omissions unless the Custodian has provided an
        update
        to such information.

       

      Section
        4.4.          Report on
        Assessment of Compliance and Attestation.  On or before March 15
        of each calendar year in which a Form 10-K is required to be filed with respect
        to the Trust, the Custodian shall:

       

      (a)           deliver
        to the Depositor, the Master Servicer and the Securities Administrator a
        report
        (in form and substance reasonably satisfactory to the Depositor) regarding
        the
        Custodian’s assessment of compliance with the Applicable Servicing Criteria as
        set forth in Exhibit Four during the immediately preceding calendar year,
        as
        required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122
        of
        Regulation AB.  Such report shall be addressed to the Depositor and
        the 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 hereto; and

       

      (b)           deliver
        to the Depositor, the Master Servicer and the Securities Administrator, a
        report
        of a registered public accounting firm reasonably acceptable to the Master
        Servicer, the Depositor and the Securities Administrator that attests to,
        and
        reports on, the assessment of compliance made by the Custodian and delivered
        pursuant to the preceding paragraph. Such attestation shall be in accordance
        with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities
        Act and
        the Exchange Act.

       

      Section
        4.5.          Indemnification;
        Remedies.

       

      (a)           The
        Custodian shall indemnify the Depositor, each affiliate of the Depositor,
        the
        Master Servicer, the Securities Administrator and each broker dealer acting
        as
        underwriter, placement agent or initial purchaser of the Certificates or
        each
        Person who controls any of such parties (within the meaning of Section 15
        of the
        Securities Act and Section 20 of the Exchange Act); and the respective present
        and former directors, officers, employees and agents of each of the foregoing
        (each, an “Indemnified Party”), and shall hold each of them harmless from and
        against any losses, damages, penalties, fines, forfeitures, legal fees and
        expenses and related costs, judgments, and any other costs, fees and expenses
        that any of them may sustain arising out of or based upon:

       

      (i)           (A)
        any untrue statement of a material fact contained or alleged to be contained
        in
        the Custodian Disclosure and any information, report, certification,
        accountants’ attestation or other material provided under this Article IV by or
        on behalf of the Custodian (collectively, the “Custodian Information”), or (B)
        the omission or alleged omission to state in the Custodian Information a
        material fact required to be stated in the Custodian Information or necessary
        in
        order to make the statements therein, in the light of the circumstances under
        which they were made, not misleading; or

       

      (ii)           any
        failure by the Custodian to deliver any information, report, certification,
        accountants’ attestation or other material when and as required under this
        Article IV; or

       

      (iii)           the
        negligence, bad faith or willful misconduct of the Custodian in the performance
        of its obligations under this Article IV.

       

      (b)           In
        the case of any failure of performance described in clause (ii) of Section
        4.5(a), the Custodian shall promptly reimburse the Depositor, the Securities
        Administrator and the Master Servicer for all costs reasonably incurred by
        the
        Depositor and the Master Servicer, respectively, in order to obtain the
        information, report, certification, accountants’ letter or other material not
        delivered as required by the Custodian.

       

      (c)           In
        no event shall the Custodian or its directors, officers and employees be
        liable
        for any special, indirect or consequential damages from any action taken
        or
        omitted to be taken by it or them hereunder or in connection herewith even
        if
        advised of the possibility of such damages.

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless any Indemnified Party, then the Custodian agrees that it shall
        contribute to the amount paid or payable by such Indemnified Party as a result
        of any claims, losses, damages or liabilities incurred by such Indemnified
        Party
        in such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Custodian on the
        other.  This indemnification shall survive the termination of this
        Agreement or the termination of the Custodian.

       

      ARTICLE
        V.

      MISCELLANEOUS
        PROVISIONS

       

      Section
        5.1.         Notices.  All
        notices, requests, consents and demands and other communications required
        under
        this Agreement or pursuant to any other instrument or document delivered
        hereunder shall be in writing and, unless otherwise specifically provided,
        may
        be delivered personally, by telegram or telex, or by registered or certified
        mail, postage prepaid, return receipt requested, at the addresses specified
        on
        the signature page hereof (unless changed by the particular party whose address
        is stated herein by similar notice in writing), in which case the notice
        will be
        deemed delivered when received.

       

      Section
        5.2.         Amendments.  No
        modification or amendment of or supplement to this Agreement shall be valid
        or
        effective unless the same is in writing and signed by all parties hereto,
        and
        neither the Depositor, the Master Servicer nor the Trustee shall enter into
        any
        amendment hereof except as permitted by the Pooling and Servicing
        Agreement.  The Trustee shall give prompt notice to the Custodian of
        any amendment or supplement to the Pooling and Servicing Agreement and furnish
        the Custodian with written copies thereof.

       

      Section
        5.3.         GOVERNING
        LAW.  THIS AGREEMENT SHALL BE DEEMED A CONTRACT MADE UNDER THE
        LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
        WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE
        TO ITS
        CONFLICT OF LAWS RULES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
        OBLIGATIONS LAW, WHICH SHALL APPLY HERETO).

       

      Section
        5.4.         Recordation of
        Agreement.  To the extent permitted by applicable law, this
        Agreement is subject to recordation in all appropriate public offices for
        real
        property records in all the counties or other comparable jurisdictions in
        which
        any or all of the properties subject to the Mortgages are situated, and in
        any
        other appropriate public recording office or elsewhere, such recordation
        to be
        effected by the Depositor and at the Trust's expense on direction by the
        Trustee, but only upon direction accompanied by an Opinion of Counsel reasonably
        satisfactory to the Depositor to the effect that the failure to effect such
        recordation is likely to materially and adversely affect the interests of
        the
        Certificateholders.

       

      For
        the
        purpose of facilitating the recordation of this Agreement as herein provided
        and
        for other purposes, this Agreement may be executed simultaneously in any
        number
        of counterparts, each of which counterparts shall be deemed to be an original,
        and such counterparts shall constitute but one and the same
        instrument.

       

      Section
        5.5.         Severability of
        Provisions.  If any one or more of the covenants, agreements,
        provisions or terms of this Agreement shall be for any reason whatsoever
        held
        invalid, then such covenants, agreements, provisions or terms shall be deemed
        severable from the remaining covenants, agreements, provisions or terms of
        this
        Agreement and shall in no way affect the validity or enforceability of the
        other
        provisions of this Agreement or of the Certificates or the rights of the
        holders
        thereof.

       

      [Signature
        page follows]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

          
        IN WITNESS WHEREOF, this Agreement is executed as of the date first above
        written.

      

      
        	
                Address:

                 

                388
                  Greenwich Street, 14th Floor

                New
                  York, New York 10013

                Attention:
                  Structured Finance Agency & Trust 

                BSARM
                  2007-4

                Telecopy:  (212)
                  816-5527

                 

                 

                 

              	
                CITIBANK,
                  N.A.,

                not
                  individually but solely as Trustee

                 

                By:___________________________________

                Name:

                Title:

                 

              
	
                Address:

                 

                383
                  Madison Avenue

                New
                  York, New York  10179

              	
                STRUCTURED
                  ASSET MORTGAGE INVESTMENTS II INC.

                 

                By:___________________________________

                Name:

                Title:

                 

                 

                 

              
	
                Address:

                 

                2780
                  Lake Vista Drive

                Lewisville,
                  Texas 75067

                (214)
                  626-4889

                Attention:
                  Michelle Viner

                 

                 

                 

              	
                EMC
                  MORTGAGE CORPORATION, 

                as
                  Master Servicer and Seller

                 

                By:___________________________________

                Name:

                Title:

                 

              
	
                Address:

                 

                2780
                  Lake Vista Drive,

                Lewisville,
                  Texas 75067

                Facsimile:
                  (214) 626-4889

                Attention:
                  Mark Novachek

                 

                 

              	
                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:

                 

                4100
                  E. Los Angeles Avenue

                Simi
                  Valley, California 93063

                Attention:
                  Teresita Que

                Telephone:
                  (805) 577-6028

                Facsimile:  (805)
                  577-6069

                 

              	
                TREASURY
                  BANK, A DIVISION OF COUNTRYWIDE BANK FSB, 

                as
                  Custodian

                 

                By:___________________________________

                Name:

                Title:

                 

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      STATE
        OF
        NEW
        YORK                     )

      )ss:

      COUNTY
        OF
        NEW
        YORK                 )

       

      On
        the
        31st day of
        May, 2007 before me, a notary public in and for said State,
        personally appeared _____________________, known to me to be an
        _____________________ of Citibank, N.A., a national banking association
        organized under the laws of the United States of America, that executed the
        within instrument, and also known to me to be the person who executed it
        on
        behalf of said national banking association and acknowledged to me that such
        national banking association executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
         

         

        
          
            	 	 
	 	
                     Notary
                      Public

                  

          

           

        

      

      [SEAL]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      STATE
        OF
        MARYLAND                   )

      )
        ss:

      COUNTY
        OF
        HOWARD                    )

       

      On
        the
        31st day of
        May, 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 that executed the within
        instrument, and also known to me to be the person who executed it on behalf
        of
        said national banking association, and acknowledged to me that such national
        banking association executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
         

         

        
          
            	 	 
	 	
                     Notary
                      Public

                  

          

           

        

      

       

      [SEAL]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      STATE
        OF
        NEW
        YORK                     )

      )ss:

      COUNTY
        OF
        NEW
        YORK                 )

       

      On
        the
        31st day of
        May, 2007 before me, a notary public in and for said State, personally appeared
        Baron Silverstein, known to me to be a Vice President of Structured Asset
        Mortgage Investments II Inc., one of the corporations that executed the within
        instrument, and also known to me to be the person who executed it on behalf
        of
        said corporation, and acknowledged to me that such corporation executed the
        within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

       

      
         

         

        
          
            	 	 
	 	
                     Notary
                      Public

                  

          

           

           

        

      

      [Notarial
        Seal]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      STATE
        OF
        TEXAS             )

      )
        ss.:

      COUNTY
        OF                        )

       

      On
        the
        31st day of
        May, 2007 before me, a notary public in and for said State,
        personally appeared __________________known to me to be an authorized
        representative of EMC Mortgage Corporation, one of the corporations that
        executed the within instrument, and also known to me to be the person who
        executed it on behalf of said national banking association, and acknowledged
        to
        me that such national banking association executed the within
        instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      

      
         

         

        
          
            	 	 
	 	
                     Notary
                      Public

                  

          

           

           

        

      

      [SEAL]

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      STATE
        OF
        TEXAS              )

      )
        ss.:

      COUNTY
        OF                        )

       

      On
        the
        31st day of
        May, 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 corporations that executed
        the
        within instrument, and also known to me to be the person who executed it
        on
        behalf of said national banking association, and acknowledged to me that
        such
        national banking association executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

       

      
         

        
          
            	 	 
	 	
                     Notary
                      Public

                  

          

           

        

      

       

      [SEAL]

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      STATE
        OF
        CALIFORNIA                  )

      )
        ss:

      COUNTY
        OF
        ___________              )

       

      On
        the
        31st day of
        May, 2007 before me, a notary public in and for said State, personally appeared
        ______________, known to me to be a __________________ of Treasury Bank,
        a
        division of Countrywide Bank FSB, one of the corporations that executed the
        within instrument, and also known to me to be the person who executed it
        on
        behalf of said corporation, and acknowledged to me that such corporation
        executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

       

      
         

        
          
            	 	 
	 	
                     Notary
                      Public

                  

          

           

        

      

      [Notarial
        Seal]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      SCHEDULE
        1

       

      Mortgage
        Loans

       

      [Provided
        upon Request]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        ONE

       

      FORM
        OF
        CUSTODIAN INITIAL CERTIFICATION

       

      May
        31,
        2007

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      

      Structured
        Asset Mortgage Investments II Inc.

      383
        Park
        Avenue

      New
        York,
        New York 10179

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067

      Attention:
        Janan Weeks

      Email:
        jweeks@bear.com

      Facsimile:
        (214) 626-3704

      

      With
        a
        copy to:

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067

      Attention:
        Michelle Viner

      Email: 
        mviner@bear.com

      Facsimile:
        (214) 626-4889

      

      Attention:
        Bear Stearns ARM Trust 2007-4, Mortgage Pass-Through Certificates, Series
        2007-4

       

      
        
          
             

            
              	 	 Re:	
                      Custodial
                        Agreement, dated as of May 31, 2007, by and among Citibank,
                        N.A.,
                        Structured Asset Mortgage Investments II Inc., EMC Mortgage
                        Corporation,
                        Treasury Bank, a division of Countrywide Bank FSB and Master
                        Funding LLC
                        relating to Bear Stearns ARM Trust 2007-4, Mortgage Pass-Through
                        Certificates, Series 2007-4

                    

            

             

          

        

      

       

        Ladies
          and Gentlemen:

      

       

      In
        accordance with Section 2.3 of the above-captioned Custodial Agreement, and
        subject to Section 2.02 of the Pooling and Servicing Agreement, the undersigned,
        as Custodian, hereby certifies that it has received a Mortgage File (which
        contains an original Mortgage Note or lost note affidavit) to the extent
        required in Section 2.01 of the Pooling and Servicing Agreement (other than
        with
        respect to clause (b)(v) thereof, for which no review has been made) with
        respect to each Mortgage Loan listed in the Mortgage Loan Schedule, with
        any
        exceptions listed on Schedule A attached hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

       

      
        	 	TREASURY
                BANK, A DIVISION OF
                COUNTRYWIDE
                  BANK, FSB

                 

                By:______________________________________

                Name:

                Title:

              

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      SCHEDULE
        A TO EXHIBIT ONE

       

      Exceptions

       

       

       

      
 

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        TWO

       

      FORM
        OF
        CUSTODIAN INTERIM CERTIFICATION

       

      _________
        ___, 200__

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      Attn:  Structured
        Finance—Agency & Trust, BSARM 2007-4

      

      Structured
        Asset Mortgage Investments II Inc.

      383
        Park
        Avenue

      New
        York,
        New York 10179

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067

      Attention:
        Janan Weeks

      Email:
        jweeks@bear.com

      Facsimile:
        (214) 626-3704

      

      With
        a
        copy to:

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067

      Attention:
        Michelle Viner

      Email: 
        mviner@bear.com

      Facsimile:
        (214) 626-4889

      

      Attention:
        Bear Stearns ARM Trust 2007-4, Mortgage Pass-Through Certificates, Series
        2007-4

      

       

      
        	 	 Re:	 Custodial
                Agreement, dated as of May 31, 2007, by and among Citibank, N.A.,
                Structured Asset Mortgage Investments II Inc., EMC Mortgage Corporation,
                Treasury Bank, a division of Countrywide Bank FSB and Master Funding
                LLC relating to Bear Stearns ARM Trust 2007-4, Mortgage Pass-Through
                Certificates, Series 2007-4

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3 of the above-captioned Custodial Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        to the extent required pursuant to Section 2.01 of the Pooling and Servicing
        Agreement (other than with respect to clause (b)(v) thereof, for which no
        review
        has been made) with respect to each Mortgage Loan listed in the Mortgage
        Loan
        Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
        and has determined that: all required documents have been executed and received
        and that such documents related to the Mortgage Loans identified on the Mortgage
        Loan Schedule, with any exceptions listed on Schedule A attached
        hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

       

      
         

        
          	 	 TREASURY
                  BANK, A DIVISION OF
                  COUNTRYWIDE
                    BANK FSB

                   

                   

                  By:______________________________________

                  Name:

                  Title:

                

        

         

      

       

       

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      SCHEDULE
        A TO EXHIBIT TWO

       

      Exceptions

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        THREE

       

      FORM
        OF
        CUSTODIAN FINAL CERTIFICATION

       

      __________
        ____, 200__

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      Attn:  Structured
        Finance—Agency & Trust, BSARM 2007-4

      

      Structured
        Asset Mortgage Investments II Inc.

      383
        Park
        Avenue

      New
        York,
        New York 10179

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067

      Attention:
        Janan Weeks

      Email:
        jweeks@bear.com

      Facsimile:
        (214) 626-3704

      

      With
        a
        copy to:

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067

      Attention:
        Michelle Viner

      Email: 
        mviner@bear.com

      Facsimile:
        (214) 626-4889

      

      Attention:  Bear
        Stearns ARM Trust 2007-4, Mortgage Pass-Through Certificates, Series
        2007-4

       

      
        	
                 

              	
                Re:

              	
                Custodial
                  Agreement, dated as of May 31, 2007, by and among Citibank, N.A.,
                  Structured Asset Mortgage Investments II Inc., EMC Mortgage Corporation,
                  Treasury Bank, a division of Countrywide Bank FSB and Master Funding
                  LLC
                  relating to Bear Stearns ARM Trust 2007-4, Mortgage Pass-Through
                  Certificates, Series 2007-4

              	 

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3 of the above-captioned Custodial Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        to the extent required pursuant to Section 2.01 of the Pooling and Servicing
        Agreement (other than with respect to clause (b)(v) thereof, for which no
        review
        has been made) with respect to each Mortgage Loan listed in the Mortgage
        Loan
        Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
        and has determined that an original of each document related thereto required
        to
        be recorded has been returned from the related recording office with evidence
        of
        recording thereon, or a certified copy has been obtained from the related
        recording office, with any exceptions listed in Schedule A attached
        hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

       

      
        
           

          
            	 	 TREASURY
                    BANK, A DIVISION OF
                    COUNTRYWIDE
                      BANK, FSB

                     

                     

                    By:______________________________________

                    Name:

                    Title:

                  

          

           

        

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      SCHEDULE
        A TO EXHIBIT THREE

       

      Exceptions

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        FOUR

       

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       

      The
        assessment of compliance to be delivered by the Custodian shall address,
        at a
        minimum, the criteria identified as below as “Applicable Servicing
        Criteria”;

       

      
        	
                 

                Servicing
                  Criteria

              	
                Applicable

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	 	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt and identification, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 
	
                 

                 

                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements.  For
                  purposes of this criterion, “federally insured depository institutions”
                  with respect to a foreign financial institution means a foreign
                  financial
                  institution that meets the requirements of Rule 13k-1(b)(1) of
                  the
                  Securities Exchange Act.

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliations; and (D) contain explanations for reconciling items,
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	 
	 	
                Investor
                  Remittances and Reporting

              	 
	
                 

                 

                 

                 

                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements, (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors; or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the
                  servicer.

              	 
	
                 

                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 
	
                 

                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	 
	
                 

                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	 
	 	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related asset pool documents.

              	
                √

                 

              
	
                1122(d)(4)(ii)

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

              	
                √

                 

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements

              	 
	
                 

                 

                 

                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	 
	
                 

                1122(d)(4)(v)

              	
                The
                  servicer’s records regarding the pool assets agree with the servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 

      

      
        	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s pool asset (e.g., loan
                  modifications or re-agings) are made, reviewed and approved by
                  authorized
                  personnel in accordance with the transaction agreements and related
                  pool
                  asset documents.

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation of recovery actions (e.g., forbearance plans, modifications
                  and
                  deed in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  documents.

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.,
                  Such
                  records are maintained in at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets
                  with  variable rates are computed based on the related pool
                  asset documents.

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts);
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 3-
                  calendar
                  days of full repayment of the related pool asset, or such other
                  number of
                  days specified in the transaction agreements.

              	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax ore insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the service at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible funds are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in item 1114(a)(1)
                  through (3) or item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        H-1

       

      COUNTRYWIDE
        SERVICING AGREEMENT

       

      

      
         

        
          
            
              	 

            

             

          

        

         

         

         

         

        EMC
          Mortgage Corporation,

         

        Purchaser

         

        and

         

        

         

        Countrywide
          Home Loans, Inc.,

         

        Company

         

        
           

          
            
              

            

          

           

          SELLER’S
            WARRANTIES AND SERVICING AGREEMENT

           

          Dated
            as
            of September 1, 2002

        

         

        
          
 

        Residential
          Adjustable Rate Mortgage Loans

         

         

         

         

        
          	 

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        TABLE
          OF
          CONTENTS

        
 

         

        
          	
                  ARTICLE
                    I 

                
	 
	
                  DEFINITIONS 

                
	
                   

                   

                
	
                  ARTICLE
                    II 

                
	 	 
	
                  CONVEYANCE
                    OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES; 

                
	
                  BOOKS
                    AND RECORDS; DELIVERY OF DOCUMENTS 

                
	 	 
	
                  Section
                    2.01

                	
                  Conveyance
                    of Mortgage Loans; Possession of Mortgage Files; Maintenance
                    of Servicing
                    Files.

                
	
                  Section
                    2.02

                	
                  Books
                    and Records; Transfers of Mortgage Loans.

                
	
                  Section
                    2.03

                	
                  Delivery
                    of Documents.

                
	 
	
                  ARTICLE
                    III

                
	 
	
                  REPRESENTATIONS
                    AND WARRANTIES; 

                
	
                  REMEDIES
                    AND BREACH 

                
	 	 
	
                  Section
                    3.01

                	
                  Company
                    Representations and Warranties.

                
	
                  Section
                    3.02

                	
                  Representations
                    and Warranties Regarding Individual Mortgage Loans.

                
	
                  Section
                    3.03

                	
                  Remedies
                    for Breach of Representations and Warranties.

                
	
                  Section
                    3.04

                	
                  Indemnification.

                
	
                  Section
                    3.05

                	
                  Repurchase
                    Upon Conversion.

                
	
                  Section
                    3.06

                	
                  Restrictions
                    and Requirements Applicable in the Event that
                    a Mortgage Loan is Acquired by a REMIC

                
	
                  Section
                    3.07

                	
                  Review
                    of Mortgage Loans

                
	 
	
                  ARTICLE
                    IV 

                
	 
	
                  ADMINISTRATION
                    AND SERVICING OF MORTGAGE LOANS 

                
	 	 
	
                  Section
                    4.01

                	
                  Company
                    to Act as Servicer.

                
	
                  Section
                    4.02

                	
                  Liquidation
                    of Mortgage Loans.

                
	
                  Section
                    4.03

                	
                  Collection
                    of Mortgage Loan Payments.

                
	
                  Section
                    4.04

                	
                  Establishment
                    of and Deposits to Custodial Account.

                
	
                  Section
                    4.05

                	
                  Permitted
                    Withdrawals From Custodial Account.

                
	
                  Section
                    4.06

                	
                  Establishment
                    of and Deposits to Escrow Account.

                
	
                  Section
                    4.07

                	
                  Permitted
                    Withdrawals From Escrow Account.

                
	
                  Section
                    4.08

                	
                  Payment
                    of Taxes, Insurance and Other Charges.

                
	
                  Section
                    4.09

                	
                  Protection
                    of Accounts.

                
	
                  Section
                    4.10

                	
                  Maintenance
                    of Hazard Insurance.

                
	
                  Section
                    4.11

                	
                  Maintenance
                    of Mortgage Impairment Insurance.

                
	
                  Section
                    4.12

                	
                  Maintenance
                    of Fidelity Bond and Errors and Omissions Insurance.

                
	
                  Section
                    4.13

                	
                  Inspections.

                
	
                  Section
                    4.14

                	
                  Restoration
                    of Mortgaged Property.

                
	
                  Section
                    4.15

                	
                  Maintenance
                    of PMI and LPMI Policy; Claims.

                
	
                  Section
                    4.16

                	
                  Title,
                    Management and Disposition of REO Property.

                
	
                  Section
                    4.17

                	
                  Real
                    Estate Owned Reports.

                
	
                  Section
                    4.18

                	
                  Liquidation
                    Reports.

                
	
                  Section
                    4.19

                	
                  Reports
                    of Foreclosures and Abandonments of Mortgaged Property.

                
	
                  Section
                    4.20

                	
                  Notification
                    of Adjustments.

                
	 
	
                  ARTICLE
                    V 

                
	 
	
                  PAYMENTS
                    TO PURCHASER 

                
	 	 
	
                  Section
                    5.01

                	
                  Remittances.

                
	
                  Section
                    5.02

                	
                  Statements
                    to Purchaser.

                
	
                  Section
                    5.03

                	
                  Monthly
                    Advances by Company.

                
	 
	
                  ARTICLE
                    VI 

                
	 
	
                  GENERAL
                    SERVICING PROCEDURES 

                
	 	 
	
                  Section
                    6.01

                	
                  Transfers
                    of Mortgaged Property.

                
	
                  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 Public Accountants’ Servicing Report.

                
	
                  Section
                    6.06

                	
                  Right
                    to Examine Company Records.

                
	 
	
                  ARTICLE
                    VII 

                
	 
	
                  AGENCY
                    TRANSFER; PASS-THROUGH TRANSFER 

                
	 	 
	
                  Section
                    7.01

                	
                  Removal
                    of Mortgage Loans from Inclusion Under this Agreement Upon an
                    Agency
                    Transfer, or a Pass-Through Transfer on One or More Reconstitution
                    Dates.

                
	
                  Section
                    7.02

                	
                  Purchaser’s
                    Repurchase and Indemnification Obligations.

                
	 
	
                  ARTICLE
                    VIII 

                
	 
	
                  COMPANY
                    TO COOPERATE 

                
	 	 
	
                  Section
                    8.01

                	
                  Provision
                    of Information.

                
	
                  Section
                    8.02

                	
                  Financial
                    Statements; Servicing Facility.

                
	 
	
                  ARTICLE
                    IX 

                
	 
	
                  THE
                    COMPANY 

                
	 	 
	
                  Section
                    9.01

                	
                  Indemnification;
                    Third Party Claims.

                
	
                  Section
                    9.02

                	
                  Merger
                    or Consolidation of the Company.

                
	
                  Section
                    9.03

                	
                  Limitation
                    on Liability of Company and Others.

                
	
                  Section
                    9.04

                	
                  Limitation
                    on Resignation and Assignment by Company.

                
	 
	
                  ARTICLE
                    X 

                
	 
	
                  DEFAULT 

                
	 	 
	
                  Section
                    10.01

                	
                  Events
                    of Default.

                
	
                  Section
                    10.02

                	
                  Waiver
                    of Defaults.

                
	 
	
                  ARTICLE
                    XI 

                
	 
	
                  TERMINATION 

                
	 	 
	
                  Section
                    11.01

                	
                  Termination.

                
	
                  Section
                    11.02

                	
                  Termination
                    Without Cause.

                
	 
	
                  ARTICLE
                    XII 

                
	 
	
                  MISCELLANEOUS
                    PROVISIONS 

                
	 	 
	
                  Section
                    12.01

                	
                  Successor
                    to Company.

                
	
                  Section
                    12.02

                	
                  Amendment.

                
	
                  Section
                    12.03

                	
                  Governing
                    Law.

                
	
                  Section
                    12.04

                	
                  Duration
                    of Agreement.

                
	
                  Section
                    12.05

                	
                  Notices.

                
	
                  Section
                    12.06

                	
                  Severability
                    of Provisions.

                
	
                  Section
                    12.07

                	
                  Relationship
                    of Parties.

                
	
                  Section
                    12.08

                	
                  Execution;
                    Successors and Assigns.

                
	
                  Section
                    12.09

                	
                  Recordation
                    of Assignments of Mortgage.

                
	
                  Section
                    12.10

                	
                  Assignment
                    by Purchaser.

                
	
                  Section
                    12.11

                	
                  No
                    Personal Solicitation.

                

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        EXHIBITS

         

        
          	
                  EXHIBIT
                    A

                	
                  MORTGAGE
                    LOAN SCHEDULE

                

        

        
          	
                  EXHIBIT
                    B

                	
                  CONTENTS
                    OF EACH MORTGAGE FILE

                

        

        
          	
                  EXHIBIT
                    C

                	
                  MORTGAGE
                    LOAN DOCUMENTS

                

        

        
          	
                  EXHIBIT
                    D-1

                	
                  FORM
                    OF CUSTODIAL ACCOUNT

                

        

        
          	
                   

                	
                  CERTIFICATION

                

        

        
          	
                  EXHIBIT
                    D-2

                	
                  FORM
                    OF CUSTODIAL ACCOUNT

                

        

        
          	
                   

                	
                  LETTER
                    AGREEMENT

                

        

        
          	
                  EXHIBIT
                    E-1

                	
                  FORM
                    OF ESCROW ACCOUNT CERTIFICATION

                

        

        
          	
                  EXHIBIT
                    E-2

                	
                  FORM
                    OF ESCROW ACCOUNT

                

        

        
          	
                   

                	
                  LETTER
                    AGREEMENT

                

        

        
          	
                  EXHIBIT
                    F

                	
                  FORM
                    OF MONTHLY REMITTANCE ADVICE

                

        

        
          	
                  EXHIBIT
                    G

                	
                  FORM
                    OF ASSIGNMENT AND ASSUMPTION

                

        

        
          	
                  EXHIBIT
                    H

                	
                  UNDERWRITING
                    GUIDELINES

                

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        This
          is a
          Seller’s Warranties and Servicing Agreement for residential adjustable rate
          first lien mortgage loans, dated and effective as of September 1, 2002,
          and is
          executed between EMC Mortgage Corporation, as purchaser (the
“Purchaser”), and Countrywide Home Loans, Inc., as seller and servicer
          (the “Company”).

         

        W I T N E S S E T H:

         

        WHEREAS,
          from time to time the Purchaser has agreed to purchase from the Company
          and from
          time to time the Company has agreed to sell to the Purchaser certain Mortgage
          Loans (excluding the right to service the Mortgage Loans which the Company
          expressly retains);

         

        WHEREAS,
          each of the Mortgage Loans is secured by a mortgage, deed of trust or other
          security instrument creating a first lien on a residential dwelling located
          in
          the jurisdiction indicated on the related Mortgage Loan Schedule, which
          is
          annexed hereto as Exhibit A;

        WHEREAS,
          the Company has agreed to service, from time to time, certain of the Mortgage
          Loans acquired by the Purchaser in accordance with the terms and provisions
          of
          this Agreement; and

         

        WHEREAS,
          the Purchaser and the Company wish to prescribe the manner of purchase
          of the
          Mortgage Loans and the management, servicing and control of the Mortgage
          Loans
          which from time to time are subject to this Agreement.

         

         

        NOW,
          THEREFORE, in consideration of the mutual agreements hereinafter set forth,
          and
          for other good and valuable consideration, the receipt and adequacy of
          which is
          hereby acknowledged, the Purchaser and the Company agree as
          follows:

         

        ARTICLE
          I

         

        DEFINITIONS

         

        Whenever
          used herein, the following words and phrases, unless the context otherwise
          requires, shall have the following meanings:

         

        Accepted
          Servicing Practices:  With respect to any Mortgage Loan, those
          mortgage servicing practices of prudent mortgage lending institutions which
          service mortgage loans of the same type as such Mortgage Loan in the
          jurisdiction where the related Mortgaged Property is located.

         

        Agency
          Transfer:  The sale or transfer by Purchaser of some or all of the
          Mortgage Loans to Fannie Mae under its Cash Purchase Program or its MBS
          Swap
          Program (Special Servicing Option) or to Freddie Mac under its Freddie
          Mac Cash
          Program or Gold PC Program, retaining the Company as “servicer
          thereunder”.

         

        Agreement:  This
          Seller’s Warranties and Servicing Agreement and all amendments hereof and
          supplements hereto.

         

        ALTA:  The
          American Land Title Association or any successor thereto.

         

        Appraised
          Value: The value set forth in an appraisal made in connection with the
          origination of the related Mortgage Loan as the value of the Mortgaged
          Property.

         

        Approved
          Flood Certification Provider:  Any provider acceptable to Fannie
          Mae and Freddie Mac.

         

        Assignment
          and Conveyance: An Assignment and Conveyance in the form of Exhibit 6
          to the Mortgage Loan Purchase Agreement dated as of the date hereof, by
          and
          between the Seller and the Purchaser.

         

        Assignment
          of Mortgage:  An assignment of the Mortgage, notice of transfer or
          equivalent instrument in recordable form, sufficient under the laws of
          the
          jurisdiction wherein the related Mortgaged Property is located to reflect
          the
          sale of the Mortgage to the Purchaser.

         

        BIF:  The
          Bank Insurance Fund, or any successor thereto.

         

        Business
          Day:  Any day other than (i) a Saturday or Sunday, or (ii) a day
          on which banking and savings and loan institutions in the State of New
          York or
          California are authorized or obligated by law or executive order to be
          closed.

         

        Closing
          Date: The date set forth on the related Confirmation on which the Purchaser
          from time to time shall purchase and the Company from time to time shall
          sell,
          the Mortgage Loans listed on the related Mortgage Loan Schedule.

         

        Code:  The
          Internal Revenue Code of 1986, as it may be amended from time to time or
          any
          successor statute thereto, and applicable U.S. Department of the Treasury
          regulations issued pursuant thereto.

         

        Company:  Countrywide
          Home Loans, Inc., or its successor in interest or assigns, or any successor
          to
          the Company under this Agreement appointed as herein provided.

         

        Condemnation
          Proceeds:  All awards or settlements in respect of a Mortgaged
          Property, whether permanent or temporary, partial or entire, by exercise
          of the
          power of eminent domain or condemnation, to the extent not required to
          be
          released to a Mortgagor in accordance with the terms of the related Mortgage
          Loan Documents.

         

        Confirmation:  The
          trade confirmation letter between the parties hereto which relates to the
          Mortgage Loans on the related Closing Date.

         

        Convertible
          Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
          Agreement which contains a provision whereby the Mortgagor is permitted
          to
          convert the Mortgage Loan to a fixed-rate mortgage loan at any time between
          the
          first anniversary and the fifth anniversary of the origination of the mortgage
          loan.

         

        Custodial
          Account:  The separate account or accounts created and maintained
          pursuant to Section 4.04.

         

        Custodial
          Agreement: That certain Custodial Agreement, dated as of November 23,1999 by
          and between the Purchaser and Wells Fargo Bank Minnesota, N.A.

         

        Custodian:  The
          Custodian under the Custodial Agreement, or its successor in interest or
          assigns
          or any successor to the Custodian under the Custodial Agreement as provided
          therein.

         

        Cut-off
          Date: The date set forth on the related Confirmation.

         

        Deleted
          Mortgage Loan:  A Mortgage Loan which is repurchased by the
          Company in accordance with the terms of this Agreement and which is, in
          the case
          of a substitution pursuant to Section 3.03, replaced or to be replaced
          with a
          Qualified Substitute Mortgage Loan.

         

        Determination
          Date:  The 15th
          day (or if such
          15th day
          is not
          a Business Day, the Business Day immediately preceding such 15th day)
          of the month
          of the related Remittance Date.

         

        Disqualified
          Organization:  An organization defined as such in Section 860E(e)
          of the Code.

         

        Due
          Date:  The day of the month on which the Monthly Payment is due on
          a Mortgage Loan, exclusive of any days of grace. With respect to the Mortgage
          Loans for which payment from the Mortgagor is due on a day other than the
          first
          day of the month, such Mortgage Loans will be treated as if the Monthly
          Payment
          is due on the first day of the month of such Due Date.

         

        Due
          Period:  With respect to each Remittance Date, the prior calendar
          month.

         

        Eligible
          Investments:  Any one or more of the obligations and securities
          listed below which investment provides for a date of maturity not later
          than the
          Determination Date in each month:

         

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

         

        (ii)  federal
          funds, demand and time deposits in, certificates of deposits of, or bankers’
acceptances issued by, any depository institution or trust company incorporated
          or organized under the laws of the United States of America or any state
          thereof
          and subject to supervision and examination by federal and/or state banking
          authorities, so long as at the time of such investment or contractual commitment
          providing for such investment the commercial paper or other short-term
          debt
          obligations of such depository institution or trust company (or, in the
          case of
          a depository institution or trust company which is the principal subsidiary
          of a
          holding company, the commercial paper or other short-term debt obligations
          of
          such holding company) are rated “P-1” by Moody’s Investors Service, Inc. and the
          long-term debt obligations of such holding company) are rated “P-1” by Moody’s
          Investors Service, Inc. and the long-term debt obligations of such depository
          institution or trust company (or, in the case of a depository institution
          or
          trust company which is the principal subsidiary of a holding company, the
          long-term debt obligations of such holding company) are rated at least
“Aa” by
          Moody’s Investors Service, Inc.;

         

        (iii)  investments
          and securities otherwise acceptable to Fannie Mae and Freddie Mac.

         

        provided,
          however, that no such instrument shall be an Eligible Investment if such
          instrument evidences either (i) a right to receive only interest payments
          with respect to the obligations underlying such instrument, or (ii) both
          principal and interest payments derived from obligations underlying such
          instrument and the principal and interest payments with respect to such
          instrument provide a yield to maturity of greater than 120% of the yield
          to
          maturity at par of such underlying obligations.

         

        Errors
          and Omissions Insurance Policy:  An errors and omissions insurance
          policy to be maintained by the Company pursuant to Section 4.12.

         

        Escrow
          Account:  The separate account or accounts created and maintained
          pursuant to Section 4.06.

         

        Escrow
          Payments:  With respect to any Mortgage Loan, the amounts
          constituting ground rents, taxes, assessments, water rates, sewer rents,
          municipal charges, mortgage insurance premiums, fire and hazard insurance
          premiums, condominium charges, and any other payments required to be escrowed
          by
          the Mortgagor with the mortgagee pursuant to the Mortgage or any other
          related
          document.

         

        Event
          of Default:  Any one of the conditions or circumstances enumerated
          in Section 10.01.

         

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

         

        Fannie
          Mae Guides:  The Fannie Mae Sellers’ Guide and the Fannie Mae
          Servicers’ Guide and all amendments or additions thereto.

         

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

         

        Fidelity
          Bond:  A fidelity bond to be maintained by the Company pursuant to
          Section 4.12.

         

        First
          Remittance Date:  As stated in the related Mortgage Loan Purchase
          Agreement.

         

        5/1
          ARM Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
          Agreement which contains a provision whereby the interest rate on such
          Mortgage
          Loan is fixed for the first five (5) years of the term of the related Mortgage
          Loan and which thereafter is converted to a Treasury Rate Mortgage Loan
          or a
          LIBOR Mortgage Loan except that the Periodic Rate Cap does not apply to
          the
          initial Interest Rate Adjustment Date for the related Mortgage
          Loan.

         

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

         

        GEMICO:  General
          Electric Mortgage Insurance Corporation or any successor thereto.

         

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

         

        Index:
          With respect to any individual Treasury Rate Mortgage Loan, and with respect
          to
          any individual 10/1 ARM Mortgage Loan, 5/1 ARM Mortgage Loan or 3/1 ARM
          Mortgage
          Loan commencing from and after the 120th Monthly Payment, sixtieth Monthly
          Payment, or the thirty-sixth Monthly Payment thereof, respectively, Index
          shall
          mean a rate per annum equal to the weekly average yield on U.S. Treasury
          securities adjusted to a constant maturity of one year as published by
          the
          Federal Reserve Board in statistical release No. H 15 (519) or any similar
          publication as available 45 days prior to the Interest Rate Adjustment
          Date.
          With respect to any individual LIBOR Mortgage Loan, Index shall mean a
          rate per
          annum equal to the average of interbank offered rates for twelve month
          U.S.
          dollar denominated deposits in the London market as determined as set forth
          in
          the related Mortgage Note. With respect to any individual CD Mortgage Loan,
          Index shall mean a rate per annum equal to the weekly average yield on
          certificates of deposit adjusted to a constant maturity of six months as
          published by the Federal Reserve Board in statistical release No. H 15
          (519) or
          similar publication as available 45 days prior to the Interest Rate Adjustment
          Date.

         

        Initial
          Rate Cap: With respect to each Mortgage Loan and the initial Interest Rate
          Adjustment Date therefor, a number of percentage points per annum that
          is set
          forth in the related Mortgage Loan Schedule and in the related Mortgage
          Note,
          which is the maximum amount by which the Mortgage Interest Rate for such
          Mortgage Loan may increase or decrease from the Mortgage Interest Rate
          in effect
          immediately prior to such Interest Rate Adjustment Date.

         

        Insurance
          Proceeds:  With respect to each Mortgage Loan, proceeds of
          insurance policies insuring the Mortgage Loan or the related Mortgaged
          Property.

         

        Interest
          Rate Adjustment Date: The date on which an adjustment to the Mortgage
          Interest Rate on a Mortgage Note becomes effective.

         

        LIBOR
          Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
          Agreement which contains a provision whereby the interest rate on such
          Mortgage
          Loan is adjusted annually based upon the rate per annum equal to the average
          of
          interbank offered rates for twelve month U.S. dollar denominated deposits
          in the
          London market as published in The Wall Street Journal.

         

        Lifetime
          Mortgage Interest Rate Cap: With respect to each Mortgage Loan, the absolute
          maximum Mortgage Interest Rate payable, above which the Mortgage Interest
          Rate
          cannot be adjusted. The Mortgage Interest Rate during the term of a Mortgage
          Loan shall not at any time exceed the Mortgage Interest Rate at the time
          of
          origination of such Mortgage Loan by more than 5% per

         

        Liquidation
          Proceeds:  Cash received in connection with the liquidation of a
          defaulted Mortgage Loan, whether through the sale or assignment of such
          Mortgage
          Loan, trustee’s sale, foreclosure sale or otherwise, or the sale of the related
          Mortgaged Property if the Mortgaged Property is acquired in satisfaction
          of the
          Mortgage Loan.

         

        Loan-to-Value
          Ratio or LTV:  With respect to any Mortgage Loan, the ratio of the
          Stated Principal Balance of the Mortgage Loan as of the related Cut-off
          Date
          (unless otherwise indicated) to the lesser of (a) the Appraised Value of
          the
          Mortgaged Property and (b) if the Mortgage Loan was made to finance the
          acquisition of the related Mortgaged Property, the purchase price of the
          Mortgaged Property, expressed as a percentage.

         

        LPMI
          Loan:  A Mortgage Loan with a LPMI Policy.

         

        LPMI
          Policy: A policy of primary mortgage guaranty insurance issued by another
          Qualified Insurer pursuant to which the related premium is to be paid by
          the
          Servicer of the related Mortgage Loan from payments of interest made by
          the
          Mortgagor in an amount as is set forth in the related Confirmation and
          related
          Mortgage Loan Schedule.

         

        LPMI
          Fee: With respect to each LPMI Loan, the portion of the Mortgage Interest
          Rate as set forth on the related Mortgage Loan Schedule (which shall be
          payable
          solely from the interest portion of Monthly Payments, Insurance Proceeds,
          Condemnation Proceeds or Liquidation Proceeds), which, during such period
          prior
          to the required cancellation of the LPMI Policy, shall be used to pay the
          premium due on the related LPMI Policy.

         

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

         

        MERS
          Mortgage Loan:  Any Mortgage Loan registered with MERS on the MERS
          System.

         

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

         

        MIN:  The
          Mortgage Identification Number for any MERS Mortgage Loan.

         

        Monthly
          Advance:  The portion of Monthly Payment delinquent with respect
          to each Mortgage Loan at the close of business on the Determination Date
          required to be advanced by the Company pursuant to Section 5.03 on the
          Business
          Day immediately preceding the Remittance Date of the related month.

         

        Monthly
          Payment:  The scheduled monthly payment of principal and interest
          on a Mortgage Loan.

         

        Mortgage:  The
          mortgage, deed of trust or other instrument securing a Mortgage Note, which
          creates a first lien on an unsubordinated estate in fee simple in real
          property
          securing the Mortgage Note.

         

        Mortgage
          File:  The items pertaining to a particular Mortgage Loan referred
          to in Exhibit B annexed hereto, and any additional documents required to
          be added to the Mortgage File pursuant to this Agreement.

         

        Mortgage
          Impairment Insurance Policy:  A mortgage impairment or blanket
          hazard insurance policy as described in Section 4.11.

         

        Mortgage
          Interest Rate: The annual rate at which Interest accrues on any Mortgage
          Loan as adjusted from time to time in accordance with the provisions of
          the
          related Mortgage Note and in compliance with the related Initial Rate Cap,
          Lifetime Mortgage Interest Rate Cap and Periodic Rate Cap, if any, of the
          related Mortgage Note.

         

        Mortgage
          Loan: An individual Convertible or Non-Convertible, Treasury Rate, LIBOR,
          5/1 ARM, or 3/1 ARM Mortgage Loan which is the subject of this Agreement,
          each
          Mortgage Loan originally sold and subject to this Agreement being identified
          on
          the Mortgage Loan Schedule, which Mortgage Loan includes without limitation
          the
          Mortgage File, the Monthly Payments, Principal Prepayments, Liquidation
          Proceeds, condemnation proceeds, Insurance Proceeds, REO disposition proceeds,
          and all other rights, benefits, proceeds and obligations arising from or
          in
          connection with such Mortgage Loan.

         

        Mortgage
          Loan Documents:  The documents listed in Exhibit C
          hereto.

         

        Mortgage
          Loan Package: A pool of Mortgage Loans sold to the Purchaser by the Company
          on a Closing Date.

         

        Mortgage
          Loan Remittance Rate:  With respect to each Mortgage Loan, the
          annual rate of interest remitted to the Purchaser, which shall be equal
          to the
          Mortgage Interest Rate minus (i) the Servicing Fee Rate and (ii) with respect
          to
          LPMI Loans, the LPMI Fee.

         

        Mortgage
          Loan Schedule: With respect to each Mortgage Loan Package, a schedule of
          Mortgage Loans annexed hereto as Annex A, such schedule setting forth the
          following information with respect to each Mortgage Loan: (1) the Company’s
          Mortgage Loan identifying number; (2) the Mortgagor’s name; (3) the street
          address of the Mortgaged Property including the city, state and zip code;
          (4) a
          code indicating whether the Mortgaged Property is owner-occupied a second
          home,
          or an investment property; (5) the number and type of residential units
          constituting the Mortgaged Property; (6) the original months to maturity;
          (7)
          the Loan-to-Value Ratio at origination; (8) the Mortgage Interest Rate
          as of the
          Cut-off Date; (9) the date on which the initial Monthly Payment was due
          on the
          Mortgage Loan; (10) the stated maturity date; (11) the amount of the Monthly
          Payment as of the Cut-off Date; (12) the last payment date on which a payment
          was actually applied to the outstanding principal balance; (13) the original
          principal amount of the Mortgage Loan; (14) the principal balance of the
          Mortgage Loan as of the close of business on the Cut-off Date, after deduction
          of payments of principal due on or before the Cut-off Date whether or not
          collected; (15) a code indicating the purpose of the loan (i.e., purchase,
          rate
          and term refinance, equity take-out refinance); (16) a code indicating
          the
          documentation style (i.e. full, alternative or reduced); (17) the Interest
          Rate
          Adjustment Date; (18) the Gross Margin; (19) the lifetime maximum Mortgage
          Interest Rate under the terms of the Mortgage Note; (20) the date the Mortgage
          Loan was originated; (21) the Periodic Rate Cap; (22) a code indicating
          the
          company providing private mortgage insurance; (23) a code indicating if
          the
          Mortgage Loan is convertible; (24) the Servicing Fee Rate; (25) the LPMI
          Fee, if
          any; and (26) the Initial Rate Cap. With respect to the Mortgage Loans
          in the
          aggregate, the Mortgage Loan Schedule shall set forth the following information,
          as of the Cut-off Date: (1) the number of Mortgage Loans; (2) the current
          aggregate outstanding principal balance of the Mortgage Loans; (3) the
          weighted
          average Mortgage Interest Rate of the Mortgage Loans; and (4) the weighted
          average maturity of the Mortgage Loans.  The Mortgage Loan Schedule
          may consist of multiple reports that collectively set forth all of the
          required
          information.

         

        Mortgage
          Note:  The note or other evidence of the indebtedness of a
          Mortgagor secured by a Mortgage.

         

        Mortgaged
          Property:  The real property securing repayment of the debt
          evidenced by a Mortgage Note.

         

        Mortgagor:  The
          obligor on a Mortgage Note.

         

        Non-Convertible
          Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
          Agreement which does not contain a provision whereby the Mortgagor may
          convert
          the Mortgage Loan to a fixed-rate mortgage loan.

         

        Officer’s
          Certificate:  A certificate signed by the Chairman of the Board or
          the Vice Chairman of the Board or the President or a Vice President or
          an
          assistant Vice President and by the Treasurer or the Secretary or one of
          the
          Assistant Treasurers or Assistant Secretaries of the Company, and delivered
          to
          the Purchaser as required by this Agreement.

         

        Opinion
          of Counsel:  A written opinion of counsel, who may be an employee
          of the Company, reasonably acceptable to the Purchaser, provided that any
          Opinion of Counsel relating to compliance with the REMIC Provisions, must
          be an
          opinion of counsel who (i) is in fact independent of the Company and any
          master
          servicer of the Mortgage Loans, (ii) does not have any material direct
          or
          indirect financial interest in the Company or any master servicer of the
          Mortgage Loans or in an affiliate of either and (iii) is not connected
          with the
          Company or any master servicer of the Mortgage Loans as an officer, employee,
          director or person performing similar functions.

         

        Pass-Through
          Transfer:  The sale or transfer of some or all of the Mortgage
          Loans to a trust to be formed as part of a publicly-issued and/or privately
          placed, rated or unrated, mortgage pass-through transaction, retaining
          the
          Company as “servicer” (with or without a master servicer)
          thereunder.

         

        Periodic
          Rate Cap: With respect to each Mortgage Loan, the provision of each Mortgage
          Note which provides for an absolute maximum amount by which the Mortgage
          Interest Rate therein may increase or decrease on an Interest Rate Adjustment
          Date above the Mortgage Interest Rate previously in effect, equal to the
          rate
          set forth on the Mortgage Loan Schedule per adjustment.

         

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

         

        PMI:  PMI
          Mortgage Insurance Co., or any successor thereto.

         

        PMI
          Policy:  A policy of primary mortgage guaranty insurance issued by
          a Qualified Insurer, as required by this Agreement with respect to certain
          Mortgage Loans.

         

        Pool
          Insurer:  Any of GEMICO, PMI or UGI.

         

        Prepayment
          Interest Shortfall Amount:  With respect to any Mortgage Loan that
          was subject to a Principal Prepayment in full or in part during any Due
          Period,
          which Principal Prepayment was applied to such Mortgage Loan prior to such
          Mortgage Loan’s Due Date in such Due Period, the amount of interest (net the
          related Servicing Fee) that would have accrued on the amount of such Principal
          Prepayment during the period commencing on the date as of which such Principal
          Prepayment was applied to such Mortgage Loan and ending on the day immediately
          preceding such Due Date, inclusive.

         

        Prime
          Rate:  The prime rate announced to be in effect from time to time,
          as published as the average rate in the “Money Rates” section of
TheWallStreetJournal.

         

        Principal
          Prepayment:  Any payment or other recovery of principal on a
          Mortgage Loan which is received in advance of its scheduled Due Date, including
          any prepayment penalty or premium thereon and which is not accompanied
          by an
          amount of interest representing scheduled interest due on any date or dates
          in
          any month or months subsequent to the month of prepayment.

         

        Principal
          Prepayment Period:  The month preceding the month in which the
          related Remittance Date occurs.

         

        Purchaser:  EMC
          Mortgage Corporation or its successor in interest or any successor to the
          Purchaser under this Agreement as herein provided.

         

        Qualified
          Depository:  A depository the accounts of which are insured by the
          FDIC through the BIF or the SAIF or the debt obligations of which are rated
          AA
          (or the equivalent rating category) or better by national recognized statistical
          rating organization.

         

        Qualified
          Insurer:  A mortgage guaranty insurance company duly authorized
          and licensed where required by law to transact mortgage guaranty insurance
          business and approved as an insurer by Fannie Mae or Freddie Mac.

         

        Qualified
          Substitute Mortgage Loan:  A mortgage loan eligible to be
          substituted by the Company for a Deleted Mortgage Loan which must, on the
          date
          of such substitution, (i) have an outstanding principal balance, after
          deduction
          of all scheduled payments due in the month of substitution (or in the case
          of a
          substitution of more than one mortgage loan for a Deleted Mortgage Loan,
          an
          aggregate principal balance), not in excess of the Stated Principal Balance
          of
          the Deleted Mortgage Loan; (ii) have a Mortgage Loan Remittance Rate not
          less
          than and not more than 2% greater than the Mortgage Loan Remittance Rate
          of the
          Deleted Mortgage Loan; (iii) have a remaining term to maturity not greater
          than
          and not more than one year less than that of the Deleted Mortgage Loan;
          (iv)
          have a Gross Margin not less than that of the Deleted Mortgage Loan; (v)
          comply
          with each representation and warranty set forth in Sections 3.01 and 3.02;
          (v)
          use the same Index for determining the Mortgage Interest Rate as the Deleted
          Mortgage Loan; (vi) have the same provision with respect to convertibility
          as
          the Deleted Mortgage Loan; and (viii) be a REMIC Eligible Mortgage
          Loan.

         

        Rating
          Agency:  Any of Fitch, Moody’s or Standard & Poor’s or their
          respective successors designed by the Purchaser.

         

        Reconstitution
          Agreements:  The agreement or agreements entered into by the
          Purchaser, the Company, Fannie Mae or Freddie Mac or certain third parties
          on
          the Reconstitution Date(s) with respect to any or all of the Mortgage Loans
          serviced hereunder, in connection with a Pass-Through Transfer or an Agency
          Transfer as set forth in Section 7.01, including, but not limited to, (i)
          a
          Fannie Mae Mortgage Selling and Servicing Contract, a Pool Purchase Contract,
          and any and all servicing agreements and tri-party agreements reasonably
          required by Fannie Mae with respect to a Fannie Mae Transfer, (ii) a Purchase
          Contract and all purchase documents associated therewith as set forth in
          the
          Freddie Mac Sellers’ & Servicers’ Guide, and any and all servicing
          agreements and tri-party agreements reasonably required by Freddie Mac
          with
          respect to a Freddie Mac Transfer, and (iii) a Pooling and Servicing Agreement
          and/or a subservicing/master servicing agreement and related custodial/trust
          agreement and related documents with respect to a Pass-Through Transfer.
          Such
          agreement or agreements shall prescribe the rights and obligations of the
          Company in servicing the related Mortgage Loans and shall provide for servicing
          compensation to the Company (calculated on a weighted average basis for
          all the
          related Mortgage Loans as of the Reconstitution Date), net of any guarantee
          fees
          due Fannie Mae or Freddie Mac, if applicable, at least equal to the Servicing
          Fee due the Company in accordance with this Agreement or the servicing
          fee
          required pursuant to the Reconstitution Agreement. The form of relevant
          Reconstitution Agreement to be entered into by the Purchaser and/or master
          servicer or trustee and the Company with respect to Pass-Through Transfers
          shall
          be reasonably satisfactory in form and substance to the Purchaser and the
          Company, shall not material increase the Company’s obligations or diminish the
          Company’s rights hereunder and the representations and warranties and servicing
          provisions contained therein shall be substantially similar to those contained
          in this Agreement, unless otherwise mutually agreed by the parties.

         

        Reconstitution
          Date:  The date or dates on which any or all of the Mortgage Loans
          serviced under this Agreement shall be removed from this Agreement and
          reconstituted as part of an Agency Transfer or a Pass-Through Transfer
          pursuant
          to Section 7.01 hereof. On such date or dates, the Mortgage Loans transferred
          shall cease to be covered by this Agreement and the Company’s servicing
          responsibilities shall cease under this Agreement with respect to the related
          transferred Mortgage Loans.

         

        Record
          Date:  The close of business of the last Business Day of the month
          preceding the month of the related Remittance Date.

         

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

         

        REMIC
          Documents:  The document or documents creating and governing the
          administration of a REMIC.

         

        REMIC
          Eligible Mortgage Loan:  A Mortgage Loan held by a REMIC which
          satisfies and/or complies with all applicable REMIC Provisions.

         

        REMIC
          Provisions:  Provisions of the federal income tax law relating to
          a REMIC, which appear at Section 860A through 86OG of Subchapter M of Chapter
          1,
          Subtitle A of the Code, and related provisions, and regulations, rulings
          or
          pronouncements promulgated thereunder, as the foregoing may be in effect
          from
          time to time.

         

        Remittance
          Date:  The 18th day (or if such 18th day is not a Business Day,
          the first Business Day immediately following) of any month, beginning with
          the
          First Remittance Date.

         

        REO
          Disposition:  The final sale by the Company of any REO
          Property.

         

        REO
          Disposition Proceeds:  All amounts received with respect to an REO
          Disposition pursuant to Section 4.16.

         

        REO
          Property:  A Mortgaged Property acquired by the Company on behalf
          of the Purchasers through foreclosure or by deed in lieu of foreclosure,
          as
          described in Section 4.16.

         

        Repurchase
          Price:  With respect to any Mortgage Loan, a price equal to (i)
          the Stated Principal Balance of the Mortgage Loan plus (ii) interest on
          such
          Stated Principal Balance at the Mortgage Loan Remittance Rate from the
          date on
          which interest has last been paid and distributed to the Purchaser to the
          date
          of repurchase, less amounts received or advanced in respect of such repurchased
          Mortgage Loan which are being held in the Custodial Account for distribution
          in
          the month of repurchase.

         

        SAIF:  The
          Savings Association Insurance Fund, or any successor thereto.

         

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

         

        Servicing
          Advances:  All customary, reasonable and necessary “out of pocket”
costs and expenses other than Monthly Advances (including reasonable
          attorneys’
fees and disbursements) incurred in the performance by the Company of its
          servicing obligations, including, but not limited to, the cost of (a) the
          preservation, restoration and protection of the Mortgaged Property, (b)
          any
          enforcement or judicial proceedings, including without limitation, foreclosures,
          (c) the management and liquidation of any REO Property and (d) compliance
          with
          the obligations under Section 4.08.

         

        Servicing
          Fee:  With respect to each Mortgage Loan, the amount of the annual
          fee the Purchaser shall pay to the Company, which shall, for a period of
          one
          full month, be equal to one-twelfth of the product of (a) the Servicing
          Fee Rate
          and (b) the outstanding principal balance of such Mortgage Loan. Such fee
          shall
          be payable monthly, computed on the basis of the same principal amount
          and
          period respecting which any related interest payment on a Mortgage Loan
          is
          computed. The obligation of the Purchaser to pay the Servicing Fee is limited
          to, and the Servicing Fee is payable solely from, the interest portion
          (including recoveries with respect to interest from Liquidation Proceeds,
          to the
          extent permitted by Section 4.05) of such Monthly Payment collected by
          the
          Company, or as otherwise provided under Section 4.05.

         

        Servicing
          Fee Rate: 0.25% per annum with respect to the period prior to the initial
          Interest Adjustment Date and, for the 5/1 7/1 and 10/1 ARM Loans 0.375%
          thereafter.

         

        Servicing
          File:  With respect to each Mortgage Loan, the file retained by
          the Company consisting of originals of all documents in the Mortgage File
          which
          are not delivered to the Custodian and copies of the Mortgage Loan Documents
          listed in Exhibit B the originals of which are delivered to the Custodian
          pursuant to Section 2.01.

         

        Servicing
          Officer:  Any officer of the Company involved in or responsible
          for, the administration and servicing of the Mortgage Loans whose name
          appears
          on a list of servicing officers furnished by the Company to the Purchaser
          upon
          request, as such list may from time to time be amended.

         

        7/1
          ARM Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
          Agreement which contains a provision whereby the interest rate on such
          Mortgage
          Loan is fixed for the first seven (7) years of the term of the related
          Mortgage
          Loan and which thereafter is converted to a Treasury Rate Mortgage Loan
          or a
          LIBOR Mortgage Loan except that the Periodic Rate Cap does not apply to
          the
          initial Interest Rate Adjustment Date for the related Mortgage
          Loan.

         

        Stated
          Principal Balance:  As to each Mortgage Loan, (i) the principal
          balance of the Mortgage Loan at the related Cut-off Date after giving effect
          to
          payments of principal due on or before such date, whether or not received,
          minus
          (ii) all amounts previously distributed to the Purchaser with respect to
          the
          related Mortgage Loan representing payments or recoveries of principal
          or
          advances in lieu thereof.

         

        Subservicer:  Any
          Subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
          Agreement. Any subservicer shall meet the qualifications set forth in Section
          4.01.

         

        Subservicing
          Agreement:  An agreement between the Company and a Subservicer for
          the servicing of the Mortgage Loans.

         

        10/1
          ARM Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
          Agreement which contains a provision whereby the interest rate on such
          Mortgage
          Loan is fixed for the first ten (10) years of the term of the related Mortgage
          Loan and which thereafter is converted to a Treasury Rate Mortgage Loan
          or a
          LIBOR Mortgage Loan except that the Periodic Rate Cap does not apply to
          the
          initial Interest Rate Adjustment Date for the related Mortgage
          Loan.

         

        3/1
          ARM Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
          Agreement which contains a provision whereby the interest rate on such
          Mortgage
          Loan is fixed for the first three (3) years of the term of the related
          Mortgage
          Loan and which thereafter is converted to a Treasury Rate Mortgage Loan
          or a
          LIBOR Mortgage Loan.

         

        Treasury
          Rate Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
          Agreement which contains a provision whereby the interest rate on such
          Mortgage
          Loan is adjusted based upon the weekly average yield on U.S. Treasury
          securities.

         

        Underwriting
          Guidelines:  The underwriting guidelines of the Company with
          respect to mortgage loans similar to the Mortgage Loans, attached hereto
          as  Exhibit H.

         

        UGI:  United
          Guaranty Residential Insurance Company or any successor thereto.

         

        ARTICLE
          II                                

         

        CONVEYANCE
          OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES;

        BOOKS
          AND RECORDS; DELIVERY OF DOCUMENTS

         

        
          	
                	
                  Section
                    2.01

                	
                  Conveyance
                    of Mortgage Loans; Possession of Mortgage Files; Maintenance
                    of Servicing
                    Files.

                

        

         

        The
          Company, on each Closing Date, does hereby sell, transfer, assign, set
          over and
          convey to the Purchaser, without recourse, but subject to the terms of
          this
          Agreement, all the right, title and interest of the Company in and to the
          Mortgage Loans in the related Mortgage Loan Package, excluding the right
          to
          service the Mortgage Loans which the Company expressly retains. Pursuant
          to
          Section 2.03, the Company has delivered the Mortgage Loan Documents for
          each
          Mortgage Loan in the Mortgage Loan Package to the Custodian.

         

        The
          contents of each Mortgage File not delivered to the Custodian are and shall
          be
          held in trust by the Company for the benefit of the Purchaser as the owner
          thereof. The Company shall maintain a Servicing File consisting of a copy
          of the
          contents of each Mortgage File and the originals of the documents in each
          Mortgage File not delivered to the Custodian. The possession of each Servicing
          File by the Company is at the will of the Purchaser for the sole purpose
          of
          servicing the related Mortgage Loan, and such retention and possession
          by the
          Company is in a custodial capacity only. Upon the sale of the Mortgage
          Loans the
          ownership of each Mortgage Note, the related Mortgage and the related Mortgage
          File and Servicing File shall vest immediately in the Purchaser, and the
          ownership of all records and documents with respect to the related Mortgage
          Loan
          prepared by or which come into the possession of the Company shall vest
          immediately in the Purchaser and shall be retained and maintained by the
          Company, in trust, at the will of the Purchaser and only in such custodial
          capacity. Each Servicing File shall be segregated from the other books
          and
          records of the Company and shall be marked appropriately to reflect clearly
          the
          sale of the related Mortgage Loan to the Purchaser. The Company shall release
          its custody of the contents of any Servicing File only in accordance with
          written instructions from the Purchaser, unless such release is required
          as
          incidental to the Company’s servicing of the Mortgage Loans or is in connection
          with a repurchase of any Mortgage Loan pursuant to Section 3.03, 3.05,
          3.07, or
          6.02.

         

        
          	
                	
                  Section
                    2.02

                	
                  Books
                    and Records; Transfers of Mortgage
                    Loans.

                

        

         

        From
          and
          after the sale of the Mortgage Loans to the Purchaser all rights arising
          out of
          the Mortgage Loans in a Mortgage Loan Package including but not limited
          to all
          funds received on or in connection with the Mortgage Loan, shall be received
          and
          held by the Company in trust for the benefit of the Purchaser as owner
          of the
          Mortgage Loans, and the Company shall retain record title to the related
          Mortgages for the sole purpose of facilitating the servicing and the supervision
          of the servicing of the Mortgage Loans.

         

        The
          sale
          of each Mortgage Loan in a Mortgage Loan Package shall be reflected on
          the
          Company’s balance sheet and other financial statements as a sale of assets by
          the Company. The Company shall be responsible for maintaining, and shall
          maintain, a complete set of books and records for each Mortgage Loan which
          shall
          be marked clearly to reflect the ownership of each Mortgage Loan by the
          Purchaser. In particular, the Company shall maintain in its possession,
          available for inspection by the Purchaser, or its designee and shall deliver
          to
          the Purchaser upon demand, evidence of compliance with all federal, state
          and
          local laws, rules and regulations, and requirements of Fannie Mae or Freddie
          Mac, including but not limited to documentation as to the method used in
          determining the applicability of the provisions of the Flood Disaster Protection
          Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
          insurance coverage and eligibility of any condominium project for approval
          by
          Fannie Mae and periodic inspection reports as required by Section 4.13.
          To the
          extent that original documents are not required for purposes of realization
          of
          Liquidation Proceeds or Insurance Proceeds, documents maintained by the
          Company
          may be in the form of microfilm or microfiche or such other reliable means
          of
          recreating original documents, including but not limited to, optical imagery
          techniques so long as the Company complies with the requirements of the
          Fannie
          Mae Selling and Servicing Guide, as amended from time to time.

         

        The
          Company shall maintain with respect to each Mortgage Loan and shall make
          available for inspection by any Purchaser or its designee the related Servicing
          File during the time the Purchaser retains ownership of a Mortgage Loan
          and
          thereafter in accordance with applicable laws and regulations.

         

        The
          Company shall keep at its servicing office books and records in which,
          subject
          to such reasonable regulations as it may prescribe, the Company shall note
          transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made
          unless
          such transfer is in compliance with the terms hereof. For the purposes
          of this
          Agreement, the Company shall be under no obligation to deal with any person
          with
          respect to this agreement or the Mortgage Loans unless the books and records
          show such person as the owner of the Mortgage Loan. The Purchaser may,
          subject
          to the terms of this Agreement, sell and transfer one or more of the Mortgage
          Loans, provided, however, that (i) the transferee will not be
          deemed to be a Purchaser hereunder binding upon the Company unless such
          transferee shall agree in writing to be bound by the terms of this Agreement
          and
          an original counterpart of the instrument of transfer and an assignment
          and
          assumption of this Agreement in the form of Exhibit G hereto executed by
          the transferee shall have been delivered to the Company, and (ii) with
          respect
          to each Mortgage Loan Package, in no event shall there be more than five
          Persons
          at any given time having the status of “Purchaser” hereunder. The Purchaser also
          shall advise the Company of the transfer. Upon receipt of notice of the
          transfer, the Company shall mark its books and records to reflect the ownership
          of the Mortgage Loans of such assignee, and shall release the previous
          Purchaser
          from its obligations hereunder with respect to the Mortgage Loans sold
          or
          transferred.  Purchaser shall not to transfer to any assignee any pool
          of Mortgage Loans with a aggregate outstanding principal balance of less
          than
          $10,000,000 without the consent of the Company; provided, however, if the
          Company fails to consent to the transfer of a pool of Mortgage Loans as
          contemplated in this sentence, Purchaser shall have the right to purchase
          the
          servicing rights associated with such Mortgage Loans at a price to mutually
          agreed to by Purchaser and Company, exercising good faith.

         

        
          	
                	
                  Section
                    2.03

                	
                  Delivery
                    of Documents.

                

        

         

        On
          or
          before the date which is agreed upon by the Purchaser and the Company in
          the
          related Confirmation, the Company shall deliver and release to the Custodian
          those Mortgage Loan Documents as required by this Agreement with respect
          to each
          Mortgage Loan in the related Mortgage Loan Package a list of which is attached
          to the related Assignment and Conveyance.

         

        On
          or
          prior to the related Closing Date, the Custodian shall certify its receipt
          of
          all such Mortgage Loan Documents required to be delivered pursuant to the
          Custodial Agreement, as evidenced by the Initial Certification of the Custodian
          in the form annexed to the Custodial Agreement. The Company shall be responsible
          for maintaining the Custodial Agreement for the benefit of the Purchaser.
          Purchaser shall pay all fees and expenses of the Custodian.

         

        The
          Company shall forward to the Custodian original documents evidencing an
          assumption, modification, consolidation or extension of any Mortgage Loan
          entered into in accordance with Section 4.01 or 6.01 within one week of
          their
          execution, provided, however, that the Company shall provide the Custodian
          with
          a certified true copy of any such document submitted for recordation within
          one
          week of its execution, and shall provide the original of any document submitted
          for recordation or a copy of such document certified by the appropriate
          public
          recording office to be a true and complete copy of the original within
          180 days
          of its submission for recordation.

         

        In
          the
          event an Officer’s Certificate of the Company is delivered to the Custodian
          because of a delay caused by the public recording office in returning any
          recorded document, the Company shall deliver to the Custodian, within 180
          days
          of the related Closing Date, an Officer’s Certificate which shall (i) identify
          the recorded document, (ii) state that the recorded document has not been
          delivered to the Custodian due solely to a delay caused by the public recording
          office, (iii) state the amount of time generally required by the applicable
          recording office to record and return a document submitted for recordation,
          and
          (iv) specify the date the applicable recorded document will be delivered
          to the
          Custodian. The Company shall be required to deliver to the Custodian the
          applicable recorded document by the date specified in (iv) above. An extension
          of the date specified in (iv) above may be requested from the Purchaser,
          which
          consent shall not be unreasonably withheld.

         

        On
          or
          prior to the date which is three Business Days prior to the related Closing
          Date, the Company shall deliver to the Purchaser the related Mortgage Loan
          Schedule.

         

        ARTICLE
          III

         

        REPRESENTATIONS
          AND WARRANTIES;

        REMEDIES
          AND BREACH

         

        
          	
                	
                  Section
                    3.01

                	
                  Company
                    Representations and Warranties.

                

        

         

        The
          Company represents and warrants to the Purchaser that as of each Closing
          Date:

         

        (a)  Due
          Organization and Authority.  The Company is a corporation duly
          organized, validly existing and in good standing under the laws of the
          State of
          New York and has all licenses necessary to carry on its business as now
          being
          conducted and is licensed, qualified and in good standing in each state
          where a
          Mortgaged Property is located if the laws of such state require licensing
          or
          qualification in order to conduct business of the type conducted by the
          Company,
          and in any event the Company is in compliance with the laws of any such
          state to
          the extent necessary to ensure the enforceability of the related Mortgage
          Loan
          and the servicing of such Mortgage Loan in accordance with the terms of
          this
          Agreement; the Company has the full corporate power and authority to execute
          and
          deliver this Agreement and to perform in accordance herewith; the execution,
          delivery and performance of this Agreement (including all instruments of
          transfer to be delivered pursuant to this Agreement) by the Company and
          the
          consummation of the transactions contemplated hereby have been duly and
          validly
          authorized; this Agreement evidences the valid, binding and enforceable
          obligation of the Company; and all requisite corporate action has been
          taken by
          the Company to make this Agreement valid and binding upon the Company in
          accordance with its terms;

         

        (b)  Ordinary
          Course of Business.  The consummation of the transactions
          contemplated by this Agreement are in the ordinary course of business of
          the
          Company, and the transfer, assignment and conveyance of the Mortgage Notes
          and
          the Mortgages by the Company pursuant to this Agreement are not subject
          to the
          bulk transfer or any similar statutory provisions in effect in any applicable
          jurisdiction;

         

        (c)  No
          Conflicts.  Neither the execution and delivery of this Agreement,
          the acquisition of the Mortgage Loans by the Company, the sale of the Mortgage
          Loans to the Purchaser or the transactions contemplated hereby, nor the
          fulfillment of or compliance with the terms and conditions of this Agreement,
          will conflict with or result in a breach of any of the terms, conditions
          or
          provisions of the Company’s charter or by-laws or any legal restriction or any
          agreement or instrument to which the Company is now a party or by which
          it is
          bound, or constitute a default or result in an acceleration under any of
          the
          foregoing, or result in the violation of any law, rule, regulation, order,
          judgment or decree to which the Company or its property is subject, or
          impair
          the ability of the Purchaser to realize on the Mortgage Loans, or impair
          the
          value of the Mortgage Loans;

         

        (d)  Ability
          to Service.  The Company is an approved seller/servicer of
          conventional residential mortgage loans for Fannie Mae or Freddie Mac,
          with the
          facilities, procedures, and experienced personnel necessary for the sound
          servicing of mortgage loans of the same type as the Mortgage Loans. The
          Company
          is in good standing to sell mortgage loans to and service mortgage loans
          for
          Fannie Mae or Freddie Mac, and no event has occurred, including but not
          limited
          to a change in insurance coverage, which would make the Company unable
          to comply
          with Fannie Mae or Freddie Mac eligibility requirements or which would
          require
          notification to either Fannie Mae or Freddie Mac;

         

        (e)  Reasonable
          Servicing Fee.  The Company acknowledges and agrees that the
          Servicing Fee, as calculated at the Servicing Fee Rate, represents reasonable
          compensation for performing such services and that the entire Servicing
          Fee
          shall be treated by the Company, for accounting and tax purposes, as
          compensation for the servicing and administration of the Mortgage Loans
          pursuant
          to this Agreement.

         

        (f)  Ability
          to Perform.  The Company does not believe, nor does it have any
          reason or cause to believe, that it cannot perform each and every covenant
          contained in this Agreement. The Company is solvent and the sale of the
          Mortgage
          Loans is not undertaken to hinder, delay or defraud any of the Company’s
          creditors;

         

        (g)  No
          Litigation Pending.  There is no action, suit, proceeding or
          investigation pending or to the best of the Company’s knowledge threatened
          against the Company which, either in any one instance or in the aggregate,
          may
          result in any material adverse change in the business, operations, financial
          condition, properties or assets of the Company, or in any material impairment
          of
          the right or ability of the Company to carry on its business substantially
          as
          now conducted, or in any material liability on the part of the Company,
          or which
          would draw into question the validity of this Agreement or the Mortgage
          Loans or
          of any action taken or to be taken in connection with the obligations of
          the
          Company contemplated herein, or which would be likely to impair materially
          the
          ability of the Company to perform under the terms of this
          Agreement;

         

        (h)  No
          Consent Required.  No consent, approval, authorization or order of
          any court or governmental agency or body is required for the execution,
          delivery
          and performance by the Company of or compliance by the Company with this
          Agreement or the sale of the Mortgage Loans as evidenced by the consummation
          of
          the transactions contemplated by this Agreement, or if required, such approval
          has been obtained prior to the related Closing Date;

         

        (i)  Selection
          Process.  The Mortgage Loans were selected from among the
          adjustable rate one- to four-family mortgage loans in the Company’s portfolio at
          the related Closing Date as to which the representations and warranties
          set
          forth in Section 3.02 could be made and such selection was not made in
          a manner
          so as to affect adversely the interests of the Purchaser;

         

        (j)  Pool
          Characteristics.  With respect to each Mortgage Loan Package, the
          Mortgage Loan characteristics set forth on Exhibit 2 to the related Assignment
          and Conveyance are true and complete.

         

        (k)  No
          Untrue Information. Neither this Agreement nor any statement, report or
          other document furnished or to be furnished pursuant to this Agreement
          or in
          connection with the transactions contemplated hereby contains any untrue
          statement of fact or omits to state a fact necessary to make the statements
          contained therein not misleading;

         

        (l)  Sale
          Treatment.  The Company has determined that the disposition of the
          Mortgage Loans pursuant to this Agreement will be afforded sale treatment
          for
          accounting and tax purposes;

         

        (m)  Financial
          Statements. There has been no change in the business, operations, financial
          condition, properties or assets of the Company since the date of the Company’s
          most recent financial statements that would have a material adverse effect
          on
          its ability to perform its obligations under this Agreement;

         

        (n)  No
          Brokers’ Fees.  The Company has not dealt with any broker,
          investment banker, agent or other person that may be entitled to any commission
          or compensation in connection with the sale of the Mortgage Loans;

         

        (o)  Origination.  The
          Company’s decision to originate any mortgage loan or to deny any mortgage loan
          application is an independent decision based upon Company’s Underwriting
          Guidelines, and is in no way made as a result of  Purchaser’s decision
          to purchase, or not to purchase, or the price Purchaser may offer to pay
          for,
          any such mortgage loan, if originated; and

         

        (p)  MERS.  The
          Company is a member of MERS in good standing, and will comply in all material
          respects with the rules and procedures of MERS in connection with the servicing
          of the MERS Mortgage Loans for as long as such Mortgage Loans are registered
          with MERS;

         

        
          	
                	
                  Section
                    3.02

                	
                  Representations
                    and Warranties Regarding Individual Mortgage
                    Loans.

                

        

         

        As
          to
          each Mortgage Loan, the Company hereby represents and warrants to the Purchaser
          that as of the related Closing Date:

         

        (a)  Mortgage
          Loans as Described.  The information set forth in each Mortgage
          Loan Schedule is complete, true and correct in all material
          respects;

         

        (b)  Payments
          Current.  All payments required to be made up to the related
          Closing Date for the Mortgage Loan under the terms of the Mortgage Note
          have
          been made and credited. No payment required under the Mortgage Loan has
          been
          more than 30 days delinquent at any time in the twelve months prior to
          the
          related Closing Date. The first Monthly Payment shall be made with respect
          to
          the Mortgage Loan on its Due Date or within the grace period, all in accordance
          with the terms of the related Mortgage Note;

         

        (c)  No
          Outstanding Charges.  There are no defaults in complying with the
          terms of the Mortgages, and all taxes, governmental assessments, insurance
          premiums, water, sewer and municipal charges, leasehold payments or ground
          rents
          which previously became due and owing have been paid, or an escrow of funds
          has
          been established in an amount sufficient to pay for every such item which
          remains unpaid and which has been assessed but is not yet due and payable.
          The
          Company has not advanced funds, or induced, solicited or knowingly received
          any
          advance of funds by a party other than the Mortgagor, directly or indirectly,
          for the payment of any amount required under the Mortgage Loan, except
          for
          interest accruing from the date of the Mortgage Note or date of disbursement
          of
          the Mortgage Loan proceeds, whichever is greater, to the day which precedes
          by
          one month the Due Date of the first installment of principal and
          interest;

         

        (d)  Original
          Terms Unmodified.  The terms of the Mortgage Note and Mortgage
          have not been impaired, waived, altered or modified in any respect, except
          by a
          written instrument which has been recorded, if necessary to protect the
          interests of the Purchaser and which has been delivered to the Custodian.
          The
          substance of any such waiver, alteration or modification has been approved
          by
          the issuer of any related PMI Policy and the title insurer, to the extent
          required by the policy, and its terms are reflected on the related Mortgage
          Loan
          Schedule. No Mortgagor has been released, in whole or in part, except in
          connection with an assumption agreement approved by the issuer of any related
          PMI Policy and the title insurer, to the extent required by the policy,
          and
          which assumption agreement is part of the Mortgage Loan File delivered
          to the
          Custodian and the terms of which are reflected in the related Mortgage
          Loan
          Schedule;

         

        (e)  No
          Defenses.  The Mortgage Loan is not subject to any right of
          rescission, set-off, counterclaim or defense, including without limitation
          the
          defense of usury, nor will the operation of any of the terms of the Mortgage
          Note or the Mortgage, or the exercise of any right thereunder, render either
          the
          Mortgage Note or the Mortgage unenforceable, in whole or in part, or subject
          to
          any right of rescission, set-off, counterclaim or defense, including without
          limitation the defense of usury, and no such right of rescission, set-off,
          counterclaim or defense has been asserted with respect thereto, and no
          Mortgagor
          was a debtor in any state or federal bankruptcy or insolvency proceeding
          at the
          time the Mortgage Loan was originated;

         

        (f)  Hazard
          Insurance.  Pursuant to the terms of the Mortgage, all buildings
          or other improvements upon the Mortgaged Property are insured by a generally
          acceptable insurer against loss by fire, hazards of extended coverage and
          such
          other hazards as are customary in the area where the Mortgaged Property
          is
          located pursuant to insurance policies conforming to the requirements of
          Section
          4.10. If upon origination of the Mortgage Loan, the Mortgaged Property
          was in an
          area identified in the Federal Register by the Federal Emergency Management
          Agency as having special flood hazards (and such flood insurance has been
          made
          available) a flood insurance policy meeting the requirements of the current
          guidelines of the Federal Flood Insurance Administration is in effect which
          policy conforms to the requirements of Section 4.10. All individual insurance
          policies contain a standard mortgagee clause naming the Company and its
          successors and assigns as mortgagee, and all premiums thereon have been
          paid.
          The Mortgage obligates the Mortgagor thereunder to maintain the hazard
          insurance
          policy at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do
          so, authorizes the holder of the Mortgage to obtain and maintain such insurance
          at such Mortgagor’s cost and expense, and to seek reimbursement therefor from
          the Mortgagor. Where required by state law or regulation, the Mortgagor
          has been
          given an opportunity to choose the carrier of the required hazard insurance,
          provided the policy is not a “master” or “blanket” hazard insurance policy
          covering the common facilities of a planned unit development. The hazard
          insurance policy is the valid and binding obligation of the insurer, is
          in full
          force and effect, and will be in full force and effect and inure to the
          benefit
          of the Purchaser upon the consummation of the transactions contemplated
          by this
          Agreement. The Company has not engaged in, and has no knowledge of the
          Mortgagor’s or any Subservicer’s having engaged in, any act or omission which
          would impair the coverage of any such policy, the benefits of the endorsement
          provided for herein, or the validity and binding effect of either, including
          without limitation, no unlawful fee, unlawful commission, unlawful kickback
          or
          other unlawful compensation or value of any kind has been or will be received,
          retained or realized by any attorney, firm or other person or entity, and
          no
          such unlawful items have been received, retained or realized by the
          Company;

         

        (g)  Compliance
          with Applicable Laws.  Any and all requirements of any federal,
          state or local law including, without limitation, usury, truth-in-lending,
          real
          estate settlement procedures, consumer credit protection, equal credit
          opportunity or disclosure laws applicable to the Mortgage Loan have been
          complied with, and the Company shall maintain in its possession, available
          for
          the Purchaser’s inspection, and shall deliver to the Purchaser upon demand,
          evidence of compliance with all such requirements;

         

        (h)  No
          Satisfaction of Mortgage.  The Mortgage has not been satisfied,
          canceled, subordinated or rescinded, in whole or in part, and the Mortgaged
          Property has not been released from the lien of the Mortgage, in whole
          or in
          part, nor has any instrument been executed that would effect any such release,
          cancellation, subordination or rescission. The Company has not waived the
          performance by the Mortgagor of any action, if the Mortgagor’s failure to
          perform such action would cause the Mortgage Loan to be in default, nor
          has the
          Company waived any default resulting from any action or inaction by the
          Mortgagor;

         

        (i)  Location
          and Type of Mortgaged Property.  The Mortgaged Property is a fee
          simple property located in the state identified in the related Mortgage
          Loan
          Schedule and consists of a parcel of real property with a detached single
          family
          residence erected thereon, or an individual condominium unit in a low-rise
          condominium project, or an individual unit in a planned unit development,
          provided, however, that any condominium project or planned unit development
          shall conform with the Company’s Underwriting Guidelines regarding such
          dwellings, and no residence or dwelling is a mobile home or a manufactured
          dwelling. No portion of the Mortgaged Property is used for commercial
          purposes;

         

        (j)  Valid
          First Lien.  The Mortgage is a valid, subsisting, enforceable and
          perfected first lien on the Mortgaged Property, including all buildings
          and
          improvements on the Mortgaged Property, and all additions, alterations
          and
          replacements made at any time with respect to the foregoing. The lien of
          the
          Mortgage is subject only to:

         

        (1)  the
          lien
          of current real property taxes and assessments not yet due and
          payable;

         

        (2)  covenants,
          conditions and restrictions, rights of way, easements and other matters
          of the
          public record as of the date of recording acceptable to mortgage lending
          institutions generally and specifically referred to in the lender’s title
          insurance policy delivered to the originator of the Mortgage Loan and (i)
          referred to or to otherwise considered in the appraisal made for the originator
          of the Mortgage Loan or (ii) which do not adversely affect the Appraised
          Value
          of the Mortgaged Property set forth in such appraisal; and

         

        (3)  other
          matters to which like properties are commonly subject which do not materially
          interfere with the benefits of the security intended to be provided by
          the
          mortgage or the use, enjoyment, value or marketability of the related Mortgaged
          Property.

         

        Any
          security agreement, chattel mortgage or equivalent document related to
          and
          delivered in connection with the Mortgage Loan establishes and creates
          a valid,
          subsisting and enforceable first lien and first priority security interest
          on
          the property described therein and the Company has full right to sell and
          assign
          the same to the Purchaser. The Mortgaged Property was not, as of the date
          of
          origination of the Mortgage Loan, subject to a mortgage, deed of trust,
          deed to
          secured debt or other security instrument creating a lien subordinate to
          the
          lien of the Mortgage;

         

        (k)  Validity
          of Mortgage Documents.  The Mortgage Note and the Mortgage are
          genuine, and each is the legal, valid and binding obligation of the maker
          thereof enforceable in accordance with its terms. All parties to the Mortgage
          Note and the Mortgage and any other related agreement had legal capacity
          to
          enter into the Mortgage Loan and to execute and deliver the Mortgage Note
          and
          the Mortgage and any other related agreement, and the Mortgage Note and
          the
          Mortgage have been duly and properly executed by such parties. No fraud
          was
          committed by the Company, or to the Company's knowledge by any other person
          including the Mortgagor, in connection with the origination or servicing
          of the
          Mortgage Loan.  The Company has reviewed all of the documents
          constituting the Servicing File and has made such inquiries as it deems
          necessary to make and confirm the accuracy of the representations set forth
          herein;

         

        (l)  Full
          Disbursement of Proceeds.  The Mortgage Loan has been closed and
          the proceeds of the Mortgage Loan have been fully disbursed and there is
          no
          requirement for future advances thereunder, and any and all requirements
          as to
          completion of any on-site or off-site improvement and as to disbursements
          of any
          escrow funds therefor have been complied with. All costs, fees and expenses
          incurred in making or closing the Mortgage Loan and the recording of the
          Mortgage were paid, and the Mortgagor is not entitled to any refund of
          any
          amounts paid or due under the Mortgage Note or Mortgage;

         

        (m)  Ownership.  The
          Company is the sole owner of record and holder of the Mortgage Loan. The
          Mortgage Loan is not assigned or pledged, and the Company has good and
          marketable title thereto, and has full right to transfer and sell the Mortgage
          Loan therein to the Purchaser free and clear of any encumbrance, equity,
          participation interest, lien, pledge, charge, claim or security interest,
          and
          has full right and authority subject to no interest or participation of,
          or
          agreement with, any other party, to sell and assign each Mortgage Loan
          pursuant
          to this Agreement;

         

        (n)  Doing
          Business.  All parties which have had any interest in the Mortgage
          Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during
          the
          period in which they held and disposed of such interest, were) (1) in compliance
          with any and all applicable licensing requirements of the laws of the state
          wherein the Mortgaged Property is located, and (2) organized under the
          laws of
          such state, or (3) qualified to do business in such state, or (4) federal
          savings and loan associations or national banks having principal offices
          in such
          state, or (5) not doing business in such state;

         

        (o)  LTV,
          PMI Policy. Any Mortgage Loan with an LTV over 80% has a PMI Policy
          insuring, as to payment defaults, the excess LTV over 71% (or such other
          percentage as stated in the related Confirmation) of the Appraised Value
          until
          the LTV of such Mortgage Loan is reduced to 80%. All provisions of such
          PMI
          Policy have been and are being complied with, such policy is in full force
          and
          effect, and all premiums due thereunder have been paid. No action, inaction,
          or
          event has occurred and no state of facts exists that has, or will result
          in the
          exclusion from, denial of, or defense to coverage. Any Mortgage Loan subject
          to
          a PMI Policy obligates the Mortgagor thereunder to maintain the PMI Policy
          and
          to pay all premiums and charges in connection therewith; provided, that,
          with
          respect to LPMI Loans, the Company is obligated thereunder to maintain
          the LPMI
          Policy and to pay all premiums and charges in connection
          therewith.  The Mortgage Interest Rate for the Mortgage Loan as set
          forth on the Mortgage Loan Schedule is net of any insurance premium excluded
          any
          premium for the LPMI Policy;

         

        (p)  Title
          Insurance.  The Mortgage Loan is covered by either (i) an
          attorney’s opinion of title and abstract of title the form and substance of
          which is acceptable to mortgage lending institutions making mortgage loans
          in
          the area where the Mortgaged Property is located or (ii) an ALTA lender’s title
          insurance policy or other generally acceptable form of policy of insurance
          acceptable to Fannie Mae or Freddie Mac, issued by a title insurer acceptable
          to
          Fannie Mae or Freddie Mac and qualified to do business in the jurisdiction
          where
          the Mortgaged Property is located, insuring the Company, its successors
          and
          assigns, as to the first priority lien of the Mortgage in the original
          principal
          amount of the Mortgage Loan (or to the extent that a Mortgage Note provides
          for
          negative amortization, the maximum amount of negative amortization in accordance
          with the Mortgage), and against any loss by reason of the invalidity or
          unenforceability of the lien resulting from the provisions of the Mortgage
          providing for adjustment in the Mortgage Interest Rate and Monthly Payment,
          subject only to the exceptions contained in clauses (1), (2) and (3) of
          paragraph (j) of this Section 3.02. Where required by state law or regulation,
          the Mortgagor has been given the opportunity to choose the carrier of the
          required mortgage title insurance. Additionally, such lender’s title insurance
          policy affirmatively insures ingress and egress, and against encroachments
          by or
          upon the Mortgaged Property or any interest therein. The Company is the
          sole
          insured of such lender’s title insurance policy, and such lender’s title
          insurance policy is in full force and effect and will be in force and effect
          upon the consummation of the transactions contemplated by this Agreement.
          No
          claims have been made under such lender’s title insurance policy, and no prior
          holder of the Mortgage, including the Company, has done, by act or omission,
          anything which would impair the coverage of such lender’s title insurance policy
          including without limitation, no unlawful fee, commission, kickback or
          other
          unlawful compensation or value of any kind has been or will be received,
          retained or realized by any attorney, firm or other person or entity, and
          no
          such unlawful items have been received, retained or realized by the
          Company;

         

        (q)  No
          Defaults.  There is no default, breach, violation or event of
          acceleration existing under the Mortgage or the Mortgage Note and no event
          which, with the passage of time or with notice and the expiration of any
          grace
          or cure period, would constitute a default, breach, violation or event
          of
          acceleration, and neither the Company nor its predecessors have waived
          any
          default, breach, violation or event of acceleration;

         

        (r)  No
          Mechanics’ Liens.  There are no mechanics’ or similar liens or
          claims which have been filed for work, labor or material (and no rights
          are
          outstanding that under the law could give rise to such liens) affecting
          the
          related Mortgaged Property which are or may be liens prior to, or equal
          or
          coordinate with, the lien of the related Mortgage;

         

        (s)  Location
          of Improvements; No Encroachments.  All improvements which were
          considered in determining the Appraised Value of the Mortgaged Property
          lay
          wholly within the boundaries and building restriction lines of the Mortgaged
          Property and no improvements on adjoining properties encroach upon the
          Mortgaged
          Property. No improvement located on or being part of the Mortgaged Property
          is
          in violation of any applicable zoning law or regulation;

         

        (t)  Origination;
          Payment Terms.  The Mortgage Loan was originated by either i) the
          Company, which is a FNMA-approved, FHLMC-approved and HUD-approved mortgage
          banker, or ii) an entity that is a FNMA-approved, FHLMC-approved and
          HUD-approved mortgage banker, or a savings and loan association, a savings
          bank,
          a commercial bank or similar banking institution which is supervised and
          examined by a Federal or state authority.  The interest rate on the
          related Mortgage Note is adjusted annually in the case of Treasury Rate
          Mortgage
          Loans and LIBOR Mortgage Loans on each Interest Rate Adjustment Date to
          equal
          the Index plus the Gross Margin, subject to the Initial Rate Cap, Periodic
          Rate
          Cap and the Lifetime Mortgage Interest Rate Cap as set forth in the Mortgage
          Note. The Mortgage Interest Rate for a 5/1 ARM Mortgage Loan and a 3/1
          ARM
          Mortgage Loan is adjusted annually commencing from and after the sixtieth
          Monthly Payment and the thirty-sixth Monthly Payment, respectively, in
          the same
          manner as a Treasury Rate Mortgage Loan and LIBOR Mortgage Loan, provided,
          however, that the Periodic Rate Cap does not apply to the initial Interest
          Rate
          Adjustment Date for such 5/1 ARM Mortgage Loan (the Initial Rate Cap does
          apply). The Mortgage Note is payable each month in monthly installments
          of
          principal and interest, with interest in arrears, and requires Monthly
          Payments
          sufficient to amortize the original principal balance of the Mortgage Loan
          over
          a term of no more than 30 years. Each Convertible Mortgage Loan contains
          a
          provision whereby the Mortgagor is permitted to convert the Mortgage Loan
          to a
          fixed-rate mortgage loan at any time between the first and fifth anniversary
          of
          the origination of the Mortgage Loan. No Mortgage Loan has a provision
          for
          negative amortization;

         

        (u)  Customary
          Provisions.  The Mortgage contains customary and enforceable
          provisions such as to render the rights and remedies of the holder thereof
          adequate for the realization against the Mortgaged Property of the benefits
          of
          the security provided thereby, including, (i) in the case of a Mortgage
          designated as a deed of trust, by trustee’s sale, and (ii) otherwise by judicial
          foreclosure. Upon default by a Mortgagor on a Mortgage Loan and foreclosure
          on,
          or trustee’s sale of, the Mortgaged Property pursuant to the proper procedures,
          the holder of the Mortgage Loan will be able to deliver good and merchantable
          title to the Mortgaged Property. There is no homestead or other exemption
          available to a Mortgagor which would interfere with the right to sell the
          Mortgaged Property at a trustee’s sale or the right to foreclose the
          Mortgage;

         

        (v)  Conformance
          with Underwriting Guidelines.  The Mortgage Loan was underwritten
          in accordance with the Company’s Underwriting Guidelines in effect at the time
          the Mortgage Loan was originated.;

         

        (w)  Occupancy
          of the Mortgaged Property.  As of the related Closing Date the
          Mortgaged Property is lawfully occupied under applicable law. All inspections,
          licenses and certificates required to be made or issued with respect to
          all
          occupied portions of the Mortgaged Property and, with respect to the use
          and
          occupancy of the same, including but not limited to certificates of occupancy
          and fire underwriting certificates, have been made or obtained from the
          appropriate authorities. The Mortgagor represented at the time of origination
          of
          the Mortgage Loan that the Mortgagor would occupy the Mortgaged Property
          as the
          Mortgagor’s primary residence;

         

        (x)  No
          Additional Collateral.  The Mortgage Note is not and has not been
          secured by any collateral except the lien of the corresponding Mortgage
          and the
          security interest of any applicable security agreement or chattel mortgage
          referred to in (j) above;

         

        (y)  Deeds
          of Trust.  In the event the Mortgage constitutes a deed of trust,
          a trustee, duly qualified under applicable law to serve as such, has been
          properly designated and currently so serves and is named in the Mortgage,
          and no
          fees or expenses are or will become payable by the Purchasers to the trustee
          under the deed of trust, except in connection with a trustee’s sale after
          default by the Mortgagor;

         

        (z)  Acceptable
          Investment.  The Company has no knowledge of any circumstances or
          conditions with respect to the Mortgage, the Mortgaged Property, the Mortgagor
          or the Mortgagor’s credit standing that can reasonably be expected to cause
          private institutional investors to regard the Mortgage Loan as an unacceptable
          investment, cause the Mortgage Loan to become delinquent, or adversely
          affect
          the value or marketability of the Mortgage Loan;

         

        (aa)  Delivery
          of Mortgage Documents.  The Mortgage Note, the Mortgage, the
          Assignment of Mortgage and any other documents required to be delivered
          for the
          Mortgage Loan by the Company under this Agreement as set forth in Exhibit
          C attached hereto have been delivered to the Custodian. The Company
          is in
          possession of a complete, true and accurate Mortgage File in compliance
          with
Exhibit B, except for such documents the originals of which have been
          delivered to the Custodian;

         

        (bb)  Condominiums/Planned
          Unit Developments.  If the Mortgaged Property is a condominium
          unit or a planned unit development (other than a de minimus planned unit
          development) such condominium or planned unit development project meets
          Company’s Underwriting Guidelines with respect to such condominium or planned
          unit development;

         

        (cc)  Transfer
          of Mortgage Loans.  The Assignment of Mortgage is in recordable
          form and is acceptable for recording under the laws of the jurisdiction
          in which
          the Mortgaged Property is located;

         

        (dd)  Due
          on
          Sale.  The Mortgage contains an enforceable provision for the
          acceleration of the payment of the unpaid principal balance of the Mortgage
          Loan
          in the event that the Mortgaged Property is sold or transferred without
          the
          prior written consent of the Mortgagor thereunder;

         

        (ee)  No
          Buydown Provisions; No Graduated Payments or Contingent
          Interests.  The Mortgage Loan does not contain provisions pursuant
          to which Monthly Payments are paid or partially paid with funds deposited
          in any
          separate account established by the Company, the Mortgagor or anyone on
          behalf
          of the Mortgagor, or paid by any source other than the Mortgagor nor does
          it
          contain any other similar provisions currently in effect which may constitute
          a
“buydown” provision. The Mortgage Loan is not a graduated payment mortgage loan
          and the Mortgage Loan does not have a shared appreciation or other contingent
          interest feature;

         

        (ff)  Consolidation
          of Future Advances.  Any future advances made prior to the related
          Cut-off Date have been consolidated with the outstanding principal amount
          secured by the Mortgage, and the secured principal amount, as consolidated,
          bears a single interest rate and single repayment term. The lien of the
          Mortgage
          securing the consolidated principal amount is expressly insured as having
          first
          lien priority by a title insurance policy, an endorsement to the policy
          insuring
          the mortgagee’s consolidated interest or by other title evidence acceptable to
          Fannie Mae and Freddie Mac. The consolidated principal amount does not
          exceed
          the original principal amount of the Mortgage Loan;

         

        (gg)  Mortgaged
          Property Undamaged.  There is no proceeding pending or, to the
          best of the Company’s knowledge, threatened for the total or partial
          condemnation of the Mortgaged Property. The Mortgaged Property is undamaged
          by
          waste, fire, earthquake or earth movement, windstorm, flood, tornado or
          other
          casualty so as to affect adversely the value of the Mortgaged Property
          as
          security for the Mortgage Loan or the use for which the premises were intended;
          and

         

        (hh)  Collection
          Practices; Escrow Deposits.  The origination,
          servicing  and collection practices used with respect to the Mortgage
          Loan have been in accordance with Accepted Servicing Practices, and have
          been in
          all respects in compliance with all applicable laws and regulations. With
          respect to escrow deposits and Escrow Payments, all such payments are in
          the
          possession of the Company and there exist no deficiencies in connection
          therewith for which customary arrangements for repayment thereof have not
          been
          made. All Escrow Payments have been collected in full compliance with state
          and
          federal law. An escrow of funds is not prohibited by applicable law and
          has been
          established in an amount sufficient to pay for every item which remains
          unpaid
          and which has been assessed but is not yet due and payable. No escrow deposits
          or Escrow Payments or other charges or payments due the Company have been
          capitalized under the Mortgage or the Mortgage Note. All Mortgage Interest
          Rate
          adjustments have been made in strict compliance with state and federal
          law and
          the terms of the related Mortgage Note. Any interest required to be paid
          pursuant to state and local law has been properly paid and
          credited;

         

        (ii)  Appraisal.  The
          Mortgage File contains an appraisal of the related Mortgage Property signed
          prior to the approval of the Mortgage Loan application by a qualified appraiser,
          duly appointed by the Company, who had no interest, direct or indirect
          in the
          Mortgaged Property or in any loan made on the security thereof; and whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan, and the appraisal and appraiser both satisfy the requirements of
          Fannie
          Mae, Freddie Mac or Title XI of the Federal Institutions Reform, Recovery,
          and Enforcement Act of 1989 and the regulations promulgated thereunder,
          all as
          in effect on the date the Mortgage Loan was originated;

         

        (jj)  Soldiers’
          and Sailors’ Relief Act.  The Mortgagor has not notified the
          Company, and the Company has no knowledge of any relief requested or allowed
          to
          the Mortgagor under the Soldiers’ and Sailors’ Civil Relief Act of
          1940;

         

        (kk)  Environmental
          Matters.  The Mortgaged Property is free from any and all toxic or
          hazardous substances and there exists no violation of any local, state
          or
          federal environmental law, rule or regulation. To the best of the Company’s
          knowledge, there is no pending action or proceeding directly involving
          any
          Mortgaged Property of which the Company is aware in which compliance with
          any
          environmental law, rule or regulation is an issue; and to the best of the
          Company’s knowledge, nothing further remains to be done to satisfy in full all
          requirements of each such law, rule or regulation consisting a prerequisite
          to
          use and enjoyment of said property;

         

        (ll)  No
          Construction Loans.  No Mortgage Loan was made in connection with
          (i) the construction or rehabilitation of a Mortgaged Property or (ii)
          facilitating the trade-in or exchange of a Mortgaged Property;

         

        (mm)  Insurance.
          The Company has caused or will cause to be performed any and all acts required
          to preserve the rights and remedies of the Purchaser in any insurance policies
          applicable to the Mortgage Loans including, without limitation, any necessary
          notifications of insurers, assignments of policies or interests therein,
          and
          establishments of coinsured, joint loss payee and mortgagee rights in favor
          of
          the Purchaser;  No action, inaction, or event has occurred and no
          state of fact exists or has existed that has resulted or will result in
          the
          exclusion from, denial of, or defense to coverage under any applicable
          pool
          insurance policy, special hazard insurance policy, PMI Policy or bankruptcy
          bond, irrespective of the cause of such failure of coverage. In connection
          with
          the placement of any such insurance, no commission, fee, or other compensation
          has been or will be received by the Company or any designee of the Company
          or
          any corporation in which the Company or any officer, director, or employee
          had a
          financial interest at the time of placement of such insurance;

         

        (nn)  Regarding
          the Mortgagor.  The Mortgagor is one or more natural persons
          and/or trustees for an Illinois land trust or a trustee under a “living trust”
and such “living trust” is in compliance with Fannie Mae guidelines for such
          trusts.

         

        (oo)  Predatory
          Lending Regulations; High Cost Loans. None of the Mortgage Loans are
          classified as (a) “high cost” loans under the Home Ownership and Equity
          Protection Act of 1994 or (b) “high cost,” “threshold,” or “predatory” loans
          under any other applicable state, federal or local law.

         

        (pp)  Simple
          Interest Mortgage Loans.  None of the Mortgage Loans are simple
          interest Mortgage Loans.

         

        (qq)   Single
          Premium Credit Life Insurance.  None of the proceeds of the
          Mortgage Loan were used to finance single-premium credit life insurance
          policies.

         

        (rr)  Tax
          Service Contract The Company
          has obtained a life of loan, transferable real estate Tax Service Contract
          on
          each Mortgage Loan and such contract is assignable without penalty, premium
          or
          cost to the Purchaser;

         

        (ss)  Flood
          Certification Contract.
          The Company has obtained a life of loan, transferable flood certification
          contract with a Approved Flood Certification Provider for each Mortgage
          Loan and
          such contract is assignable without penalty, premium or cost to the
          Purchaser;

         

        (tt)  FICO
          Scores. Each Mortgage Loan
          has a non-zero FICO score;

         

        (uu)  Prepayment
          Fee.  With respect to each Mortgage Loan that has a prepayment fee
          feature, each such prepayment fee is enforceable and will be enforced by
          the
          Company, and each prepayment penalty in permitted pursuant to federal,
          state and
          local law.  No Mortgage Loan will impose a prepayment penalty for a
          term in excess of five years from the date such Mortgage Loan was
          originated.  Except as otherwise set forth in the related Mortgage
          Loan Schedule, with respect to each Mortgage Loan that contains a prepayment
          fee, such prepayment fee is at least equal to the lesser of (A) the maximum
          amount permitted under applicable law and (B) six months interest at the
          related
          Mortgage Interest Rate on the amount prepaid in excess of 20% of the original
          principal balance of such Mortgage Loan; and

         

        (vv)  Recordation.  Each
          original Mortgage was recorded and, except for those Mortgage Loans subject
          to
          the MERS identification system, all subsequent assignments of the original
          Mortgage (other than the assignment to the Purchaser) have been recorded
          in the
          appropriate jurisdictions wherein such recordation is necessary to perfect
          the
          lien thereof as against creditors of the Company, or is in the process
          of being
          recorded;

         

        (ww)  Leaseholds.                                If
          the Mortgaged Property is subject to a ground lease or any other type of
          leasehold interest, the ground lease or other leasehold interest exceeds
          the
          remaining term of the related Mortgage Loan.

         

        
          	
                	
                  Section
                    3.03

                	
                  Remedies
                    for Breach of Representations and
                    Warranties.

                

        

         

        It
          is
          understood and agreed that the representations and warranties set forth
          in
          Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to
          the
          Purchaser and the delivery of the Mortgage Loan Documents to the Custodian
          and
          shall inure to the benefit of the Purchaser, notwithstanding any restrictive
          or
          qualified endorsement on any Mortgage Note or Assignment of Mortgage or
          the
          examination or failure to examine any Mortgage File. Upon discovery by
          either
          the Company or the Purchaser of a breach of any of the foregoing representations
          and warranties which materially and adversely affects the value of the
          Mortgage
          Loans or the interest of the Purchaser, or which materially and adversely
          affects the interests of Purchaser in the related Mortgage Loan in the
          case of a
          representation and warranty relating to a particular Mortgage Loan (in
          the case
          of any of the foregoing, a “Breach”), the party discovering such Breach
          shall give prompt written notice to the other.

         

        With
          respect to those representations and warranties which are made to the best
          of
          the Company’s knowledge, if it is discovered by the Company or the Purchaser
          that the substance of such representation and warranty is inaccurate and
          such
          inaccuracy materially and adversely affects the value of the related Mortgage
          Loan or the interest of the Purchaser (or which materially and adversely
          affects
          the value of a Mortgage Loan or the interests of the Purchaser in the related
          Mortgage Loan in the case of a representation and warranty relating to
          a
          particular Mortgage Loan), notwithstanding the Company’s lack of knowledge with
          respect to the substance of such representation and warranty, such inaccuracy
          shall be deemed a breach of the applicable representation and
          warranty.

         

        Within
          60
          days of the earlier of either discovery by or notice to the Company of
          any
          Breach of a representation or warranty, the Company shall use its best
          efforts
          promptly to cure such Breach in all material respects and, if such Breach
          cannot
          be cured, the Company shall, at the Purchaser’s option and subject to Section
          3.06, repurchase such Mortgage Loan at the Repurchase Price. In the event
          that a
          Breach shall involve any representation or warranty set forth in Section
          3.01,
          and such Breach cannot be cured within 60 days of the earlier of either
          discovery by or notice to the Company of such Breach, all of the Mortgage
          Loans
          shall, at the Purchaser’s option and subject to Section 3.06, be repurchased by
          the Company at the Repurchase Price. However, if the Breach shall involve
          a
          representation or warranty set forth in Section 3.02 and the Company discovers
          or receives notice of any such Breach within 120 days of the related Closing
          Date, the Company shall, at the Purchaser’s option and provided that the Company
          has a Qualified Substitute Mortgage Loan, rather than repurchase the Mortgage
          Loan as provided above, remove such Mortgage Loan (a “Deleted Mortgage
          Loan”) and substitute in its place a Qualified Substitute Mortgage Loan
          or
          Loans, provided that any such substitution shall be effected not later
          than 120
          days after the related Closing Date. If the Company has no Qualified Substitute
          Mortgage Loan, it shall repurchase the deficient Mortgage Loan. Any repurchase
          of a Mortgage Loan or Loans pursuant to the foregoing provisions of this
          Section
          3.03 shall be accomplished by deposit in the Custodial Account of the amount
          of
          the Repurchase Price for distribution to Purchaser on the next scheduled
          Remittance Date, after deducting therefrom any amount received in respect
          of
          such repurchased Mortgage Loan or Loans and being held in the Custodial
          Account
          for future distribution.

         

        At
          the
          time of repurchase or substitution, the Purchaser and the Company shall
          arrange
          for the reassignment of the Deleted Mortgage Loan to the Company and the
          delivery to the Company of any documents held by the Custodian relating
          to the
          Deleted Mortgage Loan. In the event of a repurchase or substitution, the
          Company
          shall, simultaneously with such reassignment, give written notice to the
          Purchaser that such repurchase or substitution has taken place, amend the
          related Mortgage Loan Schedule to reflect the withdrawal of the Deleted
          Mortgage
          Loan from this Agreement, and, in the case of substitution, identify a
          Qualified
          Substitute Mortgage Loan and amend the related Mortgage Loan Schedule to
          reflect
          the addition of such Qualified Substitute Mortgage Loan to this Agreement.
          In
          connection with any such substitution, the Company shall be deemed to have
          made
          as to such Qualified Substitute Mortgage Loan the representations and warranties
          set forth in this Agreement except that all such representations and warranties
          set forth in this Agreement shall be deemed made as of the date of such
          substitution. The Company shall effect such substitution by delivering
          to the
          Custodian for such Qualified Substitute Mortgage Loan the documents required
          by
          Section 2.03, with the Mortgage Note endorsed as required by Section 2.03.
          No
          substitution will be made in any calendar month after the Determination
          Date for
          such month. The Company shall deposit in the Custodial Account the Monthly
          Payment less the Servicing Fee due on such Qualified Substitute Mortgage
          Loan or
          Loans in the month following the date of such substitution. Monthly Payments
          due
          with respect to Qualified Substitute Mortgage Loans in the month of substitution
          shall be retained by the Company. For the month of substitution, distributions
          to Purchaser shall include the Monthly Payment due on any Deleted Mortgage
          Loan
          in the month of substitution, and the Company shall thereafter be entitled
          to
          retain all amounts subsequently received by the Company in respect of such
          Deleted Mortgage Loan.

         

        For
          any
          month in which the Company substitutes a Qualified Substitute Mortgage
          Loan for
          a Deleted Mortgage Loan, the Company shall determine the amount (if any)
          by
          which the aggregate principal balance of all Qualified Substitute Mortgage
          Loans
          as of the date of substitution is less than the aggregate Stated Principal
          Balance of all Deleted Mortgage Loans (after application of scheduled principal
          payments due in the month of substitution). The amount of such shortfall
          shall
          be distributed by the Company in the month of substitution pursuant to
          Section
          5.01. Accordingly, on the date of such substitution, the Company shall
          deposit
          from its own funds into the Custodial Account an amount equal to the amount
          of
          such shortfall.

         

        Any
          cause
          of action against the Company relating to or arising out of the Breach
          of any
          representations and warranties made in Sections 3.01 and 3.02 shall accrue
          as to
          any Mortgage Loan upon (i) discovery of such Breach by the Purchaser or
          notice
          thereof by the Company to the Purchaser, (ii) failure by the Company to
          cure
          such Breach or repurchase such Mortgage Loan as specified above, and (iii)
          demand upon the Company by the Purchaser for compliance with this
          Agreement.

         

        
          	
                	
                  Section
                    3.04

                	
                  Indemnification.

                

        

         

        The
          Company agrees to indemnify the Purchaser and hold it harmless from and
          against
          any and all claims, losses, damages, penalties, fines, forfeitures, legal
          fees
          and related costs, judgments, and any other costs, fees and expenses that
          the
          Purchaser may sustain in any way related any assertion based on, grounded
          upon
          resulting from a Breach of any of the Company’s representations and warranties
          contained herein. In addition to the obligations of the Company set forth
          in
          this Section 3.04, the Purchaser may pursue any and all remedies otherwise
          available at law or in equity, including, but not limited to, the right
          to seek
          damages.  The provisions of this Section 3.04 shall survive
          termination of this Agreement.

         

        It
          is
          understood and agreed that the obligations of the Company set forth in
          Sections
          3.03 and 3.04 to cure, substitute for or repurchase a defective Mortgage
          Loan
          and to indemnify the Purchaser constitute the sole remedies of the Purchaser
          respecting a Breach of the foregoing representations and
          warranties.

         

         

        
          	
                	
                  Section
                    3.05

                	
                  Repurchase
                    Upon Conversion.

                

        

        

        In
          the
          event the Mortgagor under any Convertible Mortgage Loan elects to convert
          said
          Mortgage Loan to a fixed rate mortgage loan, as provided in the related
          Mortgage
          Note, then the Company shall repurchase the related Mortgage Loan in the
          month
          the conversion takes place and in the manner prescribed in Section 3.04
          at the
          Repurchase Price.

         

        
          	
                	
                  Section
                    3.06

                	
                  Restrictions
                    and Requirements Applicable in the Event

                  
                    that
                      a Mortgage Loan is Acquired by a
                      REMIC

                  

                

        

         

        In
          the
          event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
          provision of this Agreement, the following provisions shall be applicable
          to
          such Mortgage Loan:

         

        
          	
                	
                  (A)

                	
                  Repurchase
                    of Mortgage Loans.

                

        

         

        With
          respect to any Mortgage Loan that is not in default or as to which no default
          is
          imminent, no repurchase or substitution pursuant to Subsection 3.03, 3.05,
          3.07
          or 7.02 shall be made, unless, if so required by the applicable REMIC Documents
          the Company has obtained an Opinion of Counsel to the effect that such
          repurchase will not (i) result in the imposition of taxes on “prohibited
          transactions” of such REMIC (as defined in Section 860F of the Code) or
          otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to
          qualify
          as a REMIC at any time.

         

        
          	
                	
                  (B)

                	
                  General
                    Servicing Obligations.

                

        

         

        The
          Company shall sell any REO Property within two years after its acquisition
          by
          the REMIC unless (i) the Company applies for an extension of such two-year
          period from the Internal Revenue Service pursuant to the REMIC Provisions
          and
          Code Section 856(e)(3), in which event such REO Property shall be sold
          within
          the applicable extension period, or (ii) the Company obtains for the Purchaser
          an Opinion of Counsel, addressed to the Purchaser and the Company, to the
          effect
          that the holding by the REMIC of such REO Property subsequent to such two
          year
          period will not result in the imposition of taxes on “prohibited transactions”
as defined in Section 860F of the Code or cause the REMIC to fail to qualify
          as
          a REMIC under the REMIC Provisions or comparable provisions of relevant
          state
          laws at any time. The Company shall manage, conserve, protect and operate
          each
          REO Property for the Purchaser solely for the purpose of its prompt disposition
          and sale in a manner which does not cause such REO Property to fail to
          qualify
          as “foreclosure property” within the meaning of Section 860G(a)(8) or result in
          the receipt by the REMIC of any “income from non-permitted assets” within the
          meaning of Section 860F(a)(2)(B) of the Code or any “net income from foreclosure
          property” which is subject to taxation under Section 860G(a)(1) of the Code.
          Pursuant to its efforts to sell such REO Property, the Company shall either
          itself or through an agent selected by the Company protect and conserve
          such REO
          Property in the same manner and to such extent as is customary in the locality
          where such REO Property is located and may, incident to its conservation
          and
          protection of the interests of the Purchaser, rent the same, or any part
          thereof, as the Company deems to be in the best interest of the Company
          and the
          Purchaser for the period prior to the sale of such REO Property; provided,
          however, that any rent received or accrued with respect to such REO Property
          qualifies as “rents from real property” as defined in Section 856(d) of the
          Code.

         

        
          	
                	
                  (C)

                	
                  Additional
                    Covenants.

                

        

         

        In
          addition to the provision set forth in this Section 3.06, if a REMIC election
          is
          made with respect to the arrangement under which any of the Mortgage Loans
          or
          REO Properties are held, then, with respect to such Mortgage Loans and/or
          REO
          Properties, and notwithstanding the terms of this Agreement, the Company
          shall
          not take any action, cause the REMIC to take any action or fail to take
          (or fail
          to cause to be taken) any action that, under the REMIC Provisions, if taken
          or
          not taken, as the case may be, could (i) endanger the status of the REMIC
          as a
          REMIC or (ii) result in the imposition of a tax upon the REMIC (including
          but
          not limited to the tax on “prohibited transactions” as defined in Section
          860F(a)(2) of the Code and the tax on “contributions” to a REMIC set forth in
          Section 860G(d) of the Code) unless the Company has received an Opinion
          of
          Counsel (at the expense of the party seeking to take such action) to the
          effect
          that the contemplated action will not endanger such REMIC status or result
          in
          the imposition of any such tax.

         

        If
          a
          REMIC election is made with respect to the arrangement under which any
          Mortgage
          Loans or REO Properties are held, the Company shall amend this Agreement
          such
          that it will meet all Rating Agency requirements.

         

        
          	
                	
                  Section
                    3.07

                	
                  Review
                    of Mortgage Loans

                

        

         

        From
          the
          related Closing Date until the date 15 days after the related Closing Date,
          the
          Purchaser shall have the right to review the Mortgage Files and obtain
          BPOs and
          other property evaluations on the Mortgaged Properties relating to the
          Mortgage
          Loans purchased on the related Closing Date, with the results of such BPO
          or
          property evaluation reviews to be communicated to the Company for a period
          up to
          15 days after the related Closing Date.  In addition, the Purchaser
          shall have the right to reject any Mortgage Loan which in the Purchaser’s sole
          determination (i) fails to conform to the Underwriting Guidelines, (ii)
          the
          value of the Mortgaged Property pursuant to any BPO or property evaluation
          varies by more than plus or minus 15% from the lesser of (A) the original
          appraised value of the Mortgage Property or (B) the purchase price of the
          Mortgaged Property as of the date of origination (a “Value Issue”), (iii)
          the Mortgage Loan is underwritten without verification of the Borrower’s income
          and assets and there is no credit report and credit score or (iv) the Purchaser
          deems the Mortgage Loan not to be an acceptable credit risk. The Company
          shall
          repurchase the rejected Mortgage Loan in the manner prescribed in Section
          3.03
          upon receipt of notice from the Purchaser of the rejection of such Mortgage
          Loan; provided, that, in the event that the Purchaser rejects a Mortgage
          Loan
          due to a Value Issue, the Company may submit to the Purchaser an additional
          property evaluation for purposes of demonstrating that the Mortgage Loan
          does
          not have a Value Issue.  If the Purchaser and the Company fail to
          resolve such Value Issue within two weeks of the Purchaser presenting such
          Value
          Issue to the Company, then Company shall have the right to promptly (a)
          substitute such Mortgage Loan with a Qualified Substitute Mortgage Loan
          meeting
          all the terms hereof, or (b) repurchase such Mortgage Loan in the manner
          prescribed in Section 3.03.  Any rejected Mortgage Loan shall be
          removed from the terms of this Agreement.  The Company shall make
          available all files required by Purchaser in order to complete its review,
          including capturing all CRA/HMDA required data fields.  Any review
          performed by the Purchaser prior to the related Closing Date does not limit
          the
          Purchaser’s rights or the Company’s obligations under this section. To the
          extent that the Purchaser’s review discloses that the Mortgage Loans do not
          conform to the Underwriting Guidelines or the terms set forth in the Purchaser
          Price and Terms Letter, the Purchaser may in its sole discretion increase
          its
          due diligence review and obtain additional BPO’s or other property
          evaluations.  The additional review may be for any reason including
          but not limited to credit quality, property valuations, and data
          integrity.

         

        ARTICLE
          IV

         

        ADMINISTRATION
          AND SERVICING OF MORTGAGE LOANS

         

        
          	
                	
                  Section
                    4.01

                	
                  Company
                    to Act as Servicer.

                

        

         

        The
          Company shall service and administer the Mortgage Loans and shall have
          full
          power and authority, acting alone, to do any and all things in connection
          with
          such servicing and administration which the Company may deem necessary
          or
          desirable, consistent with the terms of this Agreement and with Accepted
          Servicing Practices.

         

         

        Consistent
          with the terms of this Agreement, the Company may waive, modify or vary
          any term
          of any Mortgage Loan or consent to the postponement of strict compliance
          with
          any such term or in any manner grant indulgence to any Mortgagor if in
          the
          Company’s reasonable and prudent determination such waiver, modification,
          postponement or indulgence is not materially adverse to the Purchasers,
          provided, however, that the Company shall not make any future advances
          with
          respect to a Mortgage Loan and (unless the Mortgagor is in default with
          respect
          to the Mortgage Loan or such default is, in the judgment of the Company,
          imminent and the Company has obtained the prior written consent of the
          Purchaser) the Company shall not permit any modification of any material
          term of
          any Mortgage Loan including any modifications that would change the Mortgage
          Interest Rate change the Index, Lifetime Mortgage Interest Rate Cap, Initial
          Rate Cap or Gross Margin of any Mortgage Loan, defer or forgive the payment
          of
          principal or interest, reduce or increase the outstanding principal balance
          (except for actual payments of principal) or change the final maturity
          date on
          such Mortgage Loan. In the event of any such modification which permits
          the
          deferral of interest or principal payments on any Mortgage Loan, the Company
          shall, on the Business Day immediately preceding the Remittance Date in
          any
          month in which any such principal or interest payment has been deferred,
          deposit
          in the Custodial Account from its own funds, in accordance with Section
          5.03,
          the difference between (a) such month’s principal and one month’s interest at
          the Mortgage Loan Remittance Rate on the unpaid principal balance of such
          Mortgage Loan and (b) the amount paid by the Mortgagor. The Company shall
          be
          entitled to reimbursement for such advances to the same extent as for all
          other
          advances made pursuant to Section 5.03. Without limiting the generality
          of the
          foregoing, the Company shall continue, and is hereby authorized and empowered,
          to execute and deliver on behalf of itself and the Purchasers, all instruments
          of satisfaction or cancellation, or of partial or full release, discharge
          and
          all other comparable instruments, with respect to the Mortgage Loans and
          with
          respect to the Mortgaged Properties. If reasonably required by the Company,
          the
          Purchaser shall furnish the Company with any powers of attorney and other
          documents necessary or appropriate to enable the Company to carry out its
          servicing and administrative duties under this Agreement.

         

        In
          servicing and administering the Mortgage Loans, the Company shall employ
          procedures (including collection procedures) and exercise the same care
          that it
          customarily employs and exercises in servicing and administering mortgage
          loans
          for its own account, giving due consideration to Accepted Servicing Practices
          where such practices do not conflict with the requirements of this Agreement,
          and the Purchaser’s reliance on the Company.

         

        The
          Mortgage Loans may be subserviced by the Subservicer on behalf of the Company
          provided that the Subservicer is a Fannie Mae-approved lender or a Freddie
          Mac
          seller/servicer in good standing, and no event has occurred, including
          but not
          limited to a change in insurance coverage, which would make it unable to
          comply
          with the eligibility requirements for lenders imposed by Fannie Mae or
          for
          seller/servicers imposed by Freddie Mac, or which would require notification
          to
          Fannie Mae or Freddie Mac. The Company may perform any of its servicing
          responsibilities hereunder or may cause the Subservicer to perform any
          such
          servicing responsibilities on its behalf, but the use by the Company of
          the
          Subservicer shall not release the Company from any of its obligations hereunder
          and the Company shall remain responsible hereunder for all acts and omissions
          of
          the Subservicer as fully as if such acts and omissions were those of the
          Company. The Company shall pay all fees and expenses of the Subservicer
          from its
          own funds, and the Subservicer’s fee shall not exceed the Servicing
          Fee.

         

        At
          the
          cost and expense of the Company, without any right of reimbursement from
          the
          Custodial Account, the Company shall be entitled to terminate the rights
          and
          responsibilities of the Subservicer and arrange for any servicing
          responsibilities to be performed by a successor Subservicer meeting the
          requirements in the preceding paragraph, provided, however, that nothing
          contained herein shall be deemed to prevent or prohibit the Company, at
          the
          Company’s option, from electing to service the related Mortgage Loans itself. In
          the event that the Company’s responsibilities and duties under this Agreement
          are terminated pursuant to Section 9.04, 10.01 or 11.02, and if requested
          to do
          so by the Purchaser, the Company shall at its own cost and expense terminate
          the
          rights and responsibilities of the Subservicer as soon as is reasonably
          possible. The Company shall pay all fees, expenses or penalties necessary
          in
          order to terminate the rights and responsibilities of the Subservicer from
          the
          Company’s own funds without reimbursement from the Purchaser.

         

        Notwithstanding
          any of the provisions of this Agreement relating to agreements or arrangements
          between the Company and the Subservicer or any reference herein to actions
          taken
          through the Subservicer or otherwise, the Company shall not be relieved
          of its
          obligations to the Purchaser and shall be obligated to the same extent
          and under
          the same terms and conditions as if it alone were servicing and administering
          the Mortgage Loans. The Company shall be entitled to enter into an agreement
          with the Subservicer for indemnification of the Company by the Subservicer
          and
          nothing contained in this Agreement shall be deemed to limit or modify
          such
          indemnification.

         

        Any
          Subservicing Agreement and any other transactions or services relating
          to the
          Mortgage Loans involving the Subservicer shall be deemed to be between
          the
          Subservicer and Company alone, and the Purchaser shall have no obligations,
          duties or liabilities with respect to the Subservicer including no obligation,
          duty or liability of Purchaser to pay the Subservicer’s fees and expenses. For
          purposes of distributions and advances by the Company pursuant to this
          Agreement, the Company shall be deemed to have received a payment on a
          Mortgage
          Loan when the Subservicer has received such payment.

         

        
          	
                	
                  Section
                    4.02

                	
                  Liquidation
                    of Mortgage Loans.

                

        

         

        In
          the
          event that any payment due under any Mortgage Loan and not postponed pursuant
          to
          Section 4.01 is not paid when the same becomes due and payable, or in the
          event
          the Mortgagor fails to perform any other covenant or obligation under the
          Mortgage Loan and such failure continues beyond any applicable grace period,
          the
          Company shall take such action as (1) the Company would take under similar
          circumstances with respect to a similar mortgage loan held for its own
          account
          for investment, (2) shall be consistent with Accepted Servicing Practices,
          (3)
          the Company shall determine prudently to be in the best interest of Purchaser,
          and (4) is consistent with any related PMI Policy. In the event that any
          payment
          due under any Mortgage Loan is not postponed pursuant to Section 4.01 and
          remains delinquent for a period of 90 days or any other default continues
          for a
          period of 90 days beyond the expiration of any grace or cure period, the
          Company
          shall commence foreclosure proceedings, provided that, prior to commencing
          foreclosure proceedings, the Company shall notify the Purchaser in writing
          of
          the Company’s intention to do so, and the Company shall not commence foreclosure
          proceedings if the Purchaser objects to such action within 10 Business
          Days of
          receiving such notice. In the event the Purchaser objects to such foreclosure
          action, the Company shall not be required to make Monthly Advances with
          respect
          to such Mortgage Loan, pursuant to Section 5.03, and the Company’s obligation to
          make such Monthly Advances shall terminate on the 90th day referred to
          above.  In such connection, the Company shall from its own funds make
          all necessary and proper Servicing Advances, provided, however, that the
          Company
          shall not be required to expend its own funds in connection with any foreclosure
          or towards the restoration or preservation of any Mortgaged Property, unless
          it
          shall determine (a) that such preservation, restoration and/or foreclosure
          will
          increase the proceeds of liquidation of the Mortgage Loan to Purchaser
          after
          reimbursement to itself for such expenses and (b) that such expenses will
          be
          recoverable by it either through Liquidation Proceeds (respecting which
          it shall
          have priority for purposes of withdrawals from the Custodial Account pursuant
          to
          Section 4.05) or through Insurance Proceeds (respecting which it shall
          have
          similar priority).

         

        Notwithstanding
          anything to the contrary contained herein, in connection with a foreclosure
          or
          acceptance of a deed in lieu of foreclosure, in the event the Company has
          reasonable cause to believe that a Mortgaged Property is contaminated by
          hazardous or toxic substances or wastes, or if the Purchaser otherwise
          requests
          an environmental inspection or review of such Mortgaged Property to be
          conducted
          by a qualified inspector. Upon completion of the inspection, the Company
          shall
          promptly provide the Purchaser with a written report of the environmental
          inspection.

         

        After
          reviewing the environmental inspection report, the Purchaser shall determine
          how
          the Company shall proceed with respect to the Mortgaged Property. In the
          event
          (a) the environmental inspection report indicates that the Mortgaged
          Property is contaminated by hazardous or toxic substances or wastes and
          (b) the Purchaser directs the Company to proceed with foreclosure or
          acceptance of a deed in lieu of foreclosure, the Company shall be reimbursed
          for
          all costs associated with such foreclosure or acceptance of a deed in lieu
          of
          foreclosure and any related environmental clean up costs, as applicable,
          from
          the related Liquidation Proceeds, or if the Liquidation Proceeds are
          insufficient to fully reimburse the Company, the Company shall be entitled
          to be
          reimbursed from amounts in the Custodial Account pursuant to Section 4.05
          hereof. In the event the Purchaser directs the Company not to proceed with
          foreclosure or acceptance of a deed in lieu of foreclosure, the Company
          shall be
          reimbursed for all Servicing Advances made with respect to the related
          Mortgaged
          Property from the Custodial Account pursuant to Section 4.05
          hereof.

         

        
          	
                	
                  Section
                    4.03

                	
                  Collection
                    of Mortgage Loan Payments.

                

        

         

        Continuously
          from the date hereof until the principal and interest on all Mortgage Loans
          are
          paid in full, the Company shall proceed diligently to collect all payments
          due
          under each of the Mortgage Loans when the same shall become due and payable
          and
          shall take special care in ascertaining and estimating Escrow Payments
          and all
          other charges that will become due and payable with respect to the Mortgage
          Loan
          and the Mortgaged Property, to the end that the installments payable by
          the
          Mortgagors will be sufficient to pay such charges as and when they become
          due
          and payable.

         

        
          	
                	
                  Section
                    4.04

                	
                  Establishment
                    of and Deposits to Custodial
                    Account.

                

        

         

        The
          Company shall segregate and hold all funds collected and received pursuant
          to a
          Mortgage Loan separate and apart from any of its own funds and general
          assets
          and shall establish and maintain one or more Custodial Accounts, in the
          form of
          time deposit or demand accounts, titled “Countrywide Home Loans, Inc. in trust
          for EMC Mortgage Corporation, as purchaser of Residential Adjustable Rate
          Mortgage Loans and various Mortgagors”. The Custodial Account shall be
          established with a Qualified Depository acceptable to the Purchaser. Any
          funds
          deposited in the Custodial Account shall at all times be fully insured
          to the
          full extent permitted under applicable law.  Funds deposited in the
          Custodial Account may be drawn on by the Company in accordance with Section
          4.05. The creation of any Custodial Account shall be evidenced by a
          certification in the form of Exhibit D-1 hereto, in the case of an
          account established with the Company, or by a letter agreement in the form
          of
Exhibit D-2 hereto, in the case of an account held by a depository other
          than the Company. A copy of such certification or letter agreement shall
          be
          furnished to the Purchaser and, upon request, to any subsequent
          Purchaser.

         

        The
          Company shall deposit in the Custodial Account within two Business Days
          of
          receipt, and retain therein, the following collections received by the
          Company
          and payments made by the Company after the related Cut-off Date, (other
          than
          payments of principal and interest due on or before the related Cut-off
          Date, or
          received by the Company prior to the related Cut-off Date but allocable
          to a
          period subsequent thereto or with respect to each LPMI Loan, in the amount
          of
          the LPMI Fee):

         

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

         

        (ii)  all
          payments on account of interest on the Mortgage Loans adjusted to the Mortgage
          Loan Remittance Rate;

         

        (iii)  all
          Liquidation Proceeds;

         

        (iv)  all
          Insurance Proceeds including amounts required to be deposited pursuant
          to
          Section 4.10, Section 4.11, Section 4.14 and Section 4.15;

         

        (v)  all
          Condemnation Proceeds which are not applied to the restoration or repair
          of the
          Mortgaged Property or released to the Mortgagor in accordance with Section
          4.14;

         

        (vi)  any
          amount required to be deposited in the Custodial Account pursuant to Section
          4.01, 4.09, 5.03, 6.01 or 6.02;

         

        (vii)  any
          amounts payable in connection with the repurchase of any Mortgage Loan
          pursuant
          to Section 3.03, 3.05 or 3.07 and all amounts required to be deposited
          by the
          Company in connection with a shortfall in principal amount of any Qualified
          Substitute Mortgage Loan pursuant to Section 3.03;

         

        (viii)  with
          respect to each Principal Prepayment in full or in part, the Prepayment
          Interest
          Shortfall Amount, if any, for the month of distribution. Such deposit shall
          be
          made from the Company’s own funds, without reimbursement therefor up to a
          maximum amount per month of the Servicing Fee actually received for such
          month
          for the Mortgage Loans;

         

        (ix)  any
          amounts required to be deposited by the Company pursuant to Section 4.11
          in
          connection with the deductible clause in any blanket hazard insurance policy;
          and

         

        (x)  any
          amounts received with respect to or related to any REO Property and all
          REO
          Disposition Proceeds pursuant to Section 4.16.

         

        The
          foregoing requirements for deposit into the Custodial Account shall be
          exclusive, it being understood and agreed that, without limiting the generality
          of the foregoing, payments in the nature of late payment charges and assumption
          fees, to the extent permitted by Section 6.01, need not be deposited by
          the
          Company into the Custodial Account. Any interest paid on funds deposited
          in the
          Custodial Account by the depository institution shall accrue to the benefit
          of
          the Company and the Company shall be entitled to retain and withdraw such
          interest from the Custodial Account pursuant to Section 4.05.

         

        
          	
                	
                  Section
                    4.05

                	
                  Permitted
                    Withdrawals From Custodial
                    Account.

                

        

         

        The
          Company shall, from time to time, withdraw funds from the Custodial Account
          for
          the following purposes:

         

        (i)  to
          make
          payments to the Purchaser in the amounts and in the manner provided for
          in
          Section 5.01;

         

        (ii)  to
          reimburse itself for Monthly Advances of the Company’s funds made pursuant to
          Section 5.03, the Company’s right to reimburse itself pursuant to this subclause
          (ii) being limited to amounts received on the related Mortgage Loan which
          represent late payments of principal and/or interest respecting which any
          such
          advance was made, it being understood that, in the case of any such
          reimbursement, the Company’s right thereto shall be prior to the rights of
          Purchaser, except that, where the Company is required to repurchase a Mortgage
          Loan pursuant to Section 3.03, 3.05, 3.07 or 6.02, the Company’s right to such
          reimbursement shall be subsequent to the payment to the Purchaser of the
          Repurchase Price pursuant to such sections and all other amounts required
          to be
          paid to the Purchaser with respect to such Mortgage Loan;

         

        (iii)  to
          reimburse itself for unreimbursed Servicing Advances, and for any unpaid
          Servicing Fees, the Company’s right to reimburse itself pursuant to this
          subclause (iii) with respect to any Mortgage Loan being limited to related
          Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such
          other
          amounts as may be collected by the Company from the Mortgagor or otherwise
          relating to the Mortgage Loan, it being understood that, in the case of
          any such
          reimbursement, the Company’s right thereto shall be prior to the rights of
          Purchaser except where the Company is required to repurchase a Mortgage
          Loan
          pursuant to Section 3.03, 3.05, 3.07 or 6.02, in which case the Company’s right
          to such reimbursement shall be subsequent to the payment to the Purchasers
          of
          the Repurchase Price pursuant to such sections and all other amounts required
          to
          be paid to the Purchasers with respect to such Mortgage Loan;

         

        (iv)  to
          pay
          itself interest on funds deposited in the Custodial Account;

         

        (v)  to
          reimburse itself for expenses incurred and reimbursable to it pursuant
          to
          Section 9.01;

         

        (vi)  to
          pay
          any amount required to be paid pursuant to Section 4.16 related to any
          REO
          Property, it being understood that in the case of any such expenditure
          or
          withdrawal related to a particular REO Property, the amount of such expenditure
          or withdrawal from the Custodial Account shall be limited to amounts on
          deposit
          in the Custodial Account with respect to the related REO Property;

         

        (vii)  to
          clear
          and terminate the Custodial Account upon the termination of this Agreement;
          and

         

        (viii)  to
          withdraw funds deposited in error.

         

        In
          the
          event that the Custodial Account is interest bearing, on each Remittance
          Date,
          the Company shall withdraw all funds from the Custodial Account except
          for those
          amounts which, pursuant to Section 5.01, the Company is not obligated to
          remit
          on such Remittance Date. The Company may use such withdrawn funds only
          for the
          purposes described in this Section 4.05.

         

        
          	
                	
                  Section
                    4.06

                	
                  Establishment
                    of and Deposits to Escrow
                    Account.

                

        

         

        The
          Company shall segregate and hold all funds collected and received pursuant
          to a
          Mortgage Loan constituting Escrow Payments separate and apart from any
          of its
          own funds and general assets and shall establish and maintain one or more
          Escrow
          Accounts, in the form of time deposit or demand accounts, titled, “Countrywide
          Home Loans, Inc., in trust for the EMC Mortgage Corporation, as purchaser
          of
          Residential Adjustable Rate Mortgage Loans and various Mortgagors”. The Escrow
          Accounts shall be established with a Qualified Depository, in a manner
          which
          shall provide maximum available insurance thereunder. Funds deposited in
          the
          Escrow Account may be drawn on by the Company in accordance with Section
          4.07.
          The creation of any Escrow Account shall be evidenced by a certification
          in the
          form of Exhibit E-1 hereto, in the case of an account established with
          the Company, or by a letter agreement in the form of Exhibit E-2 hereto,
          in the case of an account held by a depository other than the Company.
          A copy of
          such certification shall be furnished to the Purchaser and, upon request,
          to any
          subsequent Purchaser.

         

        The
          Company shall deposit in the Escrow Account or Accounts within two Business
          Days
          of receipt, and retain therein:

         

        (i)  all
          Escrow Payments collected on account of the Mortgage Loans, for the purpose
          of
          effecting timely payment of any such items as required under the terms
          of this
          Agreement; and

         

        (ii)  all
          amounts representing Insurance Proceeds or Condemnation Proceeds which
          are to be
          applied to the restoration or repair of any Mortgaged Property.

         

        The
          Company shall make withdrawals from the Escrow Account only to effect such
          payments as are required under this Agreement, as set forth in Section
          4.07. The
          Company shall be entitled to retain any interest paid on funds deposited
          in the
          Escrow Account by the depository institution, other than interest on escrowed
          funds required by law to be paid to the Mortgagor. To the extent required
          by
          law, the Company shall pay interest on escrowed funds to the Mortgagor
          notwithstanding that the Escrow Account may be non-interest bearing or
          that
          interest paid thereon is insufficient for such purposes.

         

        
          	
                	
                  Section
                    4.07

                	
                  Permitted
                    Withdrawals From Escrow
                    Account.

                

        

         

        Withdrawals
          from the Escrow Account or Accounts may be made by the Company
          only:

         

        (i)  to
          effect
          timely payments of ground rents, taxes, assessments, water rates, mortgage
          insurance premiums, condominium charges, fire and hazard insurance premiums
          or
          other items constituting Escrow Payments for the related Mortgage;

         

        (ii)  to
          reimburse the Company for any Servicing Advances made by the Company pursuant
          to
          Section 4.08 with respect to a related Mortgage Loan, but only from amounts
          received on the related Mortgage Loan which represent late collections
          of Escrow
          Payments thereunder;

         

        (iii)  to
          refund
          to any Mortgagor any funds found to be in excess of the amounts required
          under
          the terms of the related Mortgage Loan;

         

        (iv)  for
          transfer to the Custodial Account and application to reduce the principal
          balance of the Mortgage Loan in accordance with the terms of the related
          Mortgage and Mortgage Note;

         

        (v)  for
          application to restoration or repair of the Mortgaged Property in accordance
          with the procedures outlined in Section 4.14;

         

        (vi)  to
          pay to
          the Company, or any Mortgagor to the extent required by law, any interest
          paid
          on the funds deposited in the Escrow Account;

         

        (vii)  to
          clear
          and terminate the Escrow Account on the termination of this Agreement;
          and

         

        (viii)  to
          withdraw funds deposited in error.

         

        
          	
                	
                  Section
                    4.08

                	
                  Payment
                    of Taxes, Insurance and Other
                    Charges.

                

        

         

        With
          respect to each Mortgage Loan, the Company shall maintain accurate records
          reflecting the status of ground rents, taxes, assessments, water rates,
          sewer
          rents, and other charges which are or may become a lien upon the Mortgaged
          Property and the status of PMI Policy premiums and fire and hazard insurance
          coverage and shall obtain, from time to time, all bills for the payment
          of such
          charges (including renewal premiums) and shall effect payment thereof prior
          to
          the applicable penalty or termination date, employing for such purpose
          deposits
          of the Mortgagor in the Escrow Account which shall have been estimated
          and
          accumulated by the Company in amounts sufficient for such purposes, as
          allowed
          under the terms of the Mortgage. To the extent that a Mortgage does not
          provide
          for Escrow Payments, the Company shall determine that any such payments
          are made
          by the Mortgagor at the time they first become due. The Company assumes
          full
          responsibility for the timely payment of all such bills and shall effect
          timely
          payment of all such charges irrespective of each Mortgagor’s faithful
          performance in the payment of same or the making of the Escrow Payments,
          and the
          Company shall make advances from its own funds to effect such
          payments.

         

        
          	
                	
                  Section
                    4.09

                	
                  Protection
                    of Accounts.

                

        

         

        The
          Company may transfer the Custodial Account or the Escrow Account to a different
          Qualified Depository from time to time. Upon any such transfer, the Company
          shall promptly notify the Purchaser and deliver to the Purchaser a Custodial
          Account Certification or Escrow Account Certification (as applicable) in
          the
          form of Exhibit D-1 or E-1 to this agreement.

         

        The
          Company shall bear any expenses, losses or damages sustained by the Purchaser
          because the Custodial Account and/or the Escrow Account are not demand
          deposit
          accounts.

         

        Amounts
          on deposit in the Custodial Account and the Escrow Account may at the option
          of
          the Company be invested in Eligible Investments; provided that in the event
          that
          amounts on deposit in the Custodial Account or the Escrow Account exceed
          the
          amount fully insured by the FDIC (the “Insured Amount”) the Company shall
          be obligated to invest the excess amount over the Insured Amount in Eligible
          Investments on the same Business Day as such excess amount becomes present
          in
          the Custodial Account or the Escrow Account. Any such Eligible Investment
          shall
          mature no later than the Determination Date next following the date of
          such
          Eligible Investment, provided, however, that if such Eligible Investment
          is an
          obligation of a Qualified Depository (other than the Company) that maintains
          the
          Custodial Account or the Escrow Account, then such Eligible Investment
          may
          mature on such Remittance Date. Any such Eligible Investment shall be made
          in
          the name of the Company in trust for the benefit of the Purchaser. All
          income on
          or gain realized from any such Eligible Investment shall be for the benefit
          of
          the Company and may be withdrawn at any time by the Company. Any losses
          incurred
          in respect of any such investment shall be deposited in the Custodial Account
          or
          the Escrow Account, by the Company out of its own funds immediately as
          realized.

         

        
          	
                	
                  Section
                    4.10

                	
                  Maintenance
                    of Hazard Insurance.

                

        

         

        The
          Company shall cause to be maintained for each Mortgage Loan hazard insurance
          such that all buildings upon the Mortgaged Property are insured by a generally
          acceptable insurer rated A:VI or better in the current Best’s Key Rating Guide
          (“Best’s”) against loss by fire, hazards of extended coverage and such
          other hazards as are customary in the area where the Mortgaged Property
          is
          located, in an amount which is at least equal to the lesser of (i) the
          replacement value of the improvements securing such Mortgage Loan and (ii)
          the
          greater of (a) the outstanding principal balance of the Mortgage Loan and
          (b) an
          amount such that the proceeds thereof shall be sufficient to prevent the
          Mortgagor or the loss payee from becoming a co-insurer.

         

        If
          a
          Mortgaged Property is located in an area identified in the Federal Register
          by
          the Flood Emergency Management Agency as having special flood hazards (and
          such
          flood insurance has been made available) a flood insurance policy meeting
          the
          requirements of the current guidelines of the Federal Insurance Administration
          is in effect with a generally acceptable insurance carrier rated A:VI or
          better
          in Best’s in an amount representing coverage equal to the lesser of (i) the
          minimum amount required, under the terms of coverage, to compensate for
          any
          damage or loss on a replacement cost basis (or the unpaid balance of the
          mortgage if replacement cost coverage is not available for the type of
          building
          insured) and (ii) the maximum amount of insurance which is available under
          the
          Flood Disaster Protection Act of 1973, as amended. If at any time during
          the
          term of the Mortgage Loan, the Company determines in accordance with applicable
          law and pursuant to the Fannie Mae Guides that a Mortgaged Property is
          located
          in a special flood hazard area and is not covered by flood insurance or
          is
          covered in an amount less than the amount required by the Flood Disaster
          Protection Act of 1973, as amended, the Company shall notify the related
          Mortgagor that the Mortgagor must obtain such flood insurance coverage,
          and if
          said Mortgagor fails to obtain the required flood insurance coverage within
          forty-five (45) days after such notification, the Company shall immediately
          force place the required flood insurance on the Mortgagor’s behalf.

         

        If
          a
          Mortgage is secured by a unit in a condominium project, the Company shall
          verify
          that the coverage required of the owner’s association, including hazard, flood,
          liability, and fidelity coverage, is being maintained in accordance with
          then
          current Fannie Mae requirements, and secure from the owner’s association its
          agreement to notify the Company promptly of any change in the insurance
          coverage
          or of any condemnation or casualty loss that may have a material effect
          on the
          value of the Mortgaged Property as security.

         

        The
          Company shall cause to be maintained on each Mortgaged Property earthquake
          or
          such other or additional insurance as may be required pursuant to such
          applicable laws and regulations as shall at any time be in force and as
          shall
          require such additional insurance, or pursuant to the requirements of any
          private mortgage guaranty insurer, or as may be required to conform with
          Accepted Servicing Practices.

         

        In
          the
          event that any Purchaser or the Company shall determine that the Mortgaged
          Property should be insured against loss or damage by hazards and risks
          not
          covered by the insurance required to be maintained by the Mortgagor pursuant
          to
          the terms of the Mortgage, the Company shall communicate and consult with
          the
          Mortgagor with respect to the need for such insurance and bring to the
          Mortgagor’s attention the desirability of protection of the Mortgaged
          Property.

         

        All
          policies required hereunder shall name the Company as loss payee and shall
          be
          endorsed with standard or union mortgagee clauses, without contribution,
          which
          shall provide for at least 30 days prior written notice of any cancellation,
          reduction in amount or material change in coverage.

         

        The
          Company shall not interfere with the Mortgagor’s freedom of choice in selecting
          either his insurance carrier or agent, provided, however, that the Company
          shall
          not accept any such insurance policies from insurance companies unless
          such
          companies are rated A:VI or better in Best’s and are licensed to do business in
          the jurisdiction in which the Mortgaged Property is located. The Company
          shall
          determine that such policies provide sufficient risk coverage and amounts,
          that
          they insure the property owner, and that they properly describe the property
          address. The Company shall furnish to the Mortgagor a formal notice of
          expiration of any such insurance in sufficient time for the Mortgagor to
          arrange
          for renewal coverage by the expiration date.

         

        Pursuant
          to Section 4.04, any amounts collected by the Company under any such policies
          (other than amounts to be deposited in the Escrow Account and applied to
          the
          restoration or repair of the related Mortgaged Property, or property acquired
          in
          liquidation of the Mortgage Loan, or to be released to the Mortgagor, in
          accordance with the Company’s normal servicing procedures as specified in
          Section 4.14) shall be deposited in the Custodial Account subject to withdrawal
          pursuant to Section 4.05.

         

        
          	
                	
                  Section
                    4.11

                	
                  Maintenance
                    of Mortgage Impairment
                    Insurance.

                

        

         

        In
          the
          event that the Company shall obtain and maintain a blanket policy insuring
          against losses arising from fire and hazards covered under extended coverage
          on
          all of the Mortgage Loans, then, to the extent such policy provides coverage
          in
          an amount equal to the amount required pursuant to Section 4.10 and otherwise
          complies with all other requirements of Section 4.10, it shall conclusively
          be
          deemed to have satisfied its obligations as set forth in Section 4.10.
          Any
          amounts collected by the Company under any such policy relating to a Mortgage
          Loan shall be deposited in the Custodial Account subject to withdrawal
          pursuant
          to Section 4.05. Such policy may contain a deductible clause, in which
          case, in
          the event that there shall not have been maintained on the related Mortgaged
          Property a policy complying with Section 4.10, and there shall have been
          a loss
          which would have been covered by such policy, the Company shall deposit
          in the
          Custodial Account at the time of such loss the amount not otherwise payable
          under the blanket policy because of such deductible clause, such amount
          to
          deposited from the Company’s funds, without reimbursement therefor. Upon request
          of any Purchaser, the Company shall cause to be delivered to such Purchaser
          a
          certified true copy of such policy and a statement from the insurer thereunder
          that such policy shall in no event be terminated or materially modified
          without
          30 days’ prior written notice to such Purchaser.

         

        
          	
                	
                  Section
                    4.12

                	
                  Maintenance
                    of Fidelity Bond and Errors and Omissions
                    Insurance.

                

        

         

        The
          Company shall maintain with responsible companies, at its own expense,
          a blanket
          Fidelity Bond and an Errors and Omissions Insurance Policy, with broad
          coverage
          on all officers, employees or other persons acting in any capacity requiring
          such persons to handle funds, money, documents or papers relating to the
          Mortgage Loans (“Company Employees”). Any such Fidelity Bond and Errors
          and Omissions Insurance Policy shall be in the form of the Mortgage Banker’s
          Blanket Bond and shall protect and insure the Company against losses, including
          forgery, theft, embezzle­ment, fraud, errors and omissions and negligent
          acts of such Company Employees. Such Fidelity Bond and Errors and Omissions
          Insurance Policy also shall protect and insure the Company against losses
          in
          connection with the release or satisfaction of a Mortgage Loan without
          having
          obtained payment in full of the indebtedness secured thereby. No provision
          of
          this Section 4.12 requiring such Fidelity Bond and Errors and Omissions
          Insurance Policy shall diminish or relieve the Company from its duties
          and
          obligations as set forth in this Agreement. The minimum coverage under
          any such
          bond and insurance policy shall be acceptable to Fannie Mae or Freddie
          Mac.  Upon the request of any Purchaser, the Company shall cause to be
          delivered to such Purchaser a certified true copy of such fidelity bond
          and
          insurance policy and a statement from the surety and the insurer that such
          fidelity bond and insurance policy shall in no event be terminated or materially
          modified without 30 days’ prior written notice to the Purchaser.

         

        
          	
                	
                  Section
                    4.13

                	
                  Inspections.

                

        

         

        The
          Company shall inspect the Mortgaged Property as often as deemed necessary
          by the
          Company to assure itself that the value of the Mortgaged Property is being
          preserved. In addition, if any Mortgage Loan is more than 60 days delinquent,
          the Company immediately shall inspect the Mortgaged Property and shall
          conduct
          subsequent inspections in accordance with Accepted Servicing Practices
          or as may
          be required by the primary mortgage guaranty insurer. The Company shall
          keep a
          written report of each such inspection.

         

        
          	
                	
                  Section
                    4.14

                	
                  Restoration
                    of Mortgaged Property.

                

        

         

        The
          Company need not obtain the approval of the Purchaser prior to releasing
          any
          Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied
          to
          the restoration or repair of the Mortgaged Property if such release is
          in
          accordance with Accepted Servicing Practices. At a minimum, the Company
          shall
          comply with the following conditions in connection with any such release
          of
          Insurance Proceeds or Condemnation Proceeds:

         

        (i)  the
          Company shall receive satisfactory independent verification of completion
          of
          repairs and issuance of any required approvals with respect
          thereto;

         

        (ii)  the
          Company shall take all steps necessary to preserve the priority of the
          lien of
          the Mortgage, including, but not limited to requiring waivers with respect
          to
          mechanics’ and materialmen’s liens;

         

        (iii)  the
          Company shall verify that the Mortgage Loan is not in default; and

         

        (iv)  pending
          repairs or restoration, the Company shall place the Insurance Proceeds
          or
          Condemnation Proceeds in the Custodial Account.

         

        If
          the
          Purchaser is named as an additional loss payee, the Company is hereby empowered
          to endorse any loss draft issued in respect of such a claim in the name
          of the
          Purchaser.

         

        
          	
                	
                  Section
                    4.15

                	
                  Maintenance
                    of PMI and LPMI Policy; Claims.

                

        

         

        (a)
          With
          respect to each Mortgage Loan with a LTV in excess of 95%, the Company
          shall:

         

        (i)  with
          respect to Mortgage Loans which are not LPMI Loans, in accordance with
          state and
          federal laws and without any cost to the Purchaser, maintain or cause the
          Mortgagor to maintain in full force and effect a PMI Policy with a minimum
          of
          35% coverage insuring that portion of the Mortgage Loan in excess of 68%
          (or
          such other percentage as stated in the related Acknowledgment Agreement)
          of
          value, and shall pay or shall cause the Mortgagor to pay the premium thereon
          on
          a timely basis, until the LTV of such Mortgage Loan is reduced to 80%.
          In the
          event that such PMI Policy shall be terminated, the Company shall obtain
          from
          another Qualified Insurer a comparable replacement policy, with a total
          coverage
          equal to the remaining coverage of such terminated PMI Policy, at substantially
          the same fee level. If the insurer shall cease to be a Qualified Insurer,
          the
          Company shall determine whether recoveries under the PMI Policy are jeopardized
          for reasons related to the financial condition of such insurer, it being
          understood that the Company shall in no event have any responsibility or
          liability for any failure to recover under the PMI Policy for such
          reason.  If the Company determines that recoveries are so jeopardized,
          it shall notify the Purchaser and the Mortgagor, if required, and obtain
          from
          another Qualified Insurer a replacement insurance policy. The Company shall
          not
          take any action which would result in noncoverage under any applicable
          PMI
          Policy of any loss which, but for the actions of the Company would have
          been
          covered thereunder. In connection with any assumption or substitution agreement
          entered into or to be entered into pursuant to Section 4.01, the Company
          shall
          promptly notify the insurer under the related PMI Policy, if any, of such
          assumption or substitution of liability in accordance with the terms of
          such PMI
          Policy and shall take all actions which may be required by such insurer
          as a
          condition to the continuation of coverage under such PMI Policy. If such
          PMI
          Policy is terminated as a result of such assumption or substitution of
          liability, the Company shall obtain a replacement PMI Policy as provided
          above.

         

         (ii)
          with respect to LPMI Loans, maintain in full force and effect an LPMI Policy
          insuring that portion of the Mortgage Loan with a minimum of 35% coverage
          insuring that portion of the Mortgage Loan in excess of 68% (or such other
          percentage as stated in the related Acknowledgment Agreement) of value,
          and from
          time to time, withdraw the LPMI Fee with respect to such LPMI Loan from
          the
          Custodial Account in order to pay the premium thereon on a timely basis,
          until
          the LTV of such Mortgage Loan is reduced to 80%. In the event that the
          interest
          payments made with respect to any LPMI Loan are less than the LPMI Fee,
          the
          Company shall advance from its own funds the amount of any such shortfall
          in the
          LPMI Fee, in payment of the premium on the related LPMI Policy.  Any
          such advance shall be a Servicing Advance subject to reimbursement pursuant
          to
          the provisions on Section 2.05. In the event that such LPMI Policy shall
          be
          terminated, the Company shall obtain from another Qualified Insurer a comparable
          replacement policy, with a total coverage equal to the remaining coverage
          of
          such terminated LPMI Policy, at substantially the same fee level. If the
          insurer
          shall cease to be a Qualified Insurer, the Company shall determine whether
          recoveries under the LPMI Policy are jeopardized for reasons related to
          the
          financial condition of such insurer, it being understood that the Company
          shall
          in no event have any responsibility or liability for any failure to recover
          under the LPMI Policy for such reason.  If the Company determines that
          recoveries are so jeopardized, it shall notify the Purchaser and the Mortgagor,
          if required, and obtain from another Qualified Insurer a replacement insurance
          policy.  The Company shall not take any action which would result in
          noncoverage under any applicable LPMI Policy of any loss which, but for
          the
          actions of the Company would have been covered thereunder. In connection
          with
          any assumption or substitution agreement entered into or to be entered
          into
          pursuant to Section 6.01, the Company shall promptly notify the insurer
          under
          the related LPMI Policy, if any, of such assumption or substitution of
          liability
          in accordance with the terms of such LPMI Policy and shall take all actions
          which may be required by such insurer as a condition to the continuation
          of
          coverage under such PMI Policy. If such LPMI Policy is terminated as a
          result of
          such assumption or substitution of liability, the Company shall obtain
          a
          replacement LPMI Policy as provided above.

         

        (b)           In
          connection with its activities as servicer, the Company agrees to prepare
          and
          present, on behalf of itself and the Purchaser, claims to the insurer under
          any
          PMI Policy or LPMI Policy in a timely fashion in accordance with the terms
          of
          such PMI Policy or LPMI Policy and, in this regard, to take such action
          as shall
          be necessary to permit recovery under any PMI Policy or LPMI Policy respecting
          a
          defaulted Mortgage Loan. Pursuant to Section 4.04, any amounts collected
          by the
          Company under any PMI Policy or LPMI Policy shall be deposited in the Custodial
          Account, subject to withdrawal pursuant to Section 4.05.

         

        (c)           Purchaser,
          in its sole discretion, at any time, may (i) either obtain an additional
          PMI
          Policy on any Mortgage Loan which already has a PMI Policy in place, or
          (ii)
          obtain a PMI Policy for any Mortgage Loan which does not already have a
          PMI
          Policy in place.  In any event, the Company agrees to administer such
          PMI Policies in accordance with the Agreement or any Reconstitution
          Agreement.

         

        
          	
                	
                  Section
                    4.16

                	
                  Title,
                    Management and Disposition of REO
                    Property.

                

        

         

        In
          the
          event that title to any Mortgaged Property is acquired in foreclosure or
          by deed
          in lieu of foreclosure, the deed or certificate of sale shall be taken
          in the
          name of the Purchaser, or in the event the Purchaser is not authorized
          or
          permitted to hold title to real property in the state where the REO Property
          is
          located, or would be adversely affected under the “doing business” or tax laws
          of such state by so holding title, the deed or certificate of sale shall
          be
          taken in the name of such Person or Persons as shall be consistent with
          an
          Opinion of Counsel obtained by the Company from any attorney duly licensed
          to
          practice law in the state where the REO Property is located. The Person
          or
          Persons holding such title other than the Purchaser shall acknowledge in
          writing
          that such title is being held as nominee for the Purchaser.

         

        The
          Company shall manage, conserve, protect and operate each REO Property for
          the
          Purchaser solely for the purpose of its prompt disposition and sale. The
          Company, either itself or through an agent selected by the Company, shall
          manage, conserve, protect and operate the REO Property in the same manner
          that
          it manages, conserves, protects and operates other foreclosed property
          for its
          own account, and in the same manner that similar property in the same locality
          as the REO Property is managed. The Company shall attempt to sell the same
          (and
          may temporarily rent the same for a period not greater than one year, except
          as
          otherwise provided below) on such terms and conditions as the Company deems
          to
          be in the best interest of the Purchaser.

         

        The
          Company shall use its best efforts to dispose of the REO Property as soon
          as
          possible and shall sell such REO Property in any event within one year
          after
          title has been taken to such REO Property, unless (i) (A) a REMIC election
          has
          not been made with respect to the arrangement under which the Mortgage
          Loans and
          the REO Property are held, and (ii) the Company determines, and gives an
          appropriate notice to the Purchaser to such effect, that a longer period
          is
          necessary for the orderly liquidation of such REO Property. If a period
          longer
          than one year is permitted under the foregoing sentence and is necessary
          to sell
          any REO Property the Company shall report monthly to the Purchaser as to
          the
          progress being made in selling such REO Property.

         

        The
          Company shall also maintain on each REO Property fire and hazard insurance
          with
          extended coverage in amount which is at least equal to the maximum insurable
          value of the improvements which are a part of such property, liability
          insurance
          and, to the extent required and available under the Flood Disaster Protection
          Act of 1973, as amended, flood insurance in the amount required
          above.

         

        The
          disposition of REO Property shall be carried out by the Company at such
          price,
          and upon such terms and conditions, as the Company deems to be in the best
          interests of the Purchaser. The proceeds of sale of the REO Property shall
          be
          promptly deposited in the Custodial Account. As soon as practical thereafter
          the
          expenses of such sale shall be paid and the Company shall reimburse itself
          for
          any related unreimbursed Servicing Advances, unpaid Servicing Fees and
          unreimbursed advances made pursuant to Section 5.03, and on the Remittance
          Date
          immediately following the Principal Prepayment Period in which such sale
          proceeds are received the net cash proceeds of such sale remaining in the
          Custodial Account shall be distributed to the Purchaser.

         

        The
          Company shall withdraw the Custodial Account funds necessary for the proper
          operation, management and maintenance of the REO Property, including the
          cost of
          maintaining any hazard insurance pursuant to Section 4.10 and the fees
          of any
          managing agent of the Company, a Subservicer, or the Company itself. The
          REO
          management fee shall be an amount that is reasonable and customary in the
          area
          where the Mortgaged Property is located. The Company shall make monthly
          distributions on each Remittance Date to the Purchasers of the net cash
          flow
          from the REO Property (which shall equal the revenues from such REO Property
          net
          of the expenses described in this Section 4.16 and of any reserves reasonably
          required from time to time to be maintained to satisfy anticipated liabilities
          for such expenses).

         

        
          	
                	
                  Section
                    4.17

                	
                  Real
                    Estate Owned Reports.

                

        

         

        Together
          with the statement furnished pursuant to Section 5.02, the Company shall
          furnish
          to the Purchaser on or before the Remittance Date each month a statement
          with
          respect to any REO Property covering the operation of such REO Property
          for the
          previous month and the Company’s efforts in connection with the sale of such REO
          Property and any rental of such REO Property incidental to the sale thereof
          for
          the previous month. That statement shall be accompanied by such other
          information as the Purchaser shall reasonably request.

         

        
          	
                	
                  Section
                    4.18

                	
                  Liquidation
                    Reports.

                

        

         

        Upon
          the
          foreclosure sale of any Mortgaged Property or the acquisition thereof by
          the
          Purchaser pursuant to a deed in lieu of foreclosure, the Company shall
          submit to
          the Purchaser a liquidation report with respect to such Mortgaged
          Property.

         

        
          	
                	
                  Section
                    4.19

                	
                  Reports
                    of Foreclosures and Abandonments of Mortgaged
                    Property.

                

        

         

        Following
          the foreclosure sale or abandonment of any Mortgaged Property, the Company
          shall
          report such foreclosure or abandonment as required pursuant to Section
          6050J of
          the Code.

         

        
          	
                	
                  Section
                    4.20

                	
                  Notification
                    of Adjustments.

                

        

         

        With
          respect to each Mortgage Loan, the Company shall adjust the Mortgage Interest
          Rate on the related Interest Rate Adjustment Date and shall adjust the
          Monthly
          Payment on the related Payment Adjustment Date in compliance with the
          requirements of applicable law and the related Mortgage and Mortgage Note.
          If,
          pursuant to the terms of the Mortgage Note, another index is selected for
          determining the Mortgage Interest Rate, the same index will be used with
          respect
          to each Mortgage Note which requires a new index to be selected, provided
          that
          such selection does not conflict with the terms of the related Mortgage
          Note.  The Company shall execute and deliver any and all necessary
          notices required under applicable law and the terms of the related Mortgage
          Note
          and Mortgage regarding the Mortgage Interest Rate and the Monthly Payment
          adjustments.  The Company shall promptly upon written request thereof,
          deliver to the Purchaser such notifications and any additional applicable
          data
          regarding such adjustments and the methods used to calculate and implement
          such
          adjustments. Upon the discovery by the Company, or the Purchaser that the
          Company has failed to adjust a Mortgage Interest Rate or a Monthly Payment
          pursuant to the terms of the related Mortgage Note and Mortgage, the Company
          shall immediately deposit in the Custodial Account from its own funds the
          amount
          of any interest loss caused the Purchaser thereby.

         

        ARTICLE
          V

         

        PAYMENTS
          TO PURCHASER

         

        
          	
                	
                  Section
                    5.01

                	
                  Remittances.

                

        

         

        On
          each
          Remittance Date the Company shall remit by wire transfer of immediately
          available funds to the Purchaser (a) all amounts deposited in the Custodial
          Account as of the close of business on the Determination Date (net of charges
          against or withdrawals from the Custodial Account pursuant to Section 4.05),
          plus (b) all amounts, if any, which the Company is obligated to distribute
          pursuant to Section 5.03, minus (c) any amounts attributable to Principal
          Prepayments received after the applicable Principal Prepayment Period which
          amounts shall be remitted on the following Remittance Date, together with
          any
          additional interest required to be deposited in the Custodial Account in
          connection with such Principal Prepayment in accordance with Section 4.04(viii),
          and minus (d) any amounts attributable to Monthly Payments collected but
          due on
          a Due Date or Dates subsequent to the first day of the month of the Remittance
          Date, which amounts shall be remitted on the Remittance Date next succeeding
          the
          Due Period for such amounts.

         

        With
          respect to any remittance received by the Purchaser after the second Business
          Day following the Business Day on which such payment was due, the Company
          shall
          pay to the Purchaser interest on any such late payment at an annual rate
          equal
          to the Prime Rate, adjusted as of the date of each change, plus three percentage
          points, but in no event greater than the maximum amount permitted by applicable
          law. Such interest shall be deposited in the Custodial Account by the Company
          on
          the date such late payment is made and shall cover the period commencing
          with
          the day following such second Business Day and ending with the Business
          Day on
          which such payment is made, both inclusive. Such interest shall be remitted
          along with the distribution payable on the next succeeding Remittance Date.
          The
          payment by the Company of any such interest shall not be deemed an extension
          of
          time for payment or a waiver of any Event of Default by the
          Company.

         

        
          	
                	
                  Section
                    5.02

                	
                  Statements
                    to Purchaser.

                

        

         

        Not
          later
          than the 10th
          day of each calendar month, the Company shall furnish to the Purchaser
          a Monthly
          Remittance Advice, with a trial balance report attached thereto, in the
          form of
Exhibit F annexed hereto electronic medium mutually acceptable to the
          parties as  to  the preceding calendar month and the Due
          Period in the month of remittance

         

        In
          addition, not more than 60 days after the end of each calendar year, the
          Company
          shall furnish to each Person who was a Purchaser at any time during such
          calendar year an annual statement in accordance with the requirements of
          applicable federal income tax law as to the aggregate of remittances for
          the
          applicable portion of such year.  Nothing in this Section 5.02 shall
          be deemed to require the Company to prepare any federal income tax return
          on
          Internal Revenue Service Form 1066, U.S. Real Estate Mortgage Investment
          Conduit
          Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual
          Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any
          successor forms, to be filed on behalf of any REMIC under the REMIC
          Provisions.

         

        
          	
                	
                  Section
                    5.03

                	
                  Monthly
                    Advances by Company.

                

        

         

        On
          the
          Business Day immediately preceding each Remittance Date, either (a) the
          Company
          shall deposit in the Custodial Account from its own funds or (b) if funds
          are on
          deposit in the Custodial Account which are not required to be remitted
          on the
          related Remittance Date, the Company may make an appropriate entry in its
          records that such funds shall be applied toward the related Monthly Advance
          (provided, that any funds so applied shall be replaced by the Company no
          later
          than the Business Day immediately preceding the next Remittance Date),
          in each
          case, in an aggregate amount equal to all Monthly Payments (with interest
          adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage
          Loans during the applicable Due Period and which were delinquent at the
          close of
          business on the immediately preceding Determination Date or which were
          deferred
          pursuant to Section 4.01. The Company’s obligation to make such Monthly Advances
          as to any Mortgage Loan will continue through the last Monthly Payment
          due prior
          to the payment in full of the Mortgage Loan, or through the last Remittance
          Date
          prior to the Remittance Date for the distribution of all Liquidation Proceeds
          and other payments or recoveries (including Insurance Proceeds and Condemnation
          Proceeds) with respect to the Mortgage Loan.

         

         In
          no event shall the Company be obligated to make an advance under this section
          5.03 if at the time of such advance it deems such advance to be
          non-recoverable.  The Company shall promptly deliver an officer’s
          certificate to the Purchaser upon determining that any advance is
          non-recoverable.  In the event that upon liquidation of the Mortgage
          Loan, the Liquidation Proceeds are insufficient to reimburse the Company
          for any
          Monthly Advances, the Company shall notify the related Purchaser of such
          shortfall by registered mail with sufficient supporting documentation and
          shall
          have the right to deduct such shortfall from the next remittance to be
          paid to
          the related Purchaser.

         

        ARTICLE
          VI

         

        GENERAL
          SERVICING PROCEDURES

         

        
          	
                	
                  Section
                    6.01

                	
                  Transfers
                    of Mortgaged Property.

                

        

         

        The
          Company shall use its best efforts to enforce any “due-on-sale” provision
          contained in any Mortgage or Mortgage Note and to deny assumption by the
          person
          to whom the Mortgaged Property has been or is about to be sold whether
          by
          absolute conveyance or by contract of sale, and whether or not the Mortgagor
          remains liable on the Mortgage and the Mortgage Note. When the Mortgaged
          Property has been conveyed by the Mortgagor, the Company shall, to the
          extent it
          has knowledge of such conveyance, exercise its rights to accelerate the
          maturity
          of such Mortgage Loan under the “due-on-sale” clause applicable thereto,
          provided, however, that the Company shall not exercise such rights if prohibited
          by law from doing so or if the exercise of such rights would impair or
          threaten
          to impair any recovery under the related PMI or LPMI Policy, if
          any.

         

        If
          the
          Company reasonably believes it is unable under applicable law to enforce
          such
“due-on-sale” clause, the Company shall enter into (i) an assumption and
          modification agreement with the person to whom such property has been conveyed,
          pursuant to which such person becomes liable under the Mortgage Note and
          the
          original Mortgagor remains liable thereon or (ii) in the event the Company
          is
          unable under applicable law to require that the original Mortgagor remain
          liable
          under the Mortgage Note and the Company has the prior consent of the primary
          mortgage guaranty insurer, a substitution of liability agreement with the
          purchaser of the Mortgaged Property pursuant to which the original Mortgagor
          is
          released from liability and the purchaser of the Mortgaged Property is
          substituted as Mortgagor and becomes liable under the Mortgage Note. If
          an
          assumption fee is collected by the Company for entering into an assumption
          agreement, a portion of such fee, up to an amount equal to one percent
          (1.0%) of
          the outstanding principal balance of the related Mortgage Loan, will be
          retained
          by the Company as additional servicing compensation, and any portion thereof
          in
          excess one percent (1.0%) shall be deposited in the Custodial Account for
          the
          benefit of the Purchaser. In connection with any such assumption or substitution
          of liability, neither the Mortgage Interest Rate borne by the related Mortgage
          Note, the term of the Mortgage Loan, the Index, the Lifetime Mortgage Interest
          Rate Cap, the Initial Rate Cap or the Gross Margin of any Mortgage Loan,
          nor the
          outstanding principal amount of the Mortgage Loan shall be changed.

         

        To
          the
          extent that any Mortgage Loan is assumable, the Company shall inquire diligently
          into the creditworthiness of the proposed transferee, and shall use the
          underwriting criteria for approving the credit of the proposed transferee
          which
          are used by Fannie Mae with respect to underwriting mortgage loans of the
          same
          type as the Mortgage Loans. If the credit of the proposed transferee does
          not
          meet such underwriting criteria, the Company diligently shall, to the extent
          permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate
          the maturity of the Mortgage Loan.

         

        
          	
                	
                  Section
                    6.02

                	
                  Satisfaction
                    of Mortgages and Release of Mortgage
                    Files.

                

        

         

        Upon
          the
          payment in full of any Mortgage Loan, or the receipt by the Company of
          a
          notification that payment in full will be escrowed in a manner customary
          for
          such purposes, the Company shall notify the Purchaser in the Monthly Remittance
          Advice as provided in Section 5.02, and may request the release of any
          Mortgage
          Loan Documents.  In connection with any such prepayment in full, the
          Company shall comply with all applicable laws regarding satisfaction, release
          or
          reconveyance with respect to the Mortgage.

         

        If
          the
          Company satisfies or releases a Mortgage without first having obtained
          payment
          in full of the indebtedness secured by the Mortgage or should the Company
          otherwise prejudice any rights the Purchaser may have under the mortgage
          instruments, upon written demand of the Purchaser, the Company shall repurchase
          the related Mortgage Loan at the Repurchase Price by deposit thereof in
          the
          Custodial Account within 2 Business Days of receipt of such demand by the
          Purchaser. The Company shall maintain the Fidelity Bond and Errors and
          Omissions
          Insurance Policy as provided for in Section 4.12 insuring the Company against
          any loss it may sustain with respect to any Mortgage Loan not satisfied
          in
          accordance with the procedures set forth herein.

         

        
          	
                	
                  Section
                    6.03

                	
                  Servicing
                    Compensation.

                

        

         

        As
          compensation for its services hereunder, the Company shall be entitled
          to
          withdraw from the Custodial Account or to retain from interest payments
          on the
          Mortgage Loans the amount of its Servicing Fee. The Servicing Fee shall
          be
          payable monthly and shall be computed on the basis of the same unpaid principal
          balance and for the period respecting which any related interest payment
          on a
          Mortgage Loan is computed. The Servicing Fee shall be payable only at the
          time
          of and with respect to those Mortgage Loans for which payment is in fact
          made of
          the entire amount of the Monthly Payment. The obligation of the Purchaser
          to pay
          the Servicing Fee is limited to, and payable solely from, the interest
          portion
          of such Monthly Payments collected by the Company.

         

        Additional
          servicing compensation in the form of assumption fees, to the extent provided
          in
          Section 6.01, and late payment charges and Prepayment Penalties, shall
          be
          retained by the Company to the extent not required to be deposited in the
          Custodial Account. The Company shall be required to pay all expenses incurred
          by
          it in connection with its servicing activities hereunder and shall not
          be
          entitled to reimbursement thereof except as specifically provided for
          herein.  Notwithstanding anything in this Agreement to the contrary,
          in the event of a Principal Prepayment in full, the Company shall not waive,
          and
          shall not permit the waiver of, any Prepayment Penalty or portion thereof
          required by the terms of the related Mortgage Note unless (i) the Company
          determines that such waiver would maximize recovery of Liquidations Proceeds
          for
          such Mortgage Loan, taking into account the value of such Prepayment Penalty,
          or
          (ii) (A) the enforeceability therefore is limited (1) by bankruptcy, insolvency,
          moratorium, receivership, or other similar law relating to creditors’ rights
          generally or (2) due to acceleration in connection with a foreclosure or
          other
          involuntary payment or (B) the enforceability is otherwise limited or prohibited
          by applicable law.

         

        
          	
                	
                  Section
                    6.04

                	
                  Annual
                    Statement as to Compliance.

                

        

         

        The
          Company shall deliver to the Purchaser, on or before May 31 each year beginning
          May 31, 2003, an Officer’s Certificate, stating that (i) a review of the
          activities of the Company during the preceding calendar year and of performance
          under this Agreement has been made under such officer’s supervision, and (ii)
          the Company has complied fully with the provisions of Article II and Article
          IV,
          and (iii) to the best of such officer’s knowledge, based on such review, the
          Company has fulfilled all its obligations under this Agreement throughout
          such
          year, or, if there has been a default in the fulfillment of any such obligation,
          specifying each such default known to such officer and the nature and status
          thereof and the action being taken by the Company to cure such
          default.

         

        
          	
                	
                  Section
                    6.05

                	
                  Annual
                    Independent Public Accountants’ Servicing
                    Report.

                

        

         

        On
          or
          before May 31st of each year beginning May 31, 2003, the Company, at its
          expense, shall cause a firm of independent public accountants which is
          a member
          of the American Institute of Certified Public Accountants to furnish a
          statement
          to each Purchaser to the effect that such firm has examined certain documents
          and records relating to the servicing of the Mortgage Loans and this Agreement
          and that such firm is of the opinion that the provisions of Article II
          and
          Article IV have been complied with, and that, on the basis of such examination
          conducted substantially in compliance with the Single Attestation Program
          for
          Mortgage Bankers, nothing has come to their attention which would indicate
          that
          such servicing has not been conducted in compliance therewith, except for
          (i)
          such exceptions as such firm shall believe to be immaterial, and (ii) such
          other
          exceptions as shall be set forth in such statement.

         

        
          	
                	
                  Section
                    6.06

                	
                  Right
                    to Examine Company Records.

                

        

         

        The
          Purchaser shall have the right to examine and audit any and all of the
          books,
          records, or other information of the Company, whether held by the Company
          or by
          another on its behalf, with respect to or concerning this Agreement or
          the
          Mortgage Loans, during business hours or at such other times as may be
          reasonable under applicable circumstances, upon reasonable advance
          notice.

         

        ARTICLE
          VII

         

        AGENCY
          TRANSFER; PASS-THROUGH TRANSFER

         

        
          	
                	
                  Section
                    7.01

                	
                  Removal
                    of Mortgage Loans from Inclusion Under this Agreement Upon an
                    Agency
                    Transfer, or a Pass-Through Transfer on One or More Reconstitution
                    Dates.

                

        

         

        The
          Purchaser and the Company agree that with respect to any Pass-Through Transfer,
          Whole Loan Transfer or Agency Transfers, as applicable, the Company shall
          cooperate with the Purchaser in effecting such transfers and shall negotiate
          in
          good faith and execute any Reconstitution Agreement required to effectuate
          the
          foregoing; provided that, such Reconstitution Agreement shall not materially
          increase the Company’s obligations or liabilities hereunder, nor diminish any of
          the Company’s rights, and provide to any master servicer or the trustee, as
          applicable, and/or the Purchaser any and all publicly available information
          and
          appropriate verification of information which may be reasonably available
          to the
          Company, whether through letters of its auditors and counsel or otherwise,
          as
          the Purchaser, trustee or a master servicer shall reasonable request as
          to the
          related Mortgage Loans.  Purchaser shall reimburse Company for any and
          all costs or expenses incurred by Company (i) in obtaining “accountant comfort
          letters” with respect to information supplied in response to Purchaser requests,
          (ii) in connection with any due diligence performed in connection with
          a
          Pass-Through or Whole Loan Transfer or (iii) making the Mortgage Loan Documents
          or Servicing Files available to parties participating in a Pass-Through
          or Whole
          Loan Transfer, including without limitation, shipping costs.  Such
          information may be included in any disclosure document prepared in connection
          with the Pass-Through Transfer, Whole Loan Transfer or Agency Transfer,
          as
          applicable; provided, however, that Company shall indemnify the Purchaser
          against any liability arising from any material omissions or misstatements
          in
          any information supplied by the Company and included in a disclosure document;
          and provided, further, that the Purchaser shall indemnify the Company against
          any liability arising from any information included in a disclosure document
          that was not supplied by the Company.  The Company shall execute any
          Reconstitution Agreements required within a reasonable period of time after
          receipt of such agreements which time shall be sufficient for the Company
          and
          the Company’s counsel to review such agreements.  Company shall use
          its Best Efforts to complete such review within ten (10) Business Days
          after
          mutual agreement as to the terms thereof, but such time shall not exceed
          fifteen
          (15) Business Days after mutual agreement as to the terms thereof.

         

        The
          Company shall not be required to restate any representations and warranties
          as
          of the date of any Pass-Through Transfer, Whole Loan Transfer or Agency
          Transfers other than the representations and warranties set forth in Section
          3.01 (provided, that the Company shall not be required to restate the
          representation and warranty set forth in Section 3.01(j)).

         

        In
          the
          event of any Agency Transfer, Pass-Through or Whole Loan Transfer, the
          Company
          shall have no obligation to pay any custodial fees charged by the
          Agency.

         

        
          	
                	
                  Section
                    7.02

                	
                  Purchaser’s
                    Repurchase and Indemnification
                    Obligations.

                

        

         

        Upon
          receipt by the Company of notice from Fannie Mae, Freddie Mac or the trustee
          of
          a breach of any Purchaser representation or warranty contained in any
          Reconstitution Agreement or a request by Fannie Mae, Freddie Mac or the
          trustee,
          as the case may be, for the repurchase of any Mortgage Loan transferred
          to
          Fannie Mae or Freddie Mac pursuant to an Agency Transfer or to a trustee
          pursuant to a Pass-Through Transfer, the Company shall promptly notify
          the
          Purchaser of same and shall, at the direction of the Purchaser, use its
          best
          efforts to cure and correct any such breach and to satisfy the requests
          or
          concerns of Fannie Mae, Freddie Mac, or the trustee related to such deficiencies
          of the related Mortgage Loans transferred to Fannie Mae, Freddie Mac, or
          the
          trustee.

         

        The
          Purchaser shall repurchase from the Company any Mortgage Loan transferred
          to
          Fannie Mae or Freddie Mac pursuant to an Agency Transfer or to a trustee
          pursuant to a Pass-Through Transfer with respect to which the Company has
          been
          required by Fannie Mae, Freddie Mac, or the trustee to repurchase due to
          a
          breach of a representation or warranty made by the Purchaser with respect
          to the
          Mortgage Loans, or the servicing thereof prior to the transfer date to
          Fannie
          Mae, Freddie Mac, or the trustee in any Reconstitution Agreement and not
          due to
          a breach of the Company’s representations or obligations thereunder or pursuant
          to this Agreement. The repurchase price to be paid by the Purchaser to
          the
          Company shall equal that repurchase price paid by the Company to Fannie
          Mae,
          Freddie Mac, or the third party purchaser plus all reasonable costs and
          expenses
          borne by the Company in connection with the cure of said breach of a
          representation or warranty made by the Purchaser and in connection with
          the
          repurchase of such Mortgage Loan from Fannie Mae, Freddie Mac, or the trustee,
          including, but not limited to, reasonable and necessary attorneys’
fees.

         

        At
          the
          time of repurchase, the Custodian and the Company shall arrange for the
          reassignment of the repurchased Mortgage Loan to the Purchaser according
          to the
          Purchaser’s instructions and the delivery to the Custodian of any documents held
          by Fannie Mae, Freddie Mac, or the trustee with respect to the repurchased
          Mortgage Loan pursuant to the related Reconstitution Agreement. In the
          event of
          a repurchase, the Company shall, simultaneously with such reassignment,
          give
          written notice to the Purchaser that such repurchase has taken place, and
          amend
          the related Mortgage Loan Schedule to reflect the addition of the repurchased
          Mortgage Loan to this Agreement. In connection with any such addition,
          the
          Company and the Purchaser shall be deemed to have made as to such repurchased
          Mortgage Loan the representations and warranties set forth in this
          Agreement.

         

        ARTICLE
          VIII

         

        COMPANY
          TO COOPERATE

         

        
          	
                	
                  Section
                    8.01

                	
                  Provision
                    of Information.

                

        

         

        During
          the term of this Agreement and provided such request will cause the Company
          to
          violate any applicable law or statute, the Company shall furnish to the
          Purchaser such periodic, special, or other reports or information and copies
          or
          originals of any documents contained in the Servicing File for each Mortgage
          Loan, whether or not provided for herein, as shall be necessary, reasonable,
          or
          appropriate with respect to the Purchaser, any regulatory requirement pertaining
          to the Purchaser or the purposes of this Agreement. All such reports, documents
          or information shall be provided by and in accordance with all reasonable
          instructions and directions which the Purchaser may give.  Purchaser
          shall pay any costs related to any special reports.

         

        The
          Company shall execute and deliver all such instruments and take all such
          action
          as the Purchaser may reasonably request from time to time, in order to
          effectuate the purposes and to carry out the terms of this
          Agreement.

         

        
          	
                	
                  Section
                    8.02

                	
                  Financial
                    Statements; Servicing Facility.

                

        

         

        In
          connection with marketing the Mortgage Loans, the Purchaser may make available
          to a prospective Purchaser a Consolidated Statement of Operations of the
          Company
          for the most recently completed five fiscal years for which such a statement
          is
          available, as well as a Consolidated Statement of Condition at the end
          of the
          last two fiscal years covered by such Consolidated Statement of Operations.
          The
          Company also shall make available any comparable interim statements to
          the
          extent any such statements have been prepared by or on behalf of the Company
          (and are available upon request to members or stockholders of the Company
          or to
          the public at large). If it has not already done so, the Company shall
          furnish
          promptly to the Purchaser copies of the statement specified
          above.  Unless requested the Purchaser, the Company shall not be
          required to deliver any documents which are publicly available on
          EDGAR.

         

        The
          Company also shall make available to Purchaser or prospective Purchaser
          a
          knowledgeable financial or accounting officer for the purpose of answering
          questions respecting recent developments affecting the Company or the financial
          statements of the Company, and to permit any prospective Purchaser to inspect
          the Company’s servicing facilities or those of any Subservicer for the purpose
          of satisfying such prospective Purchaser that the Company and any Subservicer
          have the ability to service the Mortgage Loans as provided in this
          Agreement.

         

        ARTICLE
          IX

         

        THE
          COMPANY

         

        
          	
                	
                  Section
                    9.01

                	
                  Indemnification;
                    Third Party Claims.

                

        

         

        The
          Company shall indemnify the Purchaser and hold it harmless against any
          and all
          claims, losses, damages, penalties, fines, and forfeitures, including,
          but not
          limited to reasonable and necessary legal fees and related costs, judgments,
          and
          any other costs, fees and expenses that the Purchaser may sustain in any
          way
          related to the failure of the Company to (a) perform its duties and service
          the
          Mortgage Loans in strict compliance with the terms of this Agreement or
          any
          Reconstitution Agreement entered into pursuant to Section 7.01, and/or
          (b)
          comply with applicable law. The Company immediately shall notify the Purchaser
          if a claim is made by a third party with respect to this Agreement or any
          Reconstitution Agreement or the Mortgage Loans, shall promptly notify Fannie
          Mae, Freddie Mac, or the trustee with respect to any claim made by a third
          party
          with respect to any Reconstitution Agreement, assume (with the prior written
          consent of the Purchaser) the defense of any such claim and pay all expenses
          in
          connection therewith, including counsel fees, and promptly pay, discharge
          and
          satisfy any judgment or decree in the amount of $5,000 or less, which may
          be
          entered against it or the Purchaser in respect of such claim. The Company
          shall
          follow any written instructions received from the Purchaser in connection
          with
          such claim. The Purchaser promptly shall reimburse the Company for all
          amounts
          advanced by it pursuant to the preceding sentence except when the claim
          is in
          any way related to the Company’s indemnification pursuant to Section 3.03, or
          the failure of the Company to (a) service and administer the Mortgage Loans
          in
          strict compliance with the terms of this Agreement or any Reconstitution
          Agreement, and/or (b) comply with applicable law.

         

        
          	
                	
                  Section
                    9.02

                	
                  Merger
                    or Consolidation of the
                    Company.

                

        

         

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

         

        Any
          person into which the Company may be merged or consolidated, or any corporation
          resulting from any merger, conversion or consolidation to which the Company
          shall be a party, or any Person succeeding to the business of the Company,
          shall
          be the successor of the Company hereunder, without the execution or filing
          of
          any paper or any further act on the part of any of the parties hereto,
          anything
          herein to the contrary notwithstanding, provided, however, that the successor
          or
          surviving Person shall be an institution (i) having a net worth of not
          less than
          $25,000,000, (ii) whose deposits are insured by the FDIC through the BIF
          or the
          SAIF, and (iii) which is a Fannie Mae-approved company in good
          standing.

         

        
          	
                	
                  Section
                    9.03

                	
                  Limitation
                    on Liability of Company and
                    Others.

                

        

         

        Neither
          the Company nor any of the directors, officers, employees or agents of
          the
          Company shall be under any liability to the Purchaser for any action taken
          or
          for refraining from the taking of any action in good faith pursuant to
          this
          Agreement, or for errors in judgment, provided, however, that this provision
          shall not protect the Company or any such person against any Breach of
          warranties or representations made herein, or failure to perform its obligations
          in strict compliance with any standard of care set forth in this Agreement,
          or
          any liability which would otherwise be imposed by reason of any breach
          of the
          terms and conditions of this Agreement. The Company and any director, officer,
          employee or agent of the Company may rely in good faith on any document
          of any
          kind prima facie properly executed and submitted by any Person respecting
          any
          matters arising hereunder. The Company shall not be under any obligation
          to
          appear in, prosecute or defend any legal action which is not incidental
          to its
          duties to service the Mortgage Loans in accordance with this Agreement
          and which
          in its opinion may involve it in any expense or liability, provided, however,
          that the Company may, with the consent of the Purchaser, undertake any
          such
          action which it may deem necessary or desirable in respect to this Agreement
          and
          the rights and duties of the parties hereto. In such event, the Company
          shall be
          entitled to reimbursement from the Purchaser of the reasonable legal expenses
          and costs of such action.

         

        
          	
                	
                  Section
                    9.04

                	
                  Limitation
                    on Resignation and Assignment by
                    Company.

                

        

         

        The
          Purchaser has entered into this Agreement with the Company and subsequent
          Purchasers will purchase the Mortgage Loans in reliance upon the independent
          status of the Company, and the representations as to the adequacy of its
          servicing facilities, plant, personnel, records and procedures, its integrity,
          reputation and financial standing, and the continuance thereof. Therefore,
          the
          Company shall neither assign this Agreement or the servicing hereunder
          or
          delegate its rights or duties hereunder or any portion hereof (to other
          than a
          Subservicer) or sell or otherwise dispose of all or substantially all of
          its
          property or assets without the prior written consent of the Purchaser,
          which
          consent shall be granted or withheld in the sole discretion of the Purchaser;
          provided, however, that the Company may assign its right and obligations
          hereunder to any entity that is directly or indirectly owned or controlled
          by
          the Company and the Company guarantees the performance by such entity of
          all
          obligations hereunder.

         

        The
          Company shall not resign from the obligations and duties hereby imposed
          on it
          except by mutual consent of the Company and the Purchaser or upon the
          determination that its duties hereunder are no longer permissible under
          applicable law and such incapacity cannot be cured by the Company. Any
          such
          determination permitting the resignation of the Company shall be evidenced
          by an
          Opinion of Counsel to such effect delivered to the Purchaser which Opinion
          of
          Counsel shall be in form and substance acceptable to the Purchaser. No
          such
          resignation shall become effective until a successor shall have assumed
          the
          Company’s responsibilities and obligations hereunder in the manner provided in
          Section 12.01.

         

        Without
          in any way limiting the generality of this Section 9.04, in the event that
          the
          Company either shall assign this Agreement or the servicing responsibilities
          hereunder or delegate its duties hereunder or any portion thereof (to other
          than
          a Subservicer) or sell or otherwise dispose of all or substantially all
          of its
          property or assets, without the prior written consent of the Purchaser,
          then the
          Purchaser shall have the right to terminate this Agreement upon notice
          given as
          set forth in Section 10.01, without any payment of any penalty or damages
          and
          without any liability whatsoever to the Company or any third party.

         

        ARTICLE
          X

         

        DEFAULT

         

        
          	
                	
                  Section
                    10.01

                	
                  Events
                    of Default.

                

        

         

        Each
          of
          the following shall constitute an Event of Default on the part of the
          Company:

         

        (i)  any
          failure by the Company to remit to the Purchaser any payment required to
          be made
          under the terms of this Agreement which continues unremedied for a period
          of
          three days after the date upon which written notice of such failure, requiring
          the same to be remedied, shall have been given to the Company by the Purchaser;
          or

         

        (ii)  failure
          by the Company duly to observe or perform in any material respect any other
          of
          the covenants or agreements on the part of the Company set forth in this
          Agreement which continues unremedied for a period of 30 days after the
          date on
          which written notice of such failure, requiring the same to be remedied,
          shall
          have been given to the Company by the Purchaser; or

         

        (iii)  failure
          by the Company to maintain its license to do business in any jurisdiction
          where
          the Mortgage Property is located if such license is necessary for the Company
          to
          legally service the related Mortgage Loan; or

         

        (iv)  a
          decree
          or order of a court or agency or supervisory authority having jurisdiction
          for
          the appointment of a conservator or receiver or liquidator in any insolvency,
          readjustment of debt, including bankruptcy, marshaling of assets and liabilities
          or similar proceedings, or for the winding-up or liquidation of its affairs,
          shall have been entered against the Company and such decree or order shall
          have
          remained in force undischarged or unstayed for a period of 60 days;
          or

         

        (v)  the
          Company shall consent to the appointment of a conservator or receiver or
          liquidator in any insolvency, readjustment of debt, marshaling of assets
          and
          liabilities or similar proceedings of or relating to the Company or of
          or
          relating to all or substantially all of its property; or

         

        (vi)  the
          Company shall admit in writing its inability to pay its debts generally
          as they
          become due, file a petition to take advantage of any applicable insolvency,
          bankruptcy or reorganization statute, make an assignment for the benefit
          of its
          creditors, voluntarily suspend payment of its obligations or cease its
          normal
          business operations for three Business Days; or

         

        (vii)  the
          Company ceases to meet the qualifications of a Fannie Mae lender or servicer;
          or

         

        (viii)  the
          Company fails to maintain a minimum net worth of $25,000,000; or

         

        (ix)  the
          Company attempts to assign its right to servicing compensation hereunder
          or the
          Company attempts, without the consent of the Purchaser, to sell or otherwise
          dispose of all or substantially all of its property or assets or to assign
          this
          Agreement or the servicing responsibilities hereunder or to delegate its
          duties
          hereunder or any portion thereof (to other than a Subservicer) in violation
          of
          Section 9.04.

         

        In
          each
          and every such case, so long as an Event of Default shall not have been
          remedied, in addition to whatsoever rights the Purchaser may have at law
          or
          equity to damages, including injunctive relief and specific performance,
          the
          Purchaser, by notice in writing to the Company, may terminate all the rights
          and
          obligations of the Company under this Agreement and in and to the Mortgage
          Loans
          and the proceeds thereof.

         

        Upon
          receipt by the Company of such written notice, all authority and power
          of the
          Company under this Agreement, whether with respect to the Mortgage Loans
          or
          otherwise, shall pass to and be vested in the successor appointed pursuant
          to
          Section 12.01. Upon written request from any Purchaser, the Company shall
          prepare, execute and deliver to the successor entity designated by the
          Purchaser
          any and all documents and other instruments, place in such successor’s
          possession all Mortgage Files, and do or cause to be done all other acts
          or
          things necessary or appropriate to effect the purposes of such notice of
          termination, including but not limited to the transfer and endorsement
          or
          assignment of the Mortgage Loans and related documents, at the Company’s sole
          expense. The Company shall cooperate with the Purchaser and such successor
          in
          effecting the termination of the Company’s responsibilities and rights
          hereunder, including without limitation, the transfer to such successor
          for
          administration by it of all cash amounts which shall at the time be credited
          by
          the Company to the Custodial Account or Escrow Account or thereafter received
          with respect to the Mortgage Loans.

         

        
          	
                	
                  Section
                    10.02

                	
                  Waiver
                    of Defaults.

                

        

         

        By
          a
          written notice, the Purchaser may waive any default by the Company in the
          performance of its obligations hereunder and its consequences. Upon any
          waiver
          of a past default, such default shall cease to exist, and any Event of
          Default
          arising therefrom shall be deemed to have been remedied for every purpose
          of
          this Agreement. No such waiver shall extend to any subsequent or other
          default
          or impair any right consequent thereon except to the extent expressly so
          waived.

         

        ARTICLE
          XI

         

        TERMINATION

         

        
          	
                	
                  Section
                    11.01

                	
                  Termination.

                

        

        

         

        This
          Agreement shall terminate upon either: (i) the later of the final payment
          or
          other liquidation (or any advance with respect thereto) of the last Mortgage
          Loan or the disposition of any REO Property with respect to the last Mortgage
          Loan and the remittance of all funds due hereunder; or (ii) mutual consent
          of
          the Company and the Purchaser in writing.

         

        
          	
                	
                  Section
                    11.02

                	
                  Termination
                    Without Cause.

                

        

         

        The
          Purchaser may terminate, at its sole option, any rights the Company may
          have
          hereunder, without cause, as provided in this Section 11.02. Any such notice
          of
          termination shall be in writing and delivered to the Company by registered
          mail
          as provided in Section 12.05.

         

        In
          the
          event the Purchaser terminates the Company without cause with respect to
          some or
          all of the Mortgage Loans, the Purchaser shall be required to pay to the
          Company
          a Termination Fee in an amount equal to 2.0% of the outstanding principal
          balance of the terminated Mortgage Loans as of the date of such
          termination.

         

        ARTICLE
          XII

         

        MISCELLANEOUS
          PROVISIONS

         

        
          	
                	
                  Section
                    12.01

                	
                  Successor
                    to Company.

                

        

         

        Prior
          to
          termination of the Company’s responsibilities and duties under this Agreement
          pursuant to Sections 9.04, 10.01, 11.01 (ii) or pursuant to Section 11.02
          after
          the 90 day period has expired, the Purchaser shall, (i) succeed to and
          assume
          all of the Company’s responsibilities, rights, duties and obligations under this
          Agreement, or (ii) appoint a successor having the characteristics set forth
          in
          clauses (i) through (iii) of Section 9.02 and which shall succeed to all
          rights
          and assume all of the responsibilities, duties and liabilities of the Company
          under this Agreement prior to the termination of Company’s responsibilities,
          duties and liabilities under this Agreement. In connection with such appointment
          and assumption, the Purchaser may make such arrangements for the compensation
          of
          such successor out of payments on Mortgage Loans as it and such successor
          shall
          agree. In the event that the Company’s duties, responsibilities and liabilities
          under this Agreement should be terminated pursuant to the aforementioned
          sections, the Company shall discharge such duties and responsibilities
          during
          the period from the date it acquires knowledge of such termination until
          the
          effective date thereof with the same degree of diligence and prudence which
          it
          is obligated to exercise under this Agreement, and shall take no action
          whatsoever that might impair or prejudice the rights or financial condition
          of
          its successor. The resignation or removal of the Company pursuant to the
          aforementioned sections shall not become effective until a successor shall
          be
          appointed pursuant to this Section 12.01 and shall in no event relieve
          the
          Company of the representations and warranties made pursuant to Sections
          3.01 and
          3.02 and the remedies available to the Purchaser under Sections 3.03, 3.04,
          3.05
          and 3.07, it being understood and agreed that the provisions of such Sections
          3.01, 3.02, 3.03, 3.04, 3.05 and 3.07 shall be applicable to the Company
          notwithstanding any such sale, assignment, resignation or termination of
          the
          Company, or the termination of this Agreement.

         

        Any
          successor appointed as provided herein shall execute, acknowledge and deliver
          to
          the Company and to the Purchaser an instrument accepting such appointment,
          wherein the successor shall make the representations and warranties set
          forth in
          Section 3.01, except for subsections (f), (h), (i) and (k) thereof, whereupon
          such successor shall become fully vested with all the rights, powers, duties,
          responsibilities, obligations and liabilities of the Company, with like
          effect
          as if originally named as a party to this Agreement. Any termination or
          resignation of the Company or termination of this Agreement pursuant to
          Section
          9.04, 10.01, 11.01 or 11.02 shall not affect any claims that any Purchaser
          may
          have against the Company arising out of the Company’s actions or failure to act
          prior to any such termination or resignation.

         

        The
          Company shall deliver promptly to the successor servicer the Funds in the
          Custodial Account and Escrow Account and all Mortgage Files and related
          documents and statements held by it hereunder and the Company shall account
          for
          all funds and shall execute and deliver such instruments and do such other
          things as may reasonably be required to more fully and definitively vest
          in the
          successor all such rights, powers, duties, responsibilities, obligations
          and
          liabilities of the Company.

         

        Upon
          a
          successor’s acceptance of appointment as such, the Company shall notify by mail
          the Purchaser of such appointment in accordance with the procedures set
          forth in
          Section 12.05.

         

        
          	
                	
                  Section
                    12.02

                	
                  Amendment.

                

        

         

        This
          Agreement may be amended from time to time by the Company and the Purchaser
          by
          written agreement signed by the Company and the Purchaser.

         

        
          	
                	
                  Section
                    12.03

                	
                  Governing
                    Law.

                

        

         

        This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York and the obligations, rights and remedies of the parties hereunder
          shall be
          determined in accordance with such laws.

         

        
          	
                	
                  Section
                    12.04

                	
                  Duration
                    of Agreement.

                

        

         

        This
          Agreement shall continue in existence and effect until terminated as herein
          provided. This Agreement shall continue notwithstanding transfers of the
          Mortgage Loans by the Purchaser.

         

        
          	
                	
                  Section
                    12.05

                	
                  Notices.

                

        

         

        All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given if personally delivered at or mailed by
          registered mail, postage prepaid, addressed as follows:

         

        (i)  if
          to the
          Company:

         

        Countrywide
          Home Loans, Inc.,

        4500
          Park
          Grenada

        Calabasas,
          CA 91302

        Attention:
          David Spector

         

        or
          such
          other address as may hereafter be furnished to the Purchaser in writing
          by the
          Company;

         

        (ii)  if
          to
          Purchaser:

         

        EMC
          Mortgage Corporation

        Mac
          Arthur Ridge II

        909
          Hidden Ridge Drive, Suite
          200

        Irving,
          Texas 75014-1358

        Attention:  Ralene
          Ruyle

         

        
          	
                	
                  Section
                    12.06

                	
                  Severability
                    of Provisions.

                

        

         

        If
          any
          one or more of the covenants, agreements, provisions or terms of this Agreement
          shall be held invalid for any reason whatsoever, then such covenants,
          agreements, provisions or terms shall be deemed severable from the remaining
          covenants, agreements, provisions or terms of this Agreement and shall
          in no way
          affect the validity or enforceability of the other provisions of this
          Agreement.

         

        
          	
                	
                  Section
                    12.07

                	
                  Relationship
                    of Parties.

                

        

         

        Nothing
          herein contained shall be deemed or construed to create a partnership or
          joint
          venture between the parties hereto and the services of the Company shall
          be
          rendered as an independent contractor and not as agent for the
          Purchaser.

         

        
          	
                	
                  Section
                    12.08

                	
                  Execution;
                    Successors and Assigns.

                

        

         

        This
          Agreement may be executed in one or more counterparts and by the different
          parties hereto on separate counterparts, each of which, when so executed,
          shall
          be deemed to be an original; such counterparts, together, shall constitute
          one
          and the same agreement. Subject to Section 8.04, this Agreement shall inure
          to
          the benefit of and be binding upon the Company and the Purchaser and their
          respective successors and assigns.

         

        
          	
                	
                  Section
                    12.09

                	
                  Recordation
                    of Assignments of Mortgage.

                

        

         

        To
          the
          extent permitted by applicable law, each of the Assignments of Mortgage
          is
          subject to recordation in all appropriate public offices for real property
          records in all the counties or other comparable jurisdictions in which
          any or
          all of the Mortgaged Properties are situated, and in any other appropriate
          public recording office or elsewhere, such recordation to be effected at
          the
          Company’s expense in the event recordation is either necessary under applicable
          law or requested by the Purchaser at its sole option accordance with Section
          14
          of the Purchase Agreement.

         

        
          	
                	
                  Section
                    12.10

                	
                  Assignment
                    by Purchaser.

                

        

         

        The
          Purchaser shall have the right, without the consent of the Company but
          subject
          to the limit set forth in Section 2.02 hereof, to assign, in whole or in
          part,
          its interest under this Agreement with respect to some or all of the Mortgage
          Loans, and designate any person to exercise any rights of the Purchaser
          hereunder, by executing an Assignment and Assumption Agreement substantially
          in
          the form of Exhibit G hereto. Upon such assignment of rights and
          assumption of obligations, the assignee or designee shall accede to the
          rights
          and obligations hereunder of the Purchaser with respect to such Mortgage
          Loans
          and the Purchaser as assignor shall be released from all obligations hereunder
          with respect to such Mortgage Loans from and after the date of such assignment
          and assumption. All references to the Purchaser in this Agreement shall
          be
          deemed to include its assignee or designee.

         

        
          	
                	
                  Section
                    12.11

                	
                  No
                    Personal Solicitation.

                

        

        

        From
          and
          after the related Closing Date, the Company hereby agrees that it will
          not take
          any action or permit or cause any action to be taken by any of its agents
          or
          affiliates, or by any independent contractors or independent mortgage brokerage
          companies on the Company’s behalf, to personally, by telephone or mail, solicit
          the Mortgagor under any Mortgage Loan for the purpose of refinancing such
          Mortgage Loan; provided, that the Company may solicit any Mortgagor for
          whom the
          Company has received a request for verification of mortgage, a request
          for
          demand for payoff, a mortgagor initiated written or verbal communication
          indicating a desire to prepay the related Mortgage Loan, or the mortgagor
          initiates a title search, provided further, it is understood and agreed
          that
          promotions undertaken by the Company or any of its affiliates which (i)
          concern
          optional insurance products or other additional projects, (ii) are directed
          to
          the general public at large, including, without limitation, mass mailings
          based
          on commercially acquired mailing lists, newspaper, radio and television
          advertisements, (iii) are directed to mortgagors who have a specific type
          of
          mortgage (i.e., balloon Mortgage Loans, LIBOR Mortgage Loans, etc.) or
          (iv)
          directed to those mortgagors whose mortgages fall within specific interest
          rate
          ranges shall not constitute solicitation under this Section 12.11 nor is
          the
          Company prohibited from responding to unsolicited requests or inquiries
          made by
          a Mortgagor or an agent of a Mortgagor.  Notwithstanding the
          foregoing, the following solicitations, if undertaken by the Company or
          any
          affiliate of the Company, shall not be prohibited under this Section 12.11:
          (i)
          solicitations that are directed to the general public at large, including,
          without limitation, mass mailings based on commercially acquired mailing
          lists
          and newspaper, radio, television and other mass media advertisements; (ii)
          borrower messages included on, and statement inserts provided with, the
          monthly
          statements sent to Mortgagors; provided, however, that similar messages
          and
          inserts are sent to the borrowers of other mortgage loans serviced by the
          Company.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        IN
          WITNESS WHEREOF, the Company and the Purchaser have caused their names
          to be signed hereto by their respective officers thereunto duly authorized
          as of
          the day and year first above written.

         

         

        
          	 	
                  EMC MORTGAGE
                    CORPORATION

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	
                   

                  Name:

                	
                   

                  Ralene
                    Ruyle

                   

                	 
	 	Title:	President	 
	 	 	 	 

        

         

         

        
          
            	 	
                    
                      COUNTRYWIDE
                        HOME LOANS, INC.

                    

                  	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	 	 
	 	
                     

                    Name:

                  	
                     

                     

                  	 
	 	
                     

                    Title:

                  	 	 
	 	 	 	 

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        
          	STATE
                  OF NEW YORK 	)	 
	 	)	ss.:
	COUNTY
                  OF __________	)	 

        

         

        On
          the __
          day of ________, 200_ before me, a Notary Public in and for said State,
          personally appeared ________, known to me to be Vice President of EMC Mortgage
          Corporation, the federal savings association that executed the within instrument
          and also known to me to be the person who executed it on behalf of said
          corporation, and acknowledged to me that such corporation executed the
          within
          instrument.

         

        IN
          WITNESS WHEREOF, I have hereunto set my hand affixed my office seal the
          day and
          year in this certificate first above written.

         

         

        
          	 	 
	 	 	 
	
                   

                	
                   

                	 
	 	Notary
                  Public
	 	 	 
	 	 	 
	 	My
                  Commission expires	 
	 	 	 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          
            	STATE
                    OF  	)	 
	 	)	ss.:
	COUNTY
                    OF __________	)	 

          

           

        

         

        On
          the __
          day of _______, 200_ before me, a Notary Public in and for said State,
          personally appeared __________, known to me to be ______________ of Countrywide
          Home Loans, Inc. the corporation that executed the within instrument and
          also
          known to me to be the person who executed it on behalf of said corporation,
          and
          acknowledged to me that such corporation executed the within
          instrument.

         

        IN
          WITNESS WHEREOF, I have hereunto set my hand affixed my office seal the
          day and
          year in this certificate first above written.

         

        
          	 	 
	 	 	 
	
                   

                	
                   

                	 
	 	Notary
                  Public
	 	 	 
	 	 	 
	 	My
                  Commission expires	 
	 	 	 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

         

        EXHIBIT
          A

         

        MORTGAGE
          LOAN SCHEDULE

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          B

         

        CONTENTS
          OF EACH MORTGAGE FILE

         

        With
          respect to each Mortgage Loan, the Mortgage File shall include each of
          the
          following items, which shall be available for inspection by the Purchaser
          and
          any prospective Purchaser, and which shall be retained by the Company in
          the
          Servicing File or delivered to the Custodian pursuant to Section 2.01 and
          2.03
          of the Seller’s Warranties and Servicing Agreement to which this Exhibit is
          attached (the “Agreement”):

         

        
          	
                	
                  1.

                	
                  The
                    original Mortgage Note bearing all intervening endorsements,
                    endorsed “Pay
                    to the order of _________ without recourse” and signed in the name of the
                    Company by an authorized officer (in the event that the Mortgage
                    Loan was
                    acquired by the Company in a merger, the signature must be in
                    the
                    following form: “Countrywide Home Loans, Inc., successor by merger to
                    [name of predecessor]”; and in the event that the Mortgage Loan was
                    acquired or originated by the Company while doing business under
                    another
                    name, the signature must be in the following form: “Countrywide Home
                    Loans, Inc., formerly known as [previous
                    name]”).

                

        

         

        
          	
                	
                  2.

                	
                  The
                    original of any guarantee executed in connection with the Mortgage
                    Note
                    (if any).

                

        

         

        
          	
                	
                  3.

                	
                  The
                    original Mortgage, with evidence of recording thereon. If in
                    connection
                    with any Mortgage Loan, the Company cannot deliver or cause to
                    be
                    delivered the original Mortgage with evidence of recording thereon
                    on or
                    prior to the related Closing Date because of a delay caused by
                    the public
                    recording office where such Mortgage has been delivered for recordation
                    or
                    because such Mortgage has been lost or because such public recording
                    office retains the original recorded Mortgage, the Company shall
                    deliver
                    or cause to be delivered to the Custodian, a photocopy of such
                    Mortgage,
                    together with (i) in the case of a delay caused by the public
                    recording
                    office, an Officer’s Certificate of the Company stating that such Mortgage
                    has been dispatched to the appropriate public recording office
                    for
                    recordation and that the original recorded Mortgage or a copy
                    of such
                    Mortgage certified by such public recording office to be a true
                    and
                    complete copy of the original recorded Mortgage will be promptly
                    delivered
                    to the Custodian upon receipt thereof by the Company; or (ii)
                    in the case
                    of a Mortgage where a public recording office retains the original
                    recorded Mortgage or in the case where a Mortgage is lost after
                    recordation in a public recording office, a copy of such Mortgage
                    certified by such public recording office or by the title insurance
                    company that issued the title policy to be a true and complete
                    copy of the
                    original recorded Mortgage.

                

        

         

        
          	
                	
                  4.

                	
                  The
                    originals of all assumption, modification, consolidation or extension
                    agreements, with evidence of recording
                    thereon.

                

        

         

        
          	
                	
                  5.

                	
                  The
                    original Assignment of Mortgage for each Mortgage Loan, in form
                    and
                    substance acceptable for recording, delivered in blank. If the
                    Mortgage
                    Loan was acquired by the Company in a merger, the Assignment
                    of Mortgage
                    must be made by “Countrywide Home Loans, Inc., successor by merger to
                    [name of predecessor].”  If the Mortgage Loan was acquired or
                    originated by the Company while doing business under another
                    name, the
                    Assignment of Mortgage must be by “Countrywide Home Loans, Inc., formerly
                    known as [previous name].”

                

        

         

        
          	
                	
                  6.

                	
                  Originals
                    of all intervening assignments of the Mortgage with evidence
                    of recording
                    thereon, or if any such intervening assignment has not been returned
                    from
                    the applicable recording office or has been lost or if such public
                    recording office retains the original recorded assignments of
                    mortgage,
                    the Company shall deliver or cause to be delivered to the Custodian,
                    a
                    photocopy of such intervening assignment, together with (i) in
                    the case of
                    a delay caused by the public recording office, an Officer’s Certificate of
                    the Company stating that such intervening assignment of mortgage
                    has been
                    dispatched to the appropriate public recording office for recordation
                    and
                    that such original recorded intervening assignment of mortgage
                    or a copy
                    of such intervening assignment of mortgage certified by the appropriate
                    public recording office or by the title insurance company that
                    issued the
                    title policy to be a true and complete copy of the original recorded
                    intervening assignment of mortgage will be promptly delivered
                    to the
                    Custodian upon receipt thereof by the Company; or (ii) in the
                    case of an
                    intervening assignment where a public recording office retains
                    the
                    original recorded intervening assignment or in the case where
                    an
                    intervening assignment is lost after recordation in a public
                    recording
                    office, a copy of such intervening assignment certified by such
                    public
                    recording office to be a true and complete copy of the original
                    recorded
                    intervening assignment.

                

        

         

        
          	
                	
                  7.

                	
                  The
                    original mortgagee policy of title insurance or attorney’s opinion of
                    title and abstract of title.

                

        

         

        
          	
                	
                  8.

                	
                  Any
                    security agreement, chattel mortgage or equivalent executed in
                    connection
                    with the Mortgage.

                

        

         

        
          	
                	
                  9.

                	
                  The
                    original hazard insurance policy and, if required by law, flood
                    insurance
                    policy, in accordance with Section 4.10 of the
                    Agreement.

                

        

         

        
          	
                	
                  10.

                	
                  Residential
                    loan application.

                

        

         

        
          	
                	
                  11.

                	
                  Mortgage
                    Loan closing statement.

                

        

         

        
          	
                	
                  12.

                	
                  Verification
                    of employment and income.

                

        

         

        
          	
                	
                  13.

                	
                  Verification
                    of acceptable evidence of source and amount of
                    downpayment.

                

        

         

        
          	
                	
                  14.

                	
                  Credit
                    report on the Mortgagor.

                

        

         

        
          	
                	
                  15.

                	
                  Residential
                    appraisal report.

                

        

         

        
          	
                	
                  16.

                	
                  Photograph
                    of the Mortgaged Property.

                

        

         

        
          	
                	
                  17.

                	
                  Survey
                    of the Mortgaged Property.

                

        

         

        
          	
                	
                  18.

                	
                  Copy
                    of each instrument necessary to complete identification of any
                    exception
                    set forth in the exception schedule in the title policy, i.e.,
                    map or
                    plat, restrictions, easements, sewer agreements, home association
                    declarations, etc.

                

        

         

        
          	
                	
                  19.

                	
                  All
                    required disclosure statements.

                

        

         

        
          	
                	
                  20.

                	
                  If
                    available, termite report, structural engineer’s report, water potability
                    and septic certification.

                

        

         

        
          	
                	
                  21.

                	
                  Sales
                    contract.

                

        

         

        
          	
                	
                  22.

                	
                  Tax
                    receipts, insurance premium receipts, ledger sheets, payment
                    history from
                    date of origination, insurance claim files, correspondence, current
                    and
                    historical computerized data files, and all other processing,
                    underwriting
                    and closing papers and records which are customarily contained
                    in a
                    mortgage loan file and which are required to document the Mortgage
                    Loan or
                    to service the Mortgage Loan.

                

        

         

        In
          the
          event an Officer’s Certificate of the Company is delivered to the Custodian
          because of a delay caused by the public recording office in returning any
          recorded document, the Company shall deliver to the Custodian, within 180
          days
          of the related Closing Date, an Officer’s Certificate which shall (i) identify
          the recorded document, (ii) state that the recorded document has not been
          delivered to the Custodian due solely to a delay caused by the public recording
          office, (iii) state the amount of time generally required by the applicable
          recording office to record and return a document submitted for recordation,
          and
          (iv) specify the date the applicable recorded document will be delivered
          to the
          Custodian. The Company shall be required to deliver to the Custodian the
          applicable recorded document by the date specified in (iv) above. An extension
          of the date specified in (iv) above may be requested from the Purchaser,
          which
          consent shall not be unreasonably withheld.

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        EXHIBIT
          C

        

        MORTGAGE
          LOAN DOCUMENTS

         

        The
          Mortgage Loan Documents for each Mortgage Loan shall include each of the
          following items, which shall be delivered to the Custodian pursuant to
          Section
          2.01 of the Seller’s Warranties and Servicing Agreement to which this Exhibit is
          annexed (the “Agreement”):

         

        (a)  the
          original Mortgage Note bearing all intervening endorsements, endorsed “Pay to
          the order of ___________, without recourse” and signed in the name of the
          Company by an authorized officer. To the extent that there is no room on
          the
          face of the Mortgage Note for endorsements, the endorsement may be contained
          on
          an allonge, if state law so allows. If the Mortgage Loan was acquired by
          the
          Company in a merger, the endorsement must be by “Countrywide Home Loans, Inc.,
          successor by merger to [name of predecessor].”  If the Mortgage Loan
          was acquired or originated by the Company while doing business under another
          name, the endorsement must be by “Countrywide Home Loans, Inc., formerly known
          as [previous name]”;

         

        (b)  the
          original of any guarantee executed in connection with the Mortgage
          Note;

         

        (c)  the
          original Mortgage with evidence of recording thereon, and the original
          recorded
          power of attorney, if the Mortgage was executed pursuant to a power of
          attorney,
          with evidence of recording thereon;

         

        (d)  the
          originals of all assumption, modification, consolidation or extension
          agreements, with evidence of recording thereon;

         

        (e)  the
          original Assignment of Mortgage for each Mortgage Loan, in form and substance
          acceptable for recording, delivered in blank, or the original Assignment
          of
          Mortgage in recordable form into MERS. If the Mortgage Loan was acquired
          by the
          Company in a merger, the Assignment of Mortgage must be made by “Countrywide
          Home Loans, Inc., successor by merger to [name of predecessor].”  If
          the Mortgage Loan was acquired or originated by the Company while doing
          business
          under another name, the Assignment of Mortgage must be by “Countrywide Home
          Loans, Inc., formerly known as [previous name];”

         

        (f)  the
          originals of all intervening assignments of mortgage with evidence of recording
          thereon, including warehousing assignments, if any;

         

        (g)  the
          original mortgagee title insurance policy;

         

        (h)  such
          other documents as the Purchaser may require.

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        EXHIBIT
          D-1

         

        CUSTODIAL
          ACCOUNT CERTIFICATION

         

        _____________________,
          200_

         

        Countrywide
          Home Loans, Inc. hereby certifies that it has established the account described
          below as a Custodial Account pursuant to Section 4.04 of the Seller’s Warranties
          and Servicing Agreement, dated as of September 1, 2002, Residential Adjustable
          Rate Mortgage Loans.

         

        Title
          of
          Account:            Countrywide
          Home Loans, Inc. in trust for the Purchaser

         

        Account
          Number:          _______________

         

        Address
          of office or branch

        of
          the
          Company at

        
          	which
                  Account is maintained:	 
	 	
                   

                   

                
	 	
                   

                   

                
	 	
                   

                   

                
	 	 

        

         

        
          	 	
                  Countrywide
                    Home Loans, Inc. 

                
	 	 	 
	 	Company 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        EXHIBIT
          D-2

         

        CUSTODIAL
          ACCOUNT LETTER AGREEMENT

         

        _________________,
          200_

         

         

        
          	
                  To:

                	 	 
	 	
                   

                   

                	 
	 	
                   

                   

                	 
	 	
                  (the
                    “Depository”)

                	 

        

         

        As
          Company under the Seller’s Warranties and Servicing Agreement, dated as of
          September 1, 2002, Residential Adjustable Rate Mortgage Loans (the “Agreement”),
          we hereby authorize and request you to establish an account, as a Custodial
          Account pursuant to Section 4.04 of the Agreement, to be designated as
          “[Servicer] in trust for the Purchaser - Residential Adjustable Rate Mortgage
          Loans.”  All deposits in the account shall be subject to withdrawal
          therefrom by order signed by the Company. You may refuse any deposit which
          would
          result in violation of the requirement that the account be fully insured
          as
          described below. This letter is submitted to you in duplicate. Please execute
          and return one original to us.

         

        
          	 	
                  
                    [COUNTRYWIDE
                      HOME LOANS, INC.]

                     

                  

                
	 	 	 
	 	 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 

        

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        The
          undersigned, as Depository, hereby certifies that the above described account
          has been established under Account Number __________, at the office of
          the
          Depository indicated above, and agrees to honor withdrawals on such account
          as
          provided above. The full amount deposited at any time in the account will
          be
          insured by the Federal Deposit Insurance Corporation through the Bank Insurance
          Fund (“BIF”) or the Savings Association Insurance Fund (“SAIF”).

         

         

        
          
            	 	 
	 	
                    
                      Depository

                    

                  
	 	 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 

          

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          E-1

        

        ESCROW
          ACCOUNT CERTIFICATION

         

        __________________,
          200_

         

        Countrywide
          Home Loans, Inc. hereby certifies that it has established the account described
          below as an Escrow Account pursuant to Section 4.06 of the Seller’s Warranties
          and Servicing Agreement, dated as of September 1, 2002, Residential Adjustable
          Rate Mortgage Loans.

         

        Title
          of
          Account:                           
 “Countrywide Home Loans, Inc. in trust for the Purchaser and various
          Mortgagors.”

         

        Account
          Number:                            _______________

         

        Address
          of office or branch

        of
          the
          Company at

        
          	
                  which
                    Account is maintained:

                	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
                   

                  [COUNTRYWIDE
                    HOME LOANS, INC.]

                   

                   

                
	 	 	 
	 	By:	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        EXHIBIT
          E-2

        

        ESCROW
          ACCOUNT LETTER AGREEMENT

         

        ___________________,
          200_

         

        
          	
                  To:

                	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
                  (the
                    “Depository”)

                	 

        

         

        As
          Company under the Seller’s Warranties and Servicing Agreement, dated as of
          September 1, 2002 Residential Adjustable Rate Mortgage Loans (the “Agreement”),
          we hereby authorize and request you to establish an account, as an Escrow
          Account pursuant to Section 4.07 of the Agreement, to be designated as
          “[Servicer], in trust for the Purchaser - Residential Adjustable Rate Mortgage
          Loans.”  All deposits in the account shall be subject to withdrawal
          therefrom by order signed by the Company. You may refuse any deposit which
          would
          result in violation of the requirement that the account be fully insured
          as
          described below. This letter is submitted to you in duplicate. Please execute
          and return one original to us.

         

         

        
          	 	
                  
                    [COUNTRYWIDE
                      HOME LOANS, INC.]

                     

                  

                
	 	 	 
	 	 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 

        

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        The
          undersigned, as Depository, hereby certifies that the above described account
          has been established under Account Number ______, at the office of the
          Depository indicated above, and agrees to honor withdrawals on such account
          as
          provided above. The full amount deposited at any time in the account will
          be
          insured by the Federal Deposit Insurance Corporation through the Bank Insurance
          Fund (“BIF”) or the Savings Association Insurance Fund (“SAIF”).

         

        
           

          
            
              	 	 
	 	
                      
                        Depository

                      

                    
	 	 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 

            

            

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

             

          

        

        EXHIBIT
          F

         

        MONTHLY
          REMITTANCE ADVICE

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        EXHIBIT
          G

         

        ASSIGNMENT
          AND ASSUMPTION

         

        _________________,
          200_

         

        ASSIGNMENT
          AND ASSUMPTION, dated __________, between __________________________________,
          a
          ___________________ corporation having an office at __________________
          (“Assignor”) and _________________________________, a __________________
          corporation having an office at __________________ (“Assignee”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        1.  The
          Assignor hereby grants, transfers and assigns to Assignee all of the right,
          title and interest of Assignor, as purchaser, in, to and under that certain
          Seller’s Warranties and Servicing Agreement, Residential Adjustable Rate
          Mortgage Loans (the “Seller’s Warranties and Servicing Agreement”), dated as of
          September 1, 2002, by and between EMC Mortgage Corporation (the “Purchaser”),
          and Countrywide Home Loans, Inc. (the “Company”), and the Mortgage Loans
          delivered thereunder by the Company to the Assignor.

         

        2.  The
          Assignor warrants and represents to, and covenants with, the Assignee
          that:

         

        a.  The
          Assignor is the lawful owner of the Mortgage Loans with the full right
          to
          transfer the Mortgage Loans free from any and all claims and encumbrances
          whatsoever;

         

        b.  The
          Assignor has not received notice of, and has no knowledge of, any offsets,
          counterclaims or other defenses available to the Company with respect to
          the
          Seller’s Warranties and Servicing Agreement or the Mortgage Loans;

         

        c.  The
          Assignor has not waived or agreed to any waiver under, or agreed to any
          amendment or other modification of, the Seller’s Warranties and Servicing
          Agreement, the Custodial Agreement or the Mortgage Loans, including without
          limitation the transfer of the servicing obligations under the Seller’s
          Warranties and Servicing Agreement. The Assignor has no knowledge of, and
          has
          not received notice of, any waivers under or amendments or other modifications
          of, or assignments of rights or obligations under, the Seller’s Warranties and
          Servicing Agreement or the Mortgage Loans; and

         

        d.  Neither
          the Assignor nor anyone acting on its behalf has offered, transferred,
          pledged,
          sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
          Loans or any other similar security to, or solicited any offer to buy or
          accept
          a transfer, pledge or other disposition of the Mortgage Loans, any interest
          in
          the Mortgage Loans or any other similar security from, or otherwise approached
          or negotiated with respect to the Mortgage Loans, any interest in the Mortgage
          Loans or any other similar security with, any person in any manner, or
          made any
          general solicitation by means of general advertising or in any other manner,
          or
          taken any other action which would constitute a distribution of the Mortgage
          Loans under the Securities Act of 1933 (the “33 Act”) or which would render the
          disposition of the Mortgage Loans a violation of Section 5 of the 33 Act
          or
          require registration pursuant thereto.

         

        3.  The
          Assignee warrants and represents to, and covenants with, the Assignor and
          the
          Company that:

         

        a.  The
          Assignee agrees to be bound, as Purchaser, by all of the terms, covenants
          and
          conditions of the Seller’s Warranties and Servicing Agreement, the Mortgage
          Loans and the Custodial Agreement, and from and after the date hereof,
          the
          Assignee assumes for the benefit of each of the Company and the Assignor
          all of
          the Assignor’s obligations as Purchaser thereunder;

         

        b.  The
          Assignee understands that the Mortgage Loans have not been registered under
          the
          33 Act or the securities laws of any state;

         

        c.  The
          purchase price being paid by the Assignee for the Mortgage Loans are in
          excess
          of $250,000 and will be paid by cash remittance of the full purchase price
          within 60 days of the sale;

         

        d.  The
          Assignee is acquiring the Mortgage Loans for investment for its own account
          only
          and not for any other person. In this connection, neither the Assignee
          nor any
          Person authorized to act therefor has offered the Mortgage Loans by means
          of any
          general advertising or general solicitation within the meaning of Rule
          502(c) of
          U.S. Securities and Exchange Commission Regulation D, promulgated under
          the 1933
          Act;

         

        e.  The
          Assignee considers itself a substantial, sophisticated institutional investor
          having such knowledge and experience in financial and business matters
          that it
          is capable of evaluating the merits and risks of investment in the Mortgage
          Loans;

         

        f.  The
          Assignee has been furnished with all informa­tion regarding the Mortgage
          Loans that it has requested from the Assignor or the Company;

         

        g.  Neither
          the Assignee nor anyone acting on its behalf has offered, transferred,
          pledged,
          sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
          Loans or any other similar security to, or solicited any offer to buy or
          accept
          a transfer, pledge or other disposition of the Mortgage Loans, any interest
          in
          the Mortgage Loans or any other similar security from, or otherwise approached
          or negotiated with respect to the Mortgage Loans, any interest in the Mortgage
          Loans or any other similar security with, any person in any manner which
          would
          constitute a distribution of the Mortgage Loans under the 33 Act or which
          would
          render the disposition of the Mortgage Loans a violation of Section 5 of
          the 33
          Act or require registration pursuant thereto, nor will it act, nor has
          it
          authorized or will it authorize any person to act, in such manner with
          respect
          to the Mortgage Loans; and

         

        h.  Either:
          (1) the Assignee is not an employee benefit plan (“Plan”) within the meaning of
          section 3(3) of the Employee Retirement Income Security Act of 1974, as
          amended
          (“ERISA”) or a plan (also “Plan”) within the meaning of section 4975(e)(1) of
          the Internal Revenue Code of 1986 (“Code”), and the Assignee is not directly or
          indirectly purchasing the Mortgage Loans on behalf of, investment manager
          of, as
          named fiduciary of, as Trustee of, or with assets of, a Plan; or (2) the
          Assignee’s purchase of the Mortgage Loans will not result in a prohibited
          transaction under section 406 of ERISA or section 4975 of the Code.

         

        i.  The
          Assignee’s address for purposes of all notices and correspondence related to the
          Mortgage Loans and the Seller’s Warranties and Servicing Agreement
          is:

        
           

          
            	
                     

                  	 	 
	 	 	 
	 	 	 
	 	 	 

          

          

          
            	 	Attention: 	 	 

          

           

        

        The
          Assignee’s wire transfer instructions for purposes of all remittances and
          payments related to the Mortgage Loans and the Seller’s Warranties and Servicing
          Agreement are:

         

        
          
            	
                     

                  	 	 
	 	 	 
	 	 	 

          

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        IN
          WITNESS WHEREOF, the parties have caused this Assignment and Assumption
          to be
          executed by their duly authorized officers as of the date first above
          written.

         

         

        
          	 	 	 	 	 
	
                  Assignor

                   

                   

                	 	
                  Assignee

                
	By:  	 	 	By:  	 
	 	 	 	 	 
	Its:  	 	 	Its:  	 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          H

         

        UNDERWRITING
          UIDELINES

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        EXHIBIT
          I

         

        ACKNOWLEDGMENT
          AGREEMENT

         

        On
          this
          ____ day of ____________, 200_, EMC Mortgage Corporation, (the “Purchaser”) as
          the Purchaser under that certain Seller’s Warranties and Servicing Agreement
          dated as of September 1, 2002, (the “Agreement”), does hereby contract with
          Countrywide Home Loans Inc. (the “Company”) as Company under the Agreement, for
          the servicing responsibilities related to the Mortgage Loans listed on
          the
          related Mortgage Loan Schedule attached hereto. The Company hereby accepts
          the
          servicing responsibilities transferred hereby and on the date hereof assumes
          all
          servicing responsibilities related to the Mortgage Loans identified on
          the
          related Mortgage Loan Schedule all in accordance with the Agreement. The
          contents of each Servicing File required to be delivered to service the
          Mortgage
          Loans pursuant to the Agreement have been or shall be delivered to the
          Company
          by the Purchaser in accordance with the terms of the Agreement.

         

        With
          respect to the Mortgage Loans made subject to the Agreement hereby, the
          related
          Closing Date shall be ___________________.

         

        All
          other
          terms and conditions of this transaction shall be governed by the
          Agreement.

         

        Capitalized
          terms used herein and not otherwise defined shall have the meanings set
          forth in
          the Agreement.

         

        This
          Acknowledgment Agreement may be executed simultaneously in any number of
          counterparts. Each counterpart shall be deemed to be an original, and all
          such
          counterparts shall constitute one and the same instrument.

         

        IN
          WITNESS WHEREOF, the Purchaser and the Company have caused their names
          to be
          signed hereto by their respective officers thereunto duly authorized as
          of the
          day and year first above written.

         

        
          	 	
                  PURCHASER:

                  EMC MORTGAGE CORPORATION

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 	 	 	 

        

         

        
          
            	 	
                    
                       SELLER:

                      COUNTRYWIDE
                        HOME LOANS, INC.

                    

                  	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 	 	 	 

          

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        AMENDMENT
          NUMBER ONE

        to
          the

        SELLER’S
          WARRANTIES AND SERVICING AGREEMENT

        dated
          as
          of September 1,
          2002

        by
          and
          between

        COUNTRYWIDE
          HOME LOANS, INC.

        Company,

        and

        EMC
          MORTGAGE CORPORATION

        Purchaser

         

        This
          AMENDMENT NUMBER ONE is made this 1st day of January, 2003, by and between
          COUNTRYWIDE HOME LOANS, INC., having an address at 4500 Park Granada, Calabasas,
          California 91302 (the “Company”) and EMC MORTGAGE CORPORATION, having an address
          at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas
          75014-1358(the “Purchaser”), to the Seller’s Warranties and Servicing Agreement,
          dated as of September 1,2002, by and between the Company and the Purchaser
          (the
“Agreement”).

         

        RECITALS

         

        WHEREAS,
          the Company and the Purchaser have agreed to amend the Agreement as set
          forth
          herein.

         

        NOW
          THEREFORE, for good and valuable consideration, the receipt and sufficiency
          of
          which are hereby acknowledged, and for the mutual covenants herein contained,
          the parties hereto hereby agree as follows:

         

        SECTION
          1.  Amendments.
          Effective as of January 1, 2003, the Agreement is hereby modified by making
          the
          following additions, deletions or modifications:

         

        
          	A)  	
                  All
                    references to “Residential Adjustable Rate Mortgage Loans” are hereby
                    deleted in their entirety and replaced with “Residential Fixed and
                    Adjustable Rate Mortgage Loans” in the following sections: (i) the cover
                    page, (ii) Section 4.04, (iii) Section 4.06, (iv) Exhibit D-1,
                    (v) Exhibit
                    D-2, (vi) Exhibit E-1, (vii) Exhibit E-2, and (viii) Exhibit
                    G.

                

        

         

        
          	B)  	
                  The
                    references to “adjustable rate” are hereby deleted and replaced with
                    “fixed and adjustable rate” in the following sections: (i) the
                    introductory sentence of the Agreement, and (ii) Section
                    3.01(i).

                

        

         

        
          	C)  	
                  The
                    definition of “Convertible Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	D)  	
                  The
                    definition of “5/1 ARM Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	E)  	
                  The
                    definition of “Gross Margin” is hereby modified by deleting it in its
                    entirety and replacing it with the
                    following:

                

        

         

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

         

        
          	F)  	
                  The
                    definition of “Index” is hereby modified by deleting it in its entirety
                    and replacing it with the
                    following:

                

        

         

        Index:
          With
          respect to any adjustable rate Mortgage Loan, the index identified on the
          related Mortgage Loan Schedule and set forth in the related Mortgage Note
          for
          the purpose of calculating the Mortgage Interest Rate thereon.

         

        
          	G)  	
                  The
                    definition of “Initial Rate Cap” is hereby modified by deleting it in its
                    entirety and replacing it with the
                    following:

                

        

         

        Initial
          Rate Cap:
          With
          respect to each adjustable rate Mortgage Loan and the initial Interest
          Rate
          Adjustment Date therefor, a number of percentage points per annum that
          is set
          forth in the related Mortgage Loan Schedule and in the related Mortgage
          Note,
          which is the maximum amount by which the Mortgage Interest Rate for such
          adjustable rate Mortgage Loan may increase or decrease from the Mortgage
          Interest Rate in effect immediately prior to such Interest Rate Adjustment
          Date.

         

        
          	H)  	
                  The
                    definition of “LIBOR Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	I)  	
                  The
                    definition of “Lifetime Mortgage Interest Rate Cap” is hereby modified by
                    deleting it in its entirety and replacing it with the
                    following:

                

        

         

        Lifetime
          Mortgage Interest Rate Cap:
          With
          respect to each adjustable rate Mortgage Loan, the absolute maximum Mortgage
          Interest Rate payable, above which the Mortgage Interest Rate cannot be
          adjusted. 

         

        
          	J)  	
                  The
                    definition of “Mortgage Interest Rate” is hereby modified by deleting it
                    in its entirety and replacing it with the
                    following:

                

        

         

        Mortgage
          Interest Rate:
          The
          annual rate at which Interest accrues on any Mortgage Loan, and with respect
          to
          adjustable rate Mortgage Loans, the annual rate at which Interest accrues
          as
          adjusted from time to time in accordance with the provisions of the related
          Mortgage Note and in compliance with the related Initial Rate Cap, Lifetime
          Mortgage Interest Rate Cap and Periodic Rate Cap, if any, of the related
          Mortgage Note.

         

        
          	K)  	
                  The
                    definition of “Mortgage Loan” is hereby modified by deleting it in its
                    entirety and replacing it with the
                    following:

                

        

         

        Mortgage
          Loan:
          An
          individual fixed or adjustable rate Mortgage Loan which is the subject
          of this
          Agreement, each Mortgage Loan originally sold and subject to this Agreement
          being identified on the Mortgage Loan Schedule, which Mortgage Loan includes
          without limitation the Mortgage File, the Monthly Payments, Principal
          Prepayments, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds,
          REO disposition proceeds, and all other rights, benefits, proceeds and
          obligations arising from or in connection with such Mortgage Loan.

         

        
          	L)  	
                  The
                    definition of “Non-Convertible Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	M)  	
                  The
                    definition of “Servicing Fee Rate” is hereby modified by deleting it in
                    its entirety and replacing it with the
                    following:

                

        

         

        Servicing
          Fee Rate:
          (i)
          0.25% per annum with respect to fixed rate Mortgage Loans and certain adjustable
          rate Mortgage Loans as specified on the Mortgage Loan Schedule, (ii) 0.375%
          per
          annum with respect to certain adjustable rate Mortgage Loans as specified
          on the
          Mortgage Loan Schedule, and (iii) 0.25% with respect to certain adjustable
          rate
          Mortgage Loans for the period prior to the initial Interest Rate Adjustment
          Date
          and 0.375% for the period following the initial Interest Rate Adjustment
          Date as
          specified in the Mortgage Loan Schedule.

         

        
          	N)  	
                  The
                    definition of “7/1 ARM Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	O)  	
                  The
                    definition of “10/1 ARM Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	P)  	
                  The
                    definition of “3/1 ARM Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	Q)  	
                  The
                    definition of “Treasury Rate Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	R)  	
                  Section
                    3.01(c) is hereby modified by deleting the subpart in its entirety
                    and
                    replacing it with the following:

                

        

         

        
          	 	
                  (c)

                	
                  No
                    Conflicts; No Default.
                    Neither the execution and delivery of this Agreement, the acquisition
                    of
                    the Mortgage Loans by the Company, the sale of the Mortgage Loans
                    to the
                    Purchaser or the transactions contemplated hereby, nor the fulfillment
                    of
                    or compliance with the terms and conditions of this Agreement,
                    will
                    conflict with or result in a breach of any of the terms, conditions
                    or
                    provisions of the Company’s charter or by-laws or any legal restriction or
                    any agreement or instrument to which the Company is now a party
                    or by
                    which it is bound, or constitute a default or result in an acceleration
                    under any of the foregoing, or result in the violation of any
                    law, rule,
                    regulation, order, judgment or decree to which the Company or
                    its property
                    is subject, or impair the ability of the Purchaser to realize
                    on the
                    Mortgage Loans, or impair the value of the Mortgage Loans. The
                    Company is
                    not in default, and has received no notice of default, under
                    this
                    Agreement;

                

        

         

        
          	S)  	
                  Section
                    3.01(d) is hereby modified by deleting the subpart in its entirety
                    and
                    replacing it with the following:

                

        

         

        
          	 	
                  (d)

                	
                  Ability
                    to Service.
                    The Company is an approved seller/servicer of conventional residential
                    mortgage loans for the United States Department of Housing and
                    Urban
                    Development (“HUD”), Fannie Mae, Freddie Mac, or any successor thereto,
                    with the facilities, procedures, and experienced personnel necessary
                    for
                    the sound servicing of mortgage loans of the same type as the
                    Mortgage
                    Loans. The Company is in good standing to sell mortgage loans
                    to and
                    service mortgage loans for HUD, Fannie Mae or Freddie Mac, and
                    no event
                    has occurred, including but not limited to a change in insurance
                    coverage,
                    which would make the Company unable to comply with HUD, Fannie
                    Mae or
                    Freddie Mac eligibility requirements or which would require notification
                    to either HUD, Fannie Mae or Freddie
                    Mac;

                

        

         

        
          	T)  	
                  The
                    following shall be inserted as the last sentence of Section
                    3.02(f):

                

        

         

        “To
          the
          best of Company’s knowledge, the Mortgaged Property is free of material damage
          ;”

         

        
          	U)  	
                  The
                    first sentence of Section 3.02(k) is hereby modified by deleting
                    the
                    sentence in its entirety and replacing it with the
                    following:

                

        

         

        
          	 	
                  (k)

                	
                  Validity
                    of Mortgage Documents.
                    The Mortgage Note and the Mortgage are genuine, on forms generally
                    acceptable to Fannie Mae and Freddie Mac, and each is the legal,
                    valid and
                    binding obligation of the maker thereof enforceable in accordance
                    with its
                    terms.

                

        

         

        
          	V)  	
                  The
                    following shall be inserted as the last sentence of Section
                    3.02(m):

                

        

         

        “Upon
          recordation of the Mortgage Note, Purchaser or its designee will be the
          owner of
          record of the Mortgage and the indebtedness evidenced by the Mortgage Note.
          Upon
          the sale of the Mortgage Loans, Purchaser will own such Mortgage Loans
          free and
          clear of any encumbrance, equity, participation interest, pledge, change,
          claim
          or security interest.”

         

        
          	W)  	
                  Section
                    3.02(t) is hereby modified by deleting the subpart in its entirety
                    and
                    replacing it with the following:

                

        

         

        
          	 	
                  (t)

                	
                  Origination;
                    Payment Terms.
                    The Mortgage Loan was originated by either i) the Company, which
                    is a
                    FNMA-approved, FHLMC-approved and HUD-approved mortgage banker,
                    or ii) an
                    entity that is a FNMA-approved, FHLMC-approved and HUD-approved
                    mortgage
                    banker, or a savings and loan association, a savings bank, a
                    commercial
                    bank or similar banking institution which is supervised and examined
                    by a
                    Federal or state authority. The Mortgage Interest Rate for an
                    adjustable
                    rate Mortgage Loan is adjusted as set forth in the related Mortgage
                    Note.
                    The Mortgage Note is payable each month in monthly installments
                    of
                    principal and interest, with interest in arrears, and requires
                    Monthly
                    Payments sufficient to amortize the original principal balance
                    of the
                    Mortgage Loan over a term of no more than 30 years. Each convertible
                    Mortgage Loan contains a provision whereby the Mortgagor is permitted
                    to
                    convert the Mortgage Loan to a fixed-rate mortgage loan. No Mortgage
                    Loan
                    has a provision for negative
                    amortization;

                

        

         

        
          	X)  	
                  Section
                    3.05 is hereby modified by deleting the section in its entirety
                    and
                    replacing it with the following:

                

        

         

        Section
          3.05 Repurchase
          Upon Conversion.
          

         

        In
          the
          event the Mortgagor under any convertible Mortgage Loan elects to convert
          said
          Mortgage Loan to a fixed rate mortgage loan, as provided in the related
          Mortgage
          Note, then the Company shall repurchase the related Mortgage Loan in the
          month
          the conversion takes place and in the manner prescribed in Section 3.04
          at the
          Repurchase Price.

         

        
          	Y)  	
                  The
                    following shall be inserted as the last sentence of Section
                    9.01:

                

        

         

        “All
          indemnification provisions of this Agreement, including but not limited
          to those
          set forth in this Section 9.01, shall survive the termination of this
          Agreement.” 

         

        SECTION
          2.  Defined
          Terms.
          Any
          terms capitalized but not otherwise defined herein shall have the respective
          meanings set forth in the Agreement.

         

        SECTION
          3.  Governing
          Law.
          THIS
          AMENDMENT NUMBER ONE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
          THE STATE
          OF NEW YORK (INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
          LAW)
          AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL
          BE
          DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO CONFLICT OF LAWS
          DOCTRINE APPLIED IN SUCH STATE (OTHER THAN SECTION 5-1401 OF THE NEW YORK
          GENERAL OBLIGATIONS LAW).

         

        SECTION
          4.  Counterparts.
          This
          Amendment Number One may be executed by each of the parties hereto on any
          number
          of separate counterparts, each of which shall be an original and all of
          which
          taken together shall constitute one and the same instrument.

         

        SECTION
          5.  Limited
          Effect.
          Except
          as amended hereby, the Agreement shall continue in full force and effect
          in
          accordance with its terms. Reference to this Amendment Number One need
          not be
          made in the Agreement or any other instrument or document executed in connection
          therewith, or in any certificate, letter or communication issued or made
          pursuant to, or with respect to, the Agreement, any reference in any of
          such
          items to the Agreement being sufficient to refer to the Agreement as amended
          hereby.

         

        [SIGNATURE
          PAGE FOLLOWS]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Company and the Purchaser have caused this Amendment
          Number
          One to be executed and delivered by their duly authorized officers as of
          the day
          and year first above written.

         

        
          	 	 	 
	 	COUNTRYWIDE
                  HOME LOANS, INC.
	 	(Company)
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:  

                	 
	 	Title:	 

        

         

        
           

          
            	 	 	 
	 	EMC
                    MORTGAGE
                    CORPORATION
	 	(Purchaser)
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:  

                  	 
	 	Title:	 

          

           

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          This
            AMENDMENT No. 2 (the “Amendment”) is made this 1st
            day of
            September, 2004, by and between EMC Mortgage Corporation (the “Purchaser”) and
            Countrywide Home Loans, Inc. (the “Company”), to the Seller’s Warranties and
            Servicing Agreement dated as of September 1, 2002 (the “SWS Agreement”), by and
            between the Purchaser and the Company.

           

          WHEREAS,
            the Purchaser and the Company desire to amend the SWS Agreement as set
            forth
            herein.

           

          NOW,
            THEREFORE, for good and valuable consideration, the receipt and sufficiency
            of
            which are hereby acknowledged, the parties hereto hereby agrees as
            follows:

           

          SECTION
            1.           Defined
            Terms.
            Unless
            otherwise amended by the terms of this Amendment, terms used in this
            Amendment
            shall have the meanings assigned in the SWS Agreement.

           

          SECTION
            2.           Amendment.
            Effective as of September 1, 2004 the SWS Agreement is hereby amended
            as
            follows:

           

          (a)           The
            following definition of Qualified Depository is modified by adding the
            word
“fully” to it and now reads as follows:

           

          Qualified
            Depository:
            A
            depository the accounts of which are fully insured by the FDIC through
            BIF or
            SAIF or the debt obligations of which are rated AA (or the equivalent
            rating
            category) or better by a national recognized statistical rating
            organization.

           

          (b)           The
            following definition is added to Article I of the SWS Agreement:

           

          Master
            Servicer:
            Wells
            Fargo Bank, National Association, or its successors in interest.

           

          (c)           The
            definition of Business Day is deleted in its entirety and replaced with
            the
            following:

           

          Business
            Day:
            Any day
            other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the
            States of
            New York, California, Texas, Maryland or Minnesota, or (iii) a day on
            which
            banks in the States of New York, California, Texas, Maryland or Minnesota
            are
            authorized or obligated by law or executive order to be closed.

           

          (d)           Clause
            (d) of Section 3.01 of the SWS Agreement is deleted in its entirety and
            replaced
            with the following:

           

          (d)           Ability
            to Service.
            The
            Company is an approved servicer of conventional residential mortgage
            loans for
            Fannie Mae or Freddie Mac, with the facilities, procedures, and experienced
            personnel necessary for the sound servicing of mortgage loans of the
            same type
            as the Mortgage Loans. The Company is in good standing to service mortgage
            loans
            for Fannie Mae or Freddie Mac, and no event has occurred, including but
            not
            limited to a change in insurance coverage, which would make the Company
            unable
            to comply with Fannie Mae or Freddie Mac eligibility requirements or
            which would
            require notification to either Fannie Mae or Freddie Mac;

           

          (e)           Section
            3.02(oo) of the SWS Agreement is hereby deleted in its entirety and replaced
            with the following:

           

          
            	 	
                    (oo)

                  	
                    No
                      HOEPA or “High Cost” Loans.
                      No Mortgage Loan is classified as a “high cost” mortgage loan under the
                      Home Ownership and Equity Protection Act of 1994, as amended,
                      nor is any
                      Mortgage Loan a “high cost home,” “covered,” “high risk home” or
                      “predatory” loan under any applicable state, federal or local law (or a
                      similarly classified loan using different terminology under
                      a law imposing
                      heightened regulatory scrutiny or additional legal liability
                      for
                      residential mortgage loans having high interest rates, points
                      and/or fees)
                      or any other statute or regulation providing assignee liability
                      to holders
                      of such mortgage loans.

                  

          

           

          (f)           
            The
            following representations and warranties are added to Section 3.02 of
            the SWS
            Agreement:

           

          
            	 	
                    (xx)

                  	
                    No
                      Mortgage Loan originated on or after October 1, 2002 through
                      March 6, 2003
                      is secured by Mortgaged Property located in the State of
                      Georgia;

                  

          

           

          
            	 	
                    (yy)

                  	
                    No
                      Mortgage Loan originated on or after March 7, 2003 is a “high cost home
                      loan” as defined under the Georgia Fair Lending
                      Act;

                  

          

           

          
            	 	
                    (zz)

                  	
                    With
                      respect to each Mortgage Loan, accurate and complete information
                      regarding
                      the borrower credit files related to such Mortgage Loan has
                      been furnished
                      on a monthly basis to credit reporting agencies in compliance
                      with the
                      provisions of the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., and
                      the applicable implementing
                      regulations.

                  

          

           

          (g)           The
            following shall be added as the second sentence of the third paragraph
            of
            Section 4.01 of the SWS Agreement:

           

          In
            addition, the Company shall furnish information regarding the borrower
            credit
            files related to such Mortgage Loan to credit reporting agencies in compliance
            with the provisions of the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq.,
            and the applicable implementing regulations, on a monthly basis.

           

          (h)           Section
            6.04 of the SWS Agreement is deleted in its entirety and replaced with
            the
            following:

           

          Section
            6.04     Annual
            Statement as to Compliance.

           

          The
            Company will deliver to the Master Servicer on or before March 15 of
            each year,
            beginning with March 15, 2005 an Officer’s Certificate in a form acceptable for
            filing with the Securities and Exchange Commission as an exhibit to a
            Form 10-K
            stating that (i) a review of the activities of the Company during the
            preceding
            calendar year and of performance under this Agreement has been made under
            such
            officer’s supervision, (ii) the Company has fully complied with the servicing
            provisions of this Agreement and (iii) to the best of such officer’s knowledge,
            based on such review, the Company has fulfilled all of its obligations
            under
            this Agreement throughout such year, or, if there has been a default
            in the
            fulfillment of any such obligation, specifying each such default known
            to such
            officer and the nature and status thereof. (“Annual Statement of
            Compliance”)

           

          (i)           Section
            6.05 of the SWS Agreement is deleted in its entirety and replaced with
            the
            following:

           

          Section
            6.05     Annual
            Independent Certified Public Accountants’ Servicing Report.

           

          On
            or
            before March 15 of each year, beginning with March 15, 2005, the Company
            at its
            expense shall cause a firm of independent public accountants which is
            a member
            of the American Institute of Certified Public Accountants to furnish
            a statement
            to the Master Servicer in a form acceptable for filing with the Securities
            and
            Exchange Commission as an exhibit to a Form 10-K to the effect that such
            firm
            has examined certain documents and records relating to the servicing
            of mortgage
            loans by the Company generally that include a sampling of the Mortgage
            Loans,
            the provisions of Article II and Article IV of this Agreement have been
            complied
            with and, on the basis of such an examination conducted substantially
            in
            accordance with the Uniform Single Attestation Program for Mortgage Bankers,
            such servicing has been conducted in compliance with this Agreement,
            except for
            (i) such exceptions as such firm shall believe to be immaterial, and
            (ii) such
            other exceptions as shall be set forth in such statement. (“Annual Independent
            Public Accountant’s Servicing Report”)

           

          (j)           The
            following is added as Section 6.07 of the SWS Agreement:

           

          Section
            6.07     Annual
            Certification.

           

          (a)           For
            so
            long as (1) the Mortgage Loans are being master serviced by the Master
            Servicer
            and (2) the Master Servicer is required by Section 302 of the Sarbanes-Oxley
            Act
            of 2002 to provide an annual certification, by March 15th of each year,
            beginning with March 15, 2005 (or if not a Business Day, the immediately
            preceding Business Day), an officer of the Company shall execute and
            deliver an
            Officer’s Certificate to the Master Servicer for the benefit of such Master
            Servicer and its officers, directors and affiliates, certifying as to
            the
            following matters:

           

          (i)           Based
            on
            my knowledge, the information in the Annual Statement of Compliance,
            the Annual
            Independent Public Accountant’s Servicing Report and all servicing reports,
            officer’s certificates and other information relating to the servicing of the
            Mortgage Loans submitted to the Master Servicer taken as a whole, does
            not
            contain any untrue statement of a material fact or omit to state a material
            fact
            necessary to make the statements made, in light of the circumstances
            under which
            such statements were made, not misleading as of the last day of the period
            covered by such statements or reports;

           

          (ii)          Based
            on
            my knowledge, the servicing information required to be provided to the
            Master
            Servicer by the Company under this Servicing Agreement has been provided
            to the
            Master Servicer;

           

          (iii)         I
            am
            responsible for reviewing the activities performed by the Company under
            the
            Servicing Agreement and based upon my knowledge and the review required
            by this
            Servicing Agreement, and except as disclosed in the Annual Statement
            of
            Compliance or the Annual Independent Public Accountant’s Servicing Report
            submitted to the Master Servicer, the Servicer has, as of the last day
            of the
            period covered by the Annual Statement of Compliance, fulfilled its obligations
            under this Servicing Agreement; and

           

          (iv)         I
            have
            disclosed to the Master Servicer all significant deficiencies relating
            to the
            Company’s compliance with the minimum servicing standards in accordance with
            a
            review conducted in compliance with the Uniform Single Attestation Program
            for
            Mortgage Bankers or similar standard as set forth in the Servicing
            Agreement.

           

          (b)          The
            Company shall indemnify and hold harmless the Master Servicer and its
            officers,
            directors, agents and affiliates from and against any losses, damages,
            penalties, fines, forfeitures, reasonable legal fees and related costs,
            judgments and other costs and expenses arising out of or based upon a
            breach by
            the Company or any of its officers, directors, agents or affiliates of
            its
            obligations under this Section 6.07 or the negligence, bad faith or willful
            misconduct of the Company in connection therewith. If the indemnification
            provided for herein is unavailable in whole or in part for any reason,
            then the
            Company agrees that it shall contribute to the amount paid or payable
            by the
            Master Servicer as a result of the losses, claims, damages or liabilities
            of the
            Master Servicer in such proportion as is appropriate to reflect the relative
            fault of the Company, in connection with a breach of the Company’s obligations
            under this Section 6.07 or the Company’s negligence, bad faith or willful
            misconduct in connection therewith.

           

          (k)           Section
            10.01 is hereby modified by adding the word “or” at the end of clause (ix)
            thereof and inserting the following as clause (x):

           

          (x)           failure
            by the Company to duly perform, within the required time period, its
            obligations
            under Section 6.04, 6.05 or 6.07 which failure continues unremedied for
            a period
            of ten (10) days after the date on which written notice of such failure,
            requiring the same to be remedied, shall have been given to the Company
            by any
            party to this Servicing Agreement or by any master servicer responsible
            for
            master servicing the Mortgage Loans pursuant to a securitization of such
            Mortgage Loans.

           

          (l)           Section
            12.03 of the SWS Agreement is deleted in its entirety and replaced with
            the
            following:

           

          Section
            12.03     Governing
            Law.

           

          This
            Agreement shall be governed by and construed in accordance with the laws
            of the
            State of New York without giving effect to principles of conflicts of
            laws and
            except to the extent preempted by Federal law and the obligations, rights
            and
            remedies of the parties hereunder shall be determined in accordance with
            such
            laws.

           

          SECTION
            3.      Effect
            of Amendment.
            Upon
            execution of this Amendment, the SWS Agreement shall be, and be deemed
            to be,
            modified and amended in accordance herewith and the respective rights,
            limitations, obligations, duties, liabilities and immunities of the Purchaser
            and the Company shall hereafter be determined, exercised and enforced
            subject in
            all respects to such modifications and amendments, and all the terms
            and
            conditions of this Amendment shall be deemed to be part of the terms
            and
            conditions of the SWS Agreement for any and all purposes. Except as modified
            and
            expressly amended by this Amendment, the SWS Agreement is in all respects
            ratified and confirmed, and all the terms, provisions and conditions
            thereof
            shall be and remain in full force and effect.

           

          SECTION
            4.      Binding
            Effect.
            The
            provisions of this Amendment shall be binding upon and inure to the benefit
            of
            the respective successors and assigns of the parties hereto, and all
            such
            provisions shall inure to the benefit of the Purchaser and the
            Company.

           

          SECTION
            5.      Severability
            of Provisions.
            If any
            one or more of the provisions or terms of this Amendment shall be for
            any reason
            whatsoever held invalid, then such provisions or terms shall be deemed
            severable
            from the remaining provisions or terms of this Amendment and shall in
            no way
            affect the validity or enforceability of the other provisions or terms
            of this
            Amendment.

           

          SECTION
            6.       Section
            Headings.
            The
            section headings herein are for convenience of reference only, and shall
            not
            limit or otherwise affect the meaning hereof.

           

          SECTION
            7.      Execution
            in Counterparts. This
            Amendment may be executed by the parties hereto in several counterparts,
            each of
            which shall be executed by the parties hereto and be deemed an original
            and all
            of which shall constitute together by one and the same agreement.

           

          SECTION
            8.      Governing
            Law. THIS
            AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
            OF NEW
            YORK, WITHOUT REFERENCE TO CONFLICT OF LAW PRINCIPLES, AND THE OBLIGATIONS,
            RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
            WITH THE LAWS OF THE STATE OF NEW YORK.

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          IN
            WITNESS WHEREOF, the parties have caused this Amendment to the SWS Agreement
            to
            be executed by their respective officers thereunto duly authorized as
            of the day
            and year first above written.

           

          
            	 	 	 
	 	EMC
                    MORTGAGE
                    CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                    

                  
	 	Title:	
                    

                  
	 	 	
                    
 

          

           

          
            	 	 	 
	 	COUNTRYWIDE
                    HOME LOANS, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                    

                  
	 	Title:	
                    

                  
	 	
                  	
                    
 

          

           

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

           

          

            EXECUTION
              VERSION

            AMENDMENT
              REG AB

            TO
              THE
              MASTER MORTGAGE LOAN PURCHASEAND SERVICING AGREEMENT

            

             

            This
              is
              Amendment Reg AB (“Amendment
              Reg AB”),
              dated
              as of January 1, 2006, by and between EMC Mortgage Corporation (the
              “Purchaser”), and
              Countrywide Home Loans, Inc. (the “Company”)
              to
              that certain Seller’s Warranties and Servicing Agreement dated as of September
              1, 2002 by and between the Company and the Purchaser (as amended, modified
              or
              supplemented, the “Existing
              Agreement”).

             

            W
              I T N E
              S S E T H

             

            WHEREAS,
              the Company and the Purchaser have agreed, subject to the terms and
              conditions
              of this Amendment Reg AB that the Existing Agreement be amended to
              reflect
              agreed upon revisions to the terms of the Existing Agreement.

             

            Accordingly,
              the Company and the Purchaser hereby agree, in consideration of the
              mutual
              premises and mutual obligations set forth herein, that the Existing
              Agreement is
              hereby amended as follows:

            

            1. Capitalized
              terms used herein but not otherwise defined shall have the meanings
              set forth in
              the Existing Agreement. The Existing Agreement is hereby amended by
              adding the
              following definitions in their proper alphabetical order:

            

            Commission:
              The
              United States Securities and Exchange Commission.

            

            Company
              Information:
              As
              defined in Section 2(g)(i)(A)(1).

            

            Depositor:
              The
              depositor, as such term is defined in Regulation AB, with respect to
              any
              Securitization Transaction.

            

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

            

            Master
              Servicer:
              With
              respect to any Securitization Transaction, the “master servicer,” if any,
              identified in the related transaction documents.

            

            Qualified
              Correspondent:
              Any
              Person from which the Company purchased Mortgage Loans, provided that
              the
              following conditions are satisfied: (i) such Mortgage Loans were either
              (x)
              originated pursuant to an agreement between the Company and such Person
              that
              contemplated that such Person would underwrite mortgage loans from
              time to time,
              for sale to the Company, in accordance with underwriting guidelines
              designated
              by the Company (“Designated Guidelines”) or guidelines that do not vary
              materially from such Designated Guidelines or (y) individually re-underwritten
              by the Company to the Designated Guidelines at the time such Mortgage
              Loans were
              acquired by the Company; (ii) either (x) the Designated Guidelines
              were, at the
              time such Mortgage Loans were originated, used by the Company in origination
              of
              mortgage loans of the same type as the Mortgage Loans for the Company’s own
              account or (y) the Designated Guidelines were, at the time such Mortgage
              Loans
              were underwritten, designated by the Company on a consistent basis
              for use by
              lenders in originating mortgage loans to be purchased by the Company;
              and (iii)
              the Company employed, at the time such Mortgage Loans were acquired
              by the
              Company, pre-purchase or post-purchase quality assurance procedures
              (which may
              involve, among other things, review of a sample of mortgage loans purchased
              during a particular time period or through particular channels) designed
              to
              ensure that either Persons from which it purchased mortgage loans properly
              applied the underwriting criteria designated by the Company or the
              Mortgage
              Loans purchased by the Company substantially comply with the Designated
              Guidelines.

            

            Reconstitution:
              Any
              Securitization Transaction or Whole Loan Transfer.

            

            Reconstitution
              Agreement:
              An
              agreement or agreements entered into by the Company and the Purchaser
              and/or
              certain third parties in connection with a Reconstitution with respect
              to any or
              all of the Mortgage Loans serviced under the Agreement.

            

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

            

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

            

            Securitization
              Transaction:
              Any
              transaction subject to Regulation AB involving either (1) a sale or
              other
              transfer of some or all of the Mortgage Loans directly or indirectly
              to an
              issuing entity in connection with an issuance of publicly offered,
              rated or
              unrated mortgage-backed securities or (2) an issuance of publicly offered,
              rated
              or unrated securities, the payments on which are determined primarily
              by
              reference to one or more portfolios of residential mortgage loans consisting,
              in
              whole or in part, of some or all of the Mortgage Loans. 

            

            Servicer:
              As
              defined in Section 2(c)(iii).

            

            Servicing
              Criteria:
              The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
              amended from time to time.

            

            Static
              Pool Information:
              Static
              pool information as described in Item 1105 of Regulation AB.

            

            Subcontractor:
              Any
              vendor, subcontractor or other Person that is not responsible for the
              overall
              servicing (as “servicing” is commonly understood by participants in the
              mortgage-backed securities market) of Mortgage Loans but performs one
              or more
              discrete functions identified in Item 1122(d) of Regulation AB with
              respect to
              Mortgage Loans under the direction or authority of the Company or a
              Subservicer.

            

            Subservicer:
              Any
              Person that services Mortgage Loans on behalf of the Company or any
              Subservicer
              and is responsible for the performance (whether directly or through
              Subservicers
              or Subcontractors) of a substantial portion of the material servicing
              functions
              required to be performed by the Company under this Agreement or any
              Reconstitution Agreement that are identified in Item 1122(d) of Regulation
              AB;
              provided, however, that the term “Subservicer” shall not include any master
              servicer other than the Company, or any special servicer engaged at
              the request
              of a Depositor, Purchaser or investor in a Securitization Transaction,
              nor any
“back-up servicer” or trustee performing servicing functions on behalf of a
              Securitization Transaction engaged at the request of a Depositor, Purchaser,
              or
              investor in a Securitization Transaction.

            

            Third-Party
              Originator:
              Each
              Person, other than a Qualified Correspondent, that originated Mortgage
              Loans
              acquired by the Company.

            

            Whole
              Loan Transfer:
              Any
              sale or transfer of some or all of the Mortgage Loans, other than a
              Securitization Transaction.

            

            2. The
              Purchaser and the Company agree that the Existing Agreement is hereby
              amended by
              adding the following provisions:

            

            (a) Intent
              of the Parties; Reasonableness.

            

            The
              Purchaser and the Company acknowledge and agree that the purpose of
              Article 2 of
              this Agreement is to facilitate compliance by the Purchaser and any
              Depositor
              with the provisions of Regulation AB and related rules and regulations
              of the
              Commission. Neither the Purchaser nor any Depositor shall exercise
              its right to
              request delivery of information or other performance under these provisions
              other than in good faith, or for purposes other than compliance with
              the
              Securities Act, the Exchange Act and the rules and regulations of the
              Commission
              thereunder. Although Regulation AB is applicable by its terms only
              to offerings
              of asset-backed securities that are registered under the Securities
              Act, the
              parties acknowledges that investors in privately offered securities
              may require
              that the Purchaser or any Depositor provide comparable disclosure in
              unregistered offerings. The parties agree over time to negotiate in
              good faith
              with respect to the provision of comparable disclosure in private offerings.
              The
              Company acknowledges that interpretations of the requirements of Regulation
              AB
              may change over time, whether due to interpretive guidance provided
              by the
              Commission or its staff. The Company agrees to negotiate in good faith
              with the
              Purchaser or any Depositor with regard to any reasonable requests for
              delivery
              of information under these provisions on the basis of evolving interpretations
              of Regulation AB. In connection
              with any Securitization Transaction, the Company shall cooperate fully
              with the
              Purchaser to deliver to the Purchaser (including any of its assignees
              or
              designees) and any Depositor, any and all statements, reports, certifications,
              records and any other information necessary to permit the Purchaser
              or such
              Depositor to comply with the provisions of Regulation AB, together
              with such
              disclosures relating to the Company, and any parties or items identified
              in
              writing by the Purchaser, including, any Subservicer, any Third-Party
              Originator
              and the Mortgage Loans, or the servicing of the Mortgage Loans necessary
              in
              order to effect such compliance, in the Purchaser’s or Depositor’s reasonable
              determination. 

            

            The
              Purchaser agrees that it will cooperate with the Company and provide
              sufficient
              and timely notice of any information requirements pertaining to a Securitization
              Transaction. The Purchaser will make all reasonable efforts to limit
              requests
              for information, reports or any other materials to items the Purchaser
              reasonably believes is required for compliance with Regulation AB,
              and shall not
              request information which is not required for such compliance.

            

            (b) Additional
              Representations and Warranties of the Company.

            

            (i) The
              Company shall be deemed to represent to the Purchaser and to any Depositor,
              as
              of the date on which information is first provided to the Purchaser
              or any
              Depositor under Section 2(c) that, except as disclosed in writing to
              the
              Purchaser or such Depositor prior to such date: (i)
              the Company is not aware and has not received notice that any default,
              early
              amortization or other performance triggering event has occurred as
              to any other
              securitization due to any act or failure to act of the Company; (ii)
              the
              Company has not been terminated as servicer in a residential mortgage
              loan
              securitization, either due to a servicing default or to application
              of a
              servicing performance test or trigger; (iii) no
              material noncompliance
              with the applicable servicing criteria with respect to other securitizations
              of
              residential mortgage loans involving the Company as servicer
              has been disclosed or reported by the Company; (iv) no material
              changes to the Company’s policies or procedures with respect to the servicing
              function it will perform under this Agreement and any Reconstitution
              Agreement
              for mortgage loans of a type similar to the Mortgage Loans
              have occurred during the three-year period immediately preceding the
              related
              Securitization Transaction; (v) there are no aspects of the Company’s financial
              condition that could have a material adverse effect on the performance
              by
the
              Company of its servicing obligations under this Agreement or any Reconstitution
              Agreement;
              (vi) there are no material
              legal or governmental proceedings pending (or known to be contemplated)
              against
              the Company, any Subservicer or any Third-Party Originator;
              and (vii) there are no affiliations, relationships or transactions
              relating to
              the Company, any Subservicer or any Third-Party Originator with respect
              to any
              Securitization Transaction and any party thereto identified by the
              related
              Depositor of a type described in Item 1119 of Regulation AB.

            

            (ii) If
              so requested by the Purchaser or any Depositor on any date following
              the
              date
              on which information is first provided to the Purchaser or any Depositor
              under
              Section 2(c),
              the Company shall, within five Business Days following such request,
              confirm in
              writing the accuracy of the representations and warranties set forth
              in
              paragraph (i) of this Section or, if any such representation and warranty
              is not
              accurate as of the date of such request, provide reasonably adequate
              disclosure
              of the pertinent facts, in writing, to the requesting party.

            

            (c) Information
              to Be Provided by the Company.

            

            In
              connection with any Securitization Transaction the Company shall (1)
              within five
              Business Days following request by the Purchaser or any Depositor,
              provide to
              the Purchaser and such Depositor (or, as applicable, cause each Third-Party
              Originator and each Subservicer to provide), in writing reasonably
              required for
              compliance with Regulation AB, the information and materials specified
              in
              paragraphs (i), (ii), (iii) and (vi) of this Section 2(c), and (2)
              as promptly
              as practicable following notice to or discovery by the Company, provide
              to the
              Purchaser and any Depositor (as required by Regulation AB) the information
              specified in paragraph (iv) of this Section.

            

            (i) If
              so
              requested by the Purchaser or any Depositor, the Company shall provide
              such
              information regarding (x) the Company, as originator of the Mortgage
              Loans
              (including as an acquirer of Mortgage Loans from a Qualified Correspondent,
              if
              applicable), or (y) as applicable, each Third-Party Originator, and
              (z) as
              applicable, each Subservicer, as is requested for the purpose of compliance
              with
              Items 1103(a)(1), 1105 (subject to paragraph (b) below), 1110, 1117
              and 1119 of
              Regulation AB. Such information shall include, at a minimum:

            

            (A) the
              originator’s form of organization;

            

            (B) to
              the
              extent material, a description of the originator’s origination program and how
              long the originator has been engaged in originating residential mortgage
              loans,
              which description shall include a discussion of the originator’s experience in
              originating mortgage loans of a similar type as the Mortgage Loans;
              if material,
              information regarding the size and composition of the originator’s origination
              portfolio; and information that may be material to an analysis of the
              performance of the Mortgage Loans, including the originators’ credit-granting or
              underwriting criteria for mortgage loans of similar type(s) as the
              Mortgage
              Loans and such other information as the Purchaser or any Depositor
              may
              reasonably request for the purpose of compliance with Item 1110(b)(2)
              of
              Regulation AB;

            

            (C) a
              brief
              description of any material legal or governmental proceedings pending
              (or known
              to be contemplated by a governmental authority) against the Company,
              each
              Third-Party Originator, if applicable, and each Subservicer; and 

            

            (D) a
              description of any affiliation or relationship between the Company,
              each
              Third-Party Originator, if applicable, each Subservicer and any of
              the following
              parties to a Securitization Transaction, as such parties are identified
              to the
              Company by the Purchaser or any Depositor in writing or in the related
              Reconstitution Agreement within five Business Days in advance of such
              Securitization Transaction:

            

            
              	 	
                      (1)

                    	
                      the
                        sponsor;

                    
	 	
                      (2)

                    	
                      the
                        depositor;

                    
	 	
                      (3)

                    	
                      the
                        issuing entity;

                    
	 	
                      (4)

                    	
                      any
                        servicer;

                    
	 	
                      (5)

                    	
                      any
                        trustee;

                    
	 	
                      (6)

                    	
                      any
                        originator;

                    
	 	
                      (7)

                    	
                      any
                        significant obligor;

                    
	 	
                      (8)

                    	
                      any
                        enhancement or support provider; and

                    
	 	
                      (9)

                    	
                      any
                        other material transaction party.

                    

            

            

            (ii) If
              so
              requested by the Purchaser or any Depositor, and required by Regulation
              AB or as
              otherwise agreed upon by the Company, the Purchaser and/or the Depositor,
              the
              Company shall provide (or, as applicable, cause each Third-Party Originator
              to
              provide) Static Pool Information with respect to the mortgage loans
              (of a
              similar type as the Mortgage Loans, as reasonably identified by the
              Purchaser as
              provided below) originated by (a) the Company, if the Company is an
              originator
              of Mortgage Loans (including as an acquirer of Mortgage Loans from
              a Qualified
              Correspondent, if applicable), and/or (b) as applicable, each Third-Party
              Originator. Such Static Pool Information shall be prepared by the Company
              (or,
              if applicable, the Third-Party Originator) on the basis of its reasonable,
              good
              faith interpretation of the requirements of Item 1105(a)(1)-(3) of
              Regulation
              AB. To the extent that there is reasonably available to the Company
              (or
              Third-Party Originator, as applicable) Static Pool Information with
              respect to
              more than one mortgage loan type, the Purchaser or any Depositor shall
              be
              entitled to specify whether some or all of such information shall be
              provided
              pursuant to this paragraph. The content of such Static Pool Information
              may be
              in the form customarily provided by the Company, and need not be customized
              for
              the Purchaser or any Depositor. Such Static Pool Information for each
              vintage
              origination year or prior securitized pool, as applicable, shall be
              presented in
              increments no less frequently than quarterly over the life of the mortgage
              loans
              included in the vintage origination year or prior securitized pool.
              The most
              recent periodic increment must be as of a date no later than 135 days
              prior to
              the date of the prospectus or other offering document in which the
              Static Pool
              Information is to be included or incorporated by reference. The Static
              Pool
              Information shall be provided in an electronic format that provides
              a permanent
              record of the information provided, such as a portable document format
              (pdf)
              file, or other such electronic format.

            

            Promptly
              following notice or discovery of a material error (as determined in
              Company’s
              sole discretion), in Static Pool Information provided pursuant to the
              immediately preceding paragraph (including an omission to include therein
              information required to be provided pursuant to such paragraph), the
              Company
              shall provide corrected Static Pool Information to the Purchaser or
              any
              Depositor, as applicable, in the same format in which Static Pool Information
              was previously provided to such party by the Company.

            

            If
              so
              requested by the Purchaser or any Depositor, the Company shall provide
              (or, as
              applicable, cause each Third-Party Originator to provide), at the expense
              of the
              requesting party (to the extent of any additional incremental expense
              associated
              with delivery pursuant to this Agreement), agreed-upon procedures letters
              of
              certified public accountants pertaining
              to Static Pool Information relating to prior securitized pools for
              securitizations closed on or after January 1, 2006 or, in the case
              of Static
              Pool Information with respect to the Company’s or, if applicable, Third-Party
              Originator’s originations or purchases, to calendar months commencing January
              1,
              2006,
              as the
              Purchaser or such Depositor shall reasonably request. Such statements
              and
              letters shall be addressed to and be for the benefit of such parties
              as the
              Purchaser or such Depositor shall designate, which shall be limited
              to any
              Sponsor, any Depositor, any broker dealer acting as underwriter, placement
              agent
              or initial purchaser with respect to a Securitization Transaction or
              any other
              party that is reasonably and customarily entitled to receive such statements
              and
              letters in a Securitization Transaction. Any such statement or letter
              may take
              the form of a standard, generally applicable document accompanied by
              a reliance
              letter authorizing reliance by the addressees designated by the Purchaser
              or
              such Depositor.

            

            (iii) If
              reasonably requested by the Purchaser or any Depositor, the Company
              shall
              provide such information regarding the Company, as servicer of the
              Mortgage
              Loans, and each Subservicer (each of the Company and each Subservicer,
              for
              purposes of this paragraph, a “Servicer”), as is reasonably requested for the
              purpose of compliance with Item 1108 of Regulation AB. Such information
              shall
              include, at a minimum:

            

            (A) the
              Servicer’s form of organization;

             

            (B) a
              description of how long the Servicer has been servicing residential
              mortgage
              loans; a general discussion of the Servicer’s experience in servicing assets of
              any type as well as a more detailed discussion of the Servicer’s experience in,
              and procedures for, the servicing function it will perform under this
              Agreement
              and any Reconstitution Agreements; information regarding the size,
              composition
              and growth of the Servicer’s portfolio of residential mortgage loans of a type
              similar to the Mortgage Loans and information on factors related to
              the Servicer
              that may be material, in the reasonable determination of the Purchaser
              or any
              Depositor, to any analysis of the servicing of the Mortgage Loans or
              the related
              asset-backed securities, as applicable, including, without
              limitation:

             

            (1) whether
              any prior securitizations of mortgage loans of a type similar to the
              Mortgage
              Loans involving the Servicer have defaulted or experienced an early
              amortization
              or other performance triggering event because of servicing during the
              three-year
              period immediately preceding the related Securitization
              Transaction;

            (2) the
              extent of outsourcing the Servicer utilizes;

            (3) whether
              there has been previous disclosure of material noncompliance with the
              applicable
              servicing criteria with respect to other securitizations of residential
              mortgage
              loans involving the Servicer as a servicer during the three-year period
              immediately preceding the related Securitization Transaction;

            (4) whether
              the Servicer has been terminated as servicer in a residential mortgage
              loan
              securitization, either due to a servicing default or to application
              of a
              servicing performance test or trigger; and

            (5) such
              other information as the Purchaser or any Depositor may reasonably
              request for
              the purpose of compliance with Item 1108(b)(2) of Regulation AB;

             

            (C) a
              description of any material changes during the three-year period immediately
              preceding the related Securitization Transaction to the Servicer’s policies or
              procedures with respect to the servicing function it will perform under
              this
              Agreement and any Reconstitution Agreements for mortgage loans of a
              type similar
              to the Mortgage Loans;

             

            (D) information
              regarding the Servicer’s financial condition, to the extent that there is a
              material risk that an adverse financial event or circumstance involving
              the
              Servicer could have a material adverse effect on the performance by
              the Company
              of its servicing obligations under this Agreement or any Reconstitution
              Agreement;

             

            (E) information
              regarding advances made by the Servicer on the Mortgage Loans and the
              Servicer’s
              overall servicing portfolio of residential mortgage loans for the three-year
              period immediately preceding the related Securitization Transaction,
              which may
              be limited to a statement by an authorized officer of the Servicer
              to the effect
              that the Servicer has made all advances required to be made on residential
              mortgage loans serviced by it during such period, or, if such statement
              would
              not be accurate, information regarding the percentage and type of advances
              not
              made as required, and the reasons for such failure to advance;

             

            (F) a
              description of the Servicer’s processes and procedures designed to address any
              special or unique factors involved in servicing loans of a similar
              type as the
              Mortgage Loans;

            

            (G) a
              description of the Servicer’s processes for handling delinquencies, losses,
              bankruptcies and recoveries, such as through liquidation of mortgaged
              properties, sale of defaulted mortgage loans or workouts; and

            

            (H) information
              as to how the Servicer defines or determines delinquencies and charge-offs,
              including the effect of any grace period, re-aging, restructuring,
              partial
              payments considered current or other practices with respect to delinquency
              and
              loss experience.

            

            (iv) For
              the
              purpose of satisfying its reporting obligation under the Exchange Act
              with
              respect to any class of asset-backed securities, the Company shall
              (or shall
              cause each Subservicer and, if applicable, any Third-Party Originator
              to) (a)
              provide notice within two (2) Business Days to the Purchaser, any Master
              Servicer and any Depositor in writing of (1) any merger, consolidation
              or sale
              of substantially all of the assets of the Company, (2) the Company’s entry into
              an agreement with a Subservicer to perform or assist in the performance
              of any
              of the Company’s obligations under the Agreement or any Reconstitution Agreement
              that qualifies as an “entry into a material definitive agreement” under Item
              1.01 of the form 8-K, and (b) provide prompt notice to the Purchaser,
              the Master
              Servicer and the Depositor of (1) any Event of Default under the terms
              of the
              Agreement or any Reconstitution Agreement to the extent not known by
              such
              Purchaser, Master Servicer or Depositor, and (2) any material litigation
              or
              governmental proceedings involving the Company, any Subservicer or
              any Third
              Party Originator.

            

            (v) To
              the
              extent the Purchaser or any Depositor does not itself have an affiliation
              or
              relationship required to be disclosed under Item 1119 of Regulation
              AB that
              develops following the closing date of a Securitization Transaction,
              the Company
              shall provide to the Purchaser and any Depositor a description of any
              such
              affiliation or relationship involving the Company, any Subservicer
              or any
              Third-Party Originator no later than 15 calendar days prior to the
              date the
              Depositor is required to file its Form 10-K disclosing such affiliation
              or
              relationship. For purposes of the foregoing, the Company (1) shall
              be entitled
              to assume that the parties to the Securitization Transaction with whom
              affiliations or relations must be disclosed are the same as on the
              closing date
              if it provides a written request (which may be by e-mail) to the Depositor
              or
              Master Servicer, as applicable, requesting such confirmation and either
              obtains
              such confirmation or receives no response within three (3) Business
              Days, (2)
              shall not be obligated to disclose any affiliations or relationships
              that may
              develop after the closing date for the Securitization Transaction with
              any
              parties not identified to the Company pursuant to clause (D) of paragraph
              (i) of
              this Section 2(c), and (3) shall be entitled to rely upon any written
              identification of parties provided by the Depositor, the Purchaser
              or any master
              servicer.

            

            

            (v) As
              a
              condition to the succession to the Company or any Subservicer as servicer
              or
              subservicer under this Agreement or any applicable Reconstitution Agreement
              related thereto by any Person (i) into which the Company or such Subservicer
              may
              be merged or consolidated, or (ii) which may be appointed as a successor
              to the
              Company or any Subservicer, the Company shall provide to the Purchaser,
              any
              Master Servicer, and any Depositor, at least 15 calendar days prior
              to the
              effective date of such succession or appointment, (x) written notice
              to the
              Purchaser and any Depositor of such succession or appointment and (y)
              in
              writing, all information reasonably requested by the Purchaser or any
              Depositor
              in order to comply with its reporting obligation under Item 6.02 of
              Form 8-K
              with respect to any class of asset-backed securities.

            

            (vi) Not
              later
              than ten days prior to the deadline for the filing of any distribution
              report on
              Form 10-D in respect of any Securitization Transaction that includes
              any of the
              Mortgage Loans serviced by the Company, the Company shall, to the extent
              the
              Company has knowledge, provide to the party responsible for filing
              such report
              (including, if applicable, the Master Servicer) notice of the occurrence
              of any
              of the following events along with all information, data, and materials
              related
              thereto as may be required to be included in the related distribution
              report on
              Form 10-D (as specified in the provisions of Regulation AB referenced
              below):

             

            (a) any
              material modifications, extensions or waivers of Mortgage Loan terms,
              fees,
              penalties or payments during the distribution period or that have cumulatively
              become material over time (Item 1121(a)(11) of Regulation AB);

             

            (b) material
              breaches of Mortgage Loan representations or warranties or transaction
              covenants
              under the Existing Agreement, as amended herein (Item 1121(a)(12) of
              Regulation
              AB): and 

             

            (c) information
              regarding any Mortgage Loan changes (such as, additions, substitutions
              or
              repurchases) and any
              material changes in origination, underwriting, or other criteria for
              acquisition
              or selection of pool assets (Item 1121(a)(14) of Regulation AB).

            

            (vii) In
              addition to such information as the Company, as servicer, is obligated
              to
              provide pursuant to other provisions of this Agreement, if reasonably
              requested
              by the Purchaser or any Depositor, the Company shall provide such information
              which is available to the Company, regarding the servicing of the Mortgage
              Loans
              as is reasonably required to facilitate preparation of distribution
              reports in
              accordance with Item 1121 of Regulation AB.

            

            (d) Servicer
              Compliance Statement.

            

            On
              or
              before March 5 of each calendar year, commencing in 2007, the Company
              shall
              deliver to the Purchaser and any Depositor a statement of compliance
              addressed
              to the Purchaser and such Depositor and signed by an authorized officer
              of the
              Company, to the effect that (i) a review of the Company’s servicing activities
              during the immediately preceding calendar year (or applicable portion
              thereof)
              and of its performance under the servicing provisions of this Agreement
              and any
              applicable Reconstitution Agreement during such period has been made
              under such
              officer’s supervision, and (ii) to the best of such officers’ knowledge, based
              on such review, the Company has fulfilled all of its servicing obligations
              under
              this Agreement and any applicable Reconstitution Agreement in all material
              respects throughout such calendar year (or applicable portion thereof)
              or, if
              there has been a failure to fulfill any such obligation in any material
              respect,
              specifically identifying each such failure known to such officer and
              the nature
              and the status thereof.

            

            (e) Report
              on Assessment of Compliance and Attestation.

            

            (i) On
              or
              before March 5 of each calendar year, commencing in 2007, the Company
              shall:

            

            (A) deliver
              to the Purchaser and any Depositor a report regarding the Company’s assessment
              of compliance with the Servicing Criteria during the immediately preceding
              calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange
              Act and
              Item 1122 of Regulation AB. Such report shall be addressed to the Purchaser
              and
              such Depositor and signed by an authorized officer of the Company,
              and shall
              address each of the applicable Servicing Criteria specified on a certification
              substantially in the form of Exhibit A hereto (wherein “investor” shall mean the
              Master Servicer) delivered to the Purchaser concurrently with the execution
              of
              this Agreement;

            

            (B) deliver
              to the Purchaser and any Depositor a report of a registered public
              accounting
              firm that attests to, and reports on, the assessment of compliance
              made by the
              Company and delivered pursuant to the preceding paragraph. Such attestation
              shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation
              S-X under
              the Securities Act and the Exchange Act;

            

            (C) if
              required by Regulation AB, cause each Subservicer and each Subcontractor
              determined by the Company pursuant to Section 2(f)(ii) to be “participating in
              the servicing function” within the meaning of Item 1122 of Regulation AB (each,
              a “Participating Entity”), to deliver to the Purchaser and any Depositor an
              assessment of compliance and accountants’ attestation as and when provided in
              paragraphs (A) and (B) of this Section 2(e)(i); and

            

            (D) deliver
              or, if required by Regulation AB, cause each Subservicer and Subcontractor
              described in Section 2(e)(i)(C) above to deliver to the Purchaser,
              Depositor or
              any other Person that will be responsible for signing the certification
              (a
“Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the
              Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of
              2002) on
              behalf of an asset-backed issuer with respect to a Securitization Transaction
              a
              certification, signed by the appropriate officer of the Company, in
              the form
              attached hereto as Exhibit B; provided that such certification delivered
              by the
              Company may not be filed as an exhibit to, or included in, any filing
              with the
              Commission.

            

            The
              Company acknowledges that the party identified in clause (i)(D) above
              may rely
              on the certification provided by the Company pursuant to such clause
              in signing
              a Sarbanes Certification and filing such with the Commission. Neither
              the
              Purchaser nor any Depositor will request deliver of a certification
              under clause
              (D) above unless the Purchaser, Depositor or any other Person is required
              under
              the Exchange Act to file an annual report on Form 10-K with respect
              to an
              issuing entity whose asset pool includes Mortgage Loans.

            

            (ii) Each
              assessment of compliance provided by a Subservicer pursuant to Section
              2(e)(i)(A) shall address each of the applicable Servicing Criteria
              specified on
              a certification substantially in the form of Exhibit A hereto delivered
              to the
              Purchaser concurrently with the execution of this Agreement or, in
              the case of a
              Subservicer subsequently appointed as such, on or prior to the date
              of such
              appointment. An assessment of compliance provided by a Participating
              Entity
              pursuant to Section 2(e)(i)(C) need not address any elements of the
              Servicing
              Criteria other than those specified by the Company pursuant to Section
              2(f).

            

            (iii) If
              reasonably requested by the Purchaser or any Depositor, the Company
              shall
              provide to the Purchaser, any Master Servicer or any Depositor, evidence
              of the
              authorization of the person signing any certification or statement
              pursuant to
              Section 2(d) or 2(e) of this Agreement.

            

            (f) Use
              of
              Subservicers and Subcontractors.

            

            The
              Company shall not hire or otherwise utilize the services of any Subservicer
              to
              fulfill any of the obligations of the Company as servicer under this
              Agreement
              or any related Reconstitution Agreement unless the Company complies
              with the
              provisions of paragraph (i) of this Subsection (f). The Company shall
              not hire
              or otherwise utilize the services of any Subcontractor, and shall not
              permit any
              Subservicer to hire or otherwise utilize the services of any Subcontractor,
              to
              fulfill any of the obligations of the Company as servicer under this
              Agreement
              or any related Reconstitution Agreement unless the Company complies
              with the
              provisions of paragraph (ii) of this Subsection (f).

            

            (i) It
              shall
              not be necessary for the Company to seek the consent of the Purchaser
              or any
              Depositor to the utilization of any Subservicer. If required by Regulation
              AB,
              the Company shall cause any Subservicer used by the Company (or by
              any
              Subservicer) for the benefit of the Purchaser and any Depositor to
              comply with
              the provisions of this Section and with Sections 2(b), 2(c)(iii), 2(c)(v),
              2(d),
              and 2(e) of this Agreement , and to provide the information required
              with
              respect to such Subservicer under Section 2(c)(iv) of this Agreement.
              The
              Company shall be responsible for obtaining from each Subservicer and
              delivering
              to the Purchaser and any Depositor any servicer compliance statement
              required to
              be delivered by such Subservicer under Section 2(d), any assessment
              of
              compliance and attestation required to be delivered by such Subservicer
              under
              Section 2(e) and any certification required to be delivered to the
              Person that
              will be responsible for signing the Sarbanes Certification under Section
              2(e) as
              and when required to be delivered.

            

            (ii) It
              shall
              not be necessary for the Company to seek the consent of the Purchaser
              or any
              Depositor to the utilization of any Subcontractor. If required by Regulation
              AB,
              the Company shall promptly upon request provide to the Purchaser and
              any
              Depositor (or any designee of the Depositor, such as a master servicer
              or
              administrator) a written description of the role and function of each
              Subcontractor utilized by the Company or any Subservicer, specifying
              (A) the
              identity of each such Subcontractor, (B) which (if any) of such Subcontractors
              are Participating Entities, and (C) which elements of the Servicing
              Criteria
              will be addressed in assessments of compliance provided by each Participating
              Entity identified pursuant to clause (B) of this paragraph.

            

            The
              Company shall cause any such Participating Entity used by the Company
              (or by any
              Subservicer) for the benefit of the Purchaser and any Depositor to
              comply with
              the provisions of Section 2(e) of this Agreement. The Company shall
              be
              responsible for obtaining from each Participating Entity and delivering
              to the
              Purchaser and any Depositor any assessment of compliance and attestation
              and
              certificate required to be delivered by such Participating Entity under
              Section
              2(e), in each case as and when required to be delivered.

            

            (g) Indemnification;
              Remedies.
              

            

            (i) The
              Company
              shall
              indemnify the Purchaser and each of the following parties participating
              in a Securitization Transaction: each
              sponsor and issuing entity; each Person responsible for the execution
              or filing
              of any report required to be filed with the Commission with respect
              to such
              Securitization Transaction, or for execution of a certification pursuant
              to Rule
              13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to
              such
              Securitization Transaction; each Person who controls any of such parties
              (within
              the meaning of Section 15 of the Securities Act and Section 20 of the
              Exchange
              Act);
              and the
              respective present and former directors, officers and employees of
              each of the
              foregoing and of the Depositor, and shall hold each of them harmless
              from and
              against any losses, damages, penalties, fines, forfeitures, legal fees
              and
              expenses and related costs, judgments, and any other costs, fees and
              expenses
              that any of them may sustain arising out of or based upon:

            

            (A)(1) any
              untrue statement of a material fact contained or alleged to be contained
              in
any
              written information, written report, certification or other material
              provided
under
              this Amendment Reg AB
              by or on
              behalf of the Company,
              or provided under this Amendment Reg AB by or on behalf of any Subservicer,
              Participating Entity or, if applicable, Third-Party Originator (collectively,
              the “Company Information”),
              or (2)
              the omission or alleged omission to state in the Company Information
              a material
              fact required to be stated in the Company Information or necessary
              in order to
              make the statements therein, in the light of the circumstances under
              which they
              were made, not misleading; provided,
              by way of clarification,
              that
              clause (2) of this paragraph shall be construed solely by reference
              to the
              Company Information and not to any other information communicated in
              connection
              with a sale or purchase of securities, without regard to whether the
              Company
              Information or any portion thereof is presented together with or separately
              from
              such other information;

            

            (B) any
              failure by the Company, any Subservicer, any Participating Entity or
              any
Third-Party
              Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Amendment
              Reg AB,
              including any failure by the Company to identify pursuant to Section
              2(f)(ii)
              any Participating Entity; or

            

            (C) any
              breach by the Company of a representation or warranty set forth in
              Section
              2(b)(i) or in a writing furnished pursuant to Section 2(b)(ii) and
              made as of a
              date prior to the closing date of the related Securitization Transaction,
              to the
              extent that such breach is not cured by such closing date, or any breach
              by the
              Company of a representation or warranty in a writing furnished pursuant
              to
              Section 2(b)(ii) to the extent made as of a date subsequent to such
              closing
              date.

            

            In
              the
              case of any failure of performance described in clause (i)(B) of this
              Section,
              the Company shall promptly reimburse the Purchaser, any Depositor,
              as
              applicable, and each Person responsible for the execution or filing
              of any
              report required to be filed with the Commission with respect to such
              Securitization Transaction, or for execution of a certification pursuant
              to Rule
              13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to
              such
              Securitization Transaction, for all costs reasonably incurred by each
              such party
              in order to obtain the information,
              report, certification, accountants’ letter or other material not delivered as
              required by the Company, any
              Subservicer, any Participating Entity or any Third-Party
              Originator.

            

            (ii) (A) Any
              failure by the Company, any Subservicer, any Participating Entity or
              any
Third-Party
              Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Amendment
              Reg AB ,
              which continues unremedied for three Business Days after receipt by
              the Company
              and the applicable Subservicer, Subcontractor, or Third-Party Originator
              of
              written notice of such failure from the Purchaser or Depositor shall,
              except as
              provided in clause (B) of this paragraph, constitute an Event of Default
              with
              respect to the Company under this Agreement and any applicable Reconstitution
              Agreement, and shall entitle the Purchaser or Depositor, as applicable,
              in its
              sole discretion to terminate the rights and obligations of the Company
              as
              servicer under this Agreement and/or any applicable Reconstitution
              Agreement
              related thereto without payment (notwithstanding anything in this Agreement
              or
              any applicable Reconstitution Agreement related thereto to the contrary)
              of any
              compensation to the Company (and if the Company is servicing any of
              the Mortgage
              Loans in a Securitization Transaction, appoint a successor servicer
              reasonably
              acceptable to any Master Servicer for such Securitization Transaction);
              provided,
              however
              it is
              understood that the Company shall retain any rights pursuant to which
              it may be
              entitled to receive reimbursement for unreimbursed Monthly Advances
              and
              Servicing Advances made by the Company under this Agreement and/or
              any
              applicable Reconstitution Agreement. Notwithstanding anything to the
              contrary
              set forth herein, to the extent that any provision of this Agreement
              and/or any
              applicable Reconstitution Agreement expressly provides for the survival
              of
              certain rights or obligations following termination of the Company
              as servicer,
              such provision shall be given effect.

            

            (B) Any
              failure by the Company, any Subservicer or any Participating Entity
to
              deliver any information, report, certification or accountants’ letter required
              under Regulation AB when and as required under Section 2(d) or 2(e),
              including
              any failure by the Company to identify a Participating Entity, which
              continues
              unremedied for ten calendar days after the date on which such information,
              report, certification or accountants’ letter was required to be delivered shall
              constitute an Event of Default with respect to the Company under this
              Agreement
              and any applicable Reconstitution Agreement, and shall entitle the
              Purchaser or
              Depositor, as applicable, in its sole discretion to terminate the rights
              and
              obligations of the Company as servicer under this Agreement and/or
              any
              applicable Reconstitution Agreement without payment (notwithstanding
              anything in
              this Agreement to the contrary) of any compensation to the Company;
provided, however
              it is
              understood that the Company shall retain any rights pursuant to which
              it may be
              entitled to receive reimbursement for unreimbursed Monthly Advances
              and
              Servicing Advances made by the Company under this Agreement and/or
              any
              applicable Reconstitution Agreement. Notwithstanding anything to the
              contrary
              set forth herein, to the extent that any provision of this Agreement
              and/or any
              applicable Reconstitution Agreement expressly provides for the survival
              of
              certain rights or obligations following termination of the Company
              as servicer,
              such provision shall be given effect.

            

            (C) The
              Company shall promptly reimburse the Purchaser (or any affected designee
              of the
              Purchaser, such as a master servicer) and any Depositor, as applicable,
              for all
              reasonable expenses incurred by the Purchaser (or such designee) or
              such
              Depositor as such are incurred, in connection with the termination
              of the
              Company as servicer and the transfer of servicing of the Mortgage Loans
              to a
              successor servicer. The provisions of this paragraph shall not limit
              whatever
              rights the Company, the Purchaser or any Depositor may have under other
              provisions of this Agreement and/or any applicable Reconstitution Agreement
              or
              otherwise, whether in equity or at law, such as an action for damages,
              specific
              performance or injunctive relief.

            

            (iii) The
              Purchaser agrees to indemnify and hold harmless the Company, any Subservicer,
              any Participating Entity, and, if applicable, any Third-Party Originator,
              each
              Person who controls any of such parties (within
              the meaning of Section 15 of the Securities Act and Section 20 of the
              Exchange
              Act), and the
              respective present and former directors, officers and employees of
              each of the
              foregoing from and against any losses, damages, penalties, fines, forfeitures,
              legal fees and expenses and related costs, judgments, and any other
              costs, fees
              and expenses that any of them may sustain arising out of or based upon
              any
              untrue statement or alleged untrue statement of any material fact contained
              in
              any filing with the Commission with respect to a Securitization Transaction
              or
              the omission or alleged omission to state in any filing with the Commission
              with
              respect to a Securitization Transaction
              a
              material fact required to be stated or necessary to be stated in order
              to make
              the statements therein, in the light of the circumstances under which
              they were
              made, not misleading,
              in each
              case to the extent, but only to the extent, that such untrue statement,
              alleged
              untrue statement, omission, or alleged omission relates to any filing
              with the
              Commission with respect to a Securitization Transaction other than
              the Company
              Information.

            

            (iv) If
              the
              indemnification provided for herein is unavailable or insufficient
              to hold
              harmless the indemnified party, then the indemnifying party agrees
              that it shall
              contribute to the amount paid or payable by such indemnified party
              as a result
              of any claims, losses, damages or liabilities uncured by such indemnified
              party
              in such proportion as is appropriate to reflect the relative fault
              of such
              indemnified party on the one hand and the indemnifying party on the
              other.

            

            (v) This
              indemnification shall survive the termination of this Amendment Reg
              AB or the
              termination of any party to this Amendment Reg AB.

            

            3.  Notwithstanding
              any other provision of this Amendment Reg AB, the Company shall seek
              the consent
              of the Purchaser for the utilization of all Subservicers and Participating
              Entities, when required by and in accordance with the terms of the
              Existing
              Agreement.

             

            4.  The
              Existing Agreement is hereby amended by adding the Exhibits attached
              hereto as
              Exhibit A and Exhibit B to the end thereto. References in this Amendment
              Reg AB
              to “this Agreement” or words of similar import (including indirect references to
              the Agreement) shall be deemed to be references to the Existing Agreement
              as
              amended by this Amendment Reg AB. Except as expressly amended and modified
              by
              this Amendment Reg AB, the Agreement shall continue to be, and shall
              remain, in
              full force and effect in accordance with its terms. In the event of
              a conflict
              between this Amendment Reg AB and any other document or agreement,
              including
              without limitation the Existing Agreement, this Amendment Reg AB shall
              control.

             

            5. All
              notification pursuant to Section 2(c)(iv) should be sent to:

            

            EMC
              Mortgage Corporation

            2780
              Lake
              Vista Drive

            Lewisville,
              TX 75067-3884

            Attention:
              Conduit Seller Approval Dept.

            Facsimile:
              (214) 626-3751

            Email:
              sellerapproval@bear.com

            

            With
              a
              copy to:

            

            Bear,
              Stearns & Co. Inc.

            383
              Madison Avenue, 3rd Floor

            New,
              York, NY 10179

            Attention:
              Global Credit Administration

            Facsimile:
              (212) 272-6564

            

            All
              notification pursuant to Section 2(c)(iv)(4) should be sent to:

            

            EMC
              Mortgage Corporation

            Two
              Mac
              Arthur Ridge

            909
              Hidden Ridge Drive, Suite 200

            Irving,
              TX 75038

            Attention:
              Associate General Counsel for Loan Administration

            Facsimile:
              (972) 831-2555

            

            With
              copies to:

            

            Bear,
              Stearns & Co. Inc.

            383
              Madison Avenue, 3rd Floor

            New,
              York, NY 10179

            Attention:
              Global Credit Administration

            Facsimile:
              (212) 272-6564

            

            EMC
              Mortgage Corporation

            2780
              Lake
              Vista Drive

            Lewisville,
              TX 75067-3884

            Attention:
              Conduit Seller Approval Dept.

            Facsimile:
              (214) 626-3751

            Email:
              sellerapproval@bear.com

            

            All
              notifications to any Master Servicer, to the extent such “Master Servicer” is
              Wells Fargo, should be sent to:

            

            UPS/FedEx
              Delivery: 

            

            9062
              Old
              Annapolis Road

            Columbia,
              MD 21045

            Attention:
              Corporate Trust Group, [Insert Deal Name]

            

            USPS
              Delivery: 

            

            P.O.
              Box
              98

            Columbia,
              MD 21046

            Attention:
              Corporate Trust Group, [Insert Deal Name]

             

            6. This
              Amendment Reg AB shall be governed by and construed in accordance with
              the laws
              of the State of New York without reference to its conflict of laws
              provisions
              (other than Section 5-1401 of the General Obligation Law), and the
              obligations,
              rights and remedies of the parties hereunder shall be determined accordance
              with
              such laws.

             

            7. This
              Amendment Reg AB may be executed in one or more counterparts and by
              different
              parties hereto on separate counterparts, each of which, when so executed,
              shall
              constitute one and the same agreement. This Amendment Reg AB will become
              effective as of the date first mentioned above. This
              Amendment Reg AB shall bind and inure to the benefit of and be enforceable
              by
              the Company and the Purchaser and the respective permitted successors
              and
              assigns of the Company and the successors and assigns of the
              Purchaser.

             

             

            

             

            [Signature
              Page Follows]

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                

              

            

             

            IN
              WITNESS WHEREOF, the parties have caused their names to be signed hereto
              by
              their respective officers thereunto duly authorized as of the day and
              year first
              above written.

             

            
              	
                      EMC
                        MORTGAGE CORPORATION

                       

                      Purchaser

                    
	 	 
	
                      By:

                    	 
	
                      Name:

                    	 
	
                      Title:

                    	 
	 
	 
	
                      COUNTRYWIDE
                        HOME LOANS, INC.

                       

                      Company

                    
	 	 
	
                      By:

                    	 
	
                      Name:

                    	 
	
                      Title:

                    	 

            

             

            

             

             

            

             

            

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                

              

            

            EXHIBIT
              A

            

            SERVICING
              CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

            

            The
              assessment of compliance to be delivered by [the Company] [Name of
              Subservicer]
              shall address, at a minimum, the applicable criteria identified below
              as
“Applicable Servicing Criteria”:

            

            
              	
                      Servicing
                        Criteria 

                    	
                      Applicable
                        Servicing Criteria

                    
	
                      Reference

                    	
                      Criteria

                    	
                       

                    
	
                       

                    	
                      General
                        Servicing Considerations

                    	
                       

                    
	
                      1122(d)(1)(i)

                    	
                      Policies
                        and procedures are instituted to monitor any performance
                        or other triggers
                        and events of default in accordance with the transaction
                        agreements.

                    	
                      X

                    
	
                      1122(d)(1)(ii)

                    	
                      If
                        any material servicing activities are outsourced to third
                        parties,
                        policies and procedures are instituted to monitor the third
                        party’s
                        performance and compliance with such servicing activities.

                    	
                      X

                    
	
                      1122(d)(1)(iii)

                    	
                      Any
                        requirements in the transaction agreements to maintain a
                        back-up servicer
                        for the mortgage loans are maintained.

                    	 
	
                      1122(d)(1)(iv)

                    	
                      A
                        fidelity bond and errors and omissions policy is in effect
                        on the party
                        participating in the servicing function throughout the reporting
                        period in
                        the amount of coverage required by and otherwise in accordance
                        with the
                        terms of the transaction agreements.

                    	
                      X

                    
	
                       

                    	
                      Cash
                        Collection and Administration

                    	 
	
                      1122(d)(2)(i)

                    	
                      Payments
                        on mortgage loans are deposited into the appropriate custodial
                        bank
                        accounts and related bank clearing accounts no more than
                        two business days
                        following receipt, or such other number of days specified
                        in the
                        transaction agreements.

                    	
                      X

                    
	
                      1122(d)(2)(ii)

                    	
                      Disbursements
                        made via wire transfer on behalf of an obligor or to an investor
                        are made
                        only by authorized personnel.

                    	
                      X

                    
	
                      1122(d)(2)(iii)

                    	
                      Advances
                        of funds or guarantees regarding collections, cash flows
                        or distributions,
                        and any interest or other fees charged for such advances,
                        are made,
                        reviewed and approved as specified in the transaction
                        agreements.

                    	
                      X

                    
	
                      1122(d)(2)(iv)

                    	
                      The
                        related accounts for the transaction, such as cash reserve
                        accounts or
                        accounts established as a form of overcollateralization,
                        are separately
                        maintained (e.g., with respect to commingling of cash) as
                        set forth in the
                        transaction agreements.

                    	
                      X

                    
	
                      1122(d)(2)(v)

                    	
                      Each
                        custodial account is maintained at a federally insured depository
                        institution as set forth in the transaction agreements. For
                        purposes of
                        this criterion, “federally insured depository institution” with respect to
                        a foreign financial institution means a foreign financial
                        institution that
                        meets the requirements of Rule 13k-1(b)(1) of the Securities
                        Exchange
                        Act.

                    	
                      X

                    
	
                      1122(d)(2)(vi)

                    	
                      Unissued
                        checks are safeguarded so as to prevent unauthorized
                        access.

                    	
                      X

                    
	
                      1122(d)(2)(vii)

                    	
                      Reconciliations
                        are prepared on a monthly basis for all asset-backed securities
                        related
                        bank accounts, including custodial accounts and related bank
                        clearing
                        accounts. These reconciliations are (A) mathematically accurate;
                        (B)
                        prepared within 30 calendar days after the bank statement
                        cutoff date, or
                        such other number of days specified in the transaction agreements;
                        (C)
                        reviewed and approved by someone other than the person who
                        prepared the
                        reconciliation; and (D) contain explanations for reconciling
                        items. These
                        reconciling items are resolved within 90 calendar days of
                        their original
                        identification, or such other number of days specified in
                        the transaction
                        agreements.

                    	
                      X

                    
	
                       

                    	
                      Investor
                        Remittances and Reporting

                    	 
	
                      1122(d)(3)(i)

                    	
                      Reports
                        to investors, including those to be filed with the Commission,
                        are
                        maintained in accordance with the transaction agreements
                        and applicable
                        Commission requirements. Specifically, such reports (A) are
                        prepared in
                        accordance with timeframes and other terms set forth in the
                        transaction
                        agreements; (B) provide information calculated in accordance
                        with the
                        terms specified in the transaction agreements; (C) are filed
                        with the
                        Commission as required by its rules and regulations; and
                        (D) agree with
                        investors’ or the trustee’s records as to the total unpaid principal
                        balance and number of mortgage loans serviced by the
                        Servicer.

                    	
                      X

                    
	
                      1122(d)(3)(ii)

                    	
                      Amounts
                        due to investors are allocated and remitted in accordance
                        with timeframes,
                        distribution priority and other terms set forth in the transaction
                        agreements.

                    	
                      X

                    
	
                      1122(d)(3)(iii)

                    	
                      Disbursements
                        made to an investor are posted within two business days to
                        the Servicer’s
                        investor records, or such other number of days specified
                        in the
                        transaction agreements.

                    	
                      X

                    
	
                      1122(d)(3)(iv)

                    	
                      Amounts
                        remitted to investors per the investor reports agree with
                        cancelled
                        checks, or other form of payment, or custodial bank
                        statements.

                    	
                      X

                    
	
                       

                    	
                      Pool
                        Asset Administration

                    	 
	
                      1122(d)(4)(i)

                    	
                      Collateral
                        or security on mortgage loans is maintained as required by
                        the transaction
                        agreements or related mortgage loan documents.

                    	
                      X

                    
	
                      1122(d)(4)(ii)

                    	
                      Mortgage
                        loan and related documents are safeguarded as required by
                        the transaction
                        agreements

                    	
                      X

                    
	
                      1122(d)(4)(iii)

                    	
                      Any
                        additions, removals or substitutions to the asset pool are
                        made, reviewed
                        and approved in accordance with any conditions or requirements
                        in the
                        transaction agreements.

                    	
                      X

                    
	
                      1122(d)(4)(iv)

                    	
                      Payments
                        on mortgage loans, including any payoffs, made in accordance
                        with the
                        related mortgage loan documents are posted to the Servicer’s obligor
                        records maintained no more than two business days after receipt,
                        or such
                        other number of days specified in the transaction agreements,
                        and
                        allocated to principal, interest or other items (e.g., escrow)
                        in
                        accordance with the related mortgage loan documents.

                    	
                      X

                    
	
                      1122(d)(4)(v)

                    	
                      The
                        Servicer’s records regarding the mortgage loans agree with the Servicer’s
                        records with respect to an obligor’s unpaid principal
                        balance.

                    	
                      X

                    
	
                      1122(d)(4)(vi)

                    	
                      Changes
                        with respect to the terms or status of an obligor's mortgage
                        loans (e.g.,
                        loan modifications or re-agings) are made, reviewed and approved
                        by
                        authorized personnel in accordance with the transaction agreements
                        and
                        related pool asset documents.

                    	
                      X

                    
	
                      1122(d)(4)(vii)

                    	
                      Loss
                        mitigation or recovery actions (e.g., forbearance plans,
                        modifications and
                        deeds in lieu of foreclosure, foreclosures and repossessions,
                        as
                        applicable) are initiated, conducted and concluded in accordance
                        with the
                        timeframes or other requirements established by the transaction
                        agreements.

                    	
                      X

                    
	
                      1122(d)(4)(viii)

                    	
                      Records
                        documenting collection efforts are maintained during the
                        period a mortgage
                        loan is delinquent in accordance with the transaction agreements.
                        Such
                        records are maintained on at least a monthly basis, or such
                        other period
                        specified in the transaction agreements, and describe the
                        entity’s
                        activities in monitoring delinquent mortgage loans including,
                        for example,
                        phone calls, letters and payment rescheduling plans in cases
                        where
                        delinquency is deemed temporary (e.g., illness or
                        unemployment).

                    	
                      X

                    
	
                      1122(d)(4)(ix)

                    	
                      Adjustments
                        to interest rates or rates of return for mortgage loans with
                        variable
                        rates are computed based on the related mortgage loan
                        documents.

                    	
                      X

                    
	
                      1122(d)(4)(x)

                    	
                      Regarding
                        any funds held in trust for an obligor (such as escrow accounts):
                        (A) such
                        funds are analyzed, in accordance with the obligor’s mortgage loan
                        documents, on at least an annual basis, or such other period
                        specified in
                        the transaction agreements; (B) interest on such funds is
                        paid, or
                        credited, to obligors in accordance with applicable mortgage
                        loan
                        documents and state laws; and (C) such funds are returned
                        to the obligor
                        within 30 calendar days of full repayment of the related
                        mortgage loans,
                        or such other number of days specified in the transaction
                        agreements.

                    	
                      X

                    
	
                      1122(d)(4)(xi)

                    	
                      Payments
                        made on behalf of an obligor (such as tax or insurance payments)
                        are made
                        on or before the related penalty or expiration dates, as
                        indicated on the
                        appropriate bills or notices for such payments, provided
                        that such support
                        has been received by the servicer at least 30 calendar days
                        prior to these
                        dates, or such other number of days specified in the transaction
                        agreements.

                    	
                      X

                    
	
                      1122(d)(4)(xii)

                    	
                      Any
                        late payment penalties in connection with any payment to
                        be made on behalf
                        of an obligor are paid from the servicer’s funds and not charged to the
                        obligor, unless the late payment was due to the obligor’s error or
                        omission.

                    	
                      X

                    
	
                      1122(d)(4)(xiii)

                    	
                      Disbursements
                        made on behalf of an obligor are posted within two business
                        days to the
                        obligor’s records maintained by the servicer, or such other number
                        of days
                        specified in the transaction agreements.

                    	
                      X

                    

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            
              	
                      1122(d)(4)(xiv)

                    	
                      Delinquencies,
                        charge-offs and uncollectible accounts are recognized and
                        recorded in
                        accordance with the transaction agreements.

                    	
                      X

                    
	
                      1122(d)(4)(xv)

                    	
                      Any
                        external enhancement or other support, identified in Item
                        1114(a)(1)
                        through (3) or Item 1115 of Regulation AB, is maintained
                        as set forth in
                        the transaction agreements.

                    	 

            

             

            
 

            
              	
                      [NAME
                        OF COMPANY] [NAME OF SUBSERVICER]

                       

                    
	
                      Date:

                    	 
	 	 
	
                      By:

                    	 
	
                      Name:

                    	 
	
                      Title:

                    	 

            

            

            

            

            EXHIBIT
              B

             

            FORM
              OF
              ANNUAL CERTIFICATION

             

            
              	Re:  	
                      The
                        [ ] agreement dated as of [ ],
                        200[ ] (the “Agreement”), among [IDENTIFY
                        PARTIES]

                    

            

             

            I,
              ________________________________, the _______________________ of Countrywide
              Home Loans, Inc., certify to [the Purchaser], [the Depositor], [Master
              Servicer], [Securities Administrator] or [Trustee], and its officers,
              with the
              knowledge and intent that they will rely upon this certification,
              that:

             

            (1) I
              have
              reviewed the servicer compliance statement of the Company provided
              in accordance
              with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
              assessment of the Company’s compliance with the servicing criteria set forth in
              Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
              with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934,
              as amended
              (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
              Assessment”), the registered public accounting firm’s attestation report
              provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
              Act and
              Section 1122(b) of Regulation AB (the “Attestation
              Report”), and all servicing reports, officer’s certificates and other
              information relating to the servicing of the Mortgage Loans by the
              Company
              during 200[ ] that were delivered by the Company to the [Depositor]
              [Master
              Servicer] [Securities Administrator] or [Trustee] pursuant to the Agreement
              (collectively, the “Company Servicing Information”);

             

            (2) Based
              on
              my knowledge, the Company Servicing Information, taken as a whole,
              does not
              contain any untrue statement of a material fact or omit to state a
              material fact
              necessary to make the statements made, in the light of the circumstances
              under
              which such statements were made, not misleading with respect to the
              period of
              time covered by the Company Servicing Information;

             

            (3) Based
              on
              my knowledge, all of the Company Servicing Information required to
              be provided
              by the Company under the Agreement has been provided to the [Depositor]
              [Master
              Servicer] [Securities Administrator] or [Trustee];

             

            (4) I
              am
              responsible for reviewing the activities performed by the Company as
              servicer
              under the Agreement, and based on my knowledge and the compliance review
              conducted in preparing the Compliance Statement and except as disclosed
              in the
              Compliance Statement, the Servicing Assessment or the Attestation Report,
              the
              Company has fulfilled its obligations under the Agreement; and

             

            

            [Intentionally
              Left Blank]

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            (5) The
              Compliance Statement required to be delivered by the Company pursuant
              to this
              Agreement, and the Servicing Assessment and Attestation Report required
              to be
              provided by the Company and by each Subservicer and Participating Entity
              pursuant to the Agreement, have been provided to the [Depositor] [Master
              Servicer]. Any material instances of noncompliance described in such
              reports
              have been disclosed to the [Depositor] [Master Servicer]. Any material
              instance
              of noncompliance with the Servicing Criteria has been disclosed in
              such
              reports.

             

            
 

            
              	
                      Date:

                    	 
	 	 
	
                      By:

                    	 
	
                      Name:

                    	 
	
                      Title:

                    	 

            

            

             

             

            

            

          

        

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        H-2

       

      

      EMC
        SERVICING AGREEMENT

       

       

      
         

         

        ______________________________________________________________________________

        

         

        

        

        STRUCTURED
          ASSET MORTGAGE INVESTMENTS II INC.

        Owner

        

        and

        

        EMC
          MORTGAGE CORPORATION

        Servicer

         

        

        

        SERVICING
          AGREEMENT

        

        Dated
          as
          of May 1, 2007

        

        Bear
          Stearns ARM Trust,

        Mortgage
          Pass-Through Certificates

        Series
          2007-4

        

         

        

        _________________________________________________________________

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBITS

        

        

        
          	
                  Exhibit
                    A

                	
                  Mortgage
                    Loan Schedule

                
	 	 
	
                  Exhibit
                    B

                	
                  Custodial
                    Account Letter Agreement

                
	 	 
	
                  Exhibit
                    C

                	
                  Escrow
                    Account Letter Agreement

                
	 	 
	
                  Exhibit
                    D

                	
                  Form
                    of Request for Release

                
	 	 
	
                  Exhibit
                    E

                	
                  Remittance
                    Overview Report

                
	 	 
	
                  Exhibit
                    F

                	
                  Remittance
                    Summary Report

                
	 	 
	
                  Exhibit
                    G

                	
                  Form
                    of Owner Certification

                
	 	 
	
                  Exhibit
                    H

                	
                  Summary
                    of Regulation AB Servicing Criteria

                
	 	 
	
                  Exhibit
                    I

                	
                  Summary
                    of Applicable Regulation AB Requirements

                
	 	 
	
                  Exhibit
                    J

                	
                  Servicing
                    Criteria to be Addressed in Assessment of Compliance

                
	 	 
	
                  Exhibit
                    K

                	
                  Default
                    Overview Report

                
	 	 
	
                  Exhibit
                    L

                	
                  Delinquent
                    Summary Report

                
	 	 
	
                  Exhibit
                    M

                	
                  Calculation
                    of Gain-Loss Delinquent Loans

                
	 	 
	
                  Exhibit
                    N

                	
                  Modified
                    Loans Report

                
	 	 
	
                  Exhibit
                    O

                	
                  Claims
                    Submitted Report

                
	 	 
	
                  Exhibit
                    P

                	
                  Loss
                    Severity Summary Report

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        THIS
          IS A
          SERVICING AGREEMENT, dated as of May 1, 2007, and is executed between Structured
          Asset Mortgage Investments II Inc. (the "Owner") and EMC Mortgage Corporation
          (the "Servicer").

         

        W
          I T N E
          S S E T H :

        

        WHEREAS,
          the Owner is the owner of the Mortgage Loans;

         

        WHEREAS,
          the Owner and the Servicer wish to prescribe the permanent management,
          servicing
          and control of the Mortgage Loans;

         

        NOW,
          THEREFORE, in consideration of the mutual agreements hereinafter set forth,
          and
          for other good and valuable consideration, the receipt and adequacy of
          which is
          hereby acknowledged, the Owner and the Servicer agree as follows:

         

        ARTICLE
          I 

        DEFINITIONS

         

        Section
          1.01.    Defined Terms.

         

        Whenever
          used in this Agreement, the following words and phrases, unless the context
          otherwise requires, shall have the following meaning specified in this
          Article:

         

        Accepted
          Servicing Practices:   The procedures, including prudent
          collection and loan administration procedures, and the standard of care
          (i)
          employed by prudent mortgage servicers which service mortgage loans of
          the same
          type as the Mortgage Loans in the jurisdictions in which the related Mortgage
          Properties are located or (ii) in accordance with the Fannie Mae Guide
          or
          Freddie Mac Guide, subject to any variances negotiated with Fannie Mae
or
          Freddie Mac and subject to the express provisions of this
          Agreement.  Such standard of care shall not be lower than that the
          Servicer customarily employs and exercises in servicing and administering
          similar mortgage loans for its own account and shall be in full compliance
          with
          all federal, state, and local laws, ordinances, rules and
          regulations.

         

        Adjustment
          Date:  As to each ARM Loan, the date on which the Mortgage
          Interest Rate is adjusted in accordance with the terms of the related Mortgage
          Note.

         

        Agreement:  This
          Servicing Agreement including all exhibits hereto, amendments hereof and
          supplements hereto.

         

        ARM
          Loans: First lien, conventional, 1-4 family residential Mortgage Loans with
          interest rates which adjust from time to time in accordance with the related
          Index and are subject to Periodic Rate Caps and Lifetime Rate Caps and
          which may
          permit conversion to fixed interest rates.

         

        Business
          Day:   Any day other than (i) a Saturday or Sunday, or (ii) a
          legal holiday in the States of Maryland, Minnesota, New York or the jurisdiction
          in which the Servicer conducts its servicing activities, or (iii) a day
          on which
          banks in the States of Maryland, Minnesota, New York or the jurisdiction
          in
          which the Servicer conducts its servicing activities are authorized or
          obligated
          by law or executive order to be closed.

         

        Code:  The
          Internal Revenue Code of 1986, as it may be amended from time to time,
          or any
          successor statute thereto, and applicable U.S. Department of the Treasury
          regulations issued pursuant thereto.

         

        Commission
          or SEC:  The Securities and Exchange Commission.

         

        Condemnation
          Proceeds:  All awards or settlements in respect of a Mortgaged
          Property, whether permanent or temporary, partial or entire, by exercise
          of the
          power of eminent domain or condemnation, to the extent not required to
          be
          released to a Mortgagor in accordance with the terms of the related Mortgage
          Loan Documents.

         

        Custodial
          Account:   One or more demand account or accounts created and
          maintained pursuant to Section 4.04 which shall be entitled "BSARM 2007-4
          Custodial Account in trust for SAMI II, Owner of Whole Loan Mortgages and
          various Mortgagors" established at a Qualified Depository, each of which
          accounts shall be held by such Qualified Depository in a fiduciary capacity,
          separate and apart from its funds and general assets.

         

        Custodians:  Wells
          Fargo Bank, N.A. and Treasury Bank, a Division of Countrywide Bank, FSB,
          or such
          other custodian as Owner shall designate.

         

        Cut-off
          Date:  With respect to any Mortgage Loan, the opening of business
          on the first day of the month in which the related closing date with respect
          to
          such Mortgage Loan occurs.

         

        Delinquent:  As
          defined in the related pooling and servicing agreement.

         

        Depositor:
          The depositor, as such term is defined in Regulation AB, with respect to
          any
          Pass-Through Transfer.

         

        Determination
          Date: The 15th day (or if such 15th day is not a Business Day, the Business
          Day immediately preceding such 15th day) of the month of the Remittance
          Date.

         

        Due
          Date:   Each day on which payments of principal and interest
          are required to be paid in accordance with the terms of the related Mortgage
          Note, exclusive of any days of grace.

         

        Due
          Period:   With respect to each Remittance Date, the period
          commencing on the second day of the month preceding the month of such Remittance
          Date and ending on the first day of the month of the Remittance
          Date.

         

        Escrow
          Account:   The separate trust account or accounts created and
          maintained pursuant to Section 4.06 which shall be entitled "BSARM 2007-4
          Escrow
          Account, in trust for SAMI II, Owner of Whole Loan Mortgages and various
          Mortgagors" and shall be established at a Qualified Depository, each of
          which
          accounts shall in no event contain funds in excess of the FDIC insurance
          limits.

         

        Escrow
          Payments:   With respect to any Mortgage Loan, the amounts
          constituting ground rents, taxes, assessments, water rates, sewer rents,
          municipal charges, mortgage insurance premiums, fire and hazard insurance
          premiums, condominium charges, and any other payments required to be escrowed
          by
          the Mortgagor with the mortgagee pursuant to the Mortgage or any other
          document.

         

        Event
          of Default:   Any one of the conditions or circumstances
          enumerated in Section 9.01.

         

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

         

        Fannie
          Mae:  Fannie Mae, or any successor thereto.

         

        Fannie
          Mae Guide:   The Fannie Mae Selling Guide and the Fannie Mae
          Servicing Guide and all amendments or additions thereto.

         

        Fidelity
          Bond:  A fidelity bond to be maintained by the Servicer pursuant
          to Section 4.12.

         

        FIRREA:   The
          Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as
          amended
          from time to time.

         

        Freddie
          Mac:  Freddie Mac, or any successor thereto.

         

        Freddie
          Mac Guide:   The Freddie Mac Selling Guide and the Freddie
          Mac Servicing Guide and all amendments or additions thereto.

         

        Full
          Principal Prepayment:  A Principal Prepayment made by a Mortgagor
          of the entire principal balance of a Mortgage Loan.

         

        GAAP:  Generally
          accepted accounting procedures, consistently applied.

         

        HUD:   The
          United States Department of Housing and Urban Development or any
          successor.

         

        Index:  With
          respect to each ARM Loan, on the related Adjustment Date, the index used
          to
          determine the Mortgage Interest Rate on each such ARM Loan.

         

        Insurance
          Proceeds:   With respect to each Mortgage Loan, proceeds of
          insurance policies insuring the Mortgage Loan or the related Mortgaged
          Property.

         

        Lifetime
          Rate Cap:   With respect to each ARM Loan, the maximum
          Mortgage Interest Rate over the term of such Mortgage Loan, as specified
          in the
          related Mortgage Note.

         

        Liquidation
          Proceeds:   Amounts, other than Insurance Proceeds and
          Condemnation Proceeds, received in connection with the liquidation of a
          defaulted Mortgage Loan, whether through the sale or assignment of such
          Mortgage
          Loan, trustee's sale, foreclosure sale or otherwise, and any other amounts
          received with respect to an REO Property pursuant to Section 4.13.

         

        Margin:  With
          respect to each ARM Loan, the fixed percentage amount set forth in each
          related
          Mortgage Note which is added to the Index in order to determine the related
          Mortgage Interest Rate.

         

        Master
          Servicer:  EMC Mortgage Corporation, its successors in interest
          and assigns, or any successor thereto designated by the Owner.

         

        Monthly
          Advance:   The aggregate of the advances made by the Servicer
          on any Remittance Date pursuant to Section 5.03.

         

        Monthly
          Payment:   With respect to each Mortgage Loan, the scheduled
          monthly payment of principal and interest thereon which is payable by the
          related Mortgagor under the related Mortgage Note.

         

        Mortgage:  The
          mortgage, deed of trust or other instrument securing a Mortgage Note which
          creates a first lien on an unsubordinated estate in fee simple in real
          property
          securing the Mortgage Note.

         

        Mortgage
          Interest Rate:   The annual rate at which interest accrues on
          any Mortgage Loan in accordance with the provisions of the related Mortgage
          Note, and in the case of an ARM Loan, as adjusted from time to time on
          each
          Adjustment Date for such Mortgage Loan to equal the Index for such Mortgage
          Loan
          plus the Margin for such Mortgage Loan, and subject to the limitations
          on such
          interest rate imposed by the Periodic Rate Cap and the Lifetime Rate
          Cap.

         

        Mortgage
          Loan:   An individual Mortgage Loan described herein and as
          further identified on the Mortgage Loan Schedule, which Mortgage Loan includes
          without limitation the Mortgage Loan Documents, the Monthly Payments, Principal
          Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
          REO Disposition Proceeds, and all other rights, benefits, proceeds and
          obligations arising from or in connection with such Mortgage Loan.

         

        Mortgage
          Loan Documents:  The original mortgage loan legal documents held
          by the Custodian.

         

        Mortgage
          Loan Remittance Rate:   With respect to each Mortgage Loan,
          the annual rate of interest remitted to the Owner, which shall be equal
          to the
          related Mortgage Interest Rate minus the Servicing Fee Rate.

         

        Mortgage
          Loan Schedule:  The schedule of Mortgage Loans attached hereto as
Exhibit A, such schedule being acceptable to the Owner and the
          Servicer.

         

        Mortgage
          Note:  The note or other evidence of the indebtedness of a
          Mortgagor secured by a Mortgage.

         

        Mortgaged
          Property:  The underlying real property securing repayment of a
          Mortgage Note.

         

        Mortgagor:  The
          obligor on a Mortgage Note.

         

        Net
          Liquidation Proceeds:  As to any Mortgage Loan, Liquidation
          Proceeds net of unreimbursed Servicing Advances, Servicing Fees and Monthly
          Advances and expenses incurred by the Servicer in connection with the
          liquidation of the Mortgage Loan and the related Mortgaged
          Property.

         

        Nonrecoverable
          Advance:  Any advance previously made by the Servicer pursuant to
          Section 5.03 or any Servicing Advance proposed to be made by the Servicer
          in
          respect of a Mortgage Loan or REO Property which, in the good faith judgment
          of
          the Servicer, may not be ultimately recoverable by the Servicer from Liquidation
          Proceeds or Insurance Proceeds on such Mortgage Loan or REO Property as
          provided
          herein.  The determination by the Servicer that it has made a
          Nonrecoverable Advance, or that a proposed advance may constitute a
          Nonrecoverable Advance, shall be evidenced by an Officer's Certificate
          of the
          Servicer delivered to the Owner and detailing the reasons for such
          determination.

         

        Officer's
          Certificate:  A certificate signed by the Chairman of the Board,
          the Vice Chairman of the Board, the President, a Senior Vice President
          or a Vice
          President or by the Treasurer or the Secretary or one of the Assistant
          Treasurers or Assistant Secretaries of the Servicer, and delivered to the
          Owner
          as required by this Agreement.

         

        Opinion
          of Counsel:  A written opinion of counsel, who may be an employee
          of the party on behalf of whom the opinion is being given, reasonably acceptable
          to the Owner.

         

        Owner:  Structured
          Asset Mortgage Investments II Inc., its successors in interest and assigns
          (including the Trustee in connection with a Pass-Through Transfer).

         

        Partial
          Principal Prepayment:  A Principal Prepayment by a Mortgagor of a
          partial principal balance of a Mortgage Loan.

         

        Pass-Through
          Transfer: Any transaction involving either (1) a sale or other transfer of
          some or all of the Mortgage Loans directly or indirectly to an issuing
          entity in
          connection with an issuance of publicly offered or privately placed, rated
          or
          unrated mortgage-backed securities or (2) an issuance of publicly offered
          or
          privately placed, rated or unrated securities, the payments on which are
          determined primarily by reference to one or more portfolios of residential
          mortgage loans consisting, in whole or in part, of some or all of the Mortgage
          Loans.

         

        Periodic
          Rate Cap:   With respect to each ARM Loan, the maximum
          increase or decrease in the Mortgage Interest Rate on any Adjustment
          Date.

         

        Permitted
          Investments:  Any one or more of the following obligations or
          securities:

         

        
          	
                   

                	
                  (i)

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

                

        

        

        
          	
                   

                	
                  (ii)

                	
                  (a)
                    demand or time deposits, federal funds or bankers' acceptances
                    issued by
                    any depository institu­tion or trust company incorporated under the
                    laws of the United States of America or any state thereof (including
                    any
                    Trustee or the Master Servicer) and subject to supervision and
                    examination
                    by federal and/or state banking authorities, provided that the
                    commercial
                    paper and/or the short-term deposit rating and/or the long-term
                    unsecured
                    debt obligations or deposits of such depository institution or
                    trust
                    company at the time of such investment or contractual commitment
                    providing
                    for such investment are rated in one of the two highest rating
                    categories
                    by each Rating Agency and (b) any other demand or time deposit
                    or
                    certificate of deposit that is fully insured by the Federal Deposit
                    Insurance Cor­poration;

                

        

        

        
          	
                   

                	
                  (iii)

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

                

        

        

        
          	
                   

                	
                  (iv)

                	
                  securities
                    bearing interest or sold at a discount issued by any corporation
                    (including any Trustee or the Master Servicer) incorporated under
                    the laws
                    of the United States of America or any state thereof that are
                    rated in one
                    of the two highest rating categories by each Rating Agency at
                    the time of
                    such in­vestment or contractual commitment providing for such
                    investment; provided, however, that securities issued by any
                    particular corporation will not be Permitted Investments to the
                    extent
                    that investments therein will cause the then outstanding principal
                    amount
                    of secur­ities issued by such corporation and held as Permitted
                    Investments to exceed 10% of the aggregate outstand­ing principal
                    balances and amounts of all the Permitted
                    Investments;

                

        

        

        
          	
                   

                	
                  (v)

                	
                  commercial
                    paper (including both non-interest-bearing discount obligations
                    and
                    interest-bearing obliga­tions payable on demand or on a specified date
                    not more than one year after the date of issuance there­of) which are
                    rated in one of the two highest rating categories by each Rating
                    Agency at
                    the time of such investment;

                

        

        

        
          	
                   

                	
                  (vi)

                	
                  any
                    other demand, money market or time deposit, obligation, security
                    or
                    investment as may be acceptable to each Rating Agency;
                    and

                

        

        

        
          	
                   

                	
                  (vii)

                	
                  any
                    money market funds the collateral of which consists of obligations
                    fully
                    guaranteed by the United States of America or any agency or
                    instru­ment­al­ity of the United States of America the
                    obligations of which are backed by the full faith and credit
                    of the United
                    States of America (which may include repurchase obligations secured
                    by
                    collateral described in clause (i)) and other securities (including
                    money
                    market or common trust funds for which any Trustee or the Master
                    Servicer
                    or any affiliate thereof acts as a manager or an advisor) and
                    which money
                    market funds are rated in one of the two highest rating categories
                    by each
                    Rating Agency;

                

        

        

        provided,
          however, that no instrument or security shall be a Permitted Investment
          if such instrument or security evidences a right to receive only interest
          payments with respect to the ob­li­ga­tions underlying such
          instrument or if such security provides for payment of both principal and
          interest with a yield to matur­ity in excess of 120% of the yield to
          maturity at par.

         

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

         

        Prepayment
          Charge: Any prepayment premium, penalty or charge payable by a Mortgagor
          in
          connection with any Principal Prepayment on a Mortgage Loan pursuant to
          the
          terms of the related Mortgage Note.

         

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

         

        Prepayment
          Interest Shortfall: With respect to any Remittance Date, for each such
          Mortgage Loan that was the subject of a Principal Prepayment during the
          portion
          of the related Prepayment Period occurring between the first day of the
          related
          Prepayment Period and the last day of the calendar month preceding the
          month in
          which such Remittance Date occurs, an amount equal to interest (to be paid
          by
          the Servicer out of its own funds without reimbursement therefor) at the
          applicable Mortgage Loan Remittance Rate on the amount of such Principal
          Prepayment for the number of days commencing on the date on which the prepayment
          is applied and ending on the last day of the calendar month preceding such
          Remittance Date.

         

        Prepayment
          Period: As to any Remittance Date, (a) in the case of Full Principal
          Prepayments, the period commencing on the 16th day
          of the month
          prior to the month in which the related Remittance Date occurs and ending
          on the
          15th day
          of the
          month in which such Remittance Date occurs, and (b) in the case of Partial
          Principal Prepayments or other recoveries, the preceding calendar
          month.

         

        Primary
          Mortgage Insurance Policy:   Each primary policy of mortgage
          insurance, or any replacement policy therefor obtained by the Servicer
          pursuant
          to Section 4.08.

         

        Prime
          Rate: The prime rate of U.S. money center banks as published from time
          to
          time in The Wall Street Journal.

         

        Principal
          Prepayment:  Any payment or other recovery of principal on a
          Mortgage Loan full or partial which is received in advance of its scheduled
          Due
          Date, including any Prepayment Charge and which is not accompanied by an
          amount
          of interest representing scheduled interest due on any date or dates in
          any
          month or months subsequent to the month of prepayment.  Partial
          Principal Prepayments shall be applied in accordance with the terms of
          the
          related Mortgage Note.

         

        Qualified
          Appraiser:   An appraiser, duly appointed by the Servicer,
          who had no interest, direct or indirect in the Mortgaged Property or in
          any loan
          made on the security thereof, and whose compensation is not affected by
          the
          approval or disapproval of the Mortgage Loan, which appraiser and the appraisal
          made by such appraiser both satisfy the requirements of Title XI of FIRREA
          and
          the regulations promulgated thereunder, all as in effect on the date the
          Mortgage Loan was originated.

         

        Qualified
          Depository:   (a) The Custodian, (b) a depository, the
          accounts of which are insured by the FDIC and the short term debt ratings
          and
          the long term deposit ratings of which are rated in one of the two highest
          rating categories by either of Moody’s Investors Service, Inc. or Fitch, Inc.,
          or (c) a depository, the short-term debt obligations, or other short-term
          deposits of which are rated at least ‘A-2’ and the long-term unsecured debt
          obligations of which are rated at least ‘AA-’ by Standard & Poor's Ratings
          Service, a division of The McGraw-Hill Companies Inc.

         

        Qualified
          Insurer:   An insurance company duly qualified as such under
          the laws of the states in which the Mortgaged Properties are located, duly
          authorized and licensed in such states to transact the applicable insurance
          business and to write the insurance provided, approved as an insurer by
          Fannie
          Mae and Freddie Mac.

         

        Rating
          Agency:  Standard & Poor's Ratings Service, a division of The
          McGraw-Hill Companies Inc., and Fitch Ratings.

         

        Reconstitution
          Agreement:  Any agreement involving any Pass-Through Transfer or
          Whole Loan Transfer.

         

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

         

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

         

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

         

        Remittance
          Date:  The Remittance Date shall be the 18th day of any month, or
          if such 18th day is not a Business Day, the first Business Day immediately
          preceding such 18th day.

         

        REO
          Disposition:   The final sale by the Servicer of any REO
          Property.

         

        REO
          Disposition Proceeds:   Amounts received by the Servicer in
          connection with a related REO Disposition.

         

        REO
          Property:   A Mortgaged Property acquired by the Servicer on
          behalf of the Owner as described in Section 4.13.

         

        SAMI
          II: Structured Asset Mortgage Investments II Inc.

         

        Sarbanes
          Certification: A certification required pursuant to The Sarbanes-Oxley Act
          of 2002 and the rules and regulations of the Commission promulgated thereunder
          (including any interpretations or amendments thereof by the Commission’s
          staff).

         

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

         

        Servicer:  EMC
          Mortgage Corporation, or any of its successors in interest or any successor
          under this Agreement appointed as herein provided.

         

        Servicing
          Advances:   All customary, reasonable and necessary "out of
          pocket" costs and expenses (including reasonable attorneys' fees and
          disbursements) incurred in the performance by the Servicer of its servicing
          obligations relating to each Mortgage Loan, including, but not limited
          to, the
          cost of (a) the preservation, restoration and protection of the Mortgaged
          Property, (b) any enforcement, administrative or judicial proceedings,
          or any
          legal work or advice specifically related to servicing the Mortgage Loans,
          including but not limited to, foreclosures, bankruptcies, condemnations,
          drug
          seizures, elections, foreclosures by subordinate or superior lienholders,
          and
          other legal actions incidental to the servicing of the Mortgage Loans (provided
          that such expenses are reasonable and that the Servicer specifies the Mortgage
          Loan(s) to which such expenses relate), (c) the management and liquidation
          of
          the Mortgaged Property if the Mortgaged Property is acquired in full or
          partial
          satisfaction of the Mortgage, (d) taxes, assessments, water rates, sewer
          rates
          and other charges which are or may become a lien upon the Mortgaged Property,
          and Primary Mortgage Insurance Policy premiums and fire and hazard insurance
          coverage and (e) compliance with the obligations under Section
          4.08.

         

        Servicing
          Criteria:  As of any date of determination, the “servicing
          criteria” set forth in Item 1122(d) of Regulation AB, or any amendments thereto,
          a summary of the requirements of which as of the date hereof is attached
          hereto
          as Exhibit H for convenience of reference only.  In the event of a
          conflict or inconsistency between the terms of Exhibit H and the text of
          Item
          1122(d) of Regulation AB, the text of Item 1122(d) of Regulation AB shall
          control (or those Servicing Criteria otherwise mutually agreed to by the
          Owner,
          the Servicer and any Person that will be responsible for signing any Sarbanes
          Certification with respect to a Pass-Through Transfer in response to evolving
          interpretations of Regulation AB and incorporated into a revised Exhibit
          H).

         

        Servicing
          Fee:  With respect to each Mortgage Loan, the amount of the annual
          servicing fee the Owner shall pay to the Servicer, which shall, for a period
          of
          one full month, be equal to one­-twelfth of the product of (a) the
          applicable Servicing Fee Rate and (b) the outstanding principal balance
          of the
          Mortgage Loan.  Such fee shall be payable monthly, computed on the
          basis of the same principal amount and period respecting which any related
          interest payment on a Mortgage Loan is computed.  The obligation of
          the Owner to pay the Servicing Fee is limited to, and the Servicing Fee
          is
          payable from the interest portion of such Monthly Payment collected by
          the
          Servicer or as otherwise provided under Section 4.05.

         

        Servicing
          Fee Rate:  The Servicing Fee Rate shall be a rate per annum equal
          to 0.25%.

         

        Servicing
          File:  The documents, records and other items pertaining to a
          particular Mortgage Loan and any additional documents relating to such
          Mortgage
          Loan as are in, or as may from time to time come into, the Servicer's
          possession.

         

        Servicing
          Officer:   Any officer of the Servicer involved in, or
          responsible for, the administration and servicing of the Mortgage Loans
          whose
          name appears on a list of servicing officers furnished by the Servicer
          to the
          Owner upon request, as such list may from time to time be amended.

         

        Stated
          Principal Balance:  As to each Mortgage Loan as of any date of
          determination, (i) the principal balance of such Mortgage Loan after giving
          effect to payments of principal due and received or for which a Monthly
          Advance
          has been made, minus (ii) all amounts previously distributed to the Owner
          with
          respect to the Mortgage Loan representing Principal Prepayments.

         

        Subcontractor:
          Any vendor, subcontractor or other Person that is not responsible for the
          overall servicing (as “servicing” is commonly understood by participants in the
          mortgage-backed securities market) of Mortgage Loans but performs one or
          more
          discrete functions identified in Item 1122(d) of Regulation AB with respect
          to
          Mortgage Loans under the direction or authority of the Servicer or a
          Subservicer.

         

        Subservicer:
          Any Person that services Mortgage Loans on behalf of the Servicer or any
          Subservicer and is responsible for the performance (whether directly or
          through
          Subservicers or Subcontractors) of a substantial portion of the material
          servicing functions required to be performed by the Servicer under this
          Agreement or any Reconstitution Agreement that are identified in Item 1122(d)
          of
          Regulation AB.

         

        Trustee:  The
          Person appointed as trustee in connection with any Pass-Through
          Transfer.

         

        Whole
          Loan Transfer:  The sale or transfer of some or all of the
          ownership interest in the Mortgage Loans by the Owner to one or more third
          parties in whole loan or participation format, which third party may be
          Fannie
          Mae or Freddie Mac.

         

        ARTICLE
          II

        SERVICING
          OF MORTGAGE LOANS; POSSESSION OF SERVICING FILES; BOOKS AND RECORDS; DELIVERY
          OF
          MORTGAGE LOAN DOCUMENTS

         

        Section
          2.01.    Servicing of Mortgage Loans.

         

        The
          Servicer does hereby agree to service the Mortgage Loans in accordance
          with the
          terms of this Agreement.  The rights of the Owner to receive payments
          with respect to the Mortgage Loans shall be as set forth in this
          Agreement.

         

        Section
          2.02.    Maintenance of Servicing Files.

         

        The
          Servicer shall maintain a Servicing File consisting of all documents necessary
          to service the Mortgage Loans.  The possession of each Servicing File
          by the Servicer is for the sole purpose of servicing the Mortgage Loan,
          and such
          retention and possession by the Servicer is in a custodial capacity
          only.  The Servicer acknowledges that the ownership of each Mortgage
          Loan, including the Note, the Mortgage, all other Mortgage Loan Documents
          and
          all rights, benefits, proceeds and obligations arising therefrom or in
          connection therewith, has been vested in the Owner.  All rights
          arising out of the Mortgage Loans including, but not limited to, all funds
          received on or in connection with the Mortgage Loans and all records or
          documents with respect to the Mortgage Loans prepared by or which come
          into the
          possession of the Servicer shall be received and held by the Servicer in
          trust
          for the exclusive benefit of the Owner as the owner of the related Mortgage
          Loans.  Any portion of the related Servicing Files retained by the
          Servicer shall be appropriately identified in the Servicer's computer system
          to
          clearly reflect the ownership of the related Mortgage Loans by the
          Owner.  The Servicer shall release its custody of the contents of the
          related Servicing Files only in accordance with written instructions of
          the
          Owner, except when such release is required as incidental to the Servicer's
          servicing of the Mortgage Loans, such written instructions shall not be
          required.

         

        Section
          2.03.    Books and Records.

         

        The
          Servicer shall be responsible for maintaining, and shall maintain, a complete
          set of books and records for the Mortgage Loans which shall be appropriately
          identified in the Servicer's computer system to clearly reflect the ownership
          of
          the Mortgage Loan by the Owner.  In particular, the Servicer shall
          maintain in its possession, available for inspection by the Owner, or its
          designee and shall deliver to the Owner upon demand, evidence of compliance
          with
          all federal, state and local laws, rules and regulations, and requirements
          of
          Fannie Mae or Freddie Mac, as applicable, including but not limited to
          documentation as to the method used in determining the applicability of
          the
          provisions of the Flood Disaster Protection Act of 1973, as amended, to
          the
          Mortgaged Property, documentation evidencing insurance coverage and eligibility
          of any condominium project for approval by Fannie Mae and periodic inspection
          reports as required by Section 4.13.  To the extent that original
          documents are not required for purposes of realization of Liquidation Proceeds
          or Insurance Proceeds, documents maintained by the Servicer may be in the
          form
          of microfilm or microfiche or such other reliable means of recreating original
          documents, including but not limited to, optical imagery techniques so
          long as
          the Servicer complies with the requirements of the Fannie Mae
          Guide.

         

        The
          Servicer shall maintain with respect to each Mortgage Loan and shall make
          available for inspection by any Owner or its designee the related Servicing
          File
          (or copies thereof) during the time the Owner retains ownership of a Mortgage
          Loan and thereafter in accordance with applicable laws and
          regulations.

         

        Section
          2.04.    Transfer of Mortgage Loans.

         

        No
          transfer of a Mortgage Loan may be made unless such transfer is in compliance
          with the terms hereof. For the purposes of this Agreement, the Servicer
          shall be
          under no obligation to deal with any person with respect to this Agreement
          or
          any Mortgage Loan unless a notice of the transfer of such Mortgage Loan
          has been
          delivered to the Servicer in accordance with this Section 2.04.  The
          Owner may, subject to the terms of this Agreement, sell and transfer one
          or more
          of the Mortgage Loans in accordance with Sections 10.02 and 11.12,
provided, however, that the transferee will not be deemed to be an Owner
          hereunder binding upon the Servicer unless such transferee shall agree
          in
          writing to be bound by the terms of this Agreement and an assignment and
          assumption of this Agreement reasonably acceptable to the
          Servicer.  The Owner shall advise the Servicer in writing of the
          transfer.  Upon receipt of notice of the permitted transfer, the
          Servicer shall mark its books and records to reflect the ownership of the
          Mortgage Loans of such assignee, and shall release the previous Owner from
          its
          obligations hereunder with respect to the Mortgage Loans sold or
          transferred.

         

        Section
          2.05.    Delivery of Mortgage Loan Documents.

         

        The
          Servicer shall forward to the Custodian on behalf of the Owner original
          documents evidencing an assumption, modification, consolidation or extension
          of
          any Mortgage Loan entered into in accordance with Section 4.01 or 6.01
          within 4
          week(s) of their execution; provided, however, that the Servicer shall
          provide
          the Custodian on behalf of the Owner with a certified true copy of any
          such
          document submitted for recordation within 4 week(s) after its execution,
          and
          shall provide the original of any document submitted for recordation or
          a copy
          of  a recorded document if the original is not
          available.  If delivery is not completed within 180 days solely due to
          delays in making such delivery by reason of the fact that such documents
          shall
          not have been returned by the appropriate recording office, the Servicer
          shall
          continue to use its best efforts to effect delivery as soon as possible
          thereafter.

         

        From
          time
          to time the Servicer may have a need for Mortgage Loan Documents to be
          released
          by the Custodian.  If the Servicer shall require any of the Mortgage
          Loan Documents, the Servicer shall notify the Custodian in writing of such
          request in the form of the request for release attached hereto as Exhibit
          D.  The Custodian shall deliver to the Servicer within five (5)
          Business Days, any requested Mortgage Loan Document previously delivered
          to the
          Custodian, provided that such documentation is promptly returned to the
          Custodian when the Servicer no longer requires possession of the document,
          and
          provided that during the time that any such documentation is held by the
          Servicer, such possession is in trust for the benefit of the Owner.

         

        ARTICLE
          III  

        REPRESENTATIONS
          AND WARRANTIES OF THE SERVICER

         

        The
          Servicer represents, warrants and covenants to the Owner that as of the
          date
          hereof or as of such date specifically provided herein:

         

        (a)   
          The Servicer is a validly existing corporation in good standing under the
          laws
          of the State of its organization and is qualified to transact business
          in, is in
          good standing under the laws of, and possesses all licenses necessary for
          the
          conduct of its business in, each state in which any Mortgaged Property
          is
          located or is otherwise exempt or not required under applicable law to
          effect
          such qualification or license and no demand for such qualification or license
          has been made upon the Servicer by any such state, and in any event the
          Servicer
          is in compliance with the laws of each such State to the extent necessary
          to
          ensure the enforceability of each Mortgage Loan and the servicing of the
          Mortgage Loans in accordance with the terms of this Agreement;

         

        (b)   
          The Servicer has full power and authority to execute, deliver and perform,
          and
          to enter into and consummate all transactions contemplated by this Agreement
          and
          to conduct its business as presently conducted, has duly authorized the
          execution, delivery and performance of this Agreement, has duly executed
          and
          delivered this Agreement, and this Agreement constitutes a legal, valid
          and
          binding obligation of the Servicer, enforceable against it in accordance
          with
          its terms subject to bankruptcy laws and other similar laws of general
          application affecting rights of creditors and subject to the application
          of the
          rules of equity, including those respecting the availability of specific
          performance;

         

        (c)   
          None of the execution and delivery of this Agreement, the consummation
          of the
          transactions contemplated thereby and hereby, or the fulfillment of or
          compliance with the terms and conditions of this Agreement will conflict
          with
          any of the terms, conditions or provisions of the Servicer's articles of
          incorporation or by-laws or materially conflict with or result in a breach
          of
          any of the terms, conditions or provisions of any legal restriction or
          any
          agreement or instrument to which the Servicer is now a party or by which
          it is
          bound, or constitute a default or result in an acceleration under any of
          the
          foregoing, or result in the material violation of any law, rule, regulation,
          order, judgment or decree to which the Servicer or its property is
          subject;

         

        (d)   
          There is no litigation pending or, to the Servicer's knowledge, threatened
          with
          respect to the Servicer which is reasonably likely to have a material adverse
          effect on the execution, delivery or enforceability of this Agreement,
          or which
          is reasonably likely to have a material adverse effect on the financial
          condition of the Servicer;

         

        (e)   
          No consent, approval, authorization or order of any court or governmental
          agency
          or body is required for the execution, delivery and performance by the
          Servicer
          of or compliance by the Servicer with this Agreement or the consummation
          of the
          transactions contemplated by this Agreement except for consents, approvals,
          authorizations and orders which have been obtained;

         

        (f)   
          The Servicer is an approved seller/servicer of residential mortgage loans
          for
          Fannie Mae and Freddie Mac.  The Servicer is in good standing to
          service mortgage loans for Fannie Mae and Freddie Mac and no event has
          occurred
          which would make the Servicer unable to comply with eligibility requirements
          or
          which would require notification to either Fannie Mae or Freddie
          Mac;

         

        (g)  As
          of the date of each Pass-Through Transfer, and except as has been otherwise
          disclosed to the Owner, the Master Servicer and any Depositor, or disclosed
          in
          any public filing: (1) no default or servicing related performance trigger
          has
          occurred as to any other Pass-Through Transfer due to any act or failure
          to act
          of the Servicer; (2) no material noncompliance with applicable servicing
          criteria as to any other Pass-Through Transfer has occurred, been disclosed
          or
          reported by the Servicer; (3) the Servicer has not been terminated as servicer
          in a residential mortgage loan Pass-Through Transfer, either due to a servicing
          default or to application of a servicing performance test or trigger; (4)
          no
          material changes to the Servicer’s servicing policies and procedures for similar
          loans have occurred in the preceding three years; (5) there are no aspects
          of
          the Servicer’s financial condition that could have a material adverse impact on
          the performance by the Servicer of its obligations hereunder; (6) there
          are no
          legal proceedings pending, or known to be contemplated by governmental
          authorities, against the Servicer that could be material to investors in
          the
          securities issued in such Pass-Through Transfer; and (7) there are no
          affiliations, relationships or transactions relating to the Servicer of
          a type
          that are described under Item 1119 of Regulation AB;

         

        (h)  If
          so requested by the Owner, the Master Servicer or any Depositor on any
          date, the
          Servicer shall, within five Business Days following such request, confirm
          in
          writing the accuracy of the representations and warranties set forth in
          clause
          (g) of this Article or, if any such representation and warranty is not
          accurate
          as of the date of such request, provide reasonably adequate disclosure
          of the
          pertinent facts, in writing, to the requesting party;

         

        (i)  Notwithstanding
          anything to the contrary in the Agreement, the Servicer shall (or shall
          cause
          each Subservicer) (i) immediately notify the Owner, the Master Servicer
          and any
          Depositor in writing of (A) any material litigation or governmental proceedings
          pending against the Servicer or any Subservicer, (B) any affiliations or
          relationships that develop following the closing date of a Pass-Through
          Transfer
          between the Servicer or any Subservicer and any of the parties specified
          in
          clause (7) of paragraph (g) of this Article (and any other parties identified
          in
          writing by the requesting party) with respect to such Pass-Through Transfer,
          (C)
          any Event of Default under the terms of this Agreement or any Reconstitution
          Agreement, (D) any merger, consolidation  or sale of substantially all
          of the assets of the Servicer, and (E) the Servicer’s entry into an agreement
          with a Subservicer to perform or assist in the performance of any of the
          Servicer’s obligations under this Agreement or any Reconstitution Agreement and
          (ii) provide to the Owner and any Depositor a description of such proceedings,
          affiliations or relationships;

         

        (j)  As
          a condition to the succession to the Servicer or any Subservicer as servicer
          or
          subservicer under this Agreement or any Reconstitution Agreement by any
          Person
          (i) into which the Servicer or such Subservicer may be merged or consolidated,
          or (ii) which may be appointed as a successor to the Servicer or any
          Subservicer, the Servicer shall provide to the Owner, the Master Servicer
          and
          any Depositor, at least 15 calendar days prior to the effective date of
          such
          succession or appointment, (x) written notice to the Owner, the Master
          Servicer
          and any Depositor of such succession or appointment and (y) in writing
          and in
          form and substance reasonably satisfactory to the Owner, the Master Servicer
          and
          such Depositor, all information reasonably requested by the Owner, the
          Master
          Servicer or any Depositor in order to comply with its reporting obligation
          under
          Item 6.02 of Form 8-K with respect to any class of asset-backed securities;
          and

         

        (k)           Servicer
          has delivered to the Owner and the Master Servicer financial statements
          of its
          parent, for its last two complete fiscal years. All such financial information
          fairly presents the pertinent results of operations and financial position
          for
          the period identified and has been prepared in accordance with GAAP consistently
          applied throughout the periods involved, except as set forth in the notes
          thereto.  There has been no change in the servicing policies and
          procedures, business, operations, financial condition, properties or assets
          of
          the Servicer since the date of the Servicer’s financial information that would
          have a material adverse effect on its ability to perform its obligations
          under
          this Agreement.

         

        ARTICLE
          IV  

        ADMINISTRATION
          AND SERVICING OF MORTGAGE LOANS

         

        Section
          4.01.    Servicer to Act as Servicer.

         

        The
          Servicer, as independent contract servicer, shall service and administer
          the
          Mortgage Loans in accordance with this Agreement and with Accepted Servicing
          Practices (giving due consideration to the Owner's reliance on the Servicer),
          and shall have full power and authority, acting alone, to do or cause to
          be done
          any and all things in connection with such servicing and administration
          which
          the Servicer may deem necessary or desirable and consistent with the terms
          of
          this Agreement and with Accepted Servicing Practices and shall exercise
          the same
          care that it customarily employs for its own account.  In addition,
          the Servicer shall furnish information regarding the borrower credit files
          related to such Mortgage Loan to credit reporting agencies in compliance
          with
          the provisions of the Fair Credit Reporting Act and the applicable implementing
          regulations. Except as set forth in this Agreement, the Servicer shall
          service
          the Mortgage Loans in accordance with Accepted Servicing Practices in compliance
          with the servicing provisions of the Fannie Mae Guide, which include, but
          are
          not limited to, provisions regarding the liquidation of Mortgage Loans,
          the
          collection of Mortgage Loan payments, the payment of taxes, insurance and
          other
          charges, the maintenance of hazard insurance with a Qualified Insurer,
          the
          maintenance of fidelity bond and errors and omissions insurance, inspections,
          the restoration of Mortgaged Property, the maintenance of Primary Mortgage
          Insurance Policies, insurance claims, and title insurance, management of
          REO
          Property, permitted withdrawals with respect to REO Property, liquidation
          reports, and reports of foreclosures and abandonments of Mortgaged Property,
          the
          transfer of Mortgaged Property, the release of Mortgage Loan Documents,
          annual
          statements, and examination of records and facilities.  In the event
          of any conflict, inconsistency or discrepancy between any of the servicing
          provisions of this Agreement and any of the servicing provisions of the
          Fannie
          Mae Guide, the provisions of this Agreement shall control and be binding
          upon
          the Owner and the Servicer.  The Owner may, at its option, deliver
          powers-of-attorney to the Servicer sufficient to allow the Servicer as
          servicer
          to execute all documentation requiring execution on behalf of Owner with
          respect
          to the servicing of the Mortgage Loans, including satisfactions, partial
          releases, modifications and foreclosure documentation or, in the alternative,
          shall as promptly as reasonably possible, execute and return such documentation
          to the Servicer.

         

        Consistent
          with and in addition to the terms set forth in this Agreement and the related
          Assignment and Conveyance Agreement, if a Mortgage Loan is in default or
          such
          default is reasonably foreseeable, the Servicer may waive, modify or vary
          any
          term of any Mortgage Loan or consent to the postponement of strict compliance
          with any such term or in any manner grant indulgence to any Mortgagor,
          including
          without limitation, to (1) capitalize any amounts owing on the Mortgage
          Loan by
          adding such amount to the outstanding principal balance of the Mortgage
          Loan,
          (2) defer such amounts to a later date or the final payment date of such
          Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, (4) amend
          the
          related Mortgage Loan to reduce the related Mortgage Interest Rate with
          respect
          to any Mortgage Loan, (5) convert the Mortgage Interest Rate on any Mortgage
          Loan from a fixed rate to an adjustable rate or vice versa, (6) with respect
          to
          a Mortgage Loan with an initial fixed rate period followed by an adjustable
          rate
          period, extend the fixed period and reduce the adjustable rate period,
          and/or
          (7) forgive the amount of any interest, principal or servicing advances
          owed by
          the related Mortgagor; provided that in the Servicer's reasonable and prudent
          determination, such waiver, modification, postponement or indulgence: (A)
          is not
          materially adverse to the interests of the Purchaser on a present value
          basis
          using reasonable assumptions (including taking into account any estimated
          Realized Loss that might result absent such action); and (B) does not amend
          the
          related Mortgage Note to extend the maturity thereof later than the date
          of the
          Latest Possible Maturity Date (as such term is defined in the related pooling
          and servicing agreement); provided, further, with respect to any Mortgage
          Loan
          that is not in default or if default is not reasonably foreseeable, unless
          the
          Servicer has provided to the Purchaser a certification addressed to the
          Purchaser, based on the advice of counsel or certified public accountants
          that
          have a national reputation with respect to taxation of REMICs that a
          modification of such Mortgage Loan will not result in the imposition of
          taxes on
          or disqualify from REMIC status any of the REMICS and has obtained the
          prior
          written consent of the Purchaser, the Servicer shall not permit any modification
          with respect to any Mortgage Loan.  Notwithstanding the foregoing, for
          any waiver, modification, postponement or indulgence (not including any
          partial
          releases, assumptions of mortgages or modifications of any Mortgage Loan
          that is
          done in connection with compliance with the Relief Act) which the Servicer
          reasonably anticipates may result in a realized loss of 20% or more of
          the
          outstanding principal balance of a Mortgage Loan, the Servicer shall present
          such proposed waiver, modification, postponement or indulgence, together
          with
          any supporting documentation, to the Master Servicer for consideration
          and
          approval.  The Servicer shall submit all waivers, modifications or
          variances of the terms of any Mortgage Loan with respect to partial releases,
          assumptions of mortgages or for modifications done in furtherance of compliance
          with Relief Act, together with any supporting documentation, to the Master
          Servicer for consideration and approval.

         

          In
          the event of any such waiver, modification, postponement or indulgence
          which has
          been agreed to in writing by the Owner and which permits the deferral of
          interest or principal payments on any Mortgage Loan, the Servicer shall,
          on the
          Business Day immediately preceding the related Remittance Date in any month
          in
          which any such principal or interest payment has been deferred, deposit
          in the
          Custodial Account from its own funds, in accordance with Section 4.04 and
          Section 5.03, the difference between (a) such month's principal and one
          month's
          interest at the related Mortgage Loan Remittance Rate on the unpaid principal
          balance of such Mortgage Loan and (b) the amount paid by the
          Mortgagor.  The Servicer shall be entitled to reimbursement for 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.

         

        The
          Servicer shall perform all of its servicing responsibilities hereunder
          or may
          cause a subservicer to perform any such servicing responsibilities on its
          behalf, but the use by the Servicer of a subservicer shall not release
          the
          Servicer from any of its obligations hereunder and the Servicer shall remain
          responsible hereunder for all acts and omissions of each subservicer as
          fully as
          if such acts and omissions were those of the Servicer.  Any such
          subservicer must be a Fannie Mae approved seller/servicer or a Freddie
          Mac
          seller/servicer in good standing and no event shall have occurred, including
          but
          not limited to, a change in insurance coverage, which would make it unable
          to
          comply with the eligibility requirements for lenders imposed by Fannie
          Mae or
          for seller/servicers by Freddie Mac, or which would require notification
          to
          Fannie Mae or Freddie Mac.  The Servicer shall pay all fees and
          expenses of each subservicer from its own funds, and a subservicer's fee
          shall
          not exceed the Servicing Fee.

         

        At
          the
          cost and expense of the Servicer, without any right of reimbursement from
          the
          Custodial Account, the Servicer shall be entitled to terminate the rights
          and
          responsibilities of a subservicer and arrange for any servicing responsibilities
          to be performed by a successor subservicer meeting the requirements in
          the
          preceding paragraph, provided, however, that nothing contained herein shall
          be
          deemed to prevent or prohibit the Servicer, at the Servicer's option, from
          electing to service the related Mortgage Loans itself.  In the event
          that the Servicer's responsibilities and duties under this Agreement are
          terminated pursuant to Section 8.04, 9.01 or 10.01, and if requested to
          do so by
          the Owner, the Servicer shall at its own cost and expense terminate the
          rights
          and responsibilities of each subservicer effective as of the date of termination
          of the Servicer.  The Servicer shall pay all fees, expenses or
          penalties necessary in order to terminate the rights and responsibilities
          of
          each subservicer from the Servicer's own funds without reimbursement from
          the
          Owner.

         

        Notwithstanding
          any of the provisions of this Agreement relating to agreements or arrangements
          between the Servicer and a subservicer or any reference herein to actions
          taken
          through a subservicer or otherwise, the Servicer shall not be relieved
          of its
          obligations to the Owner and shall be obligated to the same extent and
          under the
          same terms and conditions as if it alone were servicing and administering
          the
          Mortgage Loans.  The Servicer shall be entitled to enter into an
          agreement with a subservicer for indemnification of the Servicer by the
          subservicer and nothing contained in this Agreement shall be deemed to
          limit or
          modify such indemnification.

         

        Any
          subservicing agreement and any other transactions or services relating
          to the
          Mortgage Loans involving a subservicer shall be deemed to be between such
          subservicer and Servicer alone, and the Owner shall have no obligations,
          duties
          or liabilities with respect to such Subservicer including no obligation,
          duty or
          liability of Owner to pay such subservicer's fees and expenses.  For
          purposes of distributions and advances by the Servicer pursuant to this
          Agreement, the Servicer shall be deemed to have received a payment on a
          Mortgage
          Loan when a subservicer has received such payment.

         

        Section
          4.02.    Collection of Mortgage Loan
          Payments.

         

        Continuously
          from the date hereof until the date each Mortgage Loan ceases to be subject
          to
          this Agreement, the Servicer will proceed with diligence to collect all
          payments
          due under each Mortgage Loan when the same shall become due and payable
          and
          shall, to the extent such procedures shall be consistent with this Agreement
          and
          the terms and provisions of related Primary Mortgage Insurance Policy,
          follow
          such collection procedures as it follows with respect to mortgage loans
          comparable to the Mortgage Loans and held for its own
          account.  Further, the Servicer will take reasonable care in
          ascertaining and estimating annual ground rents, taxes, assessments, water
          rates, fire and hazard insurance premiums, mortgage insurance premiums,
          and all
          other charges that, as provided in the Mortgage, will become due and payable
          to
          the end that the installments payable by the Mortgagors will be sufficient
          to
          pay such charges as and when they become due and payable.

         

        The
          Servicer shall not waive any Prepayment Charge unless: (i) the enforceability
          thereof shall have been limited by bankruptcy, insolvency, moratorium,
          receivership and other similar laws relating to creditors’ rights generally,
          (ii) the enforcement thereof is illegal, or any local, state or federal
          agency
          has threatened legal action if the prepayment penalty is enforced, (iii)
          the
          mortgage debt has been accelerated in connection with a foreclosure or
          other
          involuntary payment or (iv) such waiver is standard and customary in servicing
          similar Mortgage Loans and relates to a default or a reasonably foreseeable
          default and would, in the reasonable judgment of the Servicer, maximize
          recovery
          of total proceeds taking into account the value of such Prepayment Charge
          and
          the related Mortgage Loan.

         

        Section
          4.03.    Realization Upon Defaulted Mortgage
          Loans.

         

        The
          Servicer shall use its reasonable efforts, consistent with the procedures
          that
          the Servicer would use in servicing loans for its own account and the
          requirements of the Fannie Mae Guide, to foreclose upon or otherwise comparably
          convert the ownership of properties securing such of the Mortgage Loans
          as come
          into and continue in default and as to which no satisfactory arrangements
          can be
          made for collection of delinquent payments pursuant to Section 4.01. In
          determining the delinquency status of any Mortgage Loan, the Servicer will
          apply
          the definition of Delinquent as such term is defined under the related
          pooling
          and servicing agreement.  The Servicer shall use its reasonable
          efforts to realize upon defaulted Mortgage Loans in such manner as will
          maximize
          the receipt of principal and interest by the Owner, taking into account,
          among
          other things, the timing of foreclosure proceedings.  The foregoing is
          subject to the provisions that, in any case in which Mortgaged Property
          shall
          have suffered damage, the Servicer shall not be required to expend its
          own funds
          toward the restoration of such property unless it shall determine in its
          discretion (i) that such restoration will increase the proceeds of liquidation
          of the related Mortgage Loan to the Owner after reimbursement to itself
          for such
          expenses, and (ii) that such expenses will be recoverable by the Servicer
          through Insurance Proceeds or Liquidation Proceeds from the related Mortgaged
          Property, as contemplated in Section 4.05.  The Servicer shall be
          responsible for all costs and expenses incurred by it in any such proceedings
          or
          functions as Servicing Advances; provided, however, that it shall be entitled
          to
          reimbursement therefor as provided in Section 4.05.  Notwithstanding
          anything to the contrary contained herein, in connection with a foreclosure
          or
          acceptance of a deed in lieu of foreclosure, in the event the Servicer
          has
          reasonable cause to believe that a Mortgaged Property is contaminated by
          hazardous or toxic substances or wastes, or if the Owner otherwise requests
          an
          environmental inspection or review of such Mortgaged Property, such an
          inspection or review is to be conducted by a qualified
          inspector.  Upon completion of the inspection, the Servicer shall
          promptly provide the Owner with a written report of the environmental
          inspection.  After reviewing the environmental inspection report, the
          Owner shall determine how the Servicer shall proceed with respect to the
          Mortgaged Property.

         

        Section
          4.04.       Establishment of Custodial
          Accounts; Deposits in Custodial Accounts.

         

        The
          Servicer shall segregate and hold all funds collected and received pursuant
          to
          each Mortgage Loan separate and apart from any of its own funds and general
          assets and shall establish and maintain one or more Custodial
          Accounts.  Each Custodial Account shall be established with a
          Qualified Depository.  To the extent such funds are not deposited in a
          Custodial Account, such funds may be invested in Permitted Investments
          for the
          benefit of the Owner (with any income earned thereon for the benefit of
          the
          Servicer).  Custodial Accounts will be reconciled within 45 calendar
          days after the bank statement cut-off date.  Funds deposited in the
          Custodial Account may be drawn on by the Servicer in accordance with Section
          4.05. The creation of any Custodial Account shall be evidenced by a letter
          agreement in the form shown in Exhibit B hereto.  The original
          of such letter agreement shall be furnished to the Owner upon request.
          The
          Servicer acknowledges and agrees that the Servicer shall bear any losses
          incurred with respect to Permitted Investments.  The amount of any
          such losses shall be immediately deposited by the Servicer in the Custodial
          Account, out of the Servicer's own funds, with no right to reimbursement
          therefor.

         

        The
          Servicer shall deposit in a mortgage clearing account on a daily basis,
          and in
          the Custodial Account or Accounts no later than 48 hours after receipt
          and
          identification of funds and retain therein the following payments and
          collections:

         

        (i)           all
          payments on account of principal, including Principal Prepayments (exclusive
          of
          Prepayment Charges) and penalties, on the Mortgage Loans received after
          the
          Cut-off Date;

         

        (ii)           all
          payments on account of interest on the Mortgage Loans adjusted to the related
          Mortgage Loan Remittance Rate received after the Cut-off Date;

         

        (iii)           all
          Liquidation Proceeds received after the Cut-off Date;

         

        (iv)           any
          net amounts received by the Servicer after the Cut-off Date in connection
          with
          any REO Property pursuant to Section 4.13;

         

        (v)           all
          Insurance Proceeds received after the Cut-off Date including amounts required
          to
          be deposited pursuant to Sections 4.08 and 4.10, other than proceeds to
          be held
          in the Escrow Account and applied to the restoration or repair of the Mortgaged
          Property or released to the Mortgagor in accordance with the Servicer's
          normal
          servicing procedures, the loan documents or applicable law;

         

        (vi)           all
          Condemnation Proceeds affecting any Mortgaged Property received after the
          Cut-off Date other than proceeds to be held in the Escrow Account and applied
          to
          the restoration or repair of the Mortgaged Property or released to the
          Mortgagor
          in accordance with the Servicer's normal servicing procedures, the loan
          documents or applicable law;

         

        (vii)           any
          Monthly Advances as provided in Section 5.03;

         

        (viii)        
          any amounts received after the Cut-off Date and required to be deposited
          in the
          Custodial Account pursuant to Section 6.02; and

         

        (ix)           with
          respect to each full or partial Principal Prepayment received after the
          Cut-off
          Date, any Prepayment Interest Shortfalls, to the extent of the Servicer's
          aggregate Servicing Fee received with respect to the related Due
          Period.

         

        The
          foregoing requirements for deposit in the Custodial Account shall be exclusive,
          it being understood and agreed that, without limiting the generality of
          the
          foregoing, payments in the nature of late payment charges, Prepayment Charges
          and assumption fees, to the extent permitted by Section 6.01, and all Prepayment
          Interest Excess need not be deposited by the Servicer in the Custodial
          Account.

         

        Section
          4.05.    Permitted Withdrawals From the Custodial
          Account.

         

        The
          Servicer may, from time to time, make withdrawals from the Custodial Account
          for
          the following purposes:

         

        (i)           to
          make payments to the Owner in the amounts and in the manner provided for
          in
          Section 5.01;

         

        (ii)           to
          reimburse itself for Monthly Advances, the Servicer's right to reimburse
          itself
          pursuant to this subclause (ii) being limited to 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;

         

        (iii)           to
          reimburse itself for unreimbursed Servicing Advances and Monthly Advances,
          the
          Servicer's right to reimburse itself pursuant to this subclause (iii) with
          respect to any Mortgage Loan being limited to Liquidation Proceeds, Condemnation
          Proceeds and Insurance Proceeds received after the Cut-off Date related
          to such
          Mortgage Loan; provided, however, the Servicer must provide documentation
          to the
          Master Servicer supporting Servicing Advances related to Liquidation Proceeds
          prior to withdrawing such amounts from the Custodial Account;

         

        (iv)           to
          pay to itself as servicing compensation (a) any interest earned on funds
          in the
          Custodial Account (all such interest to be withdrawn monthly not later
          than each
          Remittance Date) and (b) the Servicing Fee from that portion of any payment
          recovery attributable to interest on a particular Mortgage Loan;

         

        (v)           to
          reimburse itself for any Nonrecoverable Advances;

         

        (vi)           to
          transfer funds to another Qualified Depository in accordance with Section
          4.09
          hereof;

         

        (vii)           to
          reimburse itself as provided in Section 8.03 hereof;

         

        (viii)         
          to remove funds inadvertently placed in the Custodial Account in error
          by the
          Servicer; and

         

        (ix)           to
          clear and terminate the Custodial Account upon the termination of this
          Agreement.

         

        Section
          4.06.    Establishment of Escrow Accounts; Deposits in Escrow
          Accounts.

         

        The
          Servicer shall segregate and hold all funds collected and received pursuant
          to
          each Mortgage Loan which constitute Escrow Payments separate and apart
          from any
          of its own funds and general assets and shall establish and maintain one
          or more
          Escrow Accounts.  Each Escrow Account shall be established with a
          Qualified Depository.  To the extent such funds are not deposited in
          an Escrow Account, such funds may be invested in Permitted
          Investments.  Funds deposited in an Escrow Account may be drawn on by
          the Servicer in accordance with Section 4.07. The creation of any Escrow
          Account
          shall be evidenced by a letter agreement in the form shown in Exhibit C.
          The original of such letter agreement shall be furnished to the Owner upon
          request.  The Servicer acknowledges and agrees that the Servicer shall
          bear any losses incurred with respect to Permitted Investments.  The
          amount of any such losses shall be immediately deposited by the Servicer
          in the
          Escrow Account, as appropriate, out of the Servicer's own funds, with no
          right
          to reimbursement therefor.

         

        The
          Servicer shall deposit in a mortgage clearing account on a daily basis,
          and in
          the Escrow Account or Accounts no later than 48 hours after receipt of
          funds and
          retain therein:

         

        (i)           all
          Escrow Payments collected on account of the Mortgage Loans, for the purpose
          of
          effecting timely payment of any items as are required under the terms of
          this
          Agreement;

         

        (ii)           all
          Insurance Proceeds which are to be applied to the restoration or repair
          of any
          Mortgaged Property; and

         

        (iii)           all
          Servicing Advances for Mortgagors whose Escrow Payments are insufficient
          to
          cover escrow disbursements.

         

        The
          Servicer shall make withdrawals from an Escrow Account only to effect such
          payments as are required under this Agreement, and for such other purposes
          as
          shall be as set forth in and in accordance with Section 4.07.  Except
          as provided in Section 4.07, the Servicer shall be entitled to retain any
          interest paid on funds deposited in an Escrow Account by the Qualified
          Depository.

         

        Section
          4.07.    Permitted Withdrawals From Escrow
          Account.

         

        Withdrawals
          from the Escrow Account may be made by the Servicer only:

         

        (i)           to
          effect timely payments of ground rents, taxes, assessments, water rates,
          fire
          and hazard insurance premiums, Primary Mortgage Insurance Policy premiums,
          if
          applicable, and comparable items;

         

        (ii)           to
          reimburse Servicer for any Servicing Advance made by Servicer with respect
          to a
          related Mortgage Loan but only from amounts received on the related Mortgage
          Loan which represent late payments or collections of Escrow Payments
          thereunder;

         

        (iii)           to
          refund to the Mortgagor any funds as may be determined to be
          overages;

         

        (iv)           for
          transfer to the Custodial Account in connection with an acquisition of
          REO
          Property;

         

        (v)           for
          application to restoration or repair of the Mortgaged Property;

         

        (vi)           to
          pay to the Servicer, or to the Mortgagor to the extent required by law,
          any
          interest paid on the funds deposited in the Escrow Account;

         

        (vii)           to
          pay to the Mortgagors or other parties Insurance Proceeds deposited in
          accordance with Section 4.06;

         

        (viii)         
          to remove funds inadvertently placed in an Escrow Account in error by the
          Servicer; and

         

        (ix)           to
          clear and terminate the Escrow Account on the termination of this
          Agreement.

         

        As
          part
          of its servicing duties, the Servicer shall pay to the Mortgagors interest
          on
          funds in an Escrow Account, to the extent required by law, and to the extent
          that interest earned on funds in the Escrow Account is insufficient, shall
          pay
          such interest from its own funds, without any reimbursement
          therefor.

         

        Section
          4.08.    Payment of Taxes, Insurance and Other Charges,
          Maintenance of Primary Mortgage Insurance Policies, Collections
          Thereunder.

         

        With
          respect to each Mortgage Loan, the Servicer shall maintain accurate records
          reflecting the status of ground rents, taxes, assessments, water rates
          and other
          charges which are or may become a lien upon the Mortgaged Property and
          the
          status of Primary Mortgage Insurance Policy premiums and fire and hazard
          insurance coverage and shall obtain, from time to time, all bills for the
          payment of such charges, including renewal premiums and shall effect payment
          thereof prior to the applicable penalty or termination date and at a time
          appropriate for securing maximum discounts allowable, employing for such
          purpose
          deposits of the Mortgagor in the Escrow Account which shall have been estimated
          and accumulated by the Servicer in amounts sufficient for such purposes,
          as
          allowed under the terms of the Mortgage or applicable law.  To the
          extent that the Mortgage does not provide for Escrow Payments, the Servicer
          shall determine that any such payments are made by the Mortgagor when
          due.  The Servicer assumes full responsibility for the timely payment
          of all such bills and shall effect timely payments of all such bills
          irrespective of the Mortgagor's faithful performance in the payment of
          same or
          the making of the Escrow Payments and shall make advances from its own
          funds to
          effect such payments.

         

        The
          Servicer will maintain in full force and effect Primary Mortgage Insurance
          Policies issued by a Qualified Insurer with respect to each Mortgage Loan
          for
          which such coverage is herein required.  Such coverage will be
          maintained until the ratio of the current outstanding principal balance
          of the
          related Mortgage Loan to the appraised value of the related Mortgaged Property,
          based on the most recent appraisal of the Mortgaged Property performed
          by a
          Qualified Appraiser, such appraisal to be included in the Servicing File,
          is
          reduced to an amount for which Fannie Mae no longer requires such insurance
          to
          be maintained.  The Servicer will not cancel or refuse to renew any
          Primary Mortgage Insurance Policy that is required to be kept in force
          under
          this Agreement unless a replacement Primary Mortgage Insurance Policy for
          such
          canceled or nonrenewed policy is obtained from and maintained with a Qualified
          Insurer.  The Servicer shall not take any action which would result in
          non­coverage under any applicable Primary Mortgage Insurance Policy of any
          loss which, but for the actions of the Servicer would have been covered
          thereunder.  In connection with any assumption or substitution
          agreement entered into or to be entered into pursuant to Section 6.01,
          the
          Servicer shall promptly notify the insurer under the related Primary Mortgage
          Insurance Policy, if any, of such assumption or substitution of liability
          in
          accordance with the terms of such policy and shall take all actions which
          may be
          required by such insurer as a condition to the continuation of coverage
          under
          the Primary Mortgage Insurance Policy.  If such Primary Mortgage
          Insurance Policy is terminated as a result of such assumption or substitution
          of
          liability, the Servicer shall obtain a replacement Primary Mortgage Insurance
          Policy as provided above.

         

        In
          connection with its activities as servicer, the Servicer agrees to prepare
          and
          present, on behalf of itself and the Owner, claims to the insurer under
          any
          Primary Mortgage Insurance Policy in a timely fashion in accordance with
          the
          terms of such Primary Mortgage Insurance Policy and, in this regard, to
          take
          such action as shall be necessary to permit recovery under any Primary
          Mortgage
          Insurance Policy respecting a defaulted Mortgage Loan.  Pursuant to
          Section 4.04, any amounts collected by the Servicer under any Primary Mortgage
          Insurance Policy shall be deposited in the Custodial Account, subject to
          withdrawal pursuant to Section 4.05.

         

        Section
          4.09.    Transfer of Accounts.

         

        The
          Servicer may transfer the Custodial Account or the Escrow Account to a
          different
          Qualified Depository from time to time.  The Servicer shall notify the
          Owner of any such transfer within 15 Business Days of transfer. If any
          one of
          the investment ratings of a Qualified Depository holding funds or Eligible
          Investments in the Custodial Account or Escrow Account is downgraded by
          the
          issuing rating agency, the Servicer shall, within three (3) Business Days
          of
          receipt of notice of the downgrading, transfer all such accounts, funds
          and
          Permitted Investments to a different Qualified Depository in accordance
          with
          this Agreement.

         

        Section
          4.10.    Maintenance of Hazard Insurance.

         

        The
          Servicer shall cause to be maintained for each Mortgage Loan fire and hazard
          insurance with extended coverage as is customary in the area where the
          Mortgaged
          Property is located in an amount which is equal to the lesser of (i) the
          maximum
          insurable value of the improvements securing such Mortgage Loan or (ii)
          the
          greater of (a) the outstanding principal balance of the Mortgage Loan,
          and (b)
          the percentage such that the proceeds thereof shall be sufficient to prevent
          the
          Mortgagor and/or the Mortgagee from becoming a co-insurer.  If the
          Mortgaged Property is in an area identified in the Federal Register by
          the
          Federal Emergency Management Agency as being a special flood hazard area
          that
          has federally-mandated flood insurance requirements, the Servicer will
          cause to
          be maintained a flood insurance policy meeting the requirements of the
          current
          guidelines of the Federal Insurance Administration with a generally acceptable
          insurance carrier, in an amount representing coverage not less than the
          least of
          (i) the outstanding principal balance of the Mortgage Loan, (ii) the maximum
          insurable value of the improvements securing such Mortgage Loan or (iii)
          the
          maximum amount of insurance which is available under the Flood Disaster
          Protection Act of 1973, as amended.  The Servicer shall also maintain
          on the REO Property, fire and hazard insurance with extended coverage in
          an
          amount which is at least equal to the maximum insurable value of the
          improvements which are a part of such property, liability insurance and,
          to the
          extent required and available under the Flood Disaster Protection Act of
          1973,
          as amended, flood insurance in an amount as provided above.  Any
          amounts collected by the Servicer under any such policies other than amounts
          to
          be deposited in the Escrow Account and applied to the restoration or repair
          of
          the Mortgaged Property or REO Property, or released to the Mortgagor in
          accordance with the Servicer's normal servicing procedures, shall be deposited
          in the Custodial Account, subject to withdrawal pursuant to Section
          4.05.  It is understood and agreed that no other additional insurance
          need be required by the Servicer or the Mortgagor or maintained on property
          acquired in respect of the Mortgage Loans, other than pursuant to the Fannie
          Mae
          Guide or such applicable state or federal laws and regulations as shall
          at any
          time be in force and as shall require such additional insurance.  All
          such policies shall be endorsed with standard mortgagee clauses with loss
          payable to the Servicer and its successors and/or assigns and shall provide
          for
          at least thirty days prior written notice of any cancellation, reduction
          in the
          amount or material change in coverage to the Servicer.  The Servicer
          shall not interfere with the Mortgagor's freedom of choice in selecting
          either
          his insurance carrier or agent, provided, however, that the Servicer shall
          not
          accept any such insurance policies from insurance companies unless such
          companies currently reflect a General Policy Rating in Best's Key Rating
          Guide
          currently acceptable to Fannie Mae and are licensed to do business in the
          state
          wherein the property subject to the policy is located.

         

        Section
          4.11     Maintenance
          of Mortgage Impairment Insurance Policy.

        

        In
          the
          event that the Servicer shall obtain and maintain a mortgage impairment
          or
          blanket policy issued by an issuer that has a Best rating of A:VI insuring
          against hazard losses on all of Mortgaged Properties securing the Mortgage
          Loans, then, to the extent such policy provides coverage in an amount equal
          to
          the amount required pursuant to Section 4.10 and otherwise complies with
          all
          other requirements of Section 4.10, the Servicer shall conclusively be
          deemed to
          have satisfied its obligations as set forth in Section 4.10, it being understood
          and agreed that such policy may contain a deductible clause, in which case
          the
          Servicer shall, in the event that there shall not have been maintained
          on the
          related Mortgaged Property or REO Property a policy complying with Section
          4.10,
          and there shall have been one or more losses which would have been covered
          by
          such policy, deposit in the Custodial Account the amount not otherwise
          payable
          under the blanket policy because of such deductible clause. In connection
          with
          its activities as Servicer of the Mortgage Loans, the Servicer agrees to
          prepare
          and present, on behalf of the Owner, claims under any such blanket policy
          in a
          timely fashion in accordance with the terms of such policy. Upon request
          of the
          Owner, the Servicer shall cause to be delivered to the Owner a certified
          true
          copy of such policy and a statement from the insurer thereunder that such
          policy
          shall in no event be terminated or materially modified without thirty (30)
          days
          prior written notice to the Owner.

        

        Section
          4.12.    Fidelity Bond, Errors and Omissions
          Insurance.

         

        The
          Servicer shall maintain, at its own expense, a blanket fidelity bond and
          an
          errors and omissions insurance policy, with broad coverage with responsible
          companies that would meet the requirements of Fannie Mae or Freddie Mac
          on all
          officers, employees or other persons acting in any capacity with regard
          to the
          Mortgage Loans and who handle funds, money, documents and papers relating
          to the
          Mortgage Loans.  The Fidelity Bond and errors and omissions insurance
          shall be in the form of the Mortgage Banker's Blanket Bond and shall protect
          and
          insure the Servicer against losses, including forgery, theft, embezzlement,
          fraud, errors and omissions and negligent acts of such persons.  Such
          Fidelity Bond and errors and omissions insurance shall also protect and
          insure
          the Servicer against losses in connection with the failure to maintain
          any
          insurance policies required pursuant to this Agreement and the release
          or
          satisfaction of a Mortgage Loan without having obtained payment in full
          of the
          indebtedness secured thereby.  No provision of this Section 4.12
          requiring the Fidelity Bond and errors and omissions insurance shall diminish
          or
          relieve the Servicer from its duties and obligations as set forth in this
          Agreement.  The minimum coverage under any such Fidelity Bond and
          insurance policy shall be at least equal to the corresponding amounts required
          by Fannie Mae in the Fannie Mae Guide or by Freddie Mac in the Freddie
          Mac
          Guide.  The Servicer shall, upon request of Owner, deliver to the
          Owner a certificate from the surety and the insurer as to the existence
          of the
          Fidelity Bond and errors and omissions insurance policy and shall obtain
          a
          statement from the surety and the insurer that such Fidelity Bond or insurance
          policy shall in no event be terminated or materially modified without thirty
          days prior written notice to the Owner.  The Servicer shall notify the
          Owner within five Business Days of receipt of notice that such Fidelity
          Bond or
          insurance policy will be, or has been, materially modified or
          terminated.  The Owner and its successors or assigns as their
          interests may appear must be named as loss payees on the Fidelity Bond
          and as
          additional insured on the errors and omissions policy.

         

        Section
          4.13.    Title, Management and Disposition of REO
          Property.

         

        In
          the
          event that title to any Mortgaged Property is acquired in foreclosure or
          by deed
          in lieu of foreclosure, the deed or certificate of sale shall be taken
          in the
          name of the Owner or its designee.  Any such Person or Persons holding
          such title other than the Owner shall acknowledge in writing that such
          title is
          being held as nominee for the benefit of the Owner.

         

        The
          Servicer shall assume the responsibility for marketing each REO Property
          in
          accordance with Accepted Servicing Practices. Thereafter, the Servicer
          shall
          continue to provide certain administrative services to the Owner relating
          to
          such REO Property as set forth in this Section 4.13. The REO Property must
          be
          sold within three years following the end of the calendar year of the date
          of
          acquisition, unless a REMIC election has been made with respect to the
          arrangement under which the Mortgage Loans and REO Property are held and
          (i) the
          Owner shall have been supplied with an Opinion of Counsel (at the Servicer's
          expense) to the effect that the holding by the related trust of such Mortgaged
          Property subsequent to such three-year period (and specifying the period
          beyond
          such three-year period for which the Mortgaged Property may be held) will
          not
          result in the imposition of taxes on "prohibited transactions" of the related
          trust as defined in Section 860F of the Code, or cause the related REMIC
          to fail
          to qualify as a REMIC, in which case the related trust may continue to
          hold such
          Mortgaged Property (subject to any conditions contained in such Opinion
          of
          Counsel), or (ii) the Owner (at the Servicer's expense) or the Servicer
          shall
          have applied for, prior to the expiration of such three-year period, an
          extension of such three-year period in the manner contemplated by Section
          856(e)(3) of the Code, in which case the three-year period shall be extended
          by
          the applicable period.  If a period longer than three years is
          permitted under the foregoing sentence and is necessary to sell any REO
          Property, the Servicer shall report monthly to the Owner as to progress
          being
          made in selling such REO Property.

         

        Notwithstanding
          any other provision of this Agreement, if a REMIC election has been made,
          no
          Mortgaged Property held by a REMIC shall be rented (or allowed to continue
          to be
          rented) or otherwise used for the production of income by or on behalf
          of the
          related trust or sold or managed in such a manner or pursuant to any terms
          that
          would (i) cause such Mortgaged Property to fail to qualify at any time
          as
          "foreclosure property" within a meaning of Section 860G(a)(8) of the Code,
          (ii)
          subject the related trust to the imposition of any federal or state income
          taxes
          on "net income from foreclosure property" with respect to such Mortgaged
          Property within the meaning of Section 860G(c) of the Code, or (iii) cause
          the
          sale of such Mortgaged Property to result in the receipt by the related
          trust or
          any income from non-permitted assets as described in Section 860F(a) (2)(B)
          of
          the Code, unless the Servicer has agreed to indemnify and hold harmless
          the
          related trust with respect to the imposition of any such taxes.

         

        The
          Servicer shall deposit or cause to be deposited, on a daily basis in each
          Custodial Account all revenues received with respect to the related REO
          Property
          and shall withdraw therefrom funds necessary for the proper operation,
          management and maintenance of the REO Property, including the cost of
          maintaining any hazard insurance pursuant to Section 4.10 hereof.  The
          Servicer shall maintain separate records with respect to each REO Property
          identifying all deposits and withdrawals from the Custodial Account for
          each REO
          Property.

         

        The
          Servicer shall furnish to the Owner on each Remittance Date, an operating
          statement for each REO Property covering the operation of each REO Property
          for
          the previous month.  Such operating statement shall be accompanied by
          such other information as the Owner shall reasonably request.

         

        The
          Servicer shall, either itself or through an agent selected by the Servicer,
          and
          in accordance with the Fannie Mae Guide, manage, conserve, protect and
          operate
          each REO Property in the same manner that it manages, conserves, protects
          and
          operates other foreclosed property for its own account, and in the same
          manner
          that similar property in the same locality as the REO Property is managed.
          Each
          REO Disposition shall be carried out by the Servicer at such price and
          upon such
          terms and conditions as the Servicer deems to be in the best interest of
          the
          Owner.  The REO Disposition Proceeds from the sale of the REO Property
          shall be promptly deposited in the Custodial Account.  As soon as
          practical thereafter, the expenses of such sale shall be paid and the Servicer
          shall be entitled to reimburse itself for any related unreimbursed Servicing
          Advances, unpaid Servicing Fees or Monthly Advances made.  Such
          reimbursement will be subject to Master Servicer approval of claims submitted
          within 90 days of liquidation (such approval will be rendered within 30
          days of
          the Master Servicer’s receipt of the complete claim of loss notification
          package), and on the Remittance Date immediately following the Principal
          Prepayment Period in which such sale proceeds are received the proceeds
          of such
          sale deposited in the Custodial Account shall be distributed to the
          Purchaser.

         

        The
          Servicer shall cause each REO Property to be inspected promptly upon the
          acquisition of title thereto and shall cause each REO Property to be inspected
          at least monthly thereafter or more frequently as may be required by the
          circumstances. The Servicer shall make or cause the inspector to make a
          written
          report of each such inspection.  Such reports shall be retained in the
          Servicing File and copies thereof shall be forwarded by the Servicer to
          the
          Owner.

         

        Section
          4.14.    Notification of Adjustments.

         

        With
          respect to each Mortgage Loan, the Servicer shall adjust the Mortgage Interest
          Rate on the related Interest Rate Adjustment Date in compliance with
          requirements of applicable law and the related Mortgage and Mortgage
          Note.  The Servicer shall execute and deliver any and all necessary
          notices required under applicable law and the terms of the related Mortgage
          Note
          and Mortgage regarding the Mortgage Interest Rate adjustments.  The
          Servicer shall promptly, upon written request therefor, deliver to the
          Owner
          such notifications and any additional applicable data regarding such adjustments
          and the methods used to calculate and implement such
          adjustments.  Upon the discovery by the Servicer or the receipt of
          notice from the Owner that the Servicer has failed to adjust a Mortgage
          Interest
          Rate in accordance with the terms of the related Mortgage Note and Mortgage,
          the
          Servicer shall immediately deposit in the Custodial Account from its own
          funds
          the amount of any interest loss or deferral caused to the Owner
          thereby.

         

        ARTICLE
          V  

        PAYMENTS
          TO THE OWNER

         

        Section
          5.01.    Remittances.

         

        On
          each
          Remittance Date, the Servicer shall remit to the Owner (i) all amounts
          credited
          to the Custodial Account as of the close of business on the last day of
          the
          calendar month preceding the Determination Date, net of charges against
          or
          withdrawals from the Custodial Account pursuant to Section 4.05, except
          (a) Full
          Principal Prepayments received on or before the 15th day of the month in
          which a
          Remittance Date occurs shall be remitted to the Owner on the Remittance
          Date of
          such month, and (b) Full Principal Prepayments received after the 15th
          day of
          the month in which a Remittance Date occurs shall be remitted to the Owner
          on
          the next following Remittance Date, plus, to the extent not already deposited
          in
          the Custodial Account, the sum of (ii) all Monthly Advances, if any, which
          the
          Servicer is obligated to distribute pursuant to Section 5.03 and (iii)
          all
          Prepayment Interest Shortfalls the Servicer is required to make up pursuant
          to
          Section 4.04, minus (iv) any amounts attributable to Monthly Payments collected
          after the Cut-off Date but due on a Due Date or Dates subsequent to the
          last day
          of the related Due Period, which amounts shall be remitted on the related
          Remittance Date next succeeding the Due Period for such amounts.

         

        With
          respect to any remittance received by the Owner after the Business Day
          on which
          such payment was due, the Servicer shall pay to the Owner interest on any
          such
          late payment at an annual rate equal to the Prime Rate, adjusted as of
          the date
          of each change, plus two percentage points, but in no event greater than
          the
          maximum amount permitted by applicable law.  Such interest shall be
          remitted to the Owner by the Servicer on the date such late payment is
          made and
          shall cover the period commencing with the day following such Business
          Day and
          ending with the Business Day on which such payment is made, both
          inclusive.  The payment by the Servicer of any such interest shall not
          be deemed an extension of time for payment or a waiver of any Event of
          Default
          by the Servicer.

         

        Section
          5.02      Statements to the Owner and the
          Master Servicer.

         

        The
          Servicer shall furnish to the Owner and the Master Servicer an individual
          Mortgage Loan accounting report (a ”Report”), as of the last Business Day of
          each month and the end of the related Prepayment Period, as applicable,
          in the
          Servicer's assigned loan number order to document Mortgage Loan payment
          activity
          on an individual Mortgage Loan basis.  With respect to each month,
          such Report shall be received by the Owner and the Master Servicer no later
          than
          the fifth Business Day of the month of the related Remittance Date (or,
          with
          respect to information as to Full Principal Prepayments and prepayment
          penalties
          no later than one (1) Business Day after the end of each Prepayment Period),
          a
          report in an Excel (or compatible) electronic format, in such format as
          may be
          mutually agreed upon by both the Owner and the Servicer, and which shall
          provide
          the information required to be contained in the monthly statements to
          certificateholders as specified in the related pooling and servicing Agreement,
          to the extent applicable to the Servicer.

         

        In
          addition, the Servicer shall provide to the Master Servicer and the Owner
          such
          other information known or available to the Servicer that is necessary
          in order
          to provide the distribution and pool performance information as required
          under
          Regulation AB, as amended from time to time, as determined by the Owner
          in its
          sole discretion.  The Servicer shall also provide a monthly report, in
          the form of Exhibit E and Exhibit F hereto, or such other form as
          is mutually acceptable to the Servicer, the Owner and the Master Servicer,
          Exhibit K and Exhibit L with respect to defaulted mortgage loans,
Exhibit M with respect to realized losses and gains, Exhibit N
          with respect to modified mortgage loans, Exhibit O with respect to claims
          submitted and Exhibit P with respect to loss severity, with each such
          report.

         

        The
          Servicer shall prepare and file any and all information statements or other
          filings required to be delivered to any governmental taxing authority or
          to
          Owner or the Master Servicer pursuant to any applicable law with respect
          to the
          Mortgage Loans and the transactions contemplated hereby.  In addition,
          the Servicer shall provide the Owner and the Master Servicer with such
          information concerning the Mortgage Loans as is necessary for the Owner
          and the
          Master Servicer to prepare its federal income tax return as Owner and the
          Master
          Servicer may reasonably request from time to time.

         

        In
          addition, not more than 60 days after the end of each calendar year, the
          Servicer shall furnish to each Person who was an Owner and the Master Servicer
          at any time during such calendar year an annual statement in accordance
          with the
          requirements of applicable federal income tax law as to the aggregate of
          remittances of principal and interest for the applicable portion of such
          year.

         

        Section
          5.03.    Monthly Advances by the Servicer.

         

        Not
          later
          than the close of business on the Business Day preceding each Remittance
          Date,
          the Servicer shall deposit in the Custodial Account an amount equal to
          all
          payments not previously advanced by the Servicer, whether or not deferred
          pursuant to Section 4.01, of Monthly Payments, adjusted to the related
          Mortgage
          Loan Remittance Rate, which are delinquent at the close of business on
          the
          related Determination Date; provided, however, that the amount of any such
          deposit may be reduced by the Amount Held for Future Distribution (as defined
          below) then on deposit in the Custodial Account.  Any portion of the
          Amount Held for Future Distribution used to pay Monthly Advances shall
          be
          replaced by the Servicer by deposit into the Custodial Account on any future
          Remittance Date to the extent that the funds that are available in the
          Custodial
          Account for remittance to the Owner on such Remittance Date are less than
          the
          amount of payments required to be made to the Owner on such Remittance
          Date.

         

        The
          "Amount Held for Future Distribution" as to any Remittance Date shall be
          the
          total of the amounts held in the Custodial Account at the close of business
          on
          the preceding Determination Date which were received after the Cut-off
          Date on
          account of (i) Liquidation Proceeds, Insurance Proceeds, and Principal
          Prepayments received or made in the month of such Remittance Date, and
          (ii)
          payments which represent early receipt of scheduled payments of principal
          and
          interest due on a date or dates subsequent to the related Due Date.

         

        The
          Servicer's obligation to make such Monthly Advances as to any Mortgage
          Loan will
          continue through the final disposition or liquidation of the Mortgaged
          Property,
          unless the Servicer deems such advance to be nonrecoverable from Liquidation
          Proceeds, REO Disposition Proceeds or Insurance Proceeds with respect to
          the
          applicable Mortgage Loan.  In such latter event, the Servicer shall
          deliver to the Owner an Officer's Certificate of the Servicer to the effect
          that
          an officer of the Servicer has reviewed the related Servicing File and
          has
          obtained a recent appraisal and has made the reasonable determination that
          any
          additional advances are nonrecoverable from Liquidation or Insurance Proceeds
          with respect to the applicable Mortgage Loan.

         

        Section
          5.04.    Liquidation Reports.

         

        Upon
          the
          foreclosure sale of any Mortgaged Property or the acquisition thereof by
          the
          Owner pursuant to a deed-in­-lieu of foreclosure, the Servicer shall submit
          to the Owner a liquidation report with respect to such Mortgaged Property
          in
          such form as the Servicer and the Owner shall agree.  The Servicer
          shall also provide reports on the status of REO Property containing such
          information as Owner may reasonably require.

         

        ARTICLE
          VI  

        GENERAL
          SERVICING PROCEDURES

         

        Section
          6.01.    Assumption Agreements.

         

        The
          Servicer will, to the extent it has knowledge of any conveyance or prospective
          conveyance by any Mortgagor of a Mortgaged Property (whether by absolute
          conveyance or by contract of, sale, and whether or not the Mortgagor remains
          or
          is to remain liable under the Mortgage Note and/or the Mortgage), exercise
          its
          rights to accelerate the maturity of such Mortgage Loan under any "due-on-sale"
          clause to the extent permitted by law; provided, however, that the Servicer
          shall not exercise any such rights if prohibited by law or the terms of
          the
          Mortgage Note from doing so or if the exercise of such rights would impair
          or
          threaten to impair any recovery under the related Primary Mortgage Insurance
          Policy, if any.  If the Servicer reasonably believes it is unable
          under applicable law to enforce such "due-on-sale" clause, the Servicer,
          will
          enter into an assumption agreement with the person to whom the Mortgaged
          Property has been conveyed or is proposed to be conveyed, pursuant to which
          such
          person becomes liable under the Mortgage Note and, to the extent permitted
          by
          applicable state law, the Mortgagor remains liable thereon.  Where an
          assumption is allowed pursuant to this Section 6.01, the Servicer, with
          the
          prior consent of the primary mortgage insurer, if any, is authorized to
          enter
          into a substitution of liability agreement with the person to whom the
          Mortgaged
          Property has been conveyed or is proposed to be conveyed pursuant to which
          the
          original mortgagor is released from liability and such Person is substituted
          as
          mortgagor and becomes liable under the related Mortgage Note.  Any
          such substitution of liability agreement shall be in lieu of an assumption
          agreement.

         

        In
          connection with any such assumption or substitution of liability, the Servicer
          shall follow the underwriting practices and procedures of the Fannie Mae
          Guide.  With respect to an assumption or substitution of liability,
          the Mortgage Interest Rate borne by the related Mortgage Note and the amount
          of
          the Monthly Payment may not be changed.  The Servicer shall notify the
          Owner that any such substitution of liability or assumption agreement has
          been
          completed by forwarding to the Owner the original of any such substitution
          of
          liability or assumption agreement, which document shall be added to the
          related
          Mortgage Loan Documents and shall, for all purposes, be considered a part
          of
          such related mortgage file to the same extent as all other documents and
          instruments constituting a part thereof.  All fees collected by the
          Servicer for entering into an assumption or substitution of liability agreement
          shall belong to the Servicer.

         

        Notwithstanding
          the foregoing paragraphs of this section or any other provision of this
          Agreement, the Servicer shall not be deemed to be in default, breach or
          any
          other violation of its obligations hereunder by reason of any assumption
          of a
          Mortgage Loan by operation of law or any assumption which the Servicer
          may be
          restricted by law from preventing, for any reason whatsoever.  For
          purposes of this Section 6.01, the term "assumption" is deemed to also
          include a
          sale of the Mortgaged Property subject to the Mortgage that is not accompanied
          by an assumption or substitution of liability agreement.

         

        Section
          6.02.    Satisfaction of Mortgages and Release of Mortgage
          Loan Documents.

         

        Upon
          the
          payment in full of any Mortgage Loan, the Servicer will immediately notify
          the
          Custodian with a certification and request for release by a Servicing Officer,
          which certification shall include a statement to the effect that all amounts
          received in connection with such payment which are required to be deposited
          in
          the Custodial Account pursuant to Section 4.04 have been so deposited,
          and a
          request for delivery to the Servicer of the portion of the Mortgage Loan
          Documents held by the Custodian.  Upon receipt of such certification
          and request, the Owner shall promptly release or cause the Custodian to
          promptly
          release the related Mortgage Loan Documents to the Servicer and the Servicer
          shall prepare and deliver for execution by the Owner or at the Owner's
          option
          execute under the authority of a power of attorney delivered to the Servicer
          by
          the Owner any satisfaction or release.  No expense incurred in
          connection with any instrument of satisfaction or deed of reconveyance
          shall be
          chargeable to the Custodial Account.

         

        In
          the
          event the Servicer satisfies or releases a Mortgage without having obtained
          payment in full of the indebtedness secured by the Mortgage or should it
          otherwise prejudice any right the Owner may have under the mortgage instruments,
          the Servicer, upon written demand, shall remit within one Business Day
          to the
          Owner the then outstanding principal balance of the related Mortgage Loan
          by
          deposit thereof in the Custodial Account.  The Servicer shall maintain
          the Fidelity Bond insuring the Servicer against any loss it may sustain
          with
          respect to any Mortgage Loan not satisfied in accordance with the procedures
          set
          forth herein.

         

        From
          time
          to time and as appropriate for the servicing or foreclosure of the Mortgage
          Loans, including for the purpose of collection under any Primary Mortgage
          Insurance Policy, upon request of the Servicer and delivery to the Custodian
          of
          a servicing receipt signed by a Servicing Officer, the Custodian shall
          release
          the portion of the Mortgage Loan Documents held by the Custodian to the
          Servicer. Such servicing receipt shall obligate the Servicer to promptly
          return
          the related Mortgage Loan Documents to the Custodian, when the need therefor
          by
          the Servicer no longer exists, unless the Mortgage Loan has been liquidated
          and
          the Liquidation Proceeds relating to the Mortgage Loan have been deposited
          in
          the Custodial Account or such documents have been delivered to an attorney,
          or
          to a public trustee or other public official as required by law, for purposes
          of
          initiating or pursuing legal action or other proceedings for the foreclosure
          of
          the Mortgaged Property either judicially or non-judicially, and the Servicer
          has
          promptly delivered to the Owner or the Custodian a certificate of a Servicing
          Officer certifying as to the name and address of the Person to which such
          documents were delivered and the purpose or purposes of such
          delivery.  Upon receipt of a certificate of a Servicing Officer
          stating that such Mortgage Loan was liquidated, the servicing receipt shall
          be
          released by the Owner or the Custodian, as applicable, to the
          Servicer.

         

        Section
          6.03.    Servicing Compensation.

         

        As
          compensation for its services hereunder, the Servicer shall be entitled
          to
          withdraw from the Custodial Account or to retain from interest payments
          on the
          Mortgage Loans the amounts provided for as the Servicer's Servicing
          Fee.  Additional servicing compensation in the form of assumption
          fees, as provided in Section 6.01, late payment charges and other ancillary
          fees
          shall be retained by the Servicer to the extent not required to be deposited
          in
          the Custodial Account.  The Servicer shall be required to pay all
          expenses incurred by it in connection with its servicing activities hereunder
          and shall not be entitled to reimbursement therefor except as specifically
          provided for.

         

        Section
          6.04.     Annual Statement as to Compliance; Annual
          Certification.

         

        (a)           The
          Servicer will deliver to the Owner and the Master Servicer, not later than
          March
          15th of each calendar year beginning in 2008, an Officer’s Certificate (an
“Annual Statement of Compliance”) stating, as to each signatory thereof, that
          (i) a review of the activities of the Servicer during the preceding calendar
          year and of performance under this Agreement or other applicable servicing
          agreement has been made under such officer’s supervision and (ii) to the best of
          such officer’s knowledge, based on such review, the Servicer has fulfilled all
          of its obligations under this Agreement or other applicable servicing agreement
          in all material respects throughout such year, or, if there has been a
          failure
          to fulfill any such obligation in any material respect, specifying each
          such
          failure known to such officer and the nature and status of cure provisions
          thereof.  Such Annual Statement of Compliance shall contain no
          restrictions or limitations on its use.  Copies of such statement
          shall be provided by the Servicer to the Owner upon request and by the
          Owner to
          any Person identified as a prospective purchaser of the Mortgage
          Loans.  In the event that the Servicer has delegated any servicing
          responsibilities with respect to the Mortgage Loans to a Subservicer, the
          Servicer shall deliver an Annual Statement of Compliance of the Subservicer
          as
          described above as to each Subservicer as and when required with respect
          to the
          Servicer.

         

        (b)           With
          respect to the Mortgage Loans, by March 15th of each calendar year beginning
          in
          2008, an officer of the Servicer shall execute and deliver an Officer’s
          Certificate (an “Annual Certification”) to the Owner, the Master Servicer, the
          Trustee, and any related Depositor for the benefit of each such entity
          and such
          entity’s affiliates and the officers, directors and agents of any such entity
          and such entity’s affiliates, in the form attached hereto as Exhibit
          G.  In the event that the Servicer has delegated any servicing
          responsibilities with respect to the Mortgage Loans to a Subservicer or
          a
          Subcontractor, to the extent such Subcontractor is “participating in the
          servicing function” pursuant to Item 1122 of Regulation AB, the Servicer shall
          deliver an Annual Certification as to each such Subservicer and Subcontractor,
          as and when required with respect to the Servicer.

         

        In
          the
          event the Servicer or any Subservicer or Subcontractor engaged by it is
          terminated, assigns its rights and obligations under, or resigns pursuant
          to the
          terms of this Agreement, or any other applicable agreement in the case
          of a
          Subservicer or Subcontractor, as the case may be, such party shall provide
          an
          Annual Statement of Compliance pursuant to this Section 6.04 or to the
          related
          section of such other applicable agreement, as the case may be, as to the
          performance of its obligations with respect to the period of time it was
          subject
          to this Agreement or any other applicable agreement, as the case may be,
          notwithstanding any such termination, assignment or resignation.

         

        The
          Servicer shall indemnify and hold harmless the Master Servicer and its
          officers,
          directors, agents and affiliates from and against any losses, damages,
          penalties, fines, forfeitures, reasonable legal fees and related costs,
          judgments and other costs and expenses arising out of or based upon a breach
          by
          the Servicer or any of its officers, directors, agents or affiliates of
          its
          obligations under this Section 6.04 or Section 6.09 or the negligence,
          bad faith
          or willful misconduct of the Servicer in connection therewith. If the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless the Master Servicer, then the Servicer agrees that it shall contribute
          to the amount paid or payable by the Master Servicer as a result of the
          losses,
          claims, damages or liabilities of the Master Servicer in such proportion
          as is
          appropriate to reflect the relative fault of the Master Servicer on the
          one hand
          and the Servicer on the other in connection with a breach of the Servicer’s
          obligations under this Section 6.04 or Section 6.09 or the Servicer’s
          negligence, bad faith or willful misconduct in connection
          therewith.

         

        Upon
          request by the Owner or the Master Servicer, the Servicer will deliver
          to such
          requesting party a copy of the audited (if such financial statements are
          available, otherwise unaudited) financial statements of the Servicer for
          the
          most recent fiscal year of the Servicer.

         

        Section
          6.05.     [Reserved]

         

        Section
          6.06.    Owner's Right to Examine Servicer
          Records.

         

        The
          Owner
          shall have the right to examine and audit, at its expense, upon reasonable
          notice to the Servicer, during business hours or at such other times as
          might be
          reasonable under applicable circumstances, any and all of the books, records,
          documentation or other information of the Servicer, or held by another
          for the
          Servicer or on its behalf or otherwise, which relate to the performance
          or
          observance by the Servicer of the terms, covenants or conditions of this
          Agreement.

         

        The
          Servicer shall provide to the Owner and any supervisory agents or examiners
          representing a state or federal governmental agency having jurisdiction
          over the
          Owner access to any documentation regarding the Mortgage Loans in the possession
          of the Servicer which may be required by any applicable
          regulations.  Such access shall be afforded without charge, upon
          reasonable request, during normal business hours and at the offices of
          the
          Servicer, and in accordance with the applicable federal or state government
          regulations.

         

        Section
          6.07.  Compliance with REMIC Provisions.

         

        If
          a
          REMIC election has been made with respect to the arrangement under which
          the
          Mortgage Loans and REO Property are held, the Servicer shall not take any
          action, cause the REMIC to take any action or fail to take (or fail to
          cause to
          be taken) any action that, under the REMIC Provisions, if taken or not
          taken, as
          the case may be could (i) endanger the status of the REMIC as a REMIC or
          (ii)
          result in the imposition of a tax upon the REMIC (including but not limited
          to
          the tax on "prohibited transactions" as defined in Section 860F(a)(2) of
          the
          Code and the tax on "contribution" to a REMIC set forth in Section 860G(d)
          of
          the Code unless the Servicer has received an Opinion of Counsel (at the
          expense
          of the party seeking to take such actions) to the effect that the contemplated
          action will not endanger such REMIC status or result in the imposition
          of any
          such tax.

         

        Section
          6.08.  Non-solicitation.

         

        The
          Servicer shall not knowingly conduct any solicitation exclusively targeted
          to
          the Mortgagors for the purpose of inducing or encouraging the early prepayment
          or refinancing of the related Mortgage Loans.  It is understood and
          agreed that promotions undertaken by the Servicer or any agent or affiliate
          of
          the Servicer which are directed to the general public at large, including,
          without limitation, mass mailings based on commercially acquired mailing
          lists,
          newspaper, radio and television advertisements shall not constitute solicitation
          under this section.  Nothing contained herein shall prohibit the
          Servicer from (i) distributing to Mortgagors any general advertising including
          information brochures, coupon books, or other similar documentation which
          indicates services the Servicer offers, including refinances or (ii) providing
          financing of home equity loans to Mortgagors at the Mortgagor's
          request.

         

        Section
          6.09.     Assessment of Compliance with Servicing
          Criteria.

         

        On
          and
          after January 1, 2007, the Servicer shall service and administer, and shall
          cause each subservicer to service or administer, the Mortgage Loans in
          accordance with all applicable requirements of the Servicing
          Criteria.

         

        With
          respect to the Mortgage Loans, the Servicer shall deliver to the Owner
          or its
          designee, the Master Servicer, the Trustee, and any Depositor on or before
          March
          15th of each calendar year beginning in 2008, a report (an “Assessment of
          Compliance”) regarding the Servicer’s assessment of compliance with the
          Servicing Criteria during the preceding calendar year as required by Rules
          13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB, or
          as
          otherwise required by the Master Servicer, which as of the date hereof,
          require
          a report by an authorized officer of the Servicer that contains the
          following:

         

        (a)           A
          statement by such officer of its responsibility for assessing compliance
          with
          the Servicing Criteria applicable to the Servicer;

         

        (b)           A
          statement by such officer that such officer used the Servicing Criteria
          to
          assess compliance with the Servicing Criteria applicable to the
          Servicer;

         

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

         

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

         

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

         

        Such
          report at a minimum shall address each of the Servicing Criteria specified
          on
Exhibit J hereto.

         

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

         

        The
          Servicer shall cause each Subservicer, and each Subcontractor determined
          by the
          Servicer pursuant to Section 11.15 to be “participating in the servicing
          function” within the meaning of Item 1122 of Regulation AB, to deliver to the
          Owner, the Master Servicer, the Trustee and any Depositor an assessment
          of
          compliance and accountants’ attestation as and when provided in Section
          6.09.

         

        In
          the
          event the Servicer or any Subservicer or Subcontractor engaged by it is
          terminated, assigns its rights and obligations under, or resigns pursuant
          to,
          the terms of this Agreement, or any other applicable agreement in the case
          of a
          Subservicer or Subcontractor, as the case may be, such party shall provide
          an
          Assessment of Compliance and cause to be provided an Attestation Report
          pursuant
          to this Section 6.09 or to the related section of such other applicable
          agreement, as the case may be, notwithstanding any such termination, assignment
          or resignation.

         

        Section
          6.10.    Intent of the Parties;
          Reasonableness.

         

        The
          Owner
          and the Servicer acknowledge and agree that a purpose of clause (g) of
          Article
          III, Sections 5.02, 6.04, 6.09 and 10.02 of this Agreement is to facilitate
          compliance by the Owner and any Depositor with the provisions of Regulation
          AB
          and related rules and regulations of the Commission. None of the Owner,
          the
          Master Servicer or any Depositor shall exercise its right to request delivery
          of
          information or other performance under these provisions other than in good
          faith, or for purposes other than compliance with the Securities Act, the
          Exchange Act and the rules and regulations of the Commission thereunder.
          The
          Servicer acknowledges that interpretations of the requirements of Regulation
          AB
          may change over time, whether due to interpretive guidance provided by
          the
          Commission or its staff, consensus among participants in the asset-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          requests made by the Owner or any Depositor in good faith for delivery
          of
          information under these provisions on the basis of evolving interpretations
          of
          Regulation AB. In connection with any Pass-Through Transfer, the Servicer
          shall
          cooperate fully with the Owner to deliver to the Owner (including any of
          its
          assignees or designees) and any Depositor, any and all statements, reports,
          certifications, records and any other information necessary in the good
          faith
          determination of the Owner or any Depositor to permit the Owner or such
          Depositor to comply with the provisions of Regulation AB, together with
          such
          disclosures relating to the Servicer, any Subservicer and the Mortgage
          Loans, or
          the servicing of the Mortgage Loans, reasonably believed by the Owner or
          any
          Depositor to be necessary in order to effect such compliance.

         

        ARTICLE
          VII  

        REPORTS
          TO BE PREPARED BY SERVICER

         

        Section
          7.01.    Servicer Shall Provide Information as Reasonably
          Required.

         

        The
          Servicer shall furnish to the Owner upon request, during the term of this
          Agreement, such periodic, special or other reports or information, whether
          or
          not provided for herein, as shall be necessary, reasonable or appropriate
          with
          respect to the purposes of this Agreement.  The Servicer may negotiate
          with the Owner for a reasonable fee for providing such report or information,
          unless (i) the Servicer is required to supply such report or information
          pursuant to any other section of this Agreement, or (ii) the report or
          information has been requested in connection with Internal Revenue Service
          or
          other regulatory agency requirements.  All such reports or information
          shall be provided by and in accordance with all reasonable instructions
          and
          directions given by the Owner. The Servicer agrees to execute and deliver
          all
          such instruments and take all such action as the Owner, from time to time,
          may
          reasonably request in order to effectuate the purpose and to carry out
          the terms
          of this Agreement.

         

        ARTICLE
          VIII  

        THE
          SERVICER

         

        Section
          8.01.    Indemnification; Third Party Claims.

         

        The
          Servicer agrees to indemnify the Owner, its successors and assigns, any
          agent of
          the Owner, and the Master Servicer, and hold each of such Persons harmless
          from
          and against any and all claims, losses, damages, penalties, fines, forfeitures,
          legal fees and related costs, judgments, and any other costs, fees and
          expenses
          that such Person may sustain in any way related to the failure of the Servicer
          to perform in any way its duties and service the Mortgage Loans in strict
          compliance with the terms of this Agreement and for breach of any representation
          or warranty of the Servicer contained herein.  The Servicer shall
          immediately notify the Owner or other indemnified Person if a claim is
          made by a
          third party with respect to this Agreement or the Mortgage Loans, assume
          (with
          the consent of the Owner and such other Indemnified Person and with counsel
          reasonably satisfactory to the Owner and such Person) the defense of any
          such
          claim and pay all expenses in connection therewith, including counsel fees,
          and
          promptly pay, discharge and satisfy any judgment or decree which may be
          entered
          against it or such other indemnified Person in respect of such claim but
          failure
          to so notify the Owner and such other indemnified Person shall not limit
          its
          obligations hereunder.  The Servicer agrees that it will not enter
          into any settlement of any such claim without the consent of the Owner
          and such
          other indemnified Person unless such settlement includes an unconditional
          release of the Owner and such other indemnified Person from all liability
          that
          is the subject matter of such claim.  The provisions of this Section
          8.01 shall survive termination of this Agreement.

         

        Section
          8.02.    Merger or Consolidation of the
          Servicer.

         

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

         

        Any
          Person into which the Servicer may be merged or consolidated, or any corporation
          resulting from any merger, conversion or consolidation to which the Servicer
          shall be a party, or any Person succeeding to the business of the Servicer
          whether or not related to loan servicing, shall be the successor of the
          Servicer
          hereunder, without the execution or filing of any paper or any further
          act on
          the part of any of the parties hereto, anything herein to the contrary
          notwithstanding; provided, however, that the successor or surviving Person
          shall
          be an institution (i) having a GAAP net worth of not less than $25,000,000,
          (ii)
          the deposits of which are insured by the FDIC, or which is a HUD-approved
          mortgagee whose primary business is in origination and servicing of first
          lien
          mortgage loans, and (iii) which is a Fannie Mae or Freddie Mac approved
          seller/servicer in good standing.

         

        Section
          8.03.    Limitation on Liability of the Servicer and
          Others.

         

        Neither
          the Servicer nor any of the officers, employees or agents of the Servicer
          shall
          be under any liability to the Owner for any action taken or for refraining
          from
          the taking of any action in good faith pursuant to this Agreement, or for
          errors
          in judgment made in good faith; provided, however, that this provision
          shall not
          protect the Servicer or any such person against any breach of warranties
          or
          representations made herein, or failure to perform in any way its obligations
          in
          compliance with any standard of care set forth in this Agreement, or any
          liability which would otherwise be imposed by reason of gross negligence
          or any
          breach of the terms and conditions of this Agreement.  The Servicer
          and any officer, employee or agent of the Servicer may rely in good faith
          on any
          document of any kind prima facie properly executed and submitted by the
          Owner
          respecting any matters arising hereunder.  The Servicer shall not be
          under any obligation to appear in, prosecute or defend any legal action
          which is
          not incidental to its duties to service the Mortgage Loans in accordance
          with
          this Agreement and which in its opinion may involve it in any expenses
          or
          liability; provided, however, that the Servicer may, with the consent of
          the
          Owner, which consent shall not be unreasonably withheld, undertake any
          such
          action which it may deem necessary or desirable with respect to this Agreement
          and the rights and duties of the parties hereto.  In such event, the
          reasonable legal expenses and costs of such action and any liability resulting
          therefrom shall be expenses, costs and liabilities for which the Owner
          will be
          liable, and the Servicer shall be entitled to be reimbursed therefor from
          the
          Custodial Account pursuant to Section 4.05.

         

        Section
          8.04.    Servicer Not to Resign.

         

        The
          Servicer shall not resign from the obligations and duties hereby imposed
          on it
          except by mutual consent of the Servicer and the Owner or upon the determination
          that its duties hereunder are no longer permissible under applicable law
          and
          such incapacity cannot be cured by the Servicer.  Any such
          determination permitting the resignation of the Servicer shall be evidenced
          by
          an Opinion of Counsel to such effect delivered to the Owner which Opinion
          of
          Counsel shall be in form and substance acceptable to the Owner.  No
          such resignation shall become effective until a successor shall have assumed
          the
          Servicer's responsibilities and obligations hereunder in the manner provided
          in
          Section 11.01.

         

        Section
          8.05.    No Transfer of Servicing.

         

        With
          respect to the retention of the Servicer to service the Mortgage Loans
          hereunder, the Servicer acknowledges that the Owner has acted in reliance
          upon
          the Servicer's independent status, the adequacy of its servicing facilities,
          plan, personnel, records and procedures, its integrity, reputation and
          financial
          standing and the continuance thereof.  Without in any way limiting the
          generality of this section, the Servicer shall not either assign this Agreement
          or the servicing hereunder or delegate its rights or duties hereunder or
          any
          portion thereof, or sell or otherwise dispose of all or substantially all
          of its
          property or assets, without the prior written approval of the Owner, which
          approval shall not be unreasonably withheld; provided that the Servicer
          may
          assign the Agreement and the servicing hereunder without the consent of
          Owner to
          an affiliate of the Servicer to which all servicing of the Servicer is
          assigned
          so long as (i) such affiliate is a Fannie Mae and Freddie Mac approved
          servicer
          and (ii) if it is intended that such affiliate be spun off to the shareholders
          of the Servicer, such affiliate have a GAAP net worth of at least $25,000,000
          and (iii) such affiliate shall deliver to the Owner a certification pursuant
          to
          which such affiliate shall agree to be bound by the terms and conditions
          of this
          Agreement and shall certify that such affiliate is a Fannie Mae and Freddie
          Mac
          approved servicer in good standing.

         

        ARTICLE
          IX  

        DEFAULT

         

        Section
          9.01.    Events of Default.

         

        In
          case
          one or more of the following Events of Default by the Servicer shall occur
          and
          be continuing, that is to say:

         

        (i)           any
          failure by the Servicer to remit to the Owner any payment required to be
          made
          under the terms of this Agreement which continues unremedied for one (1)
          Business Day after written notice thereof (it being understood that this
          subparagraph shall not affect Servicer's obligation pursuant to Section
          5.01 to
          pay default interest on any remittance received by the Owner after the
          Business
          Day on which such payment was due); or

         

        (ii)           any
          failure on the part of the Servicer duly to observe or perform in any material
          respect any other of the covenants or agreements on the part of the Servicer
          set
          forth in this Agreement (other than those described in clause (ix) hereof),
          the
          breach of which has a material adverse effect and which continue unremedied
          for
          a period of thirty days (except that such number of days shall be fifteen
          in the
          case of a failure to pay any premium for any insurance policy required
          to be
          maintained under this Agreement and such failure shall be deemed to have
          a
          material adverse effect) after the date on which written notice of such
          failure,
          requiring the same to be remedied, shall have been given to the Servicer
          by the
          Owner; or

         

        (iii)           a
          decree or order of a court or agency or supervisory authority having
          jurisdiction for the appointment of a conservator or receiver or liquidator
          in
          any insolvency, bankruptcy, readjustment of debt, marshaling of assets
          and
          liabilities or similar proceedings, or for the winding-up or liquidation
          of its
          affairs, shall have been entered against the Servicer and such decree or
          order
          shall have remained in force undischarged or unstayed for a period of sixty
          days; or

         

        (iv)           the
          Servicer shall consent to the appointment of a conservator or receiver
          or
          liquidator in any insolvency, bankruptcy, readjustment of debt, marshaling
          of
          assets and liabilities or similar proceedings of or relating to the Servicer
          or
          of or relating to all or substantially all of its property; or

         

        (v)           the
          Servicer shall admit in writing its inability to pay its debts generally
          as they
          become due, file a petition to take advantage of any applicable insolvency
          or
          reorganization statute, make an assignment for the benefit of its creditors,
          or
          voluntarily suspend payment of its obligations; or

         

        (vi)           the
          Servicer ceases to be approved by either Fannie Mae or Freddie Mac (to
          the
          extent such entities are then operating in a capacity similar to that in
          which
          they operate on the date hereof) as a mortgage loan servicer for more than
          thirty days to the extent such entities perform similar functions;
          or

         

        (vii)           the
          Servicer attempts to assign its right to servicing compensation hereunder
          or the
          Servicer attempts, without the consent of the Owner, to sell or otherwise
          dispose of all or substantially all of its property or assets or to assign
          this
          Agreement or the servicing responsibilities hereunder or to delegate its
          duties
          hereunder or any portion thereof except as otherwise permitted herein;
          or

         

        (viii)       
          the Servicer ceases to be qualified to transact business in any jurisdiction
          where it is currently so qualified, but only to the extent such
          non-qualification materially and adversely affects the Servicer's ability
          to
          perform its obligations hereunder; or

         

        (ix)           failure
          by the Servicer to duly perform, within the required time period, its
          obligations under Section 6.04, 6.09 or any of clauses (v) through (viii)
          of
          Section 10.02;

         

        then,
          and
          in each and every such case, so long as an Event of Default shall not have
          been
          remedied, the Owner, by notice in writing to the Servicer may, in addition
          to
          whatever rights the Owner may have under Section 8.01 and at law or equity
          to
          damages, including injunctive relief and specific performance, terminate
          all the
          rights and obligations of the Servicer (and if the Servicer is servicing
          any of
          the Mortgage Loans in a Pass-Through Transfer, appoint a successor servicer
          reasonably acceptable to the Master Servicer for such Pass-Through Transfer)
          under this Agreement and in and to the Mortgage Loans and the proceeds
          thereof
          without compensating the Servicer for the same.  On or after the
          receipt by the Servicer of such written notice, all authority and power
          of the
          Servicer under this Agreement, whether with respect to the Mortgage Loans
          or
          otherwise, shall pass to and be vested in the successor appointed pursuant
          to
          Section 11.01.  Upon written request from the Owner, the Servicer
          shall prepare, execute and deliver, any and all documents and other instruments,
          place in such successor's possession all Servicing Files, and do or accomplish
          all other acts or things necessary or appropriate to effect the purposes
          of such
          notice of termination, whether to complete the transfer and endorsement
          or
          assignment of the Mortgage Loans and related documents, or otherwise, at
          the
          Servicer's sole expense.  The Servicer agrees to cooperate with the
          Owner and such successor in effecting the termination of the Servicer's
          responsibilities and rights hereunder, including, without limitation, the
          transfer to such successor for administration by it of all cash amounts
          which
          shall at the time be credited by the Servicer to the Custodial Account
          or Escrow
          Account or thereafter received with respect to the Mortgage Loans or any
          REO
          Property.

         

        The
          Servicer shall promptly reimburse the Owner (or any designee of the Owner,
          such
          as a master servicer) and any Depositor, as applicable, for all reasonable
          expenses incurred by the Owner (or such designee) or such Depositor, as
          such are
          incurred, in connection with the termination of the Servicer as servicer
          and the
          transfer of servicing of the Mortgage Loans to a successor servicer, if
          the
          termination and/or transfer of servicing is for cause related to a servicer
          default. The provisions of this paragraph shall not limit whatever rights
          the
          Owner or any Depositor may have under other provisions of this Agreement
          and/or
          any applicable Reconstitution Agreement or otherwise, whether in equity
          or at
          law, such as an action for damages, specific performance or injunctive
          relief.

         

        Section
          9.02.    Waiver of Defaults.

         

        The
          Owner
          may waive only by written notice any default by the Servicer in the performance
          of its obligations hereunder and its consequences.  Upon any such
          waiver of a past default, such default shall cease to exist, and any Event
          of
          Default arising therefrom shall be deemed to have been remedied for every
          purpose of this Agreement.  No such waiver shall extend to any
          subsequent or other default or impair any right consequent thereon except
          to the
          extent expressly so waived in writing.

         

        ARTICLE
          X  

        TERMINATION

         

        Section
          10.01.    Termination.

         

        The
          respective obligations and responsibilities of the Servicer shall terminate
          upon: (i) the later of the final payment or other liquidation (or any advance
          with respect thereto) of the last Mortgage Loan or the disposition of all
          REO
          Property and the remittance of all funds due hereunder; or (ii) by mutual
          consent of the Servicer and the Owner in writing; or (iii) termination
          by the
          Owner pursuant to Section 9.01. Simultaneously with any such termination
          and the
          transfer of servicing hereunder, the Servicer shall be entitled to be reimbursed
          for any outstanding Servicing Advances and Monthly Advances.

         

        Section
          10.02.     Cooperation of Servicer with a
          Reconstitution.

         

        The
          Servicer and the Owner agree that with respect to some or all of the Mortgage
          Loans, on or after the related closing date, on one or more dates (each
          a
          "Reconstitution Date") at the Owner's sole option, the Owner may effect
          a sale
          (each, a "Reconstitution") of some or all of the Mortgage Loans then subject
          to
          this Agreement, without recourse, to:

         

        (a)           one
          or more third party purchasers in one or more in whole loan transfers (each,
          a
          "Whole Loan Transfer"); or

         

        (b)           one
          or more trusts or other entities to be formed as part of one or more
          Pass-Through Transfers.

         

        The
          Servicer agrees to execute in connection with any agreements among the
          Owner,
          the Servicer, and any servicer in connection with a Whole Loan Transfer,
          an
          assignment, assumption and recognition agreement, or, at Owner’s request, a
          seller's warranties and servicing agreement or a participation and servicing
          agreement or similar agreement in form and substance reasonably acceptable
          to
          the parties, and in connection with a Pass-Through Transfer, a pooling
          and
          servicing agreement in form and substance reasonably acceptable to the
          parties.  It is understood that any such Reconstitution Agreements
          will not contain any greater obligations on the part of Servicer than are
          contained in this Agreement.

         

        With
          respect to each Whole Loan Transfer and each Pass-Through Transfer entered
          into
          by the Owner, the Servicer agrees (1) to cooperate fully with the Owner
          and any
          prospective purchaser with respect to all reasonable requests and due diligence
          procedures; (2) to execute, deliver and perform all Reconstitution Agreements
          required by the Owner; (3) to restate the representations and warranties
          set
          forth in this Agreement as of the settlement or closing date in connection
          with
          such Reconstitution (each, a "Reconstitution Date").

         

        In
          addition, the Servicer shall provide to such servicer or issuer, as the
          case may
          be, and any other participants in such Reconstitution:

         

        (i)           any
          and all information and appropriate verification of information which may
          be
          reasonably available to the Servicer, whether through letters of its auditors
          and counsel or otherwise, as the Owner or any such other participant shall
          request upon reasonable demand;

         

        (ii)           such
          additional representations, warranties, covenants, opinions of counsel,
          letters
          from auditors, and certificates of public officials or officers of the
          Servicer
          as are reasonably agreed upon by the Servicer and the Owner or any such
          other
          participant;

         

        (iii)           within
          5 Business Days after request by the Owner, the information with respect
          to the
          Servicer (as servicer) as required by Item 1108(b) and (c) of Regulation
          AB, a
          summary of the requirements of which as of the date hereof is attached
          hereto as
Exhibit I for convenience of reference only, as determined by Owner in
          its sole discretion.  In the event that the Servicer has delegated any
          servicing responsibilities with respect to the Mortgage Loans to a Subservicer,
          the Servicer shall provide the information required pursuant to this clause
          with
          respect to the Subservicer;

         

        (iv)           within
          5 Business Days after request by the Owner,

         

        (a)
          information regarding any legal
          proceedings pending (or known to be contemplated) against the Servicer
          (as
          servicer) and each Subservicer as required by Item 1117 of Regulation AB,
          a
          summary of the requirements of which as of the date hereof is attached
          hereto as
Exhibit I for convenience of reference only, as determined by Owner in
          its sole discretion,

         

        (b)
          information regarding affiliations
          with respect to the Servicer (as servicer) and each Subservicer as required
          by
          Item 1119(a) of Regulation AB, a summary of the requirements of which as
          of the
          date hereof is attached hereto as Exhibit I for convenience of reference
          only, as determined by Owner in its sole discretion, and

         

        (c)
          information regarding relationships and transactions with respect to the
          Servicer (as servicer) and each Subservicer as required by Item 1119(b)
          and (c)
          of Regulation AB, a summary of the requirements of which as of the date
          hereof
          is attached hereto as Exhibit I for convenience of reference only, as
          determined by Owner in its sole discretion;

         

        (v)           for
          the purpose of satisfying the reporting obligation under the Exchange Act
          with
          respect to any class of asset-backed securities, the Servicer shall (or
          shall
          cause each Subservicer to) (i) provide prompt notice to the Owner, the
          Master
          Servicer and any Depositor in writing of (A) any material litigation or
          governmental proceedings involving the Servicer or any Subservicer, (B)
          any
          affiliations or relationships that develop following the closing date of
          a
          Pass-Through Transfer between the Servicer or any Subservicer and any of
          the
          parties specified in clause (D) of paragraph (a) of this Section (and any
          other
          parties identified in writing by the requesting party) with respect to
          such
          Pass-Through Transfer, (C) any Event of Default under the terms of this
          Agreement or any Reconstitution Agreement, (D) any merger,
          consolidation  or sale of substantially all of the assets of the
          Servicer, and (E) the Servicer’s entry into an agreement with a Subservicer to
          perform or assist in the performance of any of the Servicer’s obligations under
          this Agreement or any Reconstitution Agreement and (ii) provide to the
          Owner and
          any Depositor a description of such proceedings, affiliations or
          relationships;

         

        (vi)           as
          a condition to the succession to the Servicer or any Subservicer as servicer
          or
          subservicer under this Agreement or any Reconstitution Agreement by any
          Person
          (i) into which the Servicer or such Subservicer may be merged or consolidated,
          or (ii) which may be appointed as a successor to the Servicer or any
          Subservicer, the Servicer shall provide to the Owner, the Master Servicer,
          and
          any Depositor, at least 15 calendar days prior to the effective date of
          such
          succession or appointment, (x) written notice to the Owner and any Depositor
          of
          such succession or appointment and (y) in writing and in form and substance
          reasonably satisfactory to the Owner and such Depositor, all information
          reasonably requested by the Owner or any Depositor in order to comply with
          its
          reporting obligation under Item 6.02 of Form 8-K with respect to any class
          of
          asset-backed securities;

         

        (vii)           in
          addition to such information as the Servicer, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, not later than
          ten days
          prior to the deadline for the filing of any distribution report on Form
          10-D in
          respect of any Pass-Through Transfer that includes any of the Mortgage
          Loans
          serviced by the Servicer or any Subservicer, the Servicer or such Subservicer,
          as applicable, shall, to the extent the Servicer or such Subservicer has
          knowledge, provide to the party responsible for filing such report (including,
          if applicable, the Master Servicer) notice of the occurrence of any of
          the
          following events along with all information, data, and materials related
          thereto
          as may be required to be included in the related distribution report on
          Form
          10-D (as specified in the provisions of Regulation AB referenced
          below):

         

        (A)           any
          material modifications, extensions or waivers of pool asset terms, fees,
          penalties or payments during the distribution period or that have cumulatively
          become material over time (Item 1121(a)(11) of Regulation AB);

         

        (B)           material
          breaches of pool asset representations or warranties or transaction covenants
          (Item 1121(a)(12) of Regulation AB); and

         

        (C)           information
          regarding new asset-backed securities issuances backed by the same pool
          assets,
          any pool asset changes (such as, additions, substitutions or repurchases),
          and
          any material changes in origination, underwriting or other criteria for
          acquisition or selection of pool assets (Item 1121(a)(14) of Regulation
          AB);
          and

         

        (viii)                      the
          Servicer shall provide to the Owner, the Master Servicer and any Depositor,
          evidence of the authorization of the person signing any certification or
          statement, copies or other evidence of Fidelity Bond Insurance and Errors
          and
          Omission Insurance policy, financial information and reports, and such
          other
          information related to the Servicer or any Subservicer or the Servicer
          or such
          Subservicer’s performance hereunder.

         

        In
          the
          event of a conflict or inconsistency between the terms of Exhibit I and
          the text of the applicable Item of Regulation AB as cited above, the text
          of
          Regulation AB, its adopting release and other public statements of the
          SEC shall
          control.

         

        The
          Servicer shall indemnify the Owner, each affiliate of the Owner, and each
          of the
          following parties participating in a Pass-Through Transfer: each issuing
          entity;
          each Person (including, but not limited to, the Master Servicer, if applicable)
          responsible for the preparation, execution or filing of any report required
          to
          be filed with the Commission with respect to such Pass-Through Transfer,
          or for
          execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
          under
          the Exchange Act with respect to such Pass-Through Transfer; each broker
          dealer
          acting as underwriter, placement agent or initial purchaser, each Person
          who
          controls any of such parties or the Depositor (within the meaning of Section
          15
          of the Securities Act and Section 20 of the Exchange Act); and the respective
          present and former directors, officers, employees, agents and affiliates
          of each
          of the foregoing and of the Depositor (each, an “Indemnified Party”), and shall
          hold each of them harmless from and against any claims, losses, damages,
          penalties, fines, forfeitures, legal fees and expenses and related costs,
          judgments, and any other costs, fees and expenses that any of them may
          sustain
          arising out of or based upon:

         

        (i)(A)
          any untrue statement of a material fact contained or alleged to be contained
          in
          any information, report, certification, data, accountants’ letter or other
          material provided under this Section 10.02 by or on behalf of the Servicer,
          or
          provided under this Section 10.02, Sections 6.04 and 6.09 and by or on
          behalf of
          any Subservicer or Subcontractor (collectively, the “Servicer Information”), or
          (B) the omission or alleged omission to state in the Servicer Information
          a
          material fact required to be stated in the Servicer Information or necessary
          in
          order to make the statements therein, in the light of the circumstances
          under
          which they were made, not misleading; provided, by way of clarification,
          that
          clause (B) of this paragraph shall be construed solely by reference to
          the
          Servicer Information and not to any other information communicated in connection
          with a sale or purchase of securities, without regard to whether the Servicer
          Information or any portion thereof is presented together with or separately
          from
          such other information;

         

        (ii)
          any
          breach by the Servicer of its obligations under this Section 10.02, including
          particularly any failure by the Servicer, any Subservicer or any Subcontractor
          to deliver any information, report, certification, accountants’ letter or other
          material when and as required under this Section 10.02, including any failure
          by
          the Servicer to identify pursuant to Section 11.15 any Subcontractor
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB;

         

        (iii)
          any
          breach by the Servicer of a representation or warranty set forth in Section
          Article III or in a writing furnished pursuant to clause (h) of Article
          III and
          made as of a date prior to the closing date of the related Pass-Through
          Transfer, to the extent that such breach is not cured by such closing date,
          or
          any breach by the Servicer of a representation or warranty in a writing
          furnished pursuant to clause (h) of Article III to the extent made as of
          a date
          subsequent to such closing date; or

         

        (iv)
          the
          negligence bad faith or willful misconduct of the Servicer in connection
          with
          its performance under this Section 10.02.

         

        If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Servicer agrees that it shall contribute
          to the amount paid or payable by such Indemnified Party as a result of
          any
          claims, losses, damages or liabilities incurred by such Indemnified Party
          in
          such proportion as is appropriate to reflect the relative fault of such
          Indemnified Party on the one hand and the Servicer on the other.

         

        In
          the
          case of any failure of performance described above, the Servicer shall
          promptly
          reimburse the Owner, any Depositor, as applicable, and each Person responsible
          for the preparation, execution or filing of any report required to be filed
          with
          the Commission with respect to such Pass-Through Transfer, or for execution
          of a
          certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
          Act with respect to such Pass-Through Transfer, for all costs reasonably
          incurred by each such party in order to obtain the information, report,
          certification, accountants’ letter or other material not delivered pursuant to
          this Section or Section 6.04 or Section 6.09 as required by the Servicer,
          any
          Subservicer or any Subcontractor.

         

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

         

        All
          Mortgage Loans not sold or transferred pursuant to a Whole Loan Transfer
          or Pass
          Through Transfer shall be subject to this Agreement and shall continue
          to be
          serviced in accordance with the terms of this Agreement and with respect
          thereto
          this Agreement shall remain in full force and effect.

         

        Section
          10.03.    Master Servicer.

         

        The
          Servicer, including any successor servicer hereunder, shall be subject
          to the
          supervision of the Master Servicer, which Master Servicer shall be obligated
          to
          ensure that the Servicer services the Mortgage Loans in accordance with
          the
          provisions of this Agreement.  The Master Servicer, acting on behalf
          of the Owner, shall have the same rights as the Owner to enforce the obligations
          of the Servicer under this Agreement.  The Master Servicer, or the
          entity specified in the related pooling and servicing agreement, shall
          be
          entitled to terminate the rights and obligations of the Servicer under
          this
          Agreement upon the failure of the Servicer to perform any of its obligations
          under this Agreement if such failure constitutes an Event of Default as
          provided
          in Article IX of this Agreement.  Notwithstanding anything to the
          contrary, in no event shall the Master Servicer assume any of the obligations
          of
          the Owner under this Agreement.

         

        ARTICLE
          XI  

        MISCELLANEOUS
          PROVISIONS

         

        Section
          11.01.    Successor to the Servicer.

         

        Prior
          to
          termination of the Servicer's responsibilities and duties under this Agreement
          pursuant to Sections 8.04, 9.01 or 10.01(ii), the Owner shall (i) succeed
          to and
          assume all of the Servicer's responsibilities, rights, duties and obligations
          under this Agreement, or (ii) appoint a successor having the characteristics
          set
          forth in Section 8.02 hereof and which shall succeed to all rights and
          assume
          all of the responsibilities, duties and liabilities of the Servicer under
          this
          Agreement prior to the termination of the Servicer's responsibilities,
          duties
          and liabilities under this Agreement.  In connection with such
          appointment and assumption, the Owner may make such arrangements for the
          compensation of such successor out of payments on Mortgage Loans as the
          Owner
          and such successor shall agree.  In the event that the Servicer's
          duties, responsibilities and liabilities under this Agreement should be
          terminated pursuant to the aforementioned sections, the Servicer shall
          discharge
          such duties and responsibilities during the period from the date it acquires
          knowledge of such termination until the effective date thereof with the
          same
          degree of diligence and prudence which it is obligated to exercise under
          this
          Agreement, and shall take no action whatsoever that might impair or prejudice
          the rights or financial condition of its successor.  The resignation
          or removal of the Servicer pursuant to the aforementioned sections shall
          not
          become effective until a successor shall be appointed pursuant to this
          section
          and shall in no event relieve the Servicer of the representations and warranties
          made pursuant to Article III and the remedies available to the Owner under
          Section 8.01, it being understood and agreed that the provisions of such
          Article
          III and Section 8.01 shall be applicable to the Servicer notwithstanding
          any
          such resignation or termination of the Servicer, or the termination of
          this
          Agreement.

         

        Any
          successor appointed as provided herein shall execute, acknowledge and deliver
          to
          the Servicer and to the Owner an instrument accepting such appointment,
          whereupon such successor shall become fully vested with all the rights,
          powers,
          duties, responsibilities, obligations and liabilities of the Servicer,
          with like
          effect as if originally named as a party to this Agreement.  Any
          termination or resignation of the Servicer or this Agreement pursuant to
          Section
          8.04, 9.01 or 10.01 shall not affect any claims that the Owner may have
          against
          the Servicer arising prior to any such termination or resignation.

         

        The
          Servicer shall promptly deliver to the successor the funds in the Custodial
          Account and the Escrow Account and the Servicing Files and related documents
          and
          statements held by it hereunder and the Servicer shall account for all
          funds.  The Servicer shall execute and deliver such instruments and do
          such other things all as may reasonably be required to more fully and definitely
          vest and confirm in the successor all such rights, powers, duties,
          responsibilities, obligations and liabilities of the Servicer.  The
          successor shall make such arrangements as it may deem appropriate to reimburse
          the Servicer for unrecovered Monthly Advances and Servicing Advances which
          the
          successor retains hereunder and which would otherwise have been recovered
          by the
          Servicer pursuant to this Agreement but for the appointment of the successor
          servicer.

         

        Upon
          a
          successor's acceptance of appointment as such, the Servicer shall notify
          the
          Owner of such appointment.

         

        All
          reasonable costs and expenses incurred in connection with replacing the
          Servicer
          upon its resignation or the termination of the Servicer in accordance with
          the
          terms of this Agreement, including, without limitation, (i) all legal costs
          and
          expenses and all due diligence costs and expenses associated with an evaluation
          of the potential termination of the Servicer as a result of an Event of
          Default
          and (ii) all costs and expenses associated with the complete transfer of
          servicing, including all servicing files and all servicing data and the
          completion, correction or manipulation of such servicing data as may be
          required
          by the successor servicer to correct any errors or insufficiencies in the
          servicing data or otherwise to enable the successor service to service
          the
          Mortgage Loans in accordance with this Agreement, shall be payable on demand
          by
          the resigning or terminated Servicer without any right of reimbursement
          therefor.

         

        Section
          11.02.    Amendment.

         

        This
          Agreement may be amended from time to time by the Servicer and the Owner
          by
          written agreement signed by the Servicer and the Owner.

         

        Section
          11.03.    Recordation of Agreement.

         

        To
          the
          extent permitted by applicable law, this Agreement is subject to recordation
          in
          all appropriate public offices for real property records in all the counties
          or
          other comparable jurisdictions in which any of all the properties subject
          to the
          Mortgages are situated, and in any other appropriate public recording office
          or
          elsewhere, such recordation to be effected by the Servicer at the Owner's
          expense on direction of the Owner accompanied by an opinion of counsel
          to the
          effect that such recordation materially and beneficially affects the interest
          of
          the Owner or is necessary for the administration or servicing the Mortgage
          Loans.

         

        Section
          11.04.    Governing Law.

         

        THIS
          AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
          LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
          OF LAWS.  THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
          HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         

        

        Section
          11.05.    Notices.

         

        Any
          demands, notices or other communications permitted or required hereunder
          shall
          be in writing and shall be deemed conclusively to have been given if personally
          delivered at or mailed by registered mail, postage prepaid, and return
          receipt
          requested or transmitted by telecopier and confirmed by a similar mailed
          writing, as follows:

         

        
          	
                  (i)

                	
                  if
                    to the Servicer:

                
	 	 
	 	
                  EMC
                    Mortgage Corporation

                
	 	
                  2780
                    Lake Vista Drive

                
	 	
                  Lewisville,
                    Texas 75067

                
	 	
                  Attention:  General
                    Counsel

                
	 	
                  Telecopier
                    No.:  (469) 759-4714

                
	 	 
	
                  (ii)

                	
                  if
                    to the Owner:

                
	 	 
	 	
                  Bear,
                    Stearns & Co. Inc.

                
	 	
                  383
                    Madison Ave.

                
	 	
                  New
                    York, New York 10179

                
	 	
                  Attention:  Global
                    Credit Administration

                
	 	
                  Telecopier
                    No.:  (212) 272-3751

                
	 	 
	 	 
	
                  (iii)

                	
                  if
                    to the Master Servicer:

                
	 	 
	 	
                  EMC
                    Mortgage Corporation

                
	 	
                  2780
                    Lake Vista Drive

                
	 	
                  Lewisville,
                    Texas 75067

                
	 	
                  Attention:  Michelle
                    Viner

                
	 	
                  Telecopier
                    No.:  (214) 626-4889

                
	 	
                  Email:
                    mviner@bear.com

                

        

        

        

        or
          such
          other address as may hereafter be furnished to the other party by like
          notice.  Any such demand, notice, or communication hereunder shall be
          deemed to have been received on the date delivered to or received at the
          premises of the address (as evidenced, in the case of registered or certified
          mail, by the date noted on the return receipt).

         

        

        Section
          11.06.    Severability of Provisions.

         

        Any
          part,
          provision, representation or warranty of this Agreement which is prohibited
          or
          which is held to be void or unenforceable shall be ineffective to the extent
          of
          such prohibition or unenforceability without invalidating the remaining
          provisions hereof.  Any part, provision, representation or warranty of
          this Agreement which is prohibited or unenforceable or is held to be void
          or
          unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction,
          to the extent of such prohibition or unenforceability without invalidating
          the
          remaining provisions hereof, and any such prohibition or unenforceability
          in any
          jurisdiction as to any Mortgage Loan shall not invalidate or render
          unenforceable such provision in any other jurisdiction.  To the extent
          permitted by applicable law, the parties hereto waive any provision of
          law which
          prohibits or renders void or unenforceable any provision hereof.  If
          the invalidity of any part, provision, representation or warranty of this
          Agreement shall deprive any party of the economic benefit intended to be
          conferred by this Agreement, the parties shall negotiate, in good faith,
          to
          develop a structure the economic effect of which is nearly as possible
          the same
          as the economic effect of this Agreement without regard to such
          invalidity.

         

        Section
          11.07.    Exhibits

         

        The
          exhibits to this Agreement are hereby incorporated and made a part hereof
          and
          are an integral part of this Agreement.

         

        Section
          11.08.    General Interpretive Principles.

         

        For
          purposes of this Agreement, except as otherwise expressly provided or unless
          the
          context otherwise requires:

         

        (i)           the
          terms defined in this Agreement have the meanings assigned to them in this
          Agreement and include the plural as well as the singular, and the use of
          any
          gender herein shall be deemed to include the other gender;

         

        (ii)           accounting
          terms not otherwise defined herein have the meanings assigned to them in
          accordance with generally accepted accounting principles;

         

        (iii)           references
          herein to "Articles," "Sections," "Subsections," "Paragraphs," and other
          subdivisions without reference to a document are to designated Articles,
          Sections, Subsections, Paragraphs and other subdivisions of this
          Agreement;

         

        (iv)           a
          reference to a Subsection without further reference to a Section is a reference
          to such Subsection as contained in the same Section in which the reference
          appears, and this rule shall also apply to Paragraphs and other
          subdivisions;

         

        (v)           the
          words "herein," "hereof," "hereunder" and other words of similar import
          refer to
          this Agreement as a whole and not to any particular provision; and

         

        (vi)           the
          term "include" or "including" shall mean without limitation by reason of
          enumeration.

         

        Section
          11.09.    Reproduction of Documents.

         

        This
          Agreement and all documents relating hereto, including, without limitation,
          (i)
          consents, waivers and modifications which may hereafter be executed, (ii)
          documents received by any party at the closing, and (iii) financial statements,
          certificates and other information previously or hereafter furnished, may
          be
          reproduced by any photographic, photostatic, microfilm, micro-card, miniature
          photographic or other similar process.  The parties agree that any
          such reproduction shall be admissible in evidence as the original itself
          in any
          judicial or administrative proceeding, whether or not the original is in
          existence and whether or not such reproduction was made by a party in the
          regular course of business, and that any enlargement, facsimile or further
          reproduction of such reproduction shall likewise be admissible in
          evidence.

         

        Section
          11.10.    Confidentiality of Information.

         

        Each
          party recognizes that, in connection with this Agreement, it may become
          privy to
          non-public information regarding the financial condition, operations and
          prospects of the other party.  Except as required to be disclosed by
          law, each party agrees to keep all non-public information regarding the
          other
          party strictly confidential, and to use all such information solely in
          order to
          effectuate the purpose of this Agreement.

         

        Section
          11.11.    Assignment by the Owner.

         

        The
          Owner
          shall have the right, without the consent of the Servicer hereof, to assign,
          in
          whole or in part, its interest under this Agreement with respect to some
          or all
          of the Mortgage Loans, and designate any person to exercise any rights
          of the
          Owner hereunder, by executing an assignment and assumption agreement reasonably
          acceptable to the Servicer and the assignee or designee shall accede to
          the
          rights and obligations hereunder of the Owner with respect to such Mortgage
          Loans.  In no event shall Owner sell a partial interest in any
          Mortgage Loan.  All references to the Owner in this Agreement shall be
          deemed to include its assignees or designees.  It is understood and
          agreed between the Owners and the Servicer that no more than five (5) Persons
          shall have the right of owner under this Agreement at any one time.

         

        Section
          11.12.    No Partnership.

         

        Nothing
          herein contained shall be deemed or construed to create a co-partnership
          or
          joint venture between the parties hereto and the services of the Servicer
          shall
          be rendered as an independent contractor and not as agent for
          Owner.

         

        Section
          11.13.    Execution, Successors and Assigns.

         

        This
          Agreement may be executed in one or more counterparts and by the different
          parties hereto on separate counterparts, each of which, when so executed,
          shall
          be deemed to be an original; such counterparts, together, shall constitute
          one
          and the same agreement.  Subject to Section 8.05, this Agreement shall
          inure to the benefit of and be binding upon the Servicer and the Owner
          and their
          respective successors and assigns.

         

        Section
          11.14.    Entire Agreement.

         

        Each
          of
          the Servicer and the Owner acknowledge that no representations, agreements
          or
          promises were made to it by the other party or any of its employees other
          than
          those representations, agreements or promises specifically contained
          herein.  This Agreement sets forth the entire understanding between
          the parties hereto and shall be binding upon all successors of both
          parties.

         

        Section
          11.15. Use of Subservicers and Subcontractors.

        

        (a)           The
          Servicer shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Servicer as servicer under this Agreement
          or any Reconstitution Agreement unless the Servicer complies with the provisions
          of paragraph (b) of this Section. The Servicer shall not hire or otherwise
          utilize the services of any Subcontractor, and shall not permit any Subservicer
          to hire or otherwise utilize the servicers of any Subcontractor, to fulfill
          any
          of the obligations of the Servicer as servicer under this Agreement or
          any
          Reconstitution Agreement unless the Servicer complies with the provisions
          of
          paragraph (d) of this Section.  The Servicer must notify the Owner,
          the Master Servicer and any Depositor in writing of any affiliations or
          relationships that develop following the closing date between the Servicer
          or
          any Subservicer.

        

        (b)           The
          Servicer shall cause any Subservicer used by the Servicer (or by any
          Subservicer) for the benefit of the Owner and any Depositor to comply with
          the
          provisions of this Section and with clauses (g) and (j) of Article III,
          Sections
          6.04, 6.09 and 10.02 of this Agreement to the same extent as if such Subservicer
          were the Owner, and to provide the information required with respect to
          such
          Subservicer under Section 3.01(i) of this Agreement. The Servicer shall
          be
          responsible for obtaining from each Subservicer and delivering to the Owner,
          the
          Master Servicer and any Depositor any Annual Statement of Compliance required
          to
          be delivered by such Subservicer under Section 6.04(a), any Assessment
          of
          Compliance and Attestation Report required to be delivered by such Subservicer
          under Section 6.09, any Annual Certification required under Section 6.04(b),
          any
          Additional Form 10-D Disclosure and any Form 8-K Disclosure Information,
          as and
          when required to be delivered.

        

        (c)           The
          Servicer shall promptly upon request provide to the Owner, the Master Servicer
          and any Depositor (or any designee of the Depositor, such as an administrator)
          a
          written description (in form and substance satisfactory to the Owner, the
          Master
          Servicer and such Depositor) of the role and function of each Subcontractor
          utilized by the Servicer or any Subservicer, specifying (i) the identity
          of each
          such Subcontractor, (ii) which (if any) of such Subcontractors are
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, and (iii) which elements of the Servicing Criteria will
          be
          addressed in assessments of compliance provided by each Subcontractor identified
          pursuant to clause (ii) of this paragraph.

        

        (d)           As
          a condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Servicer shall cause any such Subcontractor used by
          the
          Servicer (or by any Subservicer) for the benefit of the Owner and any Depositor
          to comply with the provisions of Sections 6.07 and 10.02 of this Agreement
          to
          the same extent as if such Subcontractor were the Servicer. The Servicer
          shall
          be responsible for obtaining from each Subcontractor and delivering to
          the Owner
          and any Depositor any Assessment of Compliance and Attestation Report and
          other
          certificates required to be delivered by such Subservicer and such Subcontractor
          under Section 6.09 (and any Annual Certification required under Section
          6.09(b)), in each case as and when required to be delivered.

        

        11.16.   
          Third Party Beneficiary

         

        For
          purposes of this Agreement, each Master Servicer shall be considered a
          third
          party beneficiary to this Agreement, entitled to all the rights and benefits
          hereof as if it were a direct party to this Agreement.

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Servicer and the Owner have caused their names to
          be signed
          hereto by their respective officers thereunto duly authorized as of the
          date and
          year first above written.

         

        

        
          	
                  EMC
                    MORTGAGE CORPORATION,

                  as
                    Servicer

                   

                
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 
	 
	 
	
                  STRUCTURED
                    ASSET MORTGAGE INVESTMENTS II INC.,

                  as
                    Owner

                   

                
	 	 
	
                  By:

                	 
	
                  Name:

                	
                  Baron
                    Silverstein

                
	
                  Title:

                	
                  Vice
                    President

                

        

        

        

        

        

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

        

        MORTGAGE
          LOAN SCHEDULE

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

        

        CUSTODIAL
          ACCOUNT LETTER AGREEMENT

        (date)

        

        

        To:______________________

        _________________________

        _________________________

            (the
          "Depository")

         

        As
          "Servicer" under the Servicing Agreement, dated as of May 1, 2007, (the
          "Agreement"), we hereby authorize and request you to establish an account,
          as a
          Custodial Account pursuant to Section 4.04 of the Agreement, to be designated
          as
          "EMC Custodial Account, in trust for SAMI II, Owner of Whole Loan Mortgages,
          and
          various Mortgagors."  All deposits in the account shall be subject to
          withdrawal therefrom by order signed by the Servicer.  You may refuse
          any deposit which would result in violation of the requirement that the
          account
          be fully insured as described below.  This letter is submitted to you
          in duplicate.  Please execute and return one original to
          us.

         

        
          	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

        

         

        The
          undersigned, as "Depository", hereby certifies that the above described
          account
          has been established under Account Number __________, at the office of
          the
          depository indicated above, and agrees to honor withdrawals on such account
          as
          provided above.  The full amount deposited at any time in the account
          will be 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.

         

        
          	
                  [                  ]

                   

                  (name
                    of Depository)

                   

                
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          C

        

        ESCROW
          ACCOUNT LETTER AGREEMENT

        

        (date)

        

        To:___________________________

        ______________________________

        ______________________________

               (the
          "Depository")

         

        

        As
          "Servicer" under the Servicing Agreement, dated as of May 1, 2007 (the
          "Agreement"), we hereby authorize and request you to establish an account,
          as an
          Escrow Account pursuant to Section 4.06 of the Agreement, to be designated
          as
          "EMC Escrow Account, in trust for SAMI II, Owner of Whole Loan Mortgages,
          and
          various Mortgagors."  All deposits in the account shall be subject to
          withdrawal therefrom by order signed by the Servicer.  You may refuse
          any deposit which would result in violation of the requirement that the
          account
          be fully insured as described below.  This letter is submitted to you
          in duplicate.  Please execute and return one original to
          us.

         

                         

        
          	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

        

         

        The
          undersigned, as "Depository", hereby certifies that the above described
          account
          has been established under Account Number __________, at the office of
          the
          depository indicated above, and agrees to honor withdrawals on such account
          as
          provided above.  The full amount deposited at any time in the account
          will be 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.

         

        
          	
                  [                  ]

                   

                  (name
                    of Depository)

                   

                
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          D

        

        REQUEST
          FOR RELEASE OF DOCUMENTS

        
          	 	 
	
                  To:

                	
                  Wells
                    Fargo Bank, N.A.

                
	 	 
	 	
                  1015
                    10th Avenue Southeast, MS 0031

                
	 	 
	 	
                  Minneapolis,
                    Minnesota 55414

                
	 	 
	 	
                  Attn:  ________________

                
	 	 
	 	
                  Treasury
                    Bank, a Division of Countrywide Bank, FSB

                
	 	 
	 	
                  4100
                    East Los Angeles Avenue

                
	 	 
	 	
                  Simi
                    Valley, California 93063

                
	 	 
	 	
                  Attn:  ________________

                

        

        

        
          	
                   

                	
                  Re:

                	
                  Custodial
                    Agreement dated as of May 31, 2007, between EMC Mortgage Corporation
                    and
                    [Wells Fargo Bank, N.A.] [Treasury Bank, a Division of Countrywide
                    Bank,
                    FSB], as Custodian

                

        

        

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

         

        Mortgage
          Loan Number:

        

        Mortgagor
          Name, Address & Zip Code:

        

        Reason
          for Requesting Documents (check one):

         

        
          	
                  _______

                	
                  1.

                	
                  Mortgage
                    Paid in Full

                
	
                  _______

                	
                  2.

                	
                  Foreclosure

                
	
                  _______

                	
                  3.

                	
                  Substitution

                
	
                  _______

                	
                  4.

                	
                  Other
                    Liquidation (Repurchases, etc.)

                
	
                  _______

                	
                  5.

                	
                  Nonliquidation  [Reason:______________________________]

                

        

         

        Address
          to which Custodian should

         

        Deliver
          the Custodian's Mortgage File:

         

        
          	 
	 
	 

        

        

         

        

        
          	
                  By:

                	 
	 	
                  (authorized
                    signer)

                
	
                  Issuer:

                	 
	 	 
	
                  Address:

                	 
	 	 
	 	 
	
                  Date:

                	 

        

        

        

        

        Custodian

        

        [Wells
          Fargo Bank, N.A.] [Treasury Bank, a Division of Countrywide Bank,
          FSB]

         

        

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

         

        
          	 	 	 
	
                  Signature

                	 	 	
                  Date

                	 
	 	 	 	 	 
	
                  Documents
                    returned to Custodian:

                   

                	 	 	 
	 	 	 	 	 
	
                  Custodian:

                	 	 	
                  Date:

                	 

        

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          E

        

        EMC
          FORM
– REMITTANCE OVERVIEW REPORT

        

        Remittance
          Overview Report:  Provides loan level detail regarding the
          remittance that will be submitted to EMC Master Servicing and contains
          the
          following data fields in the order below:

        

        
          	
                  Field

                   

                	
                  Field
                    Description

                
	
                  Deal
                    Name

                	
                  VARCHAR
                    (15)

                
	
                  Master
                    Servicer Loan Number

                	
                  NUMERIC
                    (9,0)

                
	
                  Current
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Original
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Servicer
                    Loan Number

                	
                  VARCHAR
                    (15)

                
	
                  Cutoff
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Loan
                    Next Due Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Gross
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Net
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Pending
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Servicing
                    Fee Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  MI
                    Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Scheduled
                    P&I Amount (P & I Constant)

                	
                  NUMERIC
                    (12,2)

                
	
                  ARM
                    Index

                	
                  NUMERIC
                    (7,7)

                
	
                  Pending
                    ARM Index

                	
                  NUMERIC
                    (7,7)

                
	
                  Beginning
                    Scheduled Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Curtailment Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Curtailment
                    Adjustment Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Principal Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Principal
                    Not Advanced (stop advance loans only)

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Gross Interest

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Interest Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Service Fee Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Soldiers
                    and Sailors Variance

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Not Advanced

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  PMI
                    Premium Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Additional
                    Fees Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Ending
                    Scheduled Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Amount Remitted Total (each loan)

                	
                  NUMERIC
                    (12,2)

                
	
                  Beginning
                    Actual Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Curtailments Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Curtailment
                    Adjustment Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Gross
                    Interest Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Service
                    Fee Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Ending Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Liquidation
                    Type

                	
                  VARCHAR
                    (1)

                
	
                  Gross
                    Liquidation Proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Expenses

                	
                  NUMERIC
                    (12,2)

                
	
                  Principal
                    and Interest Advanced Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Delinquent
                    Service Fee

                	
                  NUMERIC
                    (12,2)

                
	
                  Calculated
                    Loss to Trust

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Collected
                    Interest Not Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Ending
                    Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Soldiers
                    and Sailors Flag

                	
                  VARCHAR
                    (1)

                
	
                  Soldiers
                    and Sailors Old Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Soldiers
                    and Sailors Old P & I

                	
                  NUMERIC
                    (12,2)

                
	
                  Modified
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Stop
                    Advance Flag

                	 
	
                  Stop
                    Advance Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  BPO
                    Value

                	
                  NUMERIC
                    (12,2)

                
	
                  Cash
                    Flow Group

                	
                  VARCHAR
                    (2)

                
	
                  MSP
                    Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Debt
                    Forgiven / Charged Off

                	
                  NUMERIC
                    (12,2)

                
	
                  Mortgagor
                    PITI Payment

                	
                  NUMERIC
                    (12,2)

                
	
                  Bankruptcy
                    Status

                	
                  VARCHAR
                    (2)

                
	
                  Foreclosure
                    Status

                	
                  VARCHAR
                    (2)

                
	
                  Modification
                    Status

                	 
	
                  Interest
                    Only Loan

                	
                  VARCHAR
                    (2)

                
	
                  Escrowed
                    Loan

                	
                  VARCHAR
                    (2)

                
	
                  Monthly
                    Escrow Deposit

                	
                  NUMERIC
                    (12,2)

                
	
                  Escrow
                    Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Escrow
                    Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Restricted
                    Escrow Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Mortgagor
                    Recoverable Corporate Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Non-Recoverable
                    Corporate Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  HUD
                    235 Loan Status

                	
                  VARCHAR
                    (2)

                
	
                  HUD
                    235 Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Late
                    Charge Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Buydown
                    Loan Status

                	
                  VARCHAR
                    (2)

                
	
                  Monthly
                    Buydown Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Monthly
                    Buydown Funds Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Amount Waived

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Waived Reason Code

                	
                  VARCHAR
                    (3)

                
	
                  Material
                    Breach Status

                	
                  VARCHAR
                    (3)

                
	
                  Material
                    Breach Code

                	
                  VARCHAR
                    (3)

                
	
                  Prefunding
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  3rd
                    Party
                    Recoverable Expenses

                	
                  NUMERIC
                    (12,2)

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        EXHIBIT
          F

         

        

        EMC
          FORM
– REMITTANCE SUMMARY REPORT

        

        Remittance
          Summary Report:  Provides summary data at a deal
          (investor/category) level regarding the remittance that will be submitted
          to EMC
          Master Servicing and contains the following data fields in the order
          below:

        

        
          	
                  Field

                   

                	
                  Field
                    Description

                
	
                  Deal

                	
                  VARCHAR
                    (15)

                
	
                  Investor

                	
                  VARCHAR
                    (5)

                
	
                  Category

                	
                  VARCHAR
                    (5)

                
	
                  Principal
                    Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Curtailments
                    Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Curtailment
                    Adjustments Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Liquidation
                    Proceeds Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Principal
                    Not Advanced (stop advance loans only)

                	
                  NUMERIC
                    (15,2)

                
	
                  Principal
                    Amounts Called/Collapsed

                	
                  NUMERIC
                    (15,2)

                
	
                  Total
                    Principal Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Interest
                    Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  PMI
                    Premiums Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Soldiers
                    and Sailors Difference

                	
                  NUMERIC
                    (15,2)

                
	
                  Net
                    Interest Not Advanced

                	
                  NUMERIC
                    (15,2)

                
	
                  Non
                    Comp Interest Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Prepayment
                    Penalties Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Total
                    Interest Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Arrearage
                    Amount Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Aggregate
                    Loss to Trust

                  Total
                    Manual Adjustments

                	
                  NUMERIC
                    (15,2)

                
	
                  Debt
                    Forgiven/ Charged Off

                	
                  NUMERIC
                    (15,2)

                
	
                  Additional
                    Fees Collected

                	
                  NUMERIC
                    (15,2)

                
	
                  Total
                    Remittance

                	
                  NUMERIC
                    (15,2)

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          G

        

        FORM
          OF
          SERVICER CERTIFICATION

        

        Re:           The
          [_____] agreement dated as of [_____l, 200[ ] (the “Agreement”), among [IDENTIFY
          PARTIES]

        

        I,
          ____________________________, the _______________________ of [NAME OF COMPANY]
          (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
          Servicer] [Trustee], and their officers, with the knowledge and intent
          that they
          will rely upon this certification, that:

         

        I
          have
          reviewed the servicer compliance statement of the Company provided in accordance
          with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
          assessment of the Company’s compliance with the servicing criteria set forth in
          Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
          with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as
          amended
          (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
          Assessment”), the registered public accounting firm’s attestation report
          provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and
          Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
          reports, Officer’s Certificates and other information relating to the servicing
          of the Mortgage Loans by the Company during 200[ ] that were delivered
          by the
          Company to the [Depositor] [Master Servicer] [Trustee] pursuant to the
          Agreement
          (collectively, the “Company Servicing Information”);

         

        Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

         

        Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the [Depositor]
          [Master
          Servicer] [Trustee];

         

        I
          am
          responsible for reviewing the activities performed by the Company as servicer
          under the Agreement, and based on my knowledge and the compliance review
          conducted in preparing the Compliance Statement and except as disclosed
          in the
          Compliance Statement, the Servicing Assessment or the Attestation Report,
          the
          Company has fulfilled its obligations under the Agreement in all material
          respects; and

         

        The
          Compliance Statement required to be delivered by the Company pursuant to
          this
          Agreement, and the Servicing Assessment and Attestation Report required
          to be
          provided by the Company and by any Subservicer and Subcontractor pursuant
          to the
          Agreement, have been provided to the [Depositor] [Master
          Servicer].  Any material instances of noncompliance described in such
          reports have been disclosed to the [Depositor] [Master Servicer]. Any material
          instance of noncompliance with the Servicing Criteria has been disclosed
          in such
          reports.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          H

        

        SUMMARY
          OF REGULATION AB

        SERVICING
          CRITERIA

        

        NOTE:
          This Exhibit H is provided for convenience of reference only.  In the
          event of a conflict or inconsistency between the terms of this Exhibit
          H and the
          text of Regulation AB, the text of Regulation AB, its adopting release
          and other
          public statements of the SEC shall control.

         

        Item
          1122(d)

         

        
          	
                  (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
          I

        

        SUMMARY
          OF APPLICABLE REGULATION AB REQUIREMENTS

        

        NOTE:
          This Exhibit I is provided for convenience of reference only.  In the
          event of a conflict or inconsistency between the terms of this Exhibit
          I and the
          text of Regulation AB, the text of Regulation AB, its adopting release
          and other
          public statements of the SEC shall control.

         

        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 Pass-Through Transfer:

         

        -a
          description of the Owner’s form of organization;

        

        -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 mortgage loans of the type similar to
          the Mortgage Loans and information on factors related to the Servicer 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 Servicer, whether
          any
          material noncompliance with applicable servicing criteria as to any other
          securitization has been disclosed or reported by the Servicer, and the
          extent of
          outsourcing the Servicer uses;

        

        -a
          description of any material changes to the Servicer’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 Servicer’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 Pass-Through Transfer, 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 Servicer’s processes and procedures designed to address
          such factors;

        

        -statistical
          information regarding principal and interest advances made by the Servicer
          on
          the Mortgage Loans and the Servicer’s overall servicing portfolio for the past
          three years; and

        

        -the
          Owner’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
          1117

        

        -describe
          any legal proceedings pending against the Servicer 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
          Pass-Through Transfer.

        

        Item
          1119(a)

         

        

        -describe
          any affiliations of the Servicer, 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 Pass-Through
          Transfer.

        

        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 Pass-Through Transfer, between the Servicer, 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 Pass-Through Transfer.

        

        Item
          1119(c)

         

        

        -describe
          any business relationship, agreement, arrangement, transaction or understanding
          involving or relating to the Mortgage Loans or the Pass-Through Transfer,
          including the material terms and approximate dollar amount involved, between
          the
          Servicer, 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
          J

         

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

        

        SERVICING
          CRITERIA TO BE ADDRESSED

        IN
          ASSESSMENT OF COMPLIANCE

        (RMBS
          unless otherwise noted)

        

        Key:

        X
          - obligation

        

        

        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.

         

        
          

          
            	
                    RegAB
                      Reference

                  	
                    Servicing
                      Criteria

                  	
                    Servicers

                  

          

          

          
            	 	
                    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 Pool Assets are maintained.

                  	 
	
                    1122(d)(1)(iv)

                  	
                    A
                      fidelity bond and errors and omissions policy is in effect
                      on the party
                      participating in the servicing function throughout the reporting
                      period in
                      the amount of coverage required by and otherwise in accordance
                      with the
                      terms of the transaction agreements.

                  	
                    X

                  
	 	
                    Cash
                      Collection and Administration

                  	 
	
                    1122(d)(2)(i)

                  	
                    Payments
                      on pool assets are deposited into the appropriate custodial
                      bank accounts
                      and related bank clearing accounts no more than two business
                      days
                      following receipt, or such other number of days specified in
                      the
                      transaction agreements.

                  	
                    X

                  
	
                    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 over collateralization, 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 Pool Assets 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 pool assets is maintained as required by the
                      transaction
                      agreements or related pool asset documents.

                  	
                    X

                  
	
                    1122(d)(4)(ii)

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

                  	
                    X

                  
	
                    1122(d)(4)(iii)

                  	
                    Any
                      additions, removals or substitutions to the asset pool are
                      made, reviewed
                      and approved in accordance with any conditions or requirements
                      in the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(4)(iv)

                  	
                    Payments
                      on pool assets, including any payoffs, made in accordance with
                      the related
                      pool asset documents are posted to the Servicer’s obligor records
                      maintained no more than two business days after receipt, or
                      such other
                      number of days specified in the transaction agreements, and
                      allocated to
                      principal, interest or other items (e.g., escrow) in accordance
                      with the
                      related pool asset documents.

                  	
                    X

                  
	
                    1122(d)(4)(v)

                  	
                    The
                      Servicer’s records regarding the pool assets agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                  	
                    X

                  
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor's pool assets
                      (e.g.,
                      loan modifications or re-agings) are made, reviewed and approved
                      by
                      authorized personnel in accordance with the transaction agreements
                      and
                      related pool asset documents.

                  	
                    X

                  
	
                    1122(d)(4)(vii)

                  	
                    Loss
                      mitigation or recovery actions (e.g., forbearance plans, modifications
                      and
                      deeds in lieu of foreclosure, foreclosures and repossessions,
                      as
                      applicable) are initiated, conducted and concluded in accordance
                      with the
                      timeframes or other requirements established by the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a pool
                      asset is delinquent in accordance with the transaction agreements.
                      Such
                      records are maintained on at least a monthly basis, or such
                      other period
                      specified in the transaction agreements, and describe the entity’s
                      activities in monitoring delinquent pool assets including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or
                      unemployment).

                  	
                    X

                  
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for pool assets with variable
                      rates
                      are computed based on the related pool asset documents.

                  	
                    X

                  
	
                    1122(d)(4)(x)

                  	
                    Regarding
                      any funds held in trust for an obligor (such as escrow accounts):
                      (A) such
                      funds are analyzed, in accordance with the obligor’s pool asset documents,
                      on at least an annual basis, or such other period specified
                      in the
                      transaction agreements; (B) interest on such funds is paid,
                      or credited,
                      to obligors in accordance with applicable pool asset documents
                      and state
                      laws; and (C) such funds are returned to the obligor within
                      30 calendar
                      days of full repayment of the related pool assets, or such
                      other number of
                      days specified in the transaction agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xi)

                  	
                    Payments
                      made on behalf of an obligor (such as tax or insurance payments)
                      are made
                      on or before the related penalty or expiration dates, as indicated
                      on the
                      appropriate bills or notices for such payments, provided that
                      such support
                      has been received by the servicer at least 30 calendar days
                      prior to these
                      dates, or such other number of days specified in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xii)

                  	
                    Any
                      late payment penalties in connection with any payment to be
                      made on behalf
                      of an obligor are paid from the Servicer’s funds and not charged to the
                      obligor, unless the late payment was due to the obligor’s error or
                      omission.

                  	
                    X

                  
	
                    1122(d)(4)(xiii)

                  	
                    Disbursements
                      made on behalf of an obligor are posted within two business
                      days to the
                      obligor’s records maintained by the servicer, or such other number
                      of days
                      specified in the transaction agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xiv)

                  	
                    Delinquencies,
                      charge-offs and uncollectible accounts are recognized and recorded
                      in
                      accordance with the transaction agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xv)

                  	
                    Any
                      external enhancement or other support, identified in Item 1114(a)(1)
                      through (3) or Item 1115 of Regulation AB, is maintained as
                      set forth in
                      the transaction agreements.

                  	 

          

        

        
          	
                  [NAME
                    OF OWNER] [NAME OF SUBSERVICER]

                   

                
	 	 
	
                  Date:

                	 
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          K

        

        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)

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
          	
                  Field

                   

                	
                  Field
                    Description

                
	
                  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
          L

        

        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
          M

        

        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
          N

        

        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
          O

        

        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
          P

        

        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
        H-3

       

      WELLS
        FARGO SERVICING AGREEMENT

       

      
        
  EXECUTION
          COPY
          October
            28, 2004

        

        

        

        

        

        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

                  

          

        EXHIBITS

        

          
            	 	
                    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

                  

          

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        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").

        

        

        WITNESSETH

        

        

        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.  The premiums on a PMI Policy
          may be paid by the Mortgagor or by the Company from its own funds, without
          reimbursement.  If the premiums are paid by the Company, the PMI
          Policy is an LPMI Policy.

        

        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.

        

        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.

        

        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.

                

        

        

        
          	
                   

                	
                  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 have been and are being complied with, such 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.  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;

                

        

        

        
          	
                	
                  (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 (i) 100% of the insurable value, on a replacement cost
                    basis, of
                    the improvements on the related Mortgaged Property, and (ii)
                    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, unemployement 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;

        

        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.

        

        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.

                

        

        

        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 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 are jeopardized for reasons related to the financial condition
          of
          such insurer, it being understood that the Company shall in no event have
          any
          responsibility or liability for any failure to recover under the PMI Policy
          for
          such reason.  If the Company determines that recoveries are so
          jeopardized, it shall notify the Purchaser and the Mortgagor, if required,
          and
          obtain from another Qualified Insurer a replacement insurance
          policy.  The Company shall not take any action which would result in
          noncoverage under any applicable PMI Policy of any loss which, but for
          the
          actions of the Company would have been covered thereunder.  In
          connection with any assumption or substitution agreement entered into or
          to be
          entered into pursuant to Section 6.01, the Company shall promptly notify
          the
          insurer under the related PMI Policy, if any, of such assumption or substitution
          of liability in accordance with the terms of such PMI Policy and shall
          take all
          actions which may be required by such insurer as a condition to the continuation
          of coverage under such PMI Policy.  If such PMI Policy is terminated
          as a result of such assumption or substitution of liability, the Company
          shall
          obtain a replacement PMI Policy as provided above.

        

        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”).  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 writingby 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
Purchaser        
                   

                	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  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

                  
Purchaser        
                   

                	 	 	
                  
                    Wells
                      Fargo Bank, N.A.

                  

                  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: _____________________________

                   

                  Its: _______________________________

                   

                  Tax
                    Payer Identification
                    No.:  

                  __________________________________

                	 	 	
                  
                    Name: _____________________________

                     

                    Its: _______________________________

                     

                    Tax
                      Payer Identification
                      No.:  

                    __________________________________

                  

                	 

        

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        MASTER
          MORTGAGE LOAN PURCHASE AGREEMENT

        

        

        This
          is an Amended and Restated Master
          Mortgage Loan Purchase Agreement (the "Agreement"), dated as of November
          1, 2005
          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").

        

        WITNESSETH

        

        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 ________ (the “Purchaser”) of first lien mortgage loans
          (the “Mortgage Loans”) pursuant to that certain Master Seller’s Warranties and
          Servicing Agreement and Master Mortgage Loan Purchase Agreement by and
          between
          the Company and the Purchaser, dated as of ______, 20__.

        

        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 Master Seller’s Warranties
          and Servicing Agreement  and Master Mortgage Loan Purchase Agreement
          by and between the Company and @ (the “Purchaser”), dated as of @, 2003, (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 Master Seller’s Warranties and Servicing
          Agreement.

        

        I
          have
          examined the following documents:

        

        
          	
                  1.

                	
                  the
                    Master Seller’s Warranties and Servicing
                    Agreement;

                

        

        

        
          	
                  2.

                	
                  the
                    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 @, 20__,
                    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,

        @

        @

        

        @/@

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        I-1

       

      FORM
        OF
        COUNTRYWIDE ASSIGNMENT AGREEMENT

       

       

      

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

         

        This
          Assignment, Assumption and Recognition Agreement (the “Agreement”) is made and
          entered into as of May 31, 2007 (the “Effective Date”), among EMC Mortgage
          Corporation, having an address at 2780 Lake Vista Drive, Lewisville, Texas
          75067
          (the “Assignor”), Citibank, N.A., not individually but solely as Trustee
          for the holders of Bear Stearns ARM Trust, Mortgage Pass-Through
          Certificates, Series 2007-4, having an address at 388 Greenwich Street,
          14th Floor,
          New York,
          New York 10013 (the “Assignee”) and Countrywide Home Loans Servicing LP, having
          an address at 400 Countrywide Way, Simi Valley, California 93065 (the
“Company”).

         

        WHEREAS,
          the Assignor has acquired certain mortgage loans set forth on Attachment
          1 (the “Mortgage Loans”) from Countrywide Home Loans, Inc. (the “Seller”)
          pursuant to that certain Seller’s Warranties and Servicing Agreement, dated as
          of September 1, 2002, as amended by Amendment No. 1, dated January 1, 2003,
          Amendment No. 2, dated September 1, 2004 and as amended by Amendment Reg
          AB to
          the Master Mortgage Loan Purchase and Servicing Agreement, dated as of
          January
          1, 2006, by and between the Assignor and Countrywide Home Loans, Inc. (the
“SWS
          Agreement”); and

        

        WHEREAS,
          the Seller has assigned its rights and obligations under the SWS Agreement
          to
          the Company and the Company is currently servicing the Mortgage Loans for
          the
          benefit of the Assignor in accordance with the terms and conditions of
          the SWS
          Agreement.

        

        For
          and
          in consideration of the mutual promises and agreements contained herein,
          and
          other valuable consideration, the receipt and sufficiency of which hereby
          are
          acknowledged, and of the mutual covenants herein contained, the parties
          hereto
          hereby agree as follows:

        

        1.  Defined
          terms used in this Agreement and not otherwise defined herein shall have
          the
          meaning set forth in the SWS Agreement.

         

        2.  The
          Company recognizes the Assignor as owner of the Mortgage Loans and acknowledges
          that it is currently servicing the Mortgage Loans for the benefit of the
          Assignor.  From and after the date hereof, the Company agrees that it
          will service the Mortgage Loans pursuant to the terms of the SWS Agreement
          (as
          modified herein) which terms are incorporated herein by reference.

         

        3.  The
          Assignor hereby grants, transfers and assigns to the Assignee all of the
          right,
          title, interest and obligations of the Assignor, as purchaser, in, to and
          under
          (a) the Mortgage Loans and (b) the SWS Agreement with respect to the Mortgage
          Loans.

         

        4.  The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under any and all obligations
          of
          the Assignor with respect to any mortgage loans subject to the SWS Agreement
          which are not Mortgage Loans and are not the subject of this
          Agreement.

         

        5.  The
          Assignor warrants and represents to, and covenants with, the Assignee that
          as of
          the date hereof:

         

        
          	
                  (a)  

                	
                  Attached
                    hereto as Attachment 2 is a true and accurate copy of the servicing
                    provisions of the SWS Agreement (Articles IV, V, and VI), which
                    is in full
                    force and effect as of the date hereof and the provisions of
                    which have
                    not been waived, amended or modified in any material respect,
                    nor has any
                    notice of termination been given
                    thereunder;

                

        

         

        
          	
                  (b)  

                	
                  The
                    Assignor is the lawful owner of the Mortgage Loans with full
                    right to
                    transfer the Mortgage Loans and any and all of its interests,
                    rights and
                    obligations under the SWS Agreement as they relate to the Mortgage
                    Loans,
                    free and clear from any and all claims and encumbrances; and
                    upon the
                    transfer of the Mortgage Loans to the Assignee as contemplated
                    herein, the
                    Assignee shall have good title to each and every Mortgage Loan,
                    as well as
                    any and all of the Assignor’s interests, rights and obligations under the
                    SWS Agreement, except as otherwise set forth herein, as they
                    relate to the
                    Mortgage Loans, free and clear of any and all liens, claims and
                    encumbrances;

                

        

         

        
          	
                  (c)  

                	
                  There
                    are no known offsets, counterclaims or other defenses available
                    to the
                    Company with respect to the Mortgage Loans or the SWS
                    Agreement;

                

        

         

        
          	
                  (d)  

                	
                  The
                    Assignor has no knowledge of, and has not received notice of,
                    any waivers
                    under, or any modification of, any Mortgage
                    Loan;

                

        

         

        
          	
                  (e)  

                	
                  The
                    Assignor is duly organized, validly existing and in good standing
                    under
                    the laws of the jurisdiction of its incorporation, and has all
                    requisite
                    power and authority to acquire, own and sell the Mortgage
                    Loans;

                

        

         

        
          	
                  (f)  

                	
                  The
                    Assignor has full corporate power and authority to execute, deliver
                    and
                    perform its obligations under this Agreement, and to consummate
                    the
                    transactions set forth herein. The consummation of the transactions
                    contemplated by this Agreement is in the ordinary course of the
                    Assignor’s
                    business and will not conflict with, or result in a breach of,
                    any of the
                    terms, conditions or provisions of the Assignor’s charter or by-laws or
                    any legal restriction, or any material agreement or instrument
                    to which
                    the Assignor is now a party or by which it is bound, or result
                    in the
                    violation of any law, rule, regulation, order, judgment or decree
                    to which
                    the Assignor or its property is subject. The execution, delivery
                    and
                    performance by the Assignor of this Agreement and the consummation
                    by it
                    of the transactions contemplated hereby, have been duly authorized
                    by all
                    necessary corporate action on the part of the Assignor. This
                    Agreement has
                    been duly executed and delivered by the Assignor and, upon the
                    due
                    authorization, execution and delivery by the Assignee and the
                    Company,
                    will constitute the valid and legally binding obligation of the
                    Assignor
                    enforceable against the Assignor in accordance with its terms
                    except as
                    enforceability may be limited by bankruptcy, reorganization,
                    insolvency,
                    moratorium or other similar laws now or hereafter in effect relating
                    to
                    creditors’ rights generally, and by general principles of equity
                    regardless of whether enforceability is considered in a proceeding
                    in
                    equity or at law;

                

        

         

        
          	
                  (g)  

                	
                  No
                    consent, approval, order or authorization of, or declaration,
                    filing or
                    registration with, any governmental entity is required to be
                    obtained or
                    made by the Assignor in connection with the execution, delivery
                    or
                    performance by the Assignor of this Agreement, or the consummation
                    by it
                    of the transactions contemplated hereby. Neither the Assignor
                    nor anyone
                    acting on its behalf has offered, transferred, pledged, sold
                    or otherwise
                    disposed of the Mortgage Loans or any interest in the Mortgage
                    Loans, or
                    solicited any offer to buy or accept a transfer, pledge or other
                    disposition of the Mortgage Loans, or any interest in the Mortgage
                    Loans
                    or otherwise approached or negotiated with respect to the Mortgage
                    Loans,
                    or any interest in the Mortgage Loans with any Person in any
                    manner, or
                    made any general solicitation by means of general advertising
                    or in any
                    other manner, or taken any other action which would constitute
                    a
                    distribution of the Mortgage Loans under the Securities Act of
                    1933, as
                    amended (the “1933 Act”) or which would render the disposition of the
                    Mortgage Loans a violation of Section 5 of the 1933 Act or require
                    registration pursuant thereto; and

                

        

         

        
          	
                  (h)  

                	
                  The
                    Assignor has received from the Company, and has delivered to
                    the Assignee,
                    all documents required to be delivered to the Assignor by the
                    Company
                    prior to the date hereof pursuant to the SWS Agreement with respect
                    to the
                    Mortgage Loans and has not received, and has not requested from
                    the
                    Company, any additional documents.

                

        

         

        6.  The
          Assignee warrants and represents to, and covenants with, the Assignor and
          the
          Company as of the date hereof:

         

        
          	
                  (a)  

                	
                  The
                    Assignee is duly organized, validly existing and in good standing
                    under
                    the laws of the jurisdiction of its organization and has all
                    requisite
                    power and authority to hold the Mortgage Loans as trustee on
                    behalf of the
                    holders of Bear Stearns ARM Trust, Mortgage Pass-Through Certificates,
                    Series 2007-4;

                

        

         

        
          	
                  (b)  

                	
                  The
                    Assignee has full corporate power and authority to execute and
                    deliver
                    this Agreement, and to consummate the transactions set forth
                    herein. The
                    consummation of the transactions contemplated by this Agreement
                    is in the
                    ordinary course of the Assignee’s business and will not conflict with, or
                    result in a breach of, any of the terms, conditions or provisions
                    of the
                    Assignee’s charter or by-laws or any legal restriction, or any material
                    agreement or instrument to which the Assignee is now a party
                    or by which
                    it is bound, or result in the violation of any law, rule, regulation,
                    order, judgment or decree to which the Assignee or its property
                    is
                    subject. The execution, delivery and performance by the Assignee
                    of this
                    Agreement and the consummation by it of the transactions contemplated
                    hereby, have been duly authorized by all necessary corporate
                    action on the
                    part of the Assignee. This Agreement has been duly executed and
                    delivered
                    by the Assignee and, upon the due authorization, execution and
                    delivery by
                    the Assignor and the Company, will constitute the valid and legally
                    binding obligation of the Assignee enforceable against the Assignee
                    in
                    accordance with its terms except as enforceability may be limited
                    by
                    bankruptcy, reorganization, insolvency, moratorium or other similar
                    laws
                    now or hereafter in effect relating to creditors’ rights generally, and by
                    general principles of equity regardless of whether enforceability
                    is
                    considered in a proceeding in equity or at
                    law;

                

        

         

        
          	
                  (c)  

                	
                  No
                    consent, approval, order or authorization of, or declaration,
                    filing or
                    registration with, any governmental entity is required to be
                    obtained or
                    made by the Assignee in connection with the execution, delivery
                    or
                    performance by the Assignee of this Agreement, or the consummation
                    by it
                    of the transactions contemplated hereby;
                    and

                

        

         

        
          	
                  (d)  

                	
                  The
                    Assignee assumes for the benefit of each of the Assignor and
                    the Company
                    all of the Assignor’s rights and obligations as “Purchaser” thereunder but
                    solely with respect to such Mortgage Loans; provided however,
                    that the
                    Assignee is assuming such obligations solely in its capacity
                    as trustee
                    for Bear Stearns ARM Trust, Mortgage Pass-Through Certificates,
                    Series
                    2007-4 and not individually, and any recourse against the Assignee in
                    respect of such obligations shall be limited solely to the assets
                    it may
                    hold as trustee of Bear Stearns ARM Trust, Mortgage Pass-Through
                    Certificates, Series 2007-4.

                

        

         

        7.  The
          Company warrants and represents to, and covenants with, the Assignor and
          the
          Assignee as of the date hereof:

         

        
          	
                  (a)  

                	
                  The
                    SWS Agreement is in full force and effect as of the date hereof
                    and the
                    provisions of which have not been waived, amended or modified
                    in any
                    material respect, except as contemplated herein, nor has any
                    notice of
                    termination been given thereunder;

                

        

         

        
          	
                  (b)  

                	
                  The
                    Company is duly organized, validly existing and in good standing
                    under the
                    laws of the jurisdiction of its formation, and has all requisite
                    power and
                    authority to service the Mortgage Loans and otherwise to perform
                    its
                    obligations under the SWS
                    Agreement;

                

        

         

        
          	
                  (c)  

                	
                  The
                    Company has full power and authority to execute, deliver and
                    perform its
                    obligations under this Agreement, and to consummate the transactions
                    set
                    forth herein. The consummation of the transactions contemplated
                    by this
                    Agreement is in the ordinary course of the Company’s business and will not
                    conflict with, or result in a breach of, any of the terms, conditions
                    or
                    provisions of the Company’s formation documents or any legal restriction,
                    or any material agreement or instrument to which the Company
                    is now a
                    party or by which it is bound, or result in the violation of
                    any law,
                    rule, regulation, order, judgment or decree to which the Company
                    or its
                    property is subject. The execution, delivery and performance
                    by the
                    Company of this Agreement and the consummation by it of the transactions
                    contemplated hereby, have been duly authorized by all necessary
                    action on
                    the part of the Company. This Agreement has been duly executed
                    and
                    delivered by the Company, and, upon the due authorization, execution
                    and
                    delivery by the Assignor and the Assignee, will constitute the
                    valid and
                    legally binding obligation of the Company, enforceable against
                    the Company
                    in accordance with its terms except as enforceability may be
                    limited by
                    bankruptcy, reorganization, insolvency, moratorium or other similar
                    laws
                    now or hereafter in effect relating to creditors’ rights generally, and by
                    general principles of equity regardless of whether enforceability
                    is
                    considered in a proceeding in equity or at
                    law;

                

        

         

        
          	
                  (d)  

                	
                  No
                    consent, approval, order or authorization of, or declaration,
                    filing or
                    registration with, any governmental entity is required to be
                    obtained or
                    made by the Company in connection with the execution, delivery
                    or
                    performance by the Company of this Agreement, or the consummation
                    by it of
                    the transactions contemplated
                    hereby;

                

        

         

        
          	
                  (e)  

                	
                  The
                    Company shall establish a Custodial Account and an Escrow Account
                    under
                    the SWS Agreement in favor of the Assignee with respect to the
                    Mortgage
                    Loans separate from the Custodial Account and Escrow Account
                    previously
                    established in favor of the Assignor;
                    and

                

        

         

        8.  The
          Company hereby restates the representations and warranties set forth in
          Section
          2(b) of the Amendment Reg AB as of the date hereof.

         

        Each
          such
          notice/update required to be sent to the Depositor as set forth in the
          Amendment
          Reg AB shall be sent to the Assignor by e-mail to
          regABnotifications@bear.com.  Additionally, all such notifications
          should be sent to:

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          Texas 75067-3884

        Attention:  Michelle
          Viner

        Facsimile:  (214)
          626-4889

        Email:
          mviner@bear.com

         

        With
          copies to:

         

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, New York 10179

        Attention:  Global
          Credit Administration

        Facsimile:  (212)
          272-6564

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          Texas 75067-3884

        Attention:  General
          Counsel

        Facsimile:  (469)
          759-4714

         

        9.  The
          Assignor hereby agrees to indemnify and hold the Assignee (and its successors
          and assigns) harmless against any and all claims, losses, penalties, fines,
          forfeitures, legal fees and related costs, judgments, and any other costs,
          fees
          and expenses that the Assignee (and its successors and assigns) may sustain
          in
          any way related to any breach of the representations or warranties of the
          Assignor set forth in this Agreement or the breach of any covenant or condition
          contained herein.

         

        Recognition
          of the Assignee

         

        10.  From
          and
          after the date hereof, the Company shall recognize the Assignee as owner
          of the
          Mortgage Loans, and acknowledges that the Mortgage Loans will be part of
          a
          REMIC, and will service the Mortgage Loans in accordance with the SWS
          Agreement.  It is the intention of the Assignor, the Company and the
          Assignee that this Agreement shall be binding upon and for the benefit
          of the
          respective permitted successors and assigns of the parties
          hereto.  Neither the Company nor the Assignor shall amend or agree to
          amend, modify, waive, or otherwise alter any of the terms or provisions
          of the
          SWS Agreement which amendment, modification, waiver or other alteration
          would in
          any way affect the Mortgage Loans without the prior written consent of
          the
          Assignee, which shall not be unreasonably withheld.

         

        11.  Notwithstanding
          any term hereof to the contrary, the execution and delivery of this Agreement
          by
          the Assignee is solely in its capacity as trustee for Bear Stearns ARM
          Trust,
          Mortgage Pass-Through Certificates, Series 2007-4 and not individually, and
          any recourse against the Assignee in respect of any obligations it may
          have
          under or pursuant to the terms of this Agreement shall be limited solely
          to the
          assets it may hold as trustee of Bear Stearns ARM Trust, Mortgage Pass-Through
          Certificates, Series 2007-4.

         

        Modification
          of the SWS Agreement:

         

        12.  The
          Company and the Assignor hereby amend the SWS Agreement as follows:

         

        (a)  Section
          6.04, 6.05 and 6.07 and clause (x) of Section 10.01, all as added by Amendment
          No. 2 to the Servicing Agreement are deleted in their entirety.

         

        (b)  The
          definition of Remittance Date is deleted in its entirety and replaced with
          the
          following:

         

        Remittance
          Date: The 18th day (or if such 18th day is not a Business Day, the first
          Business Day immediately preceding) of any month, beginning with the First
          Remittance Date.  

         

        (c)  The
          definition of Master Servicer is deleted in its entirety and replaced with
          the
          following:

         

        Master
          Servicer: EMC Mortgage Corporation, or its successors in
          interest.

         

        (d)  The
          definition of Servicing Fee Rate is deleted in its entirety and replaced
          with
          the following:

         

        
          	
                	
                   

                	
                  Servicing
                    Fee Rate:  A per annum rate equal to
                    0.25%.

                

        

         

        (e)  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.

         

        (f)  The
          second paragraph of Section 4.01 of the SWS Agreement shall be deleted
          in its
          entirety and replaced with the following:

         

        Consistent
          with and in addition to the terms set forth in this Agreement, if a Mortgage
          Loan is in default or such default is reasonably foreseeable, the Company
          may
          waive, modify or vary any term of any Mortgage Loan or consent to the
          postponement of strict compliance with any such term or in any manner grant
          indulgence to any mortgagor, including without limitation, to (1) capitalize
          any
          amounts owing on the Mortgage Loan by adding such amount to the outstanding
          principal balance of the Mortgage Loan, (2) defer such amounts to a later
          date
          or the final payment date of such Mortgage Loan, (3) extend the maturity
          of any
          such Mortgage Loan, (4) amend the related Mortgage Note to reduce the related
          Mortgage Rate with respect to any Mortgage Loan, (5) convert the Mortgage
          Rate
          on any Mortgage Loan from a fixed rate to an adjustable rate or vice versa,
          (6)
          with respect to a mortgage loan with an initial fixed rate period followed
          by an
          adjustable rate period, extend the fixed period and reduce the adjustable
          rate
          period, and/or (7) forgive the amount of any interest, principal or servicing
          advances owed by the related Mortgagor; provided that, in the Company’s
          reasonable and prudent determination, such waiver, modification, postponement
          or
          indulgence: (A) is not materially adverse to the interests of the Owner
          on a
          present value basis using reasonable assumptions (including taking into
          account
          any estimated Realized Loss that might result absent such action); and
          (B) does
          not amend the related Mortgage Note to extend the maturity thereof later
          than
          the date of the Latest Possible Maturity Date (as such term is defined
          in the
          related pooling and servicing agreement); provided, further, with respect
          to any
          Mortgage Loan that is not in default or if default is not reasonably
          foreseeable, unless the Company has provided to the Owner a certification
          addressed to the Owner, based on the advice of counsel or certified public
          accountants that have a national reputation with respect to taxation of
          REMICs
          that a modification of such Mortgage Loan will not result in the imposition
          of
          taxes on or disqualify from REMIC status any of the REMICs and has obtained
          the
          prior written consent of the Owner, the Company shall not permit any
          modification with respect to any Mortgage Loan.  Notwithstanding the
          foregoing, for any waiver, modification, postponement or indulgence (not
          including any partial releases, assumptions of mortgages or modifications
          of any
          Mortgage Loan that is done in connection with compliance with the Relief
          Act)
          which the Company reasonably anticipates may result in a realized loss
          of 20% or
          more of the outstanding principal balance of a Mortgage Loan, the Company
          shall
          present such proposed waiver, modification, postponement or indulgence,
          together
          with any supporting documentation, to the Master Servicer for consideration
          and
          approval.  The Company shall submit all waivers, modifications or
          variances of the terms of any Mortgage Loan with respect to partial releases,
          assumptions of mortgages or for modifications done in furtherance of compliance
          with the Relief Act, together with any supporting documentation, to the
          Master
          Servicer for consideration and approval.

        

        In
          the
          event of any such waiver, modification, postponement or indulgence which
          has
          been agreed to in writing by the Owner and which permits the deferral of
          interest or principal payments on any Mortgage Loan, the Company shall,
          on the
          Business Day immediately preceding the related Remittance Date in any month
          in
          which any such principal or interest payment has been deferred, deposit
          in the
          Custodial Account from its own funds, in accordance with Section 4.04 and
          Section 5.03, the difference between (a) such month's principal and one
          month's
          interest at the related Mortgage Loan Remittance Rate on the unpaid principal
          balance of such Mortgage Loan and (b) the amount paid by the Mortgagor.
          The
          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.

        

        (g)  The
          first
          sentence of Section 5.02 of the SWS Agreement is hereby deleted and replaced
          with the following:

         

        Not
          later
          than the 5th
          business day of each calendar month, the Company shall provide a monthly
          report
          substantially in the form of Exhibit I and Exhibit J, with respect
          to remittances, Exhibit K, with respect to realized losses and gains,
Exhibit L, with respect to defaulted mortgage loans, Exhibit M,
          with respect to modified mortgage loans, Exhibit N, with respect to
          claims submitted and Exhibit O, with respect to loss severity, with each
          such report.

         

        (h)  Exhibit
          F
          to the SWS Agreement is hereby deleted in its entirety and replaced with
          the
          reporting exhibits attached hereto as Attachment 3 in formats mutually
          agreeable to the Company and the Master Servicer.  Notwithstanding the
          foregoing, the Company is not required to report data relating to prepayment
          charges or penalties.

         

        (i)  The
          SWS
          Agreement is hereby amended as of the date hereof by inserting a new Exhibit
          I,
          a copy of which is annexed hereto as Attachment 4.

         

        (j)  The
          SWS
          Agreement is hereby amended as of the date hereof by inserting a new Exhibit
          J,
          a copy of which is annexed hereto as Attachment 5.

         

        (k)  The
          SWS
          Agreement is hereby amended as of the date hereof by inserting a new Exhibit
          K,
          a copy of which is annexed hereto as Attachment 6.

         

        (l)  The
          SWS
          Agreement is hereby amended as of the date hereof by inserting a new Exhibit
          L,
          a copy of which is annexed hereto as Attachment 7.

         

        (m)  The
          SWS
          Agreement is hereby amended as of the date hereof by inserting a new Exhibit
          M,
          a copy of which is annexed hereto as Attachment 8.

         

        (n)  The
          SWS
          Agreement is hereby amended as of the date hereof by inserting a new Exhibit
          N,
          a copy of which is annexed hereto as Attachment 9.

         

        (o)  The
          SWS
          Agreement is hereby amended as of the date hereof by inserting a new Exhibit
          O,
          a copy of which is annexed hereto as Attachment 10.

         

        13.  The
          Company hereby acknowledges that EMC Mortgage Corporation (the “Master
          Servicer”) has been appointed as the master servicer of the Mortgage Loans
          pursuant to the pooling and servicing agreement for the Bear Stearns ARM
          Trust, Mortgage Pass-Through Certificates, Series 2007-4, and therefore
          has the
          right to enforce on behalf of the Assignee all obligations of the
          Company under the SWS Agreement.  Such right will include, without
          limitation, the right to terminate the Servicer under the SWS Agreement
          upon the
          occurrence of an event of default thereunder, the right to receive all
          remittances required to be made by the Company under the SWS Agreement,
          the
          right to receive all monthly reports and other data required to be delivered
          by
          the Company under the SWS Agreement, the right to examine the books and
          records
          of the Company and the right to exercise certain rights of consent and
          approval
          relating to actions taken by the Company; provided, however, all parties
          hereto
          agree that such enforcement of a right shall only be exercised by one
          party.  Notwithstanding the foregoing, it is understood that the
          Company shall not be obligated to defend and indemnify and hold harmless
          the
          Master Servicer, the Assignor and the Assignee against any losses, damages,
          penalties, fines, forfeiture, judgments and any related costs including,
          without
          limitation, reasonable and necessary legal fees, resulting from (i) actions
          or
          inactions of the Company which were taken or omitted upon the instruction
          or
          direction of the Master Servicer or Assignee, as applicable, or (ii) the
          failure
          of the Assignee or the Assignee’s designee, as applicable, to perform the
          obligations of “Purchaser” under the SWS Agreement, as modified by the
          Agreement.

         

        The
          Company shall make all distributions under the SWS Agreement to the Master
          Servicer by wire transfer of immediately available funds to:

         

        EMC
          Master Servicing Remittances

        Bank: 
          Chase Bank of Texas

        Branch: 
          Irving, Texas

        Account
          Name:  EMC Mortgage Corporation

        ABA
          #
          113000609

        ACCOUNT
          #
          000000709377717

        Reference:
          M/S Remittance May 1, 2007 Remit for Countrywide Home Loans Servicing
          LP.

        Attention: 
          LSBO Group-MS

        

        and
          the
          Company shall deliver all reports required to be delivered under the SWS
          Agreement to the Master Servicer at:

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          Texas  75067

        Attention:
          Michelle Viner

        Facsimile:
          (214) 626-4889

        Email:
          mviner@bear.com

         

        14.  Notices:

         

        The
          Assignor’s address for purposes of all notices and correspondence related to the
          Mortgage Loans and this Agreement is:

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          Texas  75067

        Attention:
          Michelle Viner

        Facsimile:
          (214) 626-4889

        Email:
          mviner@bear.com

         

        The
          Assignee’s address for purposes of all notices and correspondence related to the
          Mortgage Loans and this Agreement is:

         

        Citibank,
          N.A.

        as
          Trustee

        388
          Greenwich Street, 14th Floor

        New
          York,
          New York 10013

        Attention:
          Structured Finance Agency & Trust – BSARM 2007-4

        Telecopier
          No.: (410) 715-2380

        

        The
          Company’s address for purposes of all notices and correspondence related to the
          Mortgage Loans and this Agreement is:

         

        Countrywide
          Home Loans Servicing LP

        400
          Countrywide Way

        Simi
          Valley, California 93065

        Attention:
          John Lindberg, Rachel Meza, Eric Varnen and Yuan Li

         

        Miscellaneous:

         

        15.  Each
          party will pay any commissions it has incurred and the Assignor shall pay
          the
          fees of its attorneys and the reasonable fees of the attorneys of the Assignee
          and the Company in connection with the negotiations for, documenting of
          and
          closing of the transactions contemplated by this Agreement.

         

        16.  This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles (other than Section
          5-1401
          of the New York Obligations Law), and the obligations, rights and remedies
          of
          the parties hereunder shall be determined in accordance with such
          laws.

         

        17.  No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced.

         

        18.  This
          Agreement shall inure to the benefit of the permitted successors and assigns
          of
          the parties hereto. Any entity into which the Assignor, the Assignee, or
          the Company may be merged or consolidated shall, without the requirement
          for any
          further writing, be deemed the Assignor, the Assignee, or the Company,
          respectively, hereunder.

         

        19.  This
          Agreement shall survive the conveyance of the Mortgage Loans, the assignment
          of
          the SWS Agreement to the extent of the Mortgage Loans by the Assignor to
          the
          Assignee and the termination of the SWS Agreement.

         

        20.  This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument.

         

        21.  In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          SWS Agreement with respect to the Mortgage Loans, the terms of this Agreement
          shall control.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have
          caused this Agreement to be executed by their duly authorized officers
          as of the
          date first above written.

         

        
          	
                  EMC
                    MORTGAGE CORPORATION

                  Assignor

                   

                   

                
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 
	 
	 
	
                  CITIBANK,
                    N.A., not individually but solely as trustee for the holders
                    of
                    Bear Stearns ARM Trust, Mortgage Pass-Through Certificates, Series
                    2007-4

                   

                
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 
	 
	 
	
                  COUNTRYWIDE
                    HOME LOANS SERVICING LP

                  By:
                    Countrywide GP, Inc., its General Partner

                   

                
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

        

         

        
          	
                  Acknowledged
                    and Agreed:

                   

                  EMC
                    MORTGAGE CORPORATION

                  Master
                    Servicer

                   

                
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          1

         

        Mortgage
          Loans

         

        [Provided
          Upon Request]

         

        Attachment
          2

         

        Articles
          IV, V, and VI of the SWS Agreement.

         

        [Provided
          Upon Request]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          3

         

        EXHIBIT
          F
          to the SWS Agreement

         

        
          	
                  Standard  File
                    Layout - Master Servicing

                	 	 	 

        

        
          	
                  Column
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                	
                  Max
                    Size

                
	
                  SER_INVESTOR_NBR

                	
                  A
                    value assigned by the Servicer to define a group of loans.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  20

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the investor.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer.  This may be
                    different than the LOAN_NBR.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  BORROWER_NAME

                	
                  The
                    borrower name as received in the file.  It is not separated by
                    first and last name.

                	
                   

                	
                  Maximum
                    length of 30 (Last, First)

                	
                  30

                
	
                  SCHED_PAY_AMT

                	
                  Scheduled
                    monthly principal and scheduled interest payment that a borrower
                    is
                    expected to pay, P&I constant.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NOTE_INT_RATE

                	
                  The
                    loan interest rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  NET_INT_RATE

                	
                  The
                    loan gross interest rate less the service fee rate as reported
                    by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_RATE

                	
                  The
                    servicer's fee rate for a loan as reported by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_AMT

                	
                  The
                    servicer's fee amount for a loan as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_PAY_AMT

                	
                  The
                    new loan payment amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_LOAN_RATE

                	
                  The
                    new loan rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ARM_INDEX_RATE

                	
                  The
                    index the Servicer is using to calculate a forecasted
                    rate.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ACTL_BEG_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the beginning of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_END_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the end of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date at the end of processing cycle that the borrower's next
                    payment is
                    due to the Servicer, as reported by Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  SERV_CURT_AMT_1

                	
                  The
                    first curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_1

                	
                  The
                    curtailment date associated with the first curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_1

                	
                  The
                    curtailment interest on the first curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_2

                	
                  The
                    second curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_2

                	
                  The
                    curtailment date associated with the second curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_2

                	
                  The
                    curtailment interest on the second curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_3

                	
                  The
                    third curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_3

                	
                  The
                    curtailment date associated with the third curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_AMT_3

                	
                  The
                    curtailment interest on the third curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_AMT

                	
                  The
                    loan "paid in full" amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_DATE

                	
                  The
                    paid in full date as reported by the Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                   

                	
                   

                	
                   

                	
                  Action
                    Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                    65=Repurchase,70=REO

                	
                  2

                
	
                  ACTION_CODE

                	
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                
	
                  INT_ADJ_AMT

                	
                  The
                    amount of the interest adjustment as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SOLDIER_SAILOR_ADJ_AMT

                	
                  The
                    Soldier and Sailor Adjustment amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NON_ADV_LOAN_AMT

                	
                  The
                    Non Recoverable Loan Amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  LOAN_LOSS_AMT

                	
                  The
                    amount the Servicer is passing as a loss, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_BEG_PRIN_BAL

                	
                  The
                    scheduled outstanding principal amount due at the beginning of
                    the cycle
                    date to be passed through to investors.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_END_PRIN_BAL

                	
                  The
                    scheduled principal balance due to investors at the end of a
                    processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_PRIN_AMT

                	
                  The
                    scheduled principal amount as reported by the Servicer for the
                    current
                    cycle -- only applicable for Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_NET_INT

                	
                  The
                    scheduled gross interest amount less the service fee amount for
                    the
                    current cycle as reported by the Servicer -- only applicable
                    for
                    Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_PRIN_AMT

                	
                  The
                    actual principal amount collected by the Servicer for the current
                    reporting cycle -- only applicable for Actual/Actual
                    Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_NET_INT

                	
                  The
                    actual gross interest amount less the service fee amount for
                    the current
                    reporting cycle as reported by the Servicer -- only applicable
                    for
                    Actual/Actual Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    AMT

                	
                  The
                    penalty amount received when a borrower prepays on his loan as
                    reported by
                    the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    WAIVED

                	
                  The
                    prepayment penalty amount for the loan waived by the
                    servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                  MOD_DATE

                	
                  The
                    Effective Payment Date of the Modification for the loan.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  MOD_TYPE

                	
                  The
                    Modification Type.

                	
                   

                	
                  Varchar
                    - value can be alpha or numeric

                	
                  30

                
	
                  DELINQ_P&I_ADVANCE_AMT

                	
                  The
                    current outstanding principal and interest advances made by
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                

        

        

         

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        

        Attachment
          4

        

        EXHIBIT
          I
          to the SWS Agreement

        

        The
          Company shall provide the Master Servicer with this Exhibit in the format
          below
          or such other format as mutually agreed upon between the Company and the
          Master
          Servicer.

        

        Remittance
          Overview Report:  Provides loan level detail regarding the
          remittance that will be submitted to EMC Master Servicing and contains
          the
          following data fields in the order below:

         

        

         

        
          	
                  Field

                   

                	
                  Field
                    Description

                
	
                  Deal
                    Name

                	
                  VARCHAR
                    (15)

                
	
                  Master
                    Servicer Loan Number

                	
                  NUMERIC
                    (9,0)

                
	
                  Current
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Original
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Servicer
                    Loan Number

                	
                  VARCHAR
                    (15)

                
	
                  Cutoff
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Loan
                    Next Due Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Gross
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Net
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Pending
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Servicing
                    Fee Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  MI
                    Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Scheduled
                    P&I Amount (P & I Constant)

                	
                  NUMERIC
                    (12,2)

                
	
                  ARM
                    Index

                	
                  NUMERIC
                    (7,7)

                
	
                  Pending
                    ARM Index

                	
                  NUMERIC
                    (7,7)

                
	
                  Beginning
                    Scheduled Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Curtailment Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Curtailment
                    Adjustment Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Principal Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Principal
                    Not Advanced (stop advance loans only)

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Gross Interest

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Interest Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Service Fee Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Soldiers
                    and Sailors Variance

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Not Advanced

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  PMI
                    Premium Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Additional
                    Fees Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Ending
                    Scheduled Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Amount Remitted Total (each loan)

                	
                  NUMERIC
                    (12,2)

                
	
                  Beginning
                    Actual Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Curtailments Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Curtailment
                    Adjustment Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Gross
                    Interest Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Service
                    Fee Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Ending Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Liquidation
                    Type

                	
                  VARCHAR
                    (1)

                
	
                  Gross
                    Liquidation Proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Expenses

                	
                  NUMERIC
                    (12,2)

                
	
                  Principal
                    and Interest Advanced Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Delinquent
                    Service Fee

                	
                  NUMERIC
                    (12,2)

                
	
                  Calculated
                    Loss to Trust

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Collected
                    Interest Not Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Ending
                    Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Soldiers
                    and Sailors Flag

                	
                  VARCHAR
                    (1)

                
	
                  Soldiers
                    and Sailors Old Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Soldiers
                    and Sailors Old P & I

                	
                  NUMERIC
                    (12,2)

                
	
                  Modified
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Stop
                    Advance Flag

                	 
	
                  Stop
                    Advance Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  BPO
                    Value

                	
                  NUMERIC
                    (12,2)

                
	
                  Cash
                    Flow Group

                	
                  VARCHAR
                    (2)

                
	
                  MSP
                    Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Debt
                    Forgiven / Charged Off

                	
                  NUMERIC
                    (12,2)

                
	
                  Mortgagor
                    PITI Payment

                	
                  NUMERIC
                    (12,2)

                
	
                  Bankruptcy
                    Status

                	
                  VARCHAR
                    (2)

                
	
                  Foreclosure
                    Status

                	
                  VARCHAR
                    (2)

                
	
                  Modification
                    Status

                	 
	
                  Interest
                    Only Loan

                	
                  VARCHAR
                    (2)

                
	
                  Escrowed
                    Loan

                	
                  VARCHAR
                    (2)

                
	
                  Monthly
                    Escrow Deposit

                	
                  NUMERIC
                    (12,2)

                
	
                  Escrow
                    Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Escrow
                    Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Restricted
                    Escrow Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Mortgagor
                    Recoverable Corporate Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Non-Recoverable
                    Corporate Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  HUD
                    235 Loan Status

                	
                  VARCHAR
                    (2)

                
	
                  HUD
                    235 Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Late
                    Charge Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Buydown
                    Loan Status

                	
                  VARCHAR
                    (2)

                
	
                  Monthly
                    Buydown Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Monthly
                    Buydown Funds Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Amount Waived

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Waived Reason Code

                	
                  VARCHAR
                    (3)

                
	
                  Material
                    Breach Status

                	
                  VARCHAR
                    (3)

                
	
                  Material
                    Breach Code

                	
                  VARCHAR
                    (3)

                
	
                  Prefunding
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  3rd
                    Party
                    Recoverable Expenses

                	
                  NUMERIC
                    (12,2)

                

        

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          5

         

        

        EXHIBIT
          J
          to the SWS Agreement

        

        The
          Company shall provide the Master Servicer with this Exhibit in the format
          below
          or such other format as mutually agreed upon between the Company and the
          Master
          Servicer.

        

        Remittance
          Summary Report:  Provides summary data at a deal
          (investor/category) level regarding the remittance that will be submitted
          to EMC
          Master Servicing and contains the following data fields in the order
          below:

         

        

         

        
          	
                  Field

                   

                	
                  Field
                    Description

                
	
                  Deal

                	
                  VARCHAR
                    (15)

                
	
                  Investor

                	
                  VARCHAR
                    (5)

                
	
                  Category

                	
                  VARCHAR
                    (5)

                
	
                  Principal
                    Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Curtailments
                    Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Curtailment
                    Adjustments Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Liquidation
                    Proceeds Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Principal
                    Not Advanced (stop advance loans only)

                	
                  NUMERIC
                    (15,2)

                
	
                  Principal
                    Amounts Called/Collapsed

                	
                  NUMERIC
                    (15,2)

                
	
                  Total
                    Principal Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Interest
                    Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  PMI
                    Premiums Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Soldiers
                    and Sailors Difference

                	
                  NUMERIC
                    (15,2)

                
	
                  Net
                    Interest Not Advanced

                	
                  NUMERIC
                    (15,2)

                
	
                  Non
                    Comp Interest Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Prepayment
                    Penalties Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Total
                    Interest Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Arrearage
                    Amount Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Aggregate
                    Loss to Trust

                  Total
                    Manual Adjustments

                	
                  NUMERIC
                    (15,2)

                
	
                  Debt
                    Forgiven/ Charged Off

                	
                  NUMERIC
                    (15,2)

                
	
                  Additional
                    Fees Collected

                	
                  NUMERIC
                    (15,2)

                
	
                  Total
                    Remittance

                	
                  NUMERIC
                    (15,2)

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Attachment
          6

        

        EXHIBIT
          K
          to the SWS Agreement

        

         

        EMC
          Master Servicing Calculation of Gain/Loss on Delinquent Loan
          Worksheet

         

        

         

        Date:                                

         

        
          	
                  Prepared
                    By

                	
                  Phone
                    Number

                	
                  Email
                    Address

                
	 	 	 

        

         

         

        
          	
                  Servicer
                    Loan Number

                	
                  Servicer
                    Address

                	
                  EMC
                    Loan Number

                
	 	 	 

        

         

         

        
          	
                  Borrower
                    Name

                	
                  Property
                    Address

                
	 	 

        

         

         

        
          	
                  Liquidation
                    Type

                	
                  REO

                	
                  Third
                    Party

                	
                  Short
                    Sale

                	
                  Charge
                    off

                	
                  Deed
                    In Lieu

                
	 	 	 	 	 	 

        

         

        Has
          this loan been previously
          modified?                                                                                                            Yes                                No

         

        Has
          this loan been crammed down in a
          bankruptcy?                                                                               
       Yes                               
No

         

        If
“Yes”,
          provide amount _______________________________

         

         

        
          	
                     Liquidation
                    and Acquisition Expenses:

                

        

         

         Amounts
          requiring Amortization Schedule for backup:

         

         

        
          	
                  Actual
                    Unpaid Principal Balance of Mortgage Loan

                	 
	
                  Interest
                    Accrued at Net Rate Less Servicing Fees

                	 
	
                  Accrued
                    Servicing Fees

                	 

        

         

        Amounts
          requiring Additional backup:

         

        
          	
                  Attorney’s
                    Fees

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  Attorney’s
                    Costs

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  Taxes

                	
                  Payment
                    history showing disbursements

                	 
	
                  Property
                    Maintenance

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  Property
                    Inspection

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  PMI/Hazard
                    Insurance Premiums

                	
                  Payment
                    history showing disbursements

                	 
	
                  Utility
                    Expenses

                	
                  Payment
                    history showing disbursements

                	 
	
                  Appraisal/BPO
                    Expenses

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  HOA
                    Dues

                	
                  Payment
                    history showing disbursements

                	 
	
                  Cash
                    For Keys

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  Miscellaneous
                    (itemized)

                	
                  Requires
                    Itemization and supporting detail

                	 
	
                  Total
                    Expenses

                	
                  ------------------------------------------------

                	 

        

         

        Credits
          to Loan:

         

         

        
          	
                  Escrow
                    Balance/Advance

                	
                  Payment
                    history showing disbursements and ending balance

                	 
	
                  Rental
                    Receipts

                	
                  Payment
                    history showing application of funds to loan

                	 
	
                  Hazard
                    Claim Proceeds

                	
                  Payment
                    history showing credit to account

                	 
	
                  PMI
                    Funds

                	
                  EOB
                    document

                	 
	
                  Government
                    Insurance Funds (Part A Funds)

                	
                  EOB
                    document

                	 
	
                  REO
                    Proceeds

                	
                  HUD
                    1 Settlement Statement

                	 
	
                  Government
                    Insurance Funds (Part B Funds)

                	
                  EOB
                    document

                	 
	
                  Pool
                    Insurance Proceeds

                	
                  Payment
                    history showing credit to account

                	 
	
                  Other
                    Credits (itemized)

                	
                  Payment
                    history showing credit to account

                	 
	
                  Total
                    Credits

                	
                  ------------------------------------------------

                	 

        

         

         

        
          	
                  Total
                    Realized Loss (or Amount of Gain)

                	
                  $________________

                

        

         

         

         

        NOTE:  Do
          not combine or net remit items.  All expenses and credits should be
          documented individually.   Claim packages are due by the fifth
          business day of the month following receipt of liquidation
          proceeds.  Late claims may result in delayed claim
          payment.  The Servicer is responsible to remit all funds pending loss
          approval and /or resolution of any disputed items.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          7

        

        EXHIBIT
          L
          to the SWS Agreement

        

        The
          Company shall provide the Master Servicer with this Exhibit in the format
          below
          or such other format as mutually agreed upon between the Company and the
          Master
          Servicer.

         

        Default
          Overview Report:  Provides loan level detail regarding the
          defaulted loans that are being serviced and reported to EMC Master
          Servicing.  The report contains the following data fields in the order
          below:

         

        

         

        
          	
                  Field

                   

                	
                  Field
                    Description

                
	
                  Servicer
                    loan number

                	
                  VARCHAR
                    (15)

                
	
                  SBO
                    loan number

                	
                  VARCHAR
                    (9)

                
	
                  Zip
                    Code

                	
                  VARCHAR
                    (5)

                
	
                  Original
                    loan amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Original
                    value amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Origination
                    date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Loan
                    type

                	
                  VARCHAR
                    (2)

                
	
                  Actual
                    due date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Current
                    loan amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Corporate
                    expense balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Escrow
                    balance/advance balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Suspense
                    balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Restricted
                    escrow balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Current
                    Value date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Current
                    value amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Current
                    value source

                	
                  VARCHAR
                    (15)

                
	
                  VA
                    LGC/ FHA Case number

                	
                  VARCHAR
                    (15)

                
	
                  %
                    of MI coverage

                	
                  NUMERIC
                    (7,7)

                
	
                  MI
                    certificate number

                	
                  VARCHAR
                    (15)

                
	
                  LPMI
                    Cost

                	
                  NUMERIC
                    (7,7)

                
	
                  Occupancy
                    status

                	
                  VARCHAR
                    (1)

                
	
                  First
                    vacancy date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Property
                    condition

                	
                  VARCHAR
                    (2)

                
	
                  Property
                    type

                	
                  VARCHAR
                    (2)

                
	
                  Delinquency
                    flag

                	
                  VARCHAR
                    (2)

                
	
                  Reason
                    for default

                	
                  VARCHAR
                    (2)

                
	
                  FNMA
                    action code

                	
                  VARCHAR
                    (3)

                
	
                  FNMA
                    delinquency reason code

                	
                  VARCHAR
                    (3)

                
	
                  Loss
                    mit flag

                	
                  VARCHAR
                    (2)

                
	
                  Loss
                    mit type

                	
                  VARCHAR
                    (2)

                
	
                  Loss
                    mit approval date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Loss
                    mit removal date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Repay
                    first due date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Repay
                    next due date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Repay
                    plan broken/reinstated/closed date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Repay
                    plan created date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Foreclosure
                    flag

                	
                  VARCHAR
                    (2)

                
	
                  Foreclosure
                    attorney referral date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    first legal date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Date
                    FC sale scheduled

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Foreclosure
                    actual sale date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    redemption end date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    eviction complete date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    eviction start date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Bankruptcy
                    flag

                	
                  VARCHAR
                    (2)

                
	
                  Actual
                    bankruptcy start date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Bankruptcy
                    chapter

                	
                  VARCHAR
                    (2)

                
	
                  Bankruptcy
                    Case Number

                	
                  VARCHAR
                    (15)

                
	
                  Post
                    petition due date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    discharge date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Date
                    relief/dismissal granted

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    MI claim filed date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    MI claim amount filed

                	
                  NUMERIC
                    (12,2)

                
	
                  MI
                    claim amount paid

                	
                  NUMERIC
                    (12,2)

                
	
                  MI
                    claim funds received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Title
                    approval letter received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Title
                    package HUD/VA date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  FHA
                    27011A transmitted date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  FHA
                    Part A funds received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  FHA
                    27011 B transmitted date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  FHA
                    Part B funds received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  VA
                    NOE submitted date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  VA
                    first funds received amount

                	
                  NUMERIC
                    (12,2)

                
	
                  VA
                    first funds received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  VA
                    claim funds received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  VA
                    claim submitted date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  VA
                    claims funds received amount

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    flag

                	
                  VARCHAR
                    (2)

                
	
                  REO
                    repaired value

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    value (as is)

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    value date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  REO
                    value source

                	
                  VARCHAR
                    (15)

                
	
                  REO
                    original list date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  REO
                    original list price

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    list price adjustment amount

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    list price adjustment date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Date
                    REO offer received

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Date
                    REO offer accepted

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  REO
                    scheduled close date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  REO
                    actual closing date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  REO
                    sales price

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    net sales proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  Estimated
                    loss

                	
                  NUMERIC
                    (12,2)

                

        

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        Attachment
          8

        

        EXHIBIT
          M
          to the SWS Agreement

        

        Modified
          Loans Report:   Provides loan level data regarding all loans that
          the Servicer has modified with the first modified payment due within thirty
          days
          following the end of the reporting cycle.  The report contains the
          following data fields in the order below:

         

        

         

        
          	
                  Field
                    Description

                	
                  Field
                    Description

                
	
                  Loan

                	
                  VARCHAR
                    (15)

                
	
                  Investor

                	
                  VARCHAR
                    (5)

                
	
                  Original
                    Category

                	
                  VARCHAR
                    (5)

                
	
                  Current
                    Category

                	
                  VARCHAR
                    (5)

                
	
                  Stop
                    Adv Flag

                	
                  VARCHAR
                    (3)

                
	
                  Modified
                    Due Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Mod
                    Loan Curtailment

                	
                  NUMERIC
                    (15,2)

                
	
                  Mod
                    Loan Curt Adjustment

                	
                  NUMERIC
                    (15,2) 

                
	
                  Principal
                    Advanced Capped

                	
                  NUMERIC
                    (15,2) 

                
	
                  Net
                    Interest Advanced Capped

                	
                  NUMERIC
                    (15,2)

                
	
                  Service
                    Fee Advanced Capped

                	
                  NUMERIC
                    (15,2)

                
	
                  Third
                    Party Bal Capped

                	
                  NUMERIC
                    (15,2)

                
	
                  Amount
                    of Other Capped

                	
                  NUMERIC
                    (15,2)

                
	
                  Borrower
                    Interest Contribution

                	
                  NUMERIC
                    (15,2)

                
	
                  Borrower
                    Fee Code Arrearage Contribution

                	
                  NUMERIC
                    (15,2)

                
	
                  Borrower
                    Principal Contribution

                	
                  NUMERIC
                    (15,2)

                
	
                  Amt
                    Forgiven

                	
                  NUMERIC
                    (15,2)

                
	
                  Beg
                    Delq Prin Bal

                	
                  NUMERIC
                    (15,2)

                
	
                  Beg
                    Delq Int Bal

                	
                  NUMERIC
                    (15,2)

                
	
                  Beg
                    Pre Prin Bal

                	
                  NUMERIC
                    (15,2)

                
	
                  Beg
                    Pre Int Bal

                	
                  NUMERIC
                    (15,2)

                
	
                  Excess
                    Int Adjust

                	
                  NUMERIC
                    (15,2)

                
	
                  Excess
                    Interest on Mod

                	
                  NUMERIC
                    (15,2)

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Attachment
          9

        

        EXHIBIT
          N
          to the SWS Agreement

        

        Claims
          Submitted Report:  Provides loan level detail regarding claims
          submitted by the servicer’s investor number that will be submitted to EMC Master
          Servicing and contains the following data fields in the order
          below:

         

        
          	
                  Field

                	
                  Field
                    Description

                
	
                  Servicer
                    Investor Number

                   

                	
                  VARCHAR
                    (5)

                
	
                  Servicer
                    Investor Category

                   

                	
                  VARCHAR
                    (5)

                
	
                  Loan
                    Number

                   

                	
                  VARCHAR
                    (15)

                
	
                  Mortgage
                    Group

                   

                	
                  VARCHAR
                    (1)

                
	
                  Liquidation
                    Type

                   

                	
                  VARCHAR
                    (1)

                
	
                  Escrow
                    Balance or Advance Balance

                   

                	
                  NUMERIC
                    (12,2)

                
	
                  Corporate
                    Expense Balance

                   

                	
                  NUMERIC
                    (12,2)

                
	
                  Restricted
                    Escrow Balance

                   

                	
                  NUMERIC
                    (12,2)

                
	
                  Replacement
                    Reserve Balance

                   

                	
                  NUMERIC
                    (12,2)

                
	
                  Suspense
                    Balance

                   

                	
                  NUMERIC
                    (12,2)

                
	
                  Third
                    Party Expense Balance

                   

                	
                  NUMERIC
                    (12,2)

                
	
                  Charge
                    Off Amount

                   

                	
                  NUMERIC
                    (12,2)

                
	
                  Side
                    Note Collections

                   

                	
                  NUMERIC
                    (12,2)

                
	
                  Claim
                    Amount Submitted

                   

                	
                  NUMERIC
                    (12,2)

                

        

        

         

        

         

        

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

        

        Attachment
          10

        

        EXHIBIT
          O
          to the SWS Agreement

        

        Loss
          Severity Summary Report:  Provides summary data at the deal level
          regarding loss severity that will be submitted to EMC Master Servicing
          and
          contains the following data fields in the order below:

         

        

         

        
          	
                  Field

                	
                  Field
                    Description

                   

                
	
                  Month
                    End

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Deal
                    Name

                	
                  VARCHAR
                    (15)

                
	
                  Servicer
                    Investor Number

                	
                  VARCHAR
                    (5)

                
	
                  Servicer
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Mortgage
                    Group

                	
                  VARCHAR
                    (1)

                
	
                  Loan
                    Number

                	
                  VARCHAR
                    (15)

                
	
                  Liquidation
                    Type

                	
                  VARCHAR
                    (1)

                
	
                  Loan
                    Due Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  PIF
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Gross
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Net
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Service
                    Fee Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  P
                    & I Constant

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Beginning Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Arrearage
                    Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Legal and Other Expenses

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Advanced Interest

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Liquidated Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Gross
                    Liquidation Proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  P
                    & I Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Delinquent
                    Service Fee

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Liquidation Proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Net Interest

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Liquidated Funds Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss (Gain) Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss (Gain) to Trust

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss (Gain) to Servicer

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss Severity %

                	
                  NUMERIC
                    (7,7)

                
	
                  Total
                    Loss Severity % to Trust

                	
                  NUMERIC
                    (7,7)

                
	
                  Total
                    Liquidated Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Claim
                    on Trust Loss

                	
                  NUMERIC
                    (12,2)

                
	
                  Claim
                    on Servicer Loss

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Claim Amount

                	
                  NUMERIC
                    (12,2)

                

        

        

        

 

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        I-2

       

      FORM
        OF
        EMC ASSIGNMENT AGREEMENT

       

       

      

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

         

        This
          Assignment, Assumption and Recognition Agreement (the “AAR Agreement”) is made
          and entered into as of May 31, 2007 (the “Closing Date”), among Structured Asset
          Mortgage Investments II Inc. (the “Assignor”), Citibank, N.A., not individually
          but solely as trustee for the holders of Bear Stearns ARM Trust, Mortgage
          Pass-Through Certificates, Series 2007-4 (the “Assignee”) and EMC Mortgage
          Corporation (the “Company”).

        

        Whereas,
          the Assignor and the Company entered into that certain Servicing Agreement,
          dated as of May 1, 2007 (the “Servicing Agreement”), pursuant to which the
          Company agreed to service certain mortgage loans (the “Mortgage Loans”) on
          behalf of the Assignor.

        

        In
          consideration of the mutual promises and agreements contained herein, and
          for
          other good and valuable consideration, the receipt and sufficiency of which
          are
          hereby acknowledged, the parties hereto agree that the Mortgage Loans listed
          on
Attachment 1 annexed hereto (the “Assigned Loans”) shall be subject to
          the terms of this AAR Agreement.  Any capitalized term used and not
          otherwise defined herein shall have the meaning assigned to such term in
          the
          Servicing Agreement.

        

        Assignment
          and Assumption

         

        1.  Except
          as
          expressly provided for herein, the Assignor hereby grants, transfers and
          assigns
          to the Assignee all of its right, title and interest as in, to and under
          the
          Assigned Loans, and as they relate to the Assigned Loans, the Servicing
          Agreement.  Notwithstanding anything to the contrary contained herein,
          the Assignor is not assigning to the Assignee any of its right, title and
          interest in, to and under the Servicing Agreement with respect to any other
          mortgage loan other than the Assigned Loans.  Except as is otherwise
          expressly provided herein, the Assignor makes no representations, warranties
          or
          covenants to the Assignee and the Assignee acknowledges that the Assignor
          has no
          obligations to the Assignee under the terms of the Servicing Agreement
          or
          otherwise relating to the transaction contemplated herein (including, but
          not
          limited to, any obligation to indemnify the Assignee).

         

        The
          Assignor acknowledges and agrees
          that upon execution of this AAR Agreement, with respect to the Assigned
          Loans,
          the Assignee shall become the “Owner” under the Servicing Agreement, and all
          representations, warranties and covenants by the “Servicer” to the “Owner” under
          the Servicing Agreement including, but not limited to, the rights to receive
          indemnification, shall accrue to the Assignee by virtue of this AAR
          Agreement.

         

        Representations,
          Warranties and Covenants

         

        2.  The
          Assignor warrants and represents to, and covenants with, the Assignee and
          the
          Company as of the date hereof that:

         

        
          	
                  a.  

                	
                  Attached
                    hereto as Attachment 2 is a true and correct copy of the Servicing
                    Agreement, which Servicing Agreement is in full force and effect
                    as of the
                    date hereof and the provisions of which have not been waived,
                    amended or
                    modified in any respect, nor has any notice of termination been
                    given
                    thereunder;

                

        

         

        
          	
                  b.  

                	
                  The
                    Assignor was the lawful owner of the Assigned Loans with full
                    right to
                    transfer the Assigned Loans and any and all of its interests,
                    rights and
                    obligations under the Servicing Agreement they relate to the
                    Assigned
                    Loans, free and clear from any and all claims and encumbrances;
                    and upon
                    the transfer of the Assigned Loans to the Assignee as contemplated
                    herein,
                    the Assignee shall have good title to each and every Assigned
                    Loan, as
                    well as any and all of the Assignee’s interests, rights and obligations
                    under the Servicing Agreement as they relate to the Assigned
                    Loans, free
                    and clear of any and all liens, claims and
                    encumbrances;

                

        

         

        
          	
                  c.  

                	
                  There
                    are no offsets, counterclaims or other defenses available to
                    the Company
                    with respect to the Servicing
                    Agreement;

                

        

         

        
          	
                  d.  

                	
                  The
                    Assignor has no knowledge of, and has not received notice of,
                    any waivers
                    under, or any modification of, any Assigned
                    Loan;

                

        

         

        
          	
                  e.  

                	
                  The
                    Assignor is duly organized, validly existing and in good standing
                    under
                    the laws of the jurisdiction of its incorporation, and has all
                    requisite
                    power and authority to acquire, own and sell the Assigned
                    Loans;

                

        

         

        
          	
                  f.  

                	
                  The
                    Assignor has full corporate power and authority to execute, deliver
                    and
                    perform its obligations under this AAR Agreement, and to consummate
                    the
                    transactions set forth herein. The consummation of the transactions
                    contemplated by this AAR Agreement is in the ordinary course
                    of the
                    Assignor’s business and will not conflict with, or result in a breach
                    of,
                    any of the terms, conditions or provisions of the Assignor’s charter or
                    by-laws or any legal restriction, or any material agreement or
                    instrument
                    to which the Assignor is now a party or by which it is bound,
                    or result in
                    the violation of any law, rule, regulation, order, judgment or
                    decree to
                    which the Assignor or its property is subject. The execution,
                    delivery and
                    performance by the Assignor of this AAR Agreement and the consummation
                    by
                    it of the transactions contemplated hereby, have been duly authorized
                    by
                    all necessary corporate action on part of the Assignor. This
                    AAR Agreement
                    has been duly executed and delivered by the Assignor and, upon
                    the due
                    authorization, execution and delivery by the Assignee and the
                    parties
                    hereto, will constitute the valid and legally binding obligation
                    of the
                    Assignor enforceable against the Assignor in accordance with
                    its terms
                    except as enforceability may be limited by bankruptcy, reorganization,
                    insolvency, moratorium or other similar laws now or hereafter
                    in effect
                    relating to creditors’ rights generally, and by general principles of
                    equity regardless of whether enforceability is considered in
                    a proceeding
                    in equity or at law;

                

        

         

        
          	
                  g.  

                	
                  No
                    consent, approval, order or authorization of, or declaration,
                    filing or
                    registration with, any governmental entity is required to be
                    obtained or
                    made by the Assignor in connection with the execution, delivery
                    or
                    performance by the Assignor of this AAR Agreement, or the consummation
                    by
                    it of the transactions contemplated hereby. Neither the Assignor
                    nor
                    anyone acting on its behalf has offered, transferred, pledged,
                    sold or
                    otherwise disposed of the Assigned Loans or any interest in the
                    Assigned
                    Loans, or solicited any offer to buy or accept a transfer, pledge
                    or other
                    disposition of the Assigned Loans, or any interest in the Assigned
                    Loans
                    or otherwise approached or negotiated with respect to the Assigned
                    Loans,
                    or any interest in the Assigned Loans with any Person in any
                    manner, or
                    made any general solicitation by means of general advertising
                    or in any
                    other manner, or taken any other action which would constitute
                    a
                    distribution of the Assigned Loans under the Securities Act of
                    1933, as
                    amended (the “1933 Act”) or which would render the disposition of the
                    Assigned Loans a violation of Section 5 of the 1933 Act or require
                    registration pursuant thereto; and

                

        

         

        
          	
                   

                	
                  h.

                	
                  There
                    is no action, suit, proceeding, investigation or litigation pending
                    or, to
                    the Assignor's knowledge, threatened, which either in any instance
                    or in
                    the aggregate, if determined adversely to the Assignor, would
                    adversely
                    affect the Assignor's execution or delivery of, or the enforceability
                    of,
                    this AAR Agreement, or the Assignor's ability to perform its
                    obligations
                    under this AAR Agreement.

                

        

         

        3.  The
          Assignee warrants and represents to, and covenants with, the Assignor and
          the
          Company as of the date hereof that:

         

        
          	
                  a.  

                	
                  The
                    Assignee is duly organized, validly existing and in good standing
                    under
                    the laws of the jurisdiction of its organization and has all
                    requisite
                    power and authority to hold the Assigned Loans as trustee on
                    behalf of the
                    holders of Bear Stearns ARM Trust, Mortgage Pass-Through Certificates,
                    Series 2007-4;

                

        

         

        
          	
                  b.  

                	
                  The
                    Assignee has full corporate power and authority to execute, deliver
                    and
                    perform its obligations under this AAR Agreement, and to consummate
                    the
                    transactions set forth herein. The consummation of the transactions
                    contemplated by this AAR Agreement is in the ordinary course
                    of the
                    Assignee’s business and will not conflict with, or result in a breach
                    of,
                    any of the terms, conditions or provisions of the Assignee’s charter or
                    by-laws or any legal restriction, or any material agreement or
                    instrument
                    to which the Assignee is now a party or by which it is bound,
                    or result in
                    the violation of any law, rule, regulation, order, judgment or
                    decree to
                    which the Assignee or its property is subject. The execution,
                    delivery and
                    performance by the Assignee of this AAR Agreement and the consummation
                    by
                    it of the transactions contemplated hereby, have been duly authorized
                    by
                    all necessary corporate action on part of the Assignee. This
                    AAR Agreement
                    has been duly executed and delivered by the Assignee and, upon
                    the due
                    authorization, execution and delivery by the Assignor and the
                    parties
                    hereto, will constitute the valid and legally binding obligation
                    of the
                    Assignee enforceable against the Assignee in accordance with
                    its terms
                    except as enforceability may be limited by bankruptcy, reorganization,
                    insolvency, moratorium or other similar laws now or hereafter
                    in effect
                    relating to creditors’ rights generally, and by general principles of
                    equity regardless of whether enforceability is considered in
                    a proceeding
                    in equity or at law;

                

        

         

        
          	
                  c.  

                	
                  No
                    consent, approval, order or authorization of, or declaration,
                    filing or
                    registration with, any governmental entity is required to be
                    obtained or
                    made by the Assignee in connection with the execution, delivery
                    or
                    performance by the Assignee of this AAR Agreement, or the consummation
                    by
                    it of the transactions contemplated
                    hereby;

                

        

         

        
          	
                   

                	
                     d.

                	
                  There
                    is no action, suit, proceeding, investigation or litigation pending
                    or, to
                    the Assignee's knowledge, threatened, which either in any instance
                    or in
                    the aggregate, if determined adversely to the Assignee, would
                    adversely
                    affect the Assignee's execution or delivery of, or the enforceability
                    of,
                    this AAR Agreement, or the Assignee's ability to perform its
                    obligations
                    under this AAR Agreement; and

                

        

         

        
          	
                   

                	
                     
                    e.

                	
                  The
                    Assignee assumes for the benefit of each of Assignor and Company
                    all of
                    the Assignor’s rights as “Owner” under the Servicing Agreement but solely
                    with respect to the Assigned Loans.

                

        

         

        4.  Company
          warrants and represents to, and covenants with, the Assignee and the Assignor,
          as of the date hereof, that:

         

        
          	
                  a.  

                	
                  Attached
                    hereto as Attachment 2 is a true and accurate copy of the Servicing
                    Agreement, which agreement is in full force and effect as of
                    the date
                    hereof and the provisions of which have not been waived, amended
                    or
                    modified in any respect, nor has any notice of termination been
                    given
                    thereunder;

                

        

         

        
          	
                  b.  

                	
                  The
                    Company is duly organized, validly existing and in good standing
                    under the
                    laws of the jurisdiction of its incorporation, and has all requisite
                    power
                    and authority to service the Assigned Loans and otherwise to
                    perform its
                    obligations under the Servicing
                    Agreement;

                

        

         

        
          	
                  c.  

                	
                  The
                    Company has full corporate power and authority to execute, deliver
                    and
                    perform its obligations under this AAR Agreement, and to consummate
                    the
                    transactions set forth herein. The consummation of the transactions
                    contemplated by this AAR Agreement is in the ordinary course
                    of the
                    Company’s business and will not conflict with, or result in a breach
                    of,
                    any of the terms, conditions or provisions of the Company’s charter or
                    by-laws or any legal restriction, or any material agreement or
                    instrument
                    to which the Company is now a party or by which it is bound,
                    or result in
                    the violation of any law, rule, regulation, order, judgment or
                    decree to
                    which the Company or its property is subject. The execution,
                    delivery and
                    performance by the Company of this AAR Agreement and the consummation
                    by
                    it of the transactions contemplated hereby, have been duly authorized
                    by
                    all necessary corporate action on part of the Company. This AAR
                    Agreement
                    has been duly executed and delivered by the Company, and, upon
                    the due
                    authorization, execution and delivery by the Assignor and the
                    Assignee,
                    will constitute the valid and legally binding obligation of the
                    Company,
                    enforceable against the Company in accordance with its terms
                    except as
                    enforceability may be limited by bankruptcy, reorganization,
                    insolvency,
                    moratorium or other similar laws now or hereafter in effect relating
                    to
                    creditors’ rights generally, and by general principles of equity
                    regardless of whether enforceability is considered in a proceeding
                    in
                    equity or at law;

                

        

         

        
          	
                  d.  

                	
                  No
                    consent, approval, order or authorization of, or declaration,
                    filing or
                    registration with, any governmental entity is required to be
                    obtained or
                    made by the Company in connection with the execution, delivery
                    or
                    performance by the Company of this AAR Agreement, or the consummation
                    by
                    it of the transactions contemplated
                    hereby;

                

        

         

        
          	
                  e.  

                	
                  The
                    Company shall establish a Custodial Account and an Escrow Account
                    under
                    the Servicing Agreement in favor of the Assignee with respect
                    to the
                    Assigned Loans separate from the Custodial Account and Escrow
                    Account
                    previously established under the Servicing Agreement in favor
                    of the
                    Assignor;

                

        

         

        
          	
                  f.  

                	
                  Pursuant
                    to Section 10.02 of the Servicing Agreement, the Company hereby
                    restates
                    the representations and warranties set forth in Article III of
                    the
                    Servicing Agreement with respect to the Company and/or the Assigned
                    Loans;
                    and

                

        

         

        
          	
                   

                	
                    
                    g.

                	
                  Neither
                    this AAR Agreement nor any certification, statement, report or
                    other
                    agreement, document or instrument furnished or to be furnished
                    by the
                    Company pursuant to this AAR Agreement contains or will contain
                    any
                    materially untrue statement of fact or omits or will omit to
                    state a fact
                    necessary to make the statements contained therein not
                    misleading.

                

        

         

        5.  The
          Company warrants and represents to, and covenants with the Assignor as
          of the
          date hereof:

         

        (a)  The
          Company is not aware and has not received notice that any default, early
          amortization or other performance triggering event has occurred as to any
          other
          securitization due to any act or failure to act of the Company;

         

        (b)  No
          material noncompliance with the applicable servicing criteria with respect
          to
          other securitizations of residential mortgage loans involving the Company
          as
          servicer has been disclosed or reported by the Company;

         

        (c)  The
          Company has not been terminated as servicer in a residential mortgage loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger;

         

        (d)  No
          material changes to the Company’s policies or procedures with respect to the
          servicing function it will perform under the Servicing Agreement and this
          AAR
          Agreement for mortgage loans of a type similar to the Assigned Loans have
          occurred during the three-year period immediately preceding the date
          hereof;

         

        (e)  There
          are
          no aspects of the Company’s financial condition that could have a material
          adverse effect on the performance by the Company of its servicing obligations
          under the Servicing Agreement and this AAR Agreement;

         

        (f)  There
          are
          no material legal or governmental proceedings pending (or known to be
          contemplated) against the Company, any Subservicer or any third-party
          originator; and

         

        (g)  There
          are
          no affiliations, relationships or transactions relating to the Company
          or any
          Subservicer with respect to this Securitization Transaction and any party
          thereto of a type described in Item 1119 of Regulation AB.

         

        Notwithstanding
          anything to the
          contrary in the Agreement, the Company shall (or shall cause any Third-Party
          Originator to) (i) immediately notify the Assignor and SAMI II in writing
          of (A)
          legal proceedings pending against the Company, or proceedings known to
          be
          contemplated by governmental authorities against the Company which in the
          judgment of the Company would be, in each case, material to purchasers
          of
          securities backed by the Assigned Loans, (B) any affiliations or relationships
          of the type described in Item 1119(b) of Regulation AB that develop following
          the date hereof between the Company and any of the above listed parties
          or other
          parties identified in writing by the Assignor or SAMI II with respect to
          the
          Securitization Transaction and (ii) provide to the Assignor and SAMI II
          a
          description of such proceedings, affiliations or relationships

         

        6.  The
          Assignor hereby agrees to indemnify and hold the Assignee (and its successors
          and assigns) harmless against any and all claims, losses, penalties, fines,
          forfeitures, legal fees and related costs, judgments, and any other costs,
          fees
          and expenses that the Assignee (and its successors and assigns) may sustain
          in
          any way related to any breach of the representations or warranties of the
          Assignor set forth in this AAR Agreement or the breach of any covenant
          or
          condition contained herein.

         

        Recognition
          of Assignee

         

        7.  From
          and
          after the date hereof, the Company shall recognize the Assignee as owner
          of the
          Assigned Loans, and acknowledges that the Assigned Loans will be part of
          a
          REMIC, and will service the Assigned Loans in accordance with the Servicing
          Agreement but in no event in a manner that would (i) cause any REMIC to
          fail to
          qualify as a REMIC or (ii) result in the imposition of a tax upon any REMIC
          (including but not limited to the tax on prohibited transactions as defined
          in
          Section 860F(a)(2) of the Code and the tax on contributions to a REMIC
          set forth
          in Section 860G(d) of the Code). It is the intention of the Assignor, the
          Company and the Assignee that this AAR Agreement shall be binding upon
          and for
          the benefit of the respective successors and assigns of the parties hereto.
          Neither the Company nor the Assignor shall amend or agree to amend, modify,
          waiver, or otherwise alter any of the terms or provisions of the Servicing
          Agreement which amendment, modification, waiver or other alteration would
          in any
          way affect the Assigned Loans without the prior written consent of the
          Assignee.

         

        8.  The
          Company shall prepare for and deliver to the Assignee and EMC Mortgage
          Corporation, as master servicer (in such capacity, the “Master Servicer”) a
          statement with respect to each mortgaged property acquired through foreclosure
          or deed-in-lieu of foreclosure in connection with a defaulted Assigned
          Loan
          (“REO Property”) that has been rented showing the aggregate rental income
          received and all expenses incurred in connection with the management and
          maintenance of such REO Property at such times as is necessary to enable
          the
          Assignee to comply with the reporting requirements of the REMIC provisions
          of
          the Code.  The net monthly rental income, if any, from such REO
          Property shall be deposited in the related collection account no later
          than the
          close of business on each determination date.  The Company shall
          perform, or cause to be performed, the tax reporting and withholding related
          to
          foreclosures, abandonments and cancellation of indebtedness income as specified
          by Sections 1445, 6050J and 6050P of the Code by preparing and filing such
          tax
          and information returns, as may be required.  In the event that Bear
          Stearns ARM Trust, Mortgage Pass-Through Certificates, Series 2007-4 acquires
          any REO Property as aforesaid or otherwise in connection with a default
          or
          default becoming reasonably foreseeable on an Assigned Loan, the Company
          shall
          cause such REO Property to be disposed prior to three years after its
          acquisition by Bear Stearns ARM Trust, Mortgage Pass-Through Certificates,
          Series 2007-4 or, at the expense of Bear Stearns ARM Trust, Mortgage
          Pass-Through Certificates, Series 2007-4, request more than 60 days prior
          to the
          day on which such three-year period would otherwise expire, an extension
          of the
          three-year grace period unless the Assignee shall have been supplied with
          an
          opinion of counsel addressed to the Assignee rendered by nationally recognized
          tax counsel specializing in such matters (such opinion not to be an expense
          of
          the Assignee) to the effect that the holding by Bear Stearns ARM Trust,
          Mortgage
          Pass-Through Certificates, Series 2007-4 of such REO Property subsequent
          to such
          three-year period will not result in the imposition of taxes on “prohibited
          transactions” of any REMIC as defined in Section 860F of the Code or cause any
          REMIC to fail to qualify as a REMIC, in which case Bear Stearns ARM Trust,
          Mortgage Pass-Through Certificates, Series 2007-4 may continue to hold
          such REO
          Property (subject to any conditions contained in such opinion of counsel).
          Notwithstanding any other provision of the Servicing Agreement, no REO
          Property
          acquired by Bear Stearns ARM Trust, Mortgage Pass-Through Certificates,
          Series
          2007-4 shall be rented (or allowed to continue to be rented) or otherwise
          used
          for the production of income by or on behalf of Bear Stearns ARM Trust,
          Mortgage
          Pass-Through Certificates, Series 2007-4 in such a manner or pursuant to
          any
          terms that would (i) cause such REO Property to fail to qualify as “foreclosure
          property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
          any REMIC to the imposition of any federal, state or local income taxes
          on the
          income earned from such REO Property under Section 860G(c) of the Code
          or
          otherwise, unless the Company has agreed to indemnify and hold harmless
          Bear
          Stearns ARM Trust, Mortgage Pass-Through Certificates, Series 2007-4 with
          respect to the imposition of any such taxes.

         

        9.  Notwithstanding
          any term hereof to the contrary, the execution and delivery of this AAR
          Agreement by the Assignee is solely in its capacity as trustee for Bear
          Stearns
          ARM Trust, Mortgage Pass-Through Certificates, Series 2007-4 and not
          individually, and any recourse against the Assignee in respect of any
          obligations it may have under or pursuant to the terms of this AAR Agreement
          shall be limited solely to the assets it may hold as trustee of Bear Stearns
          ARM
          Trust, Mortgage Pass-Through Certificates, Series 2007-4.

         

        Miscellaneous

         

        10.  All
          demands, notices and communications related to the Assigned Loans, the
          Servicing
          Agreement and this AAR Agreement shall be in writing and shall be deemed
          to have
          been duly given if personally delivered at or mailed by registered mail,
          postage
          prepaid, as follows:

         

        
          	
                  a.  

                	
                  In
                    the case of the Company,

                

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX  75067-3884

        Attention:
          Michelle Viner

        Facsimile:
          (214) 626-4889

        Email:
          mviner@bear.com

        

        
          	
                  b.  

                	
                  In
                    the case of the Assignor,

                

        

        Structured
          Asset Mortgage Investments II Inc.

        383
          Madison Avenue,

        New
          York,
          New York 10179

        Attention:  Deirdre
          Burke

        Telecopier
          No.: (212) 272-7646

        

        
          	
                  c.  

                	
                  In
                    the case of the Assignee,

                

        

        Citibank,
          N.A., as Trustee

        388
          Greenwich Street, 14th Floor

        New
          York,
          New York 10013

        Attention:
          Structured Finance Agency & Trust – BSARM 2007-4

        Telecopier
          No.: (410) 715-2380

        

        11.  The
          Company hereby acknowledges that EMC Mortgage Corporation has been appointed
          as
          the master servicer of the Assigned Loans pursuant to the Pooling and Servicing
          Agreement, dated as of May 1, 2007, among the Assignor, the Assignee, Wells
          Fargo Bank, N.A., as securities administrator and the Company, as seller
          and
          master servicer, and therefor has the right to enforce all obligations
          of the
          Company, as they relate to the Assigned Loans, under the Servicing
          Agreement.  Such right will include, without limitation, the right to
          terminate the Company under the Servicing Agreement upon the occurrence
          of an
          event of default thereunder, the right to receive all remittances required
          to be
          made by the Company under the Servicing Agreement, the right to receive
          all
          monthly reports and other data required to be delivered by the Company
          under the
          Servicing Agreement, the right to examine the books and records of the
          Company,
          indemnification rights, and the right to exercise certain rights of consent
          and
          approval relating to actions taken by the Company.  The Company shall
          make all distributions under the Servicing Agreement, as they relate to
          the
          Assigned Loans, to the Master Servicer by wire transfer of immediately
          available
          funds to:

        

        EMC
          Master Servicing Remittances

        Bank:  Chase
          Bank of Texas

        Branch:  Irving,
          Texas

        Account
          Name:  EMC Mortgage Corporation

        ABA
          #
          113000609

        ACCOUNT
          #
          000000709377717

        Reference:
          M/S Remittance May 1, 2007 Remit for EMC Mortgage Corporation

        Attention:  LSBO
          Group-MS

        

        and
          the
          Company shall deliver all reports required to be delivered under the Servicing
          Agreement, as they relate to the Assigned Loans, to the Assignee at the
          address
          set forth in Section 10 herein and to the Master Servicer at:

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX  75067-3884

        Attention:
          Michelle Viner

        Facsimile:
          (214) 626-4889

        Email:
          mviner@bear.com

        

         

        12.  THIS
          AAR
          AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
          NEW
          YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES, AND THE OBLIGATIONS,
          RIGHTS
          AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
          WITH
          SUCH LAWS.

         

        13.  No
          term
          or provision of this AAR Agreement may be waived or modified unless such
          waiver
          or modification is in writing and signed by the party against whom such
          waiver
          or modification is sought to be enforced.

         

        14.  This
          AAR
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto. Any entity into which the Assignor, the Assignee or the
          Company
          may be merged or consolidated shall, without the requirement for any further
          writing, be deemed the Assignor, the Assignee or the Company, respectively,
          hereunder.

         

        15.  This
          AAR
          Agreement shall survive the conveyance of the Assigned Loans, the assignments
          of
          the Servicing Agreement to the extent of the Assigned Loans by the Assignor
          to
          the Assignee and the termination of the Servicing Agreement.

         

        16.  This
          AAR
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument.

         

        17.  In
          the
          event that any provision of this AAR Agreement conflicts with any provision
          of
          the Servicing Agreement with respect to the Assigned Loans, the terms of
          this
          AAR Agreement shall control.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties hereto have executed this AAR Agreement on
          the date
          first above written.

         

        

         

        

        

        
          	
                  STRUCTURED
                    ASSET MORTGAGE

                  INVESTMENTS
                    II INC.,

                  the
                    Assignor

                	 	
                  CITIBANK,
                    N.A., not individually but solely as trustee for the holders
                    of Bear
                    Stearns ARM Trust, Mortgage Pass-Through Certificates, Series
                    2007-4,

                  the
                    Assignee

                
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	
                  Baron
                    Silverstein

                	 	
                  Name:

                	 
	
                  Title:

                	
                  Vice
                    President

                	 	
                  Title:

                	 
	 	 	 
	 	 	 
	 	 	 
	
                  EMC
                    MORTGAGE CORPORATION,

                  the
                    Company and Master Servicer

                	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	 	 
	
                  Name:

                	 	 	 	 
	
                  Title:

                	 	 	 	 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          I

        

        Assigned
          Loans

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          II

        

        Servicing
          Agreement

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        I-3

       

      FORM
        OF
        WELLS FARGO ASSIGNMENT AGREEMENT

       

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION
        AGREEMENT

       

      THIS
        ASSIGNMENT, ASSUMPTION AND
        RECOGNITION AGREEMENT (the “Assignment
        and Assumption Agreement”), dated as of May
        31,
        2007, among
        EMC Mortgage Corporation, a Delaware
        corporation (the
“Assignor”),
Citibank,
        N.A., not
        individually but solely as trustee for the
        holders of
Bear Stearns ARM Trust,
        Mortgage Pass-Through Certificates, Series 2007-4 (the
“Assignee”) and
        Wells Fargo Bank, N.A. (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 Mortgage
        Loan Purchase Agreement dated as of November 1, 2005, by and between the
        Company
        and the Assignor, (ii) 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 those certain (iii) Assignment and Conveyance
        Agreements
        (WF07-PA10 and WF07-PA11) both dated as of April 27, 2007 between the Company
        and the Assignor (the “Assignment and Conveyance
        Agreements”);

       

      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 Agreements, 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
                  ARM
                  Trust, Mortgage Pass-Through Certificates, Series 2007-4;

              

      

       

      
        	
                (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
                  Agreements,
                  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)         

              	
                Except
                  as indicated on the
                  Company’s 2006 Certification Regarding Compliance with Applicable
                  Servicing Criteria, 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 May 1, 2007 the “Pooling and Servicing
        Agreement”), among SAMI II, the Assignor, as seller and Master Servicer, Wells
        Fargo Bank, N.A. as securities administrator 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 ARM Trust,
        Mortgage
        Pass-Through Certificates, Series 2007-4 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 ARM Trust,
        Mortgage
        Pass-Through Certificates, Series 2007-4.

       

      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 ARM Trust,
        Mortgage
        Pass-Through Certificates, Series 2007-4 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 ARM Trust,
        Mortgage
        Pass-Through Certificates, Series 2007-4 or, at the expense
        of Bear Stearns ARM Trust,
        Mortgage
        Pass-Through Certificates, Series 2007-4, 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 ARM Trust,
        Mortgage
        Pass-Through Certificates, Series 2007-4 of such REO Property
        subsequent to such
        three-year period will not result in the imposition of taxes on “prohibited
        transactions” of any REMIC as defined in Section 860F of the Code or cause any
        REMIC to fail to qualify as a REMIC, in which case Bear Stearns ARM Trust,
        Mortgage
        Pass-Through Certificates, Series 2007-4 may continue to hold
        such REO Property
        (subject to any conditions contained in such opinion of counsel).
        Notwithstanding any other provision of the Servicing Agreement, no REO Property
        acquired by Bear Stearns
        ARM Trust, Mortgage Pass-Through Certificates, Series 2007-4 shall be rented (or
        allowed to continue
        to be rented) or otherwise used for the production of income by or on behalf
        of
Bear Stearns ARM Trust,
        Mortgage Pass-Through Certificates, Series 2007-4 in such a manner or
        pursuant to any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless
Bear Stearns ARM Trust,
        Mortgage Pass-Through Certificates, Series 2007-4 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:
        Citibank, N.A., as trustee for the
        holders of Bear Stearns ARM
        Trust, Mortgage Pass-Through Certificates, Series 2007-4.

       

      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. Notwithstanding any
        provision of the
        Warranties and Servicing Agreement to the contrary, and solely with respect
        to
        the Mortgage Loans, any prepayment penalties collected shall be retained
        by the
        Company.

       

      Trustee:
Citibank,
        N.A.

       

      
        	
                (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)         

              	
                Section
                  4.01 of the Purchase
                  Agreement is hereby amended by changing the first sentence of the
                  second
                  paragraph to the following:

              

      

       

      Consistent
        with and in addition to the
        terms set forth in this Agreement and the related Assignment and Conveyance
        Agreement, if a Mortgage Loan is in default or such default is reasonably
        foreseeable, the Company may waive, modify or vary any term of any Mortgage
        Loan
        or consent to the postponement of strict compliance with any such term or
        in any
        manner grant indulgence to any Mortgagor, including without limitation, to
        (1)
        capitalize any amounts owing on the Mortgage Loan by adding such amount to
        the
        outstanding principal balance of the Mortgage Loan, (2) defer such amounts
        to a
        later date or the final payment date of such Mortgage Loan, (3) extend the
        maturity of any such Mortgage Loan, (4) amend the related Mortgage Loan to
        reduce the related Mortgage Interest Rate with respect to any Mortgage Loan,
        (5)
        convert the Mortgage Interest Rate on any Mortgage Loan from a fixed rate
        to an
        adjustable rate or vice versa, (6) with respect to a Mortgage Loan with an
        initial fixed rate period followed by an adjustable rate period, extend the
        fixed period and reduce the adjustable rate period, and/or (7) forgive the
        amount of any interest, principal or servicing advances owed by the related
        Mortgagor; provided that in the Company's reasonable and prudent determination,
        such waiver, modification, postponement or indulgence: (A) is not materially
        adverse to the interests of the Purchaser on a present value basis using
        reasonable assumptions (including taking into account any estimated Realized
        Loss that might result absent such action); and (B) does not amend the related
        Mortgage Note to extend the maturity thereof later than the date of the Latest
        Possible Maturity Date (as such term is defined in the related pooling and
        servicing agreement); provided, further, with respect to any Mortgage Loan
        that
        is not in default or if default is not reasonably foreseeable, unless the
        Company has provided to the Purchaser a certification addressed to the
        Purchaser, based on the advice of counsel or certified public accountants
        that
        have a national reputation with respect to taxation of REMICs that a
        modification of such Mortgage Loan will not result in the imposition of taxes
        on
        or disqualify from REMIC status any of the REMICS and has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan.  Notwithstanding the foregoing, for
        any waiver, modification, postponement or indulgence (not including any partial
        releases, assumptions of mortgages or modifications of any Mortgage Loan
        that is
        done in connection with compliance with the Relief Act) which the Company
        reasonably anticipates may result in a realized loss of 20% or more of the
        outstanding principal balance of a Mortgage Loan, the Company shall present
        such
        proposed waiver, modification, postponement or indulgence, together with
        any
        supporting documentation, to the Master Servicer for consideration and
        approval.  The Company shall submit all waivers, modifications or
        variances of the terms of any Mortgage Loan with respect to partial releases,
        assumptions of mortgages or for modifications done in furtherance of compliance
        with Relief Act, together with any supporting documentation, to the Master
        Servicer for consideration and approval.

       

      
        	
                (j)         

              	
                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:

              

      

       

      On
        each Remittance Date, the Company
        shall remit to the Master Servicer all Liquidation Proceeds and Insurance
        Proceeds, along with any Servicing Advances and Advances, such that the sum
        of
        the foregoing at least equals in the aggregate the outstanding Stated Principal
        Balance of the related Mortgage Loans.  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 and all required 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.

       

      
        	
                (k)         

              	
                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.

       

      
        	
                (l)         

              	
                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:

       

      
        	
                (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)         

              	
                The
                  following is added as the last
                  paragraph of Section 4.05:

              

      

       

      “Notwithstanding
        the foregoing, the
        Company’s right to reimbursement pursuant to clauses (ii), (iii), (vii) and (x)
        above shall be subject to the prior approval of the Master
        Servicer.  The Master Servicer shall provide such approval or denial
        to the Company no later than thirty (30) days after receipt of such claim;
        provided, however, the Company must submit such claim with all supporting
        documentation in order for the Master Servicer to approve or deny such claim
        within such time period.  Pending such approval, such funds shall be
        remitted by the Company to the Master Servicer to the extent such funds,
        in
        addition to any Servicing Advances and Advances, constitute an amount equal
        to
        the outstanding Stated Principal Balance of the related Mortgage Loan plus
        any
        accrued interest due and owing on such Mortgage Loan.”

       

      
        	
                (o)         

              	
                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:”

       

      
        	
                (p)         

              	
                Article
                  IV of the Agreement is
                  hereby amended by replacing Section 4.13 with the
                  following:

              

      

       

      “The
        Company or its agent shall inspect
        the Mortgaged Property as often as deemed necessary by the Company in accordance
        with Accepted Servicing Practices or as may be required by the primary mortgage
        guaranty insurer, to assure itself that the value of the Mortgaged Property
        is
        being preserved.  The Company shall keep a record of each such
        inspection and, upon request, shall provide the Purchaser with an electronic
        report of each such inspection.”

       

      
        	
                (q)         

              	
                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.”

       

      
        	
                (r)         

              	
                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.”

       

      
        	
                (s)         

              	
                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.”

      

      
        	
                (t)         

              	
                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.

              

      

       

      
        	
                (u)         

              	
                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.”

       

      
        	
                (v)         

              	
                Section
                  6.05 (Annual Independent
                  Public Accountants’ Servicing Report) is deleted in its
                  entirety.

              

      

       

      
        	
                (w)         

              	
                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)”.

              

      

       

      
        	
                (x)         

              	
                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.”

       

      
        	
                (y)         

              	
                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”.

              

      

       

      
        	
                (z)         

              	
                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”.

              

      

       

      
        	
                (aa)         

              	
                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.”

       

      
        	
                (bb)         

              	
                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).

              

      

       

      
        	
                (cc)         

              	
                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

      Email:
        mviner@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
        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

      Email:
        mviner@bear.com

      

       

      
        	
                (dd)         

              	
                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”.

              

      

       

      
        	
                (ee)         

              	
                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.

       

      
        	
                (ff)         

              	
                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).

       

      
        	
                (gg)         

              	
                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.

       

      
        	
                (hh)         

              	
                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.

       

      
        	
                (ii)         

              	
                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.

       

      
        	
                (jj)          

              	
                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)”.

              

      

       

      
        	
                (kk)          

              	
                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.

       

      
        	
                (ll)          

              	
                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.

       

      
        	
                (mm)        

              	
                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.

       

      
        	
                (nn)         

              	
                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.

              

      

       

      
        	
                (oo)         

              	
                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.

              

      

       

      
        	
                (pp)         

              	
                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.

              

      

       

      
        	
                (qq)         

              	
                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.

              

      

       

      
        	
                (rr)         

              	
                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.

              

      

       

      
        	
                (ss)         

              	
                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

      Email:
mviner@bear.com

      

      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

      Email:
        mviner@bear.com

      

       

      With
        a copy to:

       

      Bear
        Stearns & Co.
        Inc.

      383
        Madison Avenue

      New
        York, New York
        10179

      Attention:
        Deirdre
        Burke

       

      The
        Assignee’s
        address for purposes of all notices
        and correspondence related to the Mortgage Loans and this Assignment and
        Assumption Agreement is:

       

      Citibank,
        N.A., as
        trustee

      388
        Greenwich Street, 14th
        Floor

      New
        York, New York
        10013

      Attention:
        Structured Finance Agency
& Trust – BSARM 2007-4

       

      Telecopy:
        (410)
        715-2380

       

      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.

       

      
        	 	
                CITIBANK,
                  N.A., not
                  individually but solely
                  as Trustee
                  for the holders of Bear Stearns
                  ARM Trust, Mortgage Pass-Through Certificates, Series
                  2007-4

              	 
	 	 	 	 
	
              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

      

       

      
        
          	 	
                  
                    EMC
                      MORTGAGE
                      CORPORATION

                    Assignor
                      and Master
                      Servicer

                  

                	 
	 	 	 	 
	
                	
                  By:
                    

                	 	 
	 	
                  Name:

                	 	 
	 	
                  Title:

                	 	 
	 	 	 	 

        

         

        
          
            	 	
                    
                      WELLS
                        FARGO BANK,
                        N.A.,

                       as
                        Company

                    

                  	 
	 	 	 	 
	
                  	
                    By:
                      

                  	 	 
	 	
                    Name:

                  	 	 
	 	
                    Title:

                  	 	 
	 	 	 	 

          

           

        

      

      
      

      Acknowledged
        and
        Agreed

      
         

        
          
            	
                    
                      
                        STRUCTURED
                          ASSET MORTGAGE
                          INVESTMENTS II INC.

                      

                    

                  	 
	 	 	 
	
                    By:
                      

                  	 	 
	
                    Name:

                  	Baron
                    Silverstein	 
	
                    Title:

                  	Vice
                    President	 
	 	 	 

          

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

       

       

      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
                  Eviction 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?                          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
        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
        J

       

      FORM
        OF MORTGAGE LOAN PURCHASE AGREEMENT

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT, dated as of May 31, 2007, as amended and supplemented
        by any and all amendments hereto (collectively, the “Agreement”), by and
        among EMC MORTGAGE CORPORATION, a Delaware corporation (“EMC” or a
“Seller”), MASTER FUNDING LLC, a Delaware limited liability company
        (“Master Funding” or a “Seller”, and together with EMC, the “Sellers”) and
        STRUCTURED ASSET MORTGAGE INVESTMENTS II INC., a Delaware corporation (the
        “Purchaser”).

       

      Upon
        the
        terms and subject to the conditions of this Agreement, each Seller agrees
        to
        sell, and the Purchaser agrees to purchase, certain conventional, first lien
        mortgage loans secured primarily by one- to four-family residential properties
        and individual condominium units (collectively, the “Mortgage Loans”) as
        described herein. The Purchaser intends to deposit the Mortgage Loans into
        a
        trust fund (the “Trust Fund”) and create Bear Stearns ARM Trust 2007-4, Mortgage
        Pass-Through Certificates, Series 2007-4 (the “Certificates”), under a pooling
        and servicing agreement, to be dated as of  May 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,
        N.A., as securities administrator, Citibank, N.A., as trustee (the
“Trustee”).

       

      The
        Purchaser has filed with the Securities and Exchange Commission (the
“Commission”) a registration statement on Form S-3 (Number 333-140247) relating
        to its Mortgage Pass-Through Certificates and the offering of certain series
        thereof (including certain classes of the Certificates) from time to time
        in
        accordance with Rule 415 under the Securities Act of 1933, as amended, and
        the
        rules and regulations of the Commission promulgated thereunder (the “Securities
        Act”). Such registration statement, when it became effective under the
        Securities Act, and the prospectus relating to the public offering of certain
        classes of the Certificates by the Purchaser (the “Public Offering”), as each
        may be amended or supplemented from time to time pursuant to the Securities
        Act
        or otherwise, are referred to herein as the “Registration Statement” and the
“Prospectus,” respectively. The “Prospectus Supplement” shall mean that
        supplement, dated May [__], 2007, to the Prospectus, dated March 20, 2007,
        relating to certain classes of the Certificates. With respect to the Public
        Offering of certain classes of the Certificates, the Purchaser and Bear,
        Stearns
& Co. Inc. (“Bear Stearns”) have entered into a terms agreement dated as of
        March 28, 2007 to an underwriting agreement dated February 26, 2007, between
        the
        Purchaser and Bear Stearns (together, the “Underwriting
        Agreement”).

       

      Now,
        therefore, in consideration of the premises and the mutual agreements set
        forth
        herein, the parties hereto agree as follows:

       

      Section
        1.  Definitions.  Certain
        terms are defined herein. Capitalized terms used herein but not defined herein
        shall have the meanings specified in the Pooling and Servicing Agreement.
        The
        following other terms are defined as follows:

       

      Acquisition
        Price:  With respect to EMC and the sale of the EMC Mortgage
        Loans, cash in an amount equal to $______ (plus $______ in accrued
        interest)1. With respect to Master
        Funding and the sale of the Master Funding Mortgage Loans, cash in an amount
        equal to $______ (plus $______ in accrued interest).2

       

      
        

          

        

          
          2
            Please contact Bear, Stearns & Co. Inc. for Purchase Price.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

        

      

      Bear
        Stearns:  Bear, Stearns & Co. Inc.

       

      Closing
        Date:  May 31, 2007.

       

      Cut-off
        Date:  May 1, 2007

       

      Cut-off
        Date Balance:  $[•]

       

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

       

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

       

      EMC:  EMC
        Mortgage Corporation.

       

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

       

      Fitch:  Fitch,
        Inc., or its successors in interest.

       

      Master
        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
        Seller.

       

      Master
        Servicer:  EMC Mortgage Corporation

       

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

       

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

       

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

       

      Mortgage
        File:  The items referred to in Exhibit 1 pertaining to a
        particular Mortgage Loan and any additional documents required to be added
        to
        such documents pursuant to this Agreement or the Pooling and Servicing
        Agreement.

       

      Mortgage
        Interest Rate:  The annual rate of interest borne by a Mortgage
        Note as stated therein.

       

      Mortgagor:  The
        obligor(s) on a Mortgage Note.

       

      Net
        Rate:  For each Mortgage Loan, the Mortgage Interest Rate for such
        Mortgage Loan less the sum of (i) the Servicing Fee Rate, (ii) the Securities
        Administrator Fee Rate, (iii) with respect to the Mortgage Loans serviced
        by
        Countrywide, the Master Servicing Fee Rate and (iv) the rate at which the
        Lender-Paid PMI Rate is calculated (if applicable).

       

      Opinion
        of Counsel:  A written opinion of counsel, who may be counsel for
        the Seller or the Purchaser, reasonably acceptable to the Trustee.

       

      Person:  Any
        legal person, including any individual, corporation, partnership, joint venture,
        association, joint stock company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

       

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

       

      Rating
        Agencies:  Standard & Poor’s and Fitch, each a “Rating
        Agency.”

       

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

       

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

       

      Servicing
        Agreements:  Shall have the meaning assigned to such term in the
        Pooling and Servicing Agreement.

       

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

       

      Substitute
        Mortgage Loan:  A mortgage loan substituted for a Deleted Mortgage
        Loan which must meet, on the date of such substitution, the requirements
        stated
        herein and in the Pooling and Servicing Agreement with respect to such
        substitution; upon such substitution, such mortgage loan shall be a “Mortgage
        Loan” hereunder.

       

      Value:  The
        value of the Mortgaged Property at the time of origination of the related
        Mortgage Loan, such value being the lesser of (i) the value of such property
        set
        forth in an appraisal accepted by the applicable originator of the Mortgage
        Loan
        or (ii) the sales price of such property at the time of
        origination.

       

      Section
        2.  Purchase
        and Sale of the Mortgage Loans and Related Rights.  

       

      (a)  Upon
        satisfaction of the conditions set forth in Section 11 hereof, each Seller
        agrees to sell, and the Purchaser agrees to purchase Mortgage Loans sold
        by such
        Seller having an aggregate outstanding principal balance as of the Cut-off
        Date
        equal to the Cut-off Date Balance.

       

      (b)  The
        closing for the purchase and sale of the Mortgage Loans and the closing for
        the
        issuance of the Certificates will take place on the Closing Date at the office
        of the Purchaser’s counsel in New York, New York or such other place as the
        parties shall agree.

       

      (c)  Upon
        the
        satisfaction of the conditions set forth in Section 11 hereof, on the Closing
        Date, the Purchaser shall pay to each respective Seller the related Acquisition
        Price for the Mortgage Loans sold by such Seller in immediately available
        funds
        by wire transfer to such account or accounts as shall be designated by such
        Seller.

       

      (d)  In
        addition to the foregoing, on the Closing Date each Seller assigns to the
        Purchaser all of its right, title and interest in the Servicing Agreements
        (other than its right to enforce the representations and warranties set forth
        therein).

       

      Section
        3.  Mortgage
        Loan Schedule.  EMC (on its own behalf as a Seller and on behalf
        of Master Funding) agrees to provide to the Purchaser as of the date hereof
        a
        listing of the Mortgage Loans (the “Mortgage Loan Schedule”) setting
        forth the information listed on Exhibit 2 to this Agreement with respect
        to each of the Mortgage Loans being sold by the respective
        Seller.  The Mortgage Loan Schedule shall be delivered to the
        Purchaser on the Closing Date and shall be in form and substance mutually
        agreed
        to by EMC (on its own behalf as a Seller and on behalf of Master Funding)
        and
        the Purchaser.

       

      Section
        4.  Mortgage
        Loan Transfer.

       

      (a)  The
        Purchaser will be entitled to all scheduled payments of principal and interest
        on the Mortgage Loans due after the Cut-off Date (regardless of when actually
        collected) and all payments thereon, other than scheduled principal and interest
        due on or before the Cut-off Date but received after the Cut-off
        Date.  Each Seller will be entitled to all scheduled payments of
        principal and interest on the Mortgage Loans due on or before the Cut-off
        Date
        (including payments collected after the Cut-off Date) and all payments thereon,
        other than scheduled principal and interest due after the Cut-off Date but
        received on or before the Cut-off Date. Such principal amounts and any interest
        thereon belonging to the related Seller as described above will not be included
        in the aggregate outstanding principal balance of the Mortgage Loans as of
        the
        Cut-off Date as set forth on the Mortgage Loan Schedule.

       

      (b)  Pursuant
        to various conveyance documents to be executed on the Closing Date and pursuant
        to the Pooling and Servicing Agreement, the Purchaser will assign on the
        Closing
        Date all of its right, title and interest in and to the Mortgage Loans to
        the
        Trustee for the benefit of the Certificateholders.  In connection with
        the transfer and assignment of the Mortgage Loans, each Seller has delivered
        or
        will deliver or cause to be delivered to the Trustee by the Closing Date
        or such
        later date as is agreed to by the Purchaser and such Seller (each of the
        Closing
        Date and such later date is referred to as a “Mortgage File Delivery
        Date”), the items of the respective Custodian’s Mortgage File,
provided, however, that in lieu of the foregoing, each Seller may
        deliver the following documents, under the circumstances set forth below:
        (i) in
        lieu of the original Security Instrument, assignments to the Trustee or
        intervening assignments thereof which have been delivered, are being delivered
        or will, upon receipt of recording information relating to the Security
        Instrument required to be included thereon, be delivered to recording offices
        for recording and have not been returned to the related Seller in time to
        permit
        their delivery as specified above, the related Seller may deliver a true
        copy
        thereof with a certification by the Seller or the Master Servicer, on the
        face
        of such copy, substantially as follows: “Certified to be a true and correct copy
        of the original, which has been transmitted for recording;” (ii) in lieu of the
        Security Instrument, assignments to the Trustee or intervening assignments
        thereof, if the applicable jurisdiction retains the originals of such documents
        (as evidenced by a certification from such Seller to such effect), such Seller
        may deliver photocopies of such documents containing an original certification
        by the judicial or other governmental authority of the jurisdiction where
        such
        documents were recorded; (iii) in lieu of the Mortgage Notes relating to
        the
        Mortgage Loans, each identified in the list delivered by the Purchaser to
        the
        Trustee on the Closing Date and attached hereto as Exhibit 5 the related
        Seller may deliver lost note affidavits and indemnities of such Seller; and
        (iv)
        the related Seller shall not be required to deliver intervening assignments
        or
        Mortgage Note endorsements between the related Underlying Seller and such
        Seller, between such Seller and the Depositor, and between the Depositor
        and the
        Trustee; and provided further, however, that in the case of Mortgage Loans
        which
        have been prepaid in full after the Cut-off Date and prior to the Closing
        Date,
        such Seller, in lieu of delivering the above documents, may deliver to the
        Trustee or the respective Custodian, on its behalf, a certification by such
        Seller or the Master Servicer to such effect and shall deposit all amounts
        paid
        in respect of such Mortgage Loans in the Distribution Account on the Closing
        Date.  Each Seller shall deliver such original documents (including
        any original documents as to which certified copies had previously been
        delivered) or such certified copies to the Trustee, or the related Custodian
        on
        behalf of the Trustee, promptly after they are received.  EMC (on its
        own behalf as a Seller and on behalf of Master Funding) shall cause the Mortgage
        and intervening assignments, if any, and the assignment of the Security
        Instrument to be recorded not later than 180 days after the Closing Date
        unless
        such assignment is not required to be recorded under the terms set forth
        in
        Section 6(a) hereof.

       

      (c)  In
        connection with the assignment of any Mortgage Loan registered on the MERS®
System, EMC (on its own behalf as a 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 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
        Seller and on behalf of Master Funding) further agrees that it will not,
        and
        will not permit any Servicer or the Master Servicer to alter the codes
        referenced in this paragraph with respect to any Mortgage Loan during the
        term
        of the Pooling and Servicing Agreement unless and until such Mortgage Loan
        is
        repurchased in accordance with the terms of the Pooling and Servicing
        Agreement.

       

      (d)  Each
        Seller and the Purchaser acknowledge hereunder that all of the Mortgage Loans
        and the related servicing will ultimately be assigned to Citibank, N.A.,
        as
        Trustee for the Certificateholders, on the date hereof.

       

      Section
        5.  Examination
        of Mortgage Files.

       

      (a)  On
        or
        before the Mortgage File Delivery Date, each Seller will have made the related
        Mortgage Files available to the Purchaser or its agent for examination which
        may
        be at the offices of the Trustee or the related Seller and/or such 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 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
        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 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 Seller
        and/or
        such 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 respective
        Custodian, on behalf of the Trustee, for the benefit of the Certificateholders,
        will acknowledge receipt of each Mortgage Loan, by delivery to EMC (on its
        own
        behalf as a Seller and on behalf of Master Funding), the Purchaser and the
        Trustee of an initial certification in the form attached as Exhibit One to
        the
        related Custodial Agreement.

       

      (c)  Pursuant
        to the Pooling and Servicing Agreement, within 90 days of the Closing Date
        (or,
        with respect to any Substitute Mortgage Loan, within five business days after
        the receipt by the Trustee or respective Custodian thereof), the Trustee
        will
        review or shall cause the respective Custodian to review items of the Mortgage
        Files as set forth on Exhibit 1 and will deliver to EMC (on its own
        behalf as a Seller and on behalf of Master Funding), the Purchaser and the
        Trustee an interim certification substantially in the form of Exhibit Two
        to the
        related Custodial Agreement.  If the Trustee or respective Custodian,
        as its agent, finds any document listed on Exhibit 1 not to have been
        executed or received, or to be unrelated, determined on the basis of the
        Mortgagor name, original principal balance and loan number, to the Mortgage
        Loans identified in the Mortgage Loan Schedule or to appear defective on
        its
        face (a “Material Defect”), the Trustee or the respective Custodian, as
        its agent, shall promptly notify EMC of such Material Defect. EMC (on its
        own
        behalf as a 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
        or
        the respective Custodian, on its behalf, of the Material Defect and if EMC
        (on
        its own behalf as a Seller and on behalf of Master Funding) fails to correct
        or
        cure such Material Defect within such period and such defect materially and
        adversely affects the interests of the Certificateholders in the related
        Mortgage Loan, EMC (on its own behalf as a 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
        Substitute Mortgage Loan (if within two years of the Closing Date) or purchase
        the related Mortgage Loan at the applicable Purchase Price; provided
        that, if such defect would cause the Mortgage Loan to be other than a
“qualified mortgage” as defined in Section 860G(a)(3) of the Code, any such
        cure, repurchase or substitution must occur within 90 days from the date
        such
        breach was discovered; provided,however, that if such defect
        relates solely to the inability of EMC (on its own behalf as a 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 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 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 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 confirming that such documents
        have been accepted for recording, and delivery to the Trustee or the respective
        Custodian, as its agent, shall be effected by EMC (on its own behalf as a
        Seller
        and on behalf of Master Funding) within thirty days of its receipt of the
        original recorded document.

       

      (d)  Pursuant
        to the Pooling and Servicing Agreement, within 180 days of the Closing Date
        (or,
        with respect to any Substitute Mortgage Loan, within five business days after
        the receipt by the Trustee or respective Custodian thereof) the Trustee will
        review or cause the respective Custodian to review items of the Mortgage
        Files
        as set forth on Exhibit 1 and will deliver to EMC (on its own behalf as a
        Seller and on behalf of Master Funding), the Purchaser and the Trustee a
        final
        certification substantially in the form of Exhibit Three to the related
        Custodial Agreement.  If the Trustee or respective Custodian, as its
        agent, finds a Material Defect, the Trustee or the respective Custodian,
        as its
        agent, shall promptly notify EMC of such Material Defect. EMC (on its own
        behalf
        as a 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 or
        the
        respective Custodian, as its agent, of the Material Defect and if EMC (on
        its
        own behalf as a Seller and on behalf of Master Funding) fails to correct
        or cure
        such Material Defect within such period and such defect materially and adversely
        affects the interests of the Certificateholders in the related Mortgage Loan,
        EMC (on its own behalf as a 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 Substitute Mortgage Loan
        (if
        within two years of the Closing Date) or purchase the related Mortgage Loan
        at
        the applicable Purchase Price; provided that, if such defect would cause
        the Mortgage Loan to be other than a “qualified mortgage” as defined in Section
        860G(a)(3) of the Code, any such cure, repurchase or substitution must occur
        within 90 days from the date such breach was discovered; provided,
        however, that if such defect relates solely to the inability of EMC (on its
        own behalf as a 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 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 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 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
        confirming that such documents have been accepted for recording, and delivery
        to
        the Trustee or the respective Custodian, as its agent, shall be effected
        by EMC
        (on its own behalf as a 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 Seller and on behalf
        of
        Master Funding) shall deliver or cause to be delivered the Substitute Mortgage
        Loan, the related Mortgage File and any other documents and payments required
        to
        be delivered in connection with a substitution pursuant to the Pooling and
        Servicing Agreement. At the time of any purchase or substitution, the Trustee
        in
        accordance with the terms of the Pooling and Servicing Agreement shall (i)
        assign to EMC (on its own behalf as a Seller and on behalf of Master Funding)
        and cause the respective Custodian to release the documents (including, but
        not
        limited to, the Mortgage, Mortgage Note and other contents of the Mortgage
        File)
        in the possession of the respective Custodian relating to the Deleted Mortgage
        Loan and (ii) execute and deliver such instruments of transfer or assignment,
        in
        each case without recourse, as shall be necessary to vest in EMC (on its
        own
        behalf as a 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 Seller and on behalf of Master Funding) shall cause each
        assignment of the Security Instrument from the Sellers to the Trustee to
        be
        recorded not later than 180 days after the Closing Date, unless (a) such
        recordation is not required by the Rating Agencies or an Opinion of Counsel
        has
        been provided to the Trustee (with a copy to the respective Custodian) which
        states that the recordation of such assignments is not necessary to protect
        the
        interests of the Certificateholders in the related Mortgage Loans or (b)
        MERS is
        identified on the Mortgage or a properly recorded assignment of the Mortgage,
        as
        the Mortgagee of record solely as nominee for the related Seller and its
        successors and assigns; provided, however, notwithstanding the foregoing,
        each
        assignment shall be submitted for recording by EMC (on its own behalf as
        a
        Seller and on behalf of Master Funding) in the manner described above, at
        no
        expense to the Trust or Trustee, upon the earliest to occur of (i) reasonable
        direction by the Holders of Certificates evidencing Fractional Undivided
        Interests aggregating not less than 25% of the portion of the Trust related
        to
        such Classes, (ii) the occurrence of an Event of Default, (iii) the occurrence
        of a bankruptcy, insolvency or foreclosure relating to EMC and (iv) the
        occurrence of a servicing transfer as described in Section 8.02 of the Pooling
        and Servicing Agreement.

       

      While
        each such Mortgage or assignment is being recorded, if necessary, EMC (on
        its
        own behalf as a Seller and on behalf of Master Funding) shall leave or cause
        to
        be left with the Trustee a certified copy of such Mortgage or assignment.
        All
        customary recording fees and reasonable expenses relating to the recordation
        of
        the assignments of mortgage to the Trustee or the Opinion of Counsel, as
        the
        case may be, shall be borne by EMC.

       

      (b)  It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by each 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 Seller to the
        Purchaser to secure a debt or other obligation of that Seller. However, in
        the
        event that, notwithstanding the intent of the parties, the Mortgage Loans
        are
        held by a court to continue to be property of such 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
        Seller to the Purchaser of a security interest in all of such Seller’s right,
        title and interest in and to the Mortgage Loans and all amounts payable to
        the
        holders of the Mortgage Loans in accordance with the terms thereof and all
        proceeds of the conversion, voluntary or involuntary, of the foregoing into
        cash, instruments, securities or other property, to the extent the Purchaser
        would otherwise be entitled to own such Mortgage Loans and proceeds pursuant
        to
        Section 4 hereof, including all amounts, other than investment earnings,
        from
        time to time held or invested in any accounts created pursuant to the Pooling
        and Servicing Agreement, whether in the form of cash, instruments, securities
        or
        other property; (c) the possession by the Purchaser or the Trustee of Mortgage
        Notes and such other items of property as constitute instruments, money,
        negotiable documents or chattel paper shall be deemed to be “possession by the
        secured party” for purposes of perfecting the security interest pursuant to
        Section 9-313 (or comparable provision) of the applicable Uniform Commercial
        Code; and (d) notifications to persons holding such property, and
        acknowledgments, receipts or confirmations from persons holding such property,
        shall be deemed notifications to, or acknowledgments, receipts or confirmations
        from, financial intermediaries, bailees or agents (as applicable) of the
        Purchaser for the purpose of perfecting such security interest under applicable
        law. Any assignment of the interest of the Purchaser pursuant to any provision
        hereof or pursuant to the Pooling and Servicing Agreement shall also be deemed
        to be an assignment of any security interest created hereby. EMC (on its
        own
        behalf as a 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 Seller Concerning the Mortgage Loans.  EMC
        hereby represents and warrants to the Purchaser as of the Closing Date or
        such
        other date as may be specified below with respect to each Mortgage
        Loan:

       

      
        	
                (i) 
                            
                   

              	
                the
                  information set forth in the Mortgage Loan Schedule hereto is true
                  and
                  correct in all material respects;

              

      

       

      
        	
                (ii)            

              	
                immediately
                  prior to the transfer to the Purchaser, the related 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 such
                  Seller has full right and authority to sell or assign the same
                  pursuant to
                  this Agreement;

              

      

       

      
        	
                (iii)            

              	
                each
                  Mortgage Loan at the time it was made complied in all material
                  respects
                  with all applicable local, state and federal laws and regulations,
                  including, without limitation, usury, equal credit opportunity,
                  disclosure
                  and recording laws and all applicable predatory, abusive and fair
                  lending
                  laws; and each Mortgage Loan has been serviced in all material
                  respects in
                  accordance with all applicable local, state and federal laws and
                  regulations, including, without limitation, usury, equal credit
                  opportunity, disclosure and recording laws and all applicable
                  anti-predatory lending laws and the terms of the related Mortgage
                  Note,
                  the Mortgage and other loan
                  documents;

              

      

       

      
        	
                (iv)            

              	
                there
                  is no monetary default existing under any Mortgage or the related
                  Mortgage
                  Note and there is no material event which, with the passage of
                  time or
                  with notice and the expiration of any grace or cure period, would
                  constitute a default, breach or event of acceleration; and neither
                  the
                  related Seller, any of its affiliates nor any servicer of any related
                  Mortgage Loan has taken any action to waive any default, breach
                  or event
                  of acceleration; and no foreclosure action is threatened or has
                  been
                  commenced with respect to the Mortgage
                  Loan;

              

      

       

      
        	
                (v)            

              	
                the
                  terms of the Mortgage Note and the Mortgage have not been impaired,
                  waived, altered or modified in any respect, except by written instruments,
                  (i) if required by law in the jurisdiction where the Mortgaged
                  Property is
                  located, or (ii) to protect the interests of the Trustee on behalf
                  of the
                  Certificateholders;

              

      

       

      
        	
                (vi)            

              	
                no
                  selection procedure reasonably believed by the related Seller to
                  be
                  adverse to the interests of the Certificateholders was utilized
                  in
                  selecting the Mortgage Loans;

              

      

       

      
        	
                (vii)           

              	
                each
                  Mortgage is a valid and enforceable first lien on the property
                  securing
                  the related Mortgage Note and each Mortgaged Property is owned
                  by the
                  Mortgagor in fee simple (except with respect to common areas in
                  the case
                  of condominiums, PUDs and de minimis PUDs) or by leasehold for
                  a term
                  longer than the term of the related Mortgage, subject only to (i)
                  the lien
                  of current real property taxes and assessments, (ii) covenants,
                  conditions
                  and restrictions, rights of way, easements and other matters of
                  public
                  record as of the date of recording of such Mortgage, such exceptions
                  being
                  acceptable to mortgage lending institutions generally or specifically
                  reflected in the appraisal obtained in connection with the origination
                  of
                  the related Mortgage Loan or referred to in the lender’s title insurance
                  policy delivered to the originator of the related Mortgage Loan
                  and (iii)
                  other matters to which like properties are commonly subject which
                  do not
                  materially interfere with the benefits of the security intended
                  to be
                  provided by such Mortgage;

              

      

       

      
        	
                (viii)          

              	
                there
                  is no mechanics’ lien or claim for work, labor or material affecting the
                  premises subject to any Mortgage which is or may be a lien prior
                  to, or
                  equal with, the lien of such Mortgage except those which are insured
                  against by the title insurance policy referred to in xiii
                  below;

              

      

       

      
        	
                (ix)            

              	
                there
                  was no delinquent tax or assessment lien against the property subject
                  to
                  any Mortgage, except where such lien was being contested in good
                  faith and
                  a stay had been granted against levying on the
                  property;

              

      

       

      
        	
                (x)       
                       

              	
                there
                  is no valid offset, defense or counterclaim to any Mortgage Note
                  or
                  Mortgage, including the obligation of the Mortgagor to pay the
                  unpaid
                  principal and interest on such Mortgage
                  Note;

              

      

       

      
        	
                (xi)            

              	
                the
                  physical property subject to any Mortgage is free of material damage
                  and
                  is in good repair and there is no proceeding pending or threatened
                  for the
                  total or partial condemnation of any Mortgaged
                  Property;

              

      

       

      
        	
                (xii)           

              	
                the
                  Mortgaged Property and all improvements thereon comply with all
                  requirements of any applicable zoning and subdivision laws and
                  ordinances;

              

      

       

      
        	
                (xiii)          

              	
                a
                  lender’s title insurance policy (on an ALTA or CLTA form) or binder, or
                  other assurance of title customary in the relevant jurisdiction
                  therefor
                  in a form acceptable to Fannie Mae or Freddie Mac, was issued on
                  the date
                  that each Mortgage Loan was created by a title insurance company
                  which was
                  qualified to do business in the jurisdiction where the related
                  Mortgaged
                  Property is located, insuring such 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
                  related Seller is the sole insured under such lender’s title insurance
                  policy, and such policy, binder or assurance is valid and remains
                  in full
                  force and effect, and each such policy, binder or assurance shall
                  contain
                  all applicable endorsements including a negative amortization endorsement,
                  if applicable;

              

      

       

      
        	
                (xiv)          

              	
                at
                  the time of origination, each Mortgaged Property was the subject
                  of an
                  appraisal which conformed to the underwriting requirements of the
                  originator of the Mortgage Loan and, the appraisal is in a form
                  acceptable
                  to Fannie Mae or FHLMC;

              

      

       

      
        	
                (xv)     
                       

              	
                the
                  improvements on each Mortgaged Property securing a Mortgage Loan
                  are
                  insured (by an insurer which is acceptable to the related Seller)
                  against
                  loss by fire and such hazards as are covered under a standard extended
                  coverage endorsement in the locale in which the Mortgaged Property
                  is
                  located, in an amount which is not less than the lesser of the
                  maximum
                  insurable value of the improvements securing such Mortgage Loan
                  or the
                  outstanding principal balance of the Mortgage Loan, but in no event
                  in an
                  amount less than an amount that is required to prevent the Mortgagor
                  from
                  being deemed to be a co-insurer thereunder; if the improvement
                  on the
                  Mortgaged Property is a condominium unit, it is included under
                  the
                  coverage afforded by a blanket policy for the condominium project;
                  if upon
                  origination of the related Mortgage Loan, the improvements on the
                  Mortgaged Property were in an area identified as a federally designated
                  flood area, a flood insurance policy is in effect in an amount
                  representing coverage not less than the least of (i) the outstanding
                  principal balance of the Mortgage Loan, (ii) the restorable cost
                  of
                  improvements located on such Mortgaged Property or (iii) the maximum
                  coverage available under federal law; and each Mortgage obligates
                  the
                  Mortgagor thereunder to maintain the insurance referred to above
                  at the
                  Mortgagor’s cost and expense;

              

      

       

      
        	
                (xvi)          

              	
                each
                  Mortgage Loan constitutes a "qualified mortgage" under Section
                  860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1),
                  (2), (4), (5), (6), (7)  and (9) without reliance on the
                  provisions of Treasury Regulation Section 1.860G-2(a)(3) or Treasury
                  Regulation Section 1.860G-2(f)(2) or any other provision that would
                  allow
                  a Mortgage Loan to be treated as a “qualified mortgage” notwithstanding
                  its failure to meet the requirements of Section 860G(a)(3)(A) of
                  the Code
                  and Treasury Regulation Section 1.860G-2(a)(1), (2), (4), (5),
                  (6), (7)
                  and (9);

              

      

       

      
        	
                (xvii)         

              	
                none
                  of the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31,
                  12 CFR
                  Part 226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation
                  implementing TILA, which implements the Home Ownership and Equity
                  Protection Act of 1994, as amended or (b) “high cost home,” “covered”
                  (excluding home loans defined as “covered home loans” in the New Jersey
                  Home Ownership Security Act of 2002 that were originated between
                  November
                  26, 2003 and July 7, 2004), “high risk home” or “predatory” loans under
                  any applicable state, federal or local law (or a similarly classified
                  loan
                  using different terminology under a law imposing heightened regulatory
                  scrutiny or additional legal liability for residential mortgage
                  loans
                  having high interest rates, points and/or
                  fees);

              

      

       

      
        	
                (xviii)        

              	
                the
                  information set forth in Schedule A of the Prospectus Supplement
                  with
                  respect to the Mortgage Loans is true and correct in all material
                  respects;

              

      

       

      
        	
                (xix)      
                      

              	
                no
                  Mortgage Loan (a) is a “high cost loan” or “covered loan” as applicable
                  (as such terms are defined in the then current Standard & Poor’s
                  LEVELS® Glossary, which is now Version 6.0, Appendix E, attached hereto
                  as
                  Exhibit 6 or (b) was originated on or after October 1, 2002 through
                  March
                  6, 2003 and is governed by the Georgia Fair Lending
                  Act;

              

      

       

      
        	
                (xx)            

              	
                each
                  Mortgage Loan was originated in accordance with the underwriting
                  guidelines of the related
                  originator;

              

      

       

      
        	
                (xxi)           

              	
                each
                  original Mortgage has been recorded or is in the process of being
                  recorded
                  in accordance with the requirements of Section 2.01 of the Pooling
                  and
                  Servicing Agreement in the appropriate jurisdictions wherein such
                  recordation is required to perfect the lien thereof for the benefit
                  of the
                  Trust Fund;

              

      

       

      
        	
                (xxii)          

              	
                the
                  related Mortgage File contains each of the documents and instruments
                  listed in Section 2.01 of the Pooling and Servicing Agreement,
                  subject to
                  any exceptions, substitutions and qualifications as are set forth
                  in such
                  Section;

              

      

       

      
        	
                (xxiii)         

              	
                the
                  Mortgage Loans are currently being serviced in accordance with
                  accepted
                  servicing practices;

              

      

       

      
        	
                (xxiv)        

              	
                with
                  respect to each Mortgage Loan that has a prepayment penalty feature,
                  each
                  such prepayment penalty is enforceable and will be enforced by
                  the related
                  Seller and each prepayment penalty is permitted pursuant to federal,
                  state
                  and local law.  In addition, with respect to each Mortgage Loan
                  (i) no Mortgage Loan will impose a prepayment penalty for a term
                  in excess
                  of five years from the date such Mortgage Loan was originated and
                  (ii)
                  such prepayment penalty is at least equal to the lesser of (A)
                  the maximum
                  amount permitted under applicable law and (B) six months interest
                  at the
                  related Mortgage Interest Rate on the amount prepaid in excess
                  of 20% of
                  the original principal balance of such Mortgage
                  Loan.

              

      

       

      
        	
                (xxv)         

              	
                if
                  any of the Mortgage Loans are secured by a leasehold interest,
                  with
                  respect to each leasehold interest: the use of leasehold estates
                  for
                  residential properties is an accepted practice in the area where
                  the
                  related Mortgaged Property is located; residential property in
                  such area
                  consisting of leasehold estates is readily marketable; the lease
                  is
                  recorded and no party is in any way in breach of any provision
                  of such
                  lease; the leasehold is in full force and effect and is not subject
                  to any
                  prior lien or encumbrance by which the leasehold could be terminated
                  or
                  subject to any charge or penalty; and the remaining term of the
                  lease does
                  not terminate less than ten years after the maturity date of such
                  Mortgage
                  Loan; and

              

      

       

      
        	
                (xxvi)        

              	
                each
                  Mortgage Loan was originated (a)  by a savings and loan association,
                  savings bank, commercial bank, credit union, insurance company
                  or similar
                  institution that is supervised and examined by a federal or state
                  authority, (b) by a mortgagee approved by the Secretary of Housing
                  and
                  Urban Development pursuant to Sections 203 and 211 of the National
                  Housing
                  Act, as amended, or (c) by a mortgage broker or correspondent lender
                  in a
                  manner such that the related Mortgage Loan would be regarded for
                  purposes
                  of Section 3(a)(41) of the Securities Exchange Act of 1934, as
                  amended, as
                  having been originated by an entity described in clauses (a) or
                  (b)
                  above.

              

      

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 7 will inure to the benefit of the Purchaser, its successors and
        assigns, notwithstanding any restrictive or qualified endorsement on any
        Mortgage Note or assignment of Mortgage or the examination of any Mortgage
        File.
        Upon any substitution for a Mortgage Loan, the representations and warranties
        set forth above shall be deemed to be made by the related Seller as to any
        Substitute Mortgage Loan as of the date of substitution.

       

      Upon
        discovery or receipt of notice by the EMC, the Purchaser or the Trustee of
        a
        breach of any representation or warranty of the EMC set forth in this Section
        7
        which materially and adversely affects the value of the interests of the
        Purchaser, the Certificateholders or the Trustee in any of the Mortgage Loans
        delivered to the Purchaser pursuant to this Agreement, the party discovering
        or
        receiving notice of such breach shall give prompt written notice to the others.
        It is understood and agreed that a breach of any one of the representations
        contained in clauses (xvii) or (xix)(b) above will be deemed to materially
        adversely affect the interests of the related Certificateholders. In the
        case of
        any such breach of a representation or warranty set forth in this Section
        7,
        within 90 days from the date of discovery by the EMC, or the date the EMC
        is
        notified by the party discovering or receiving notice of such breach (whichever
        occurs earlier), the EMC will (i) cure such breach in all material respects,
        (ii) purchase the affected Mortgage Loan at the applicable Purchase Price
        or
        (iii) if within two years of the Closing Date, substitute a qualifying
        Substitute Mortgage Loan in exchange for such Mortgage Loan. The obligations
        of
        the EMC to cure, purchase or substitute a qualifying Substitute Mortgage
        Loan
        shall constitute the Purchaser’s, the Trustee’s and the Certificateholder’s sole
        and exclusive remedy under this Agreement or otherwise respecting a breach
        of
        representations or warranties hereunder with respect to the Mortgage Loans,
        except for the obligation of the EMC to indemnify the Purchaser for such
        breach
        as set forth in and limited by Section 14 hereof.

       

      Any
        cause
        of action against EMC or relating to or arising out of a breach by EMC of
        any
        representations and warranties made in this Section 7 shall accrue as to
        any
        Mortgage Loan upon (i) discovery of such breach by EMC or notice thereof
        by the
        party discovering such breach and (ii) failure by EMC to cure such breach,
        purchase such Mortgage Loan or substitute a qualifying Substitute Mortgage
        Loan
        pursuant to the terms hereof.

       

      Section
        8.  Representations
        and Warranties Concerning 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 the EMC’s
        ability to enter into this Agreement and to consummate the transactions
        contemplated hereby;

       

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

       

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

       

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

       

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

       

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

       

      (g)  EMC’s
        Information (as defined in Section 14(a) hereof) does not include any untrue
        statement of a material fact or omit to state a material fact necessary in
        order
        to make the statements made, in light of the circumstances under which they
        were
        made, not misleading.

       

      Section
        9.  Representations
        and Warranties Concerning the Purchaser.  As of the date hereof
        and as of the Closing Date, the Purchaser represents and warrants to the
        Sellers
        as follows:

       

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

       

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

       

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

       

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

       

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

       

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

       

      (g)  the
        Purchaser’s Information (as defined in Section 13(b) hereof) does not include
        any untrue statement of a material fact or omit to state a material fact
        necessary in order to make the statements made, in light of the circumstances
        under which they were made, not misleading.

       

      Section
        10.  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:

       

      (i)  Each
        of
        the obligations of each 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 Seller under this Agreement shall be true and correct
        as
        of the date or dates specified in all material respects; and no event shall
        have
        occurred which, with notice or the passage of time, would constitute a default
        under this Agreement, or the Pooling and Servicing Agreement; and the Purchaser
        shall have received certificates to that effect signed by authorized officers
        of
        each of the Sellers.

       

      (ii)  The
        Purchaser shall have received all of the following closing documents, in
        such
        forms as are agreed upon and reasonably acceptable to the Purchaser, duly
        executed by all signatories (other than the Purchaser) as required pursuant
        to
        the respective terms thereof:

       

      (1)  The
        Pooling and Servicing Agreement, in
        form and substance reasonably satisfactory to the Trustee and the Purchaser,
        and
        all documents required thereby duly executed by all signatories;

       

      (2)  A
        certificate of an officer of EMC
        dated as of the Closing Date, in a form reasonably acceptable to the Purchaser,
        and attached thereto the resolutions of EMC authorizing the transactions
        contemplated by this Agreement, together with copies of the charter and by-laws
        of EMC;

       

      (3)  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;

       

      (4)  One
        or more opinions of counsel from
        the Sellers’ counsel otherwise in form and substance reasonably satisfactory to
        the Purchaser, the Trustee and each Rating Agency;

       

      (5)  A
        letter from each of the Rating
        Agencies giving each Class of Certificates set forth on Schedule A the rating
        set forth on Schedule A; and

       

      (6)  Such
        other documents, certificates
        (including additional representations and warranties) and opinions as may
        be
        reasonably necessary to secure the intended ratings from each Rating Agency
        for
        the Certificates.

       

      (iii)  The
        Certificates to be sold to Bear Stearns pursuant to the Underwriting Agreement
        and the Purchase Agreement shall have been issued and sold to Bear
        Stearns.

       

      (iv)  Each
        Seller shall have furnished to the Purchaser such other certificates of its
        officers or others and such other documents and opinions of counsel to evidence
        fulfillment of the conditions set forth in this Agreement and the transactions
        contemplated hereby as the Purchaser and its counsel may reasonably
        request.

       

      (b)  The
        obligations of each Seller under this Agreement shall be subject to the
        satisfaction, on or prior to the Closing Date, of the following
        conditions:

       

      (i)  The
        obligations of the Purchaser required to be performed by it on or prior to
        the
        Closing Date pursuant to the terms of this Agreement shall have been duly
        performed and complied with in all material respects, and all of the
        representations and warranties of the Purchaser under this Agreement shall
        be
        true and correct in all material respects as of the date hereof and as of
        the
        Closing Date, and no event shall have occurred which would constitute a breach
        by it of the terms of this Agreement, and each Seller shall have received
        a
        certificate to that effect signed by an authorized officer of the
        Purchaser.

       

      (ii)  Each
        Seller shall have received copies of all of the following closing documents,
        in
        such forms as are agreed upon and reasonably acceptable to each Seller, duly
        executed by all signatories other than the related Seller as required pursuant
        to the respective terms thereof:

       

      The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to EMC, and all documents required thereby duly executed by all
        signatories;

       

      A
        certificate of an officer of the Purchaser dated as of the Closing Date,
        in a
        form reasonably acceptable to each Seller, and attached thereto the resolutions
        of the Purchaser authorizing the transactions contemplated by this Agreement
        and
        the Pooling and Servicing Agreement, together with copies of the Purchaser’s
        articles of incorporation, and evidence as to the good standing of the Purchaser
        dated as of a recent date;

       

      One
        or
        more opinions of counsel from the Purchaser’s counsel in form and substance
        reasonably satisfactory to each Seller;

       

      Such
        other documents, certificates (including additional representations and
        warranties) and opinions as may be reasonably necessary to secure the intended
        rating from each Rating Agency for the Certificates.

       

      Section
        12.  Fees
        and Expenses.  Subject to Section 17 hereof, EMC (on its own
        behalf as a 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 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
        respective Custodian, (vi) the expenses for printing or otherwise reproducing
        the Certificates, the Prospectus and the Prospectus Supplement, (vii) the
        fees
        and expenses of each Rating Agency (both initial and ongoing), (viii) the
        fees
        and expenses relating to the preparation and recordation of mortgage assignments
        (including intervening assignments, if any and if available, to evidence
        a
        complete chain of title from the originator to the Trustee) from each 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
        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 Mortgage Loan Schedule and will compare those
        characteristics to the description of the Mortgage Loans contained in the
        Prospectus Supplement under the captions “Summary of Prospectus Supplement—The
        Mortgage Loans” and “The Mortgage Pool”, “The Sponsor” and in Schedule A
        thereto. EMC (on its own behalf as a 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 On The Certificates” in the Prospectus
        Supplement.

       

      (b)  To
        the
        extent statistical information with respect to the Master Servicer’s or a
        Servicer’s servicing portfolio is included in the Prospectus Supplement under
        the caption “The Master Servicer and the Servicers,” a letter from the certified
        public accountant for the Master Servicer and such Servicer or Servicers
        will be
        delivered to the Purchaser dated the date of the Prospectus Supplement, in
        the
        form previously agreed to by EMC and the Purchaser, with respect to such
        statistical information.

       

      Section
        14.  Indemnification.

       

      EMC
        (on
        its own behalf as a 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
        (i) any
        untrue statement of a material fact contained in the Sellers’ Information as
        identified in Exhibit 3, the omission to state in the Prospectus Supplement
        or
        Prospectus (or any amendment thereof or supplement thereto approved by EMC
        (on
        its own behalf as a Seller and on behalf of Master Funding) and in which
        additional Sellers’ Information is identified), in reliance upon and in
        conformity with 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, (ii) any representation
        or warranty assigned or made by EMC in Section 7 or Section 8 or by Master
        Funding in Section 10 hereof being, or alleged to be, untrue or incorrect,
        or
        (iii) any failure by EMC (on its own behalf as a Seller and on behalf of
        Master
        Funding) to perform its obligations under this Agreement; and EMC (on its
        own
        behalf as a 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.

       

      (a)  The
        Purchaser shall indemnify and hold harmless each Seller and its respective
        directors, officers and controlling persons (as defined in Section 15 of
        the
        Securities Act) from and against any loss, claim, damage or liability or
        action
        in respect thereof, to which they or any of them may become subject, under
        the
        Securities Act or otherwise, insofar as such loss, claim, damage, liability
        or
        action arises out of, or is based upon (i) any untrue statement of a material
        fact contained in the Purchaser’s Information as identified in Exhibit
        4, the omission to state in the Prospectus Supplement or Prospectus (or
        any
        amendment thereof or supplement thereto approved by the Purchaser and in
        which
        additional Purchaser’s Information is identified), in reliance upon and in
        conformity with the Purchaser’s Information, a material fact required to be
        stated therein or necessary to make the statements therein in light of the
        circumstances in which they were made, not misleading; and the Purchaser
        shall
        reimburse each 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 Sellers, or any other such indemnified
        party,

       

      (b)  Promptly
        after receipt by an indemnified party under subsection (a) or (b) above of
        notice of the commencement of any action, such indemnified party shall, if
        a
        claim in respect thereof is to be made against the indemnifying party under
        such
        subsection, notify each party against whom indemnification is to be sought
        in
        writing of the commencement thereof (but the failure so to notify an
        indemnifying party shall not relieve it from any liability which it may have
        under this Section 14 except to the extent that it has been prejudiced in
        any
        material respect by such failure or from any liability which it may have
        otherwise). In case any such action is brought against any indemnified party,
        and it notifies an indemnifying party of the commencement thereof, the
        indemnifying party will be entitled to participate therein and, to the extent
        it
        may elect by written notice delivered to the indemnified party promptly (but,
        in
        any event, within 30 days) after receiving the aforesaid notice from such
        indemnified party, to assume the defense thereof with counsel reasonably
        satisfactory to such indemnified party. Notwithstanding the foregoing, the
        indemnified party or parties shall have the right to employ its or their
        own
        counsel in any such case, but the fees and expenses of such counsel shall
        be at
        the expense of such indemnified party or parties unless (i) the employment
        of
        such counsel shall have been authorized in writing by one of the indemnifying
        parties in connection with the defense of such action, (ii) the indemnifying
        parties shall not have employed counsel to have charge of the defense of
        such
        action within a reasonable time after notice of commencement of the action,
        or
        (iii) such indemnified party or parties shall have reasonably concluded that
        there is a conflict of interest between itself or themselves and the
        indemnifying party in the conduct of the defense of any claim or that the
        interests of the indemnified party or parties are not substantially co-extensive
        with those of the indemnifying party (in which case the indemnifying parties
        shall not have the right to direct the defense of such action on behalf of
        the
        indemnified party or parties), in any of which events such fees and expenses
        shall be borne by the indemnifying parties (provided, however,
        that the indemnifying party shall be liable only for the fees and expenses
        of
        one counsel in addition to one local counsel in the jurisdiction involved.
        Anything in this subsection to the contrary notwithstanding, an indemnifying
        party shall not be liable for any settlement or any claim or action effected
        without its written consent; provided, however, that such consent
        was not unreasonably withheld.

       

      (c)  If
        the
        indemnification provided for in paragraphs (a) and (b) of this Section 14
        shall
        for any reason be unavailable to an indemnified party in respect of any loss,
        claim, damage or liability, or any action in respect thereof, referred to
        in
        Section 14, then the indemnifying party shall in lieu of indemnifying the
        indemnified party contribute to the amount paid or payable by such indemnified
        party as a result of such loss, claim, damage or liability, or action in
        respect
        thereof, in such proportion as shall be appropriate to reflect the relative
        benefits received by the 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 (within the meaning of Section
        11(f)
        of the Securities Act) shall be entitled to contribution from any person
        who is
        not also found liable for such fraudulent misrepresentation.

       

      (d)  The
        parties hereto agree that reliance by an indemnified party on any publicly
        available information or any information or directions furnished by an
        indemnifying party shall not constitute negligence, bad faith or willful
        misconduct by such indemnified party.

       

      Section
        15.  Notices.  All
        demands, notices and communications hereunder shall be in writing but may
        be
        delivered by facsimile transmission subsequently confirmed in writing. Notices
        to EMC shall be directed to EMC Mortgage Corporation, 2780 Lake Vista Drive,
        Lewisville, Texas 75067, Facsimile: (214) 626-4889, Attention: Michelle Viner;
        notices to Master Funding shall be directed to Master Funding LLC, 2780 Lake
        Vista Drive, Lewisville, Texas 75067 (Facsimile: (214) 626-4889) Attention:
        Mark
        Novachek; and notices to the Purchaser shall be directed to Structured Asset
        Mortgage Investments II Inc., 383 Madison Avenue, New York, New York 10179
        (Telecopy: (212) 272-7206), Attention: Baron Silverstein; or to any other
        address as may hereafter be furnished by one party to the other party by
        like
        notice. Any such demand, notice or communication hereunder shall be deemed
        to
        have been received on the date received at the premises of the addressee
        (as
        evidenced, in the case of registered or certified mail, by the date noted
        on the
        return receipt) provided that it is received on a business day during normal
        business hours and, if received after normal business hours, then it shall
        be
        deemed to be received on the next business day.

       

      Section
        16.  Transfer
        of Mortgage Loans.  The Purchaser retains the right to assign the
        Mortgage Loans and any or all of its interest under this Agreement to the
        Trustee without the consent of the 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 12, 14 and 18 hereto and as provided
        in
        Section 2(a). Notwithstanding the foregoing, the sole and exclusive right
        and
        remedy of the Trustee with respect to a breach of representation or warranty
        of
        the 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 Seller, if the
        conditions to the 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 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 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 Mortgage Loan Schedule and any Substitute Mortgage
        Loan.

       

      Section
        19.  Severability.  If
        any provision of this Agreement shall be prohibited or invalid under applicable
        law, the Agreement shall be ineffective only to such extent, without
        invalidating the remainder of this Agreement.

       

      Section
        20.  Counterparts.  This
        Agreement may be executed in counterparts, each of which will be an original,
        but which together shall constitute one and the same agreement.

       

      Section
        21.  Amendment.  This
        Agreement cannot be amended or modified in any manner without the prior written
        consent of each party.

       

      Section
        22.  GOVERNING
        LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
        ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
        CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
        LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
        BE
        DETERMINED IN ACCORDANCE WITH SUCH LAWS.

       

      Section
        23.  Further
        Assurances.  Each of the parties agrees to execute and deliver
        such instruments and take such actions as another party may, from time to
        time,
        reasonably request in order to effectuate the purpose and to carry out the
        terms
        of this Agreement including any amendments hereto which may be required by
        either Rating Agency.

       

      Section
        24.  Successors
        and Assigns.  This Agreement shall bind and inure to the benefit
        of and be enforceable by each of the 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 Sellers acknowledge
        and
        agree that the Purchaser may assign its rights under this Agreement (including,
        without limitation, with respect to EMC’s representations and warranties
        respecting the Mortgage Loans) to the Trustee. Any person into which any
        Seller
        may be merged or consolidated (or any person resulting from any merger or
        consolidation involving such Seller), any person resulting from a change
        in form
        of such Seller or any person succeeding to the business of such Seller, shall
        be
        considered the “successor” of such 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
        Sellers and the Purchaser.  The Sellers and the Purchaser will
        keep in full effect all rights as are necessary to perform their respective
        obligations under this Agreement.

       

      Section
        26.  Entire
        Agreement.  This Agreement contains the entire agreement and
        understanding between the parties with respect to the subject matter hereof,
        and
        supersedes all prior and contemporaneous agreements, understandings, inducements
        and conditions, express or implied, oral or written, of any nature whatsoever
        with respect to the subject matter hereof.

       

      Section
        27.  No
        Partnership.  Nothing herein contained shall be deemed or
        construed to create a partnership or joint venture between the parties
        hereto.

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
        	
              	EMC
                MORTGAGE CORPORATION
                 

                 

                By: _______________________________________ 

                Name:

                Title:

                 

                 

                MASTER
                  FUNDING LLC

                 

                 

                
                  By: _______________________________________ 

                

                Name:

                Title:

                 

                 

                STRUCTURED
                  ASSET MORTGAGE INVESTMENTS II INC.

                 

                 

                
                  By: _______________________________________ 

                

                Name:

                Title:

              

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        1

       

      CONTENTS
        OF MORTGAGE FILE

       

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser
        or its
        designee, and which shall be delivered to the Purchaser or its designee pursuant
        to the terms of the Agreement.

       

      (b)           with
        respect to each Mortgage Loan:

       

      (i)           The
        original Mortgage Note, endorsed without recourse to the order of the Trustee
        or
        to blank and showing to the extent available to the Mortgage Loan Sellers
        an
        unbroken chain of endorsements from the related originator, at the time they
        made the initial endorsement, to the last endorsee up to and including the
        point
        the sponsor acquired such mortgage loan;

       

      (ii)           The
        original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting
        the
        presence of the MIN and language indicating that such Mortgage Loan is a
        MOM
        Loan, which shall have been recorded (or, if the original is not available,
        a
        copy), with evidence of such recording indicated thereon (or if the original
        is
        not available, a copy), with evidence of such recording indicated thereon
        (or if
        the original Security Instrument, assignments to the Trustee or intervening
        assignments thereof which have been delivered, are being delivered or will,
        upon
        receipt of recording information relating to the Security Instrument required
        to
        be included thereon, be delivered to recording offices for recording and
        have
        not been returned to the related Seller in time to permit their recording
        as
        specified in Section 2.01(b) of the Pooling and Servicing Agreement, shall
        be in
        recordable form);

       

      (iii)           unless
        the Mortgage Loan is a MOM Loan, a certified copy of the assignment (which
        may
        be in the form of a blanket assignment if permitted in the jurisdiction in
        which
        the Mortgaged Property is located) to “Citibank, N.A., as Trustee”, with
        evidence of recording with respect to each Mortgage Loan in the name of the
        Trustee thereon (or if (A) the original Security Instrument, assignments
        to the
        Trustee or intervening assignments thereof which have been delivered, are
        being
        delivered or will, upon receipt of recording information relating to the
        Security Instrument required to be included thereon, be delivered to recording
        offices for recording and have not been returned to the related Seller in
        time
        to permit their delivery as specified in Section 2.01(b) of the Pooling and
        Servicing Agreement, the related Seller may deliver a true copy thereof with
        a
        certification by the Seller, on the face of such copy, substantially as follows:
        “Certified to be a true and correct copy of the original, which has been
        transmitted for recording” or (B) the related Mortgaged Property is located in a
        state other than Maryland and an Opinion of Counsel has been provided as
        set
        forth in Section 2.01(b) of the Pooling and Servicing Agreement, shall be
        in
        recordable form);

       

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

       

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

       

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

       

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

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        2

       

      MORTGAGE
        LOAN SCHEDULE INFORMATION

       

      The
        Mortgage Loan Schedule shall set forth the following information with respect
        to
        each Mortgage Loan:

       

      (a)           the
        loan number;

       

      (b)           [Reserved];

       

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

       

      (d)           the
        property type;

       

      (e)           the
        Mortgage Interest Rate;

       

      (f)           the
        Servicing Fee Rate;

       

      (g)           the
        Net Rate;

       

      (h)           the
        original term;

       

      (i)           the
        maturity date;

       

      (j)           the
        stated remaining term to maturity;

       

      (k)           the
        original principal balance;

       

      (1)           the
        first payment date;

       

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

       

      (n)           the
        unpaid principal balance as of the Cut-off Date;

       

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

       

      (p)           paid-through
        date;

       

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

       

      (r)           the
        Gross Margin, if applicable;

       

      (s)           the
        Maximum Lifetime Mortgage Rate, if applicable;

       

      (t)           the
        Minimum Lifetime Mortgage Rate, if applicable;

       

      (u)           the
        Periodic Rate Cap, if applicable;

       

      (v)           the
        number of days delinquent, if any;

       

      (w)           which
        Mortgage Loans adjust after an initial fixed-rate period of three, five,
        seven
        or ten years;

       

      (x)           the
        Loan Group;

       

      (y)           the
        Prepayment Charge Loans; and

       

      (z)           the
        Servicer.

       

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

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        3

       

      SELLERS’
        INFORMATION

       

      All
        information in the Prospectus Supplement described under the following Sections:
        “SUMMARY OF PROSPECTUS SUPPLEMENT — The Mortgage Loans,” “THE MORTGAGE POOL,”
“THE SPONSOR” and “SCHEDULE A — CERTAIN CHARACTERISTICS OF THE MORTGAGE
        LOANS.”

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        4

       

      PURCHASER’S
        INFORMATION

       

      All
        information in the Prospectus Supplement and the Prospectus, except the Sellers’
Information.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        5

       

      SCHEDULE
        OF LOST NOTES

       

      Available
        Upon Request

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        6

      

      APPENDIX
        E – STANDARD & POOR’S ANTI-PREDATORY

      LENDING
        CATEGORIZATION

       

      REVISED
        March 1, 2007

       

      

      APPENDIX
        E - Standard & Poor’s Predatory Lending Categories

       

      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that
        certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry.

       

      
        	
                Standard
                  & Poor’s High Cost Loan Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-Predatory

                Lending
                  Law

              
	
                Arkansas

              	
                Arkansas
                  Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 etseq.

                Effective
                  July 16, 2003

              	
                High
                  Cost Home Loan

              
	
                Cleveland
                  Heights, OH

              	
                Ordinance
                  No. 72-2003 (PSH), Mun. Code §§ 757.01 etseq.

                Effective
                  June 2, 2003

              	
                Covered
                  Loan

              
	
                Colorado

              	
                Consumer
                  Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 etseq.

                Effective
                  for covered loans offered or entered into on or after January 1,
                  2003.
                  Other provisions of the Act took effect on June 7, 2002

              	
                Covered
                  Loan

              
	
                Connecticut

              	
                Connecticut
                  Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746
                  etseq.

                Effective
                  October 1, 2001

              	
                High
                  Cost Home Loan

              
	
                District
                  of Columbia

              	
                Home
                  Loan Protection Act, D.C. Code §§ 26-1151.01 etseq.

                Effective
                  for loans closed on or after January 28, 2003

              	
                Covered
                  Loan

              
	
                Florida

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§ 494.0078 etseq. Effective October 2,
                  2002

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

                Effective
                  October 1, 2002 – March 6, 2003

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  as amended (Mar. 7, 2003 – current)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

                Effective
                  for loans closed on or after March 7, 2003

              	
                High
                  Cost Home Loan

              
	
                HOEPA
                  Section 32

              	
                Home
                  Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                  §§ 226.32 and 226.34 Effective October 1, 1995, amendments October
                  1,
                  2002

              	
                High
                  Cost Loan

              
	
                Illinois

              	
                High
                  Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5
                  etseq.

                Effective
                  January 1, 2004 (prior to this date, regulations under Residential
                  Mortgage License Act effective from May 14, 2001)

              	
                High
                  Risk Home Loan

              
	
                Indiana

              	
                Indiana
                  Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 etseq.

                Effective
                  January 1, 2005; amended by 2005 H.B.

                1179,
                  effective July 1, 2005.

              	
                High
                  Cost Home Loans

              
	
                Kansas

              	
                Consumer
                  Credit Code, Kan. Stat. Ann. §§ 16a-1-101

                etseq.

                Sections
                  16a-1-301 and 16a-3-207 became effective April
                  14, 1999; Section 16a-3-308a became effective July
                  1, 1999

              	
                High
                  Loan to Value Consumer Loan
                  

                (id.
                  § 16a-3-207) and;

              
	
                High
                  APR Consumer Loan (id. §

                16a-3-308a)

              
	
                Kentucky

              	
                2003
                  KY H.B. 287 – High Cost Home Loan Act, Ky.

                Rev.
                  Stat. §§ 360.100 etseq.

                Effective
                  June 24, 2003

              	
                High
                  Cost Home Loan

              
	
                Maine

              	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 etseq.

                Effective
                  September 29, 1995 and as amended from time
                  to time

              	
                High
                  Rate High Fee Mortgage

              
	
                Massachusetts

              	
                Part
                  40 and Part 32, 209 C.M.R. §§ 32.00 etseq. and 209 C.M.R. §§ 40.01
                  etseq.

                Effective
                  March 22, 2001 and amended from time to time

              	
                High
                  Cost Home Loan

              
	
                Nevada

              	
                Assembly
                  Bill No. 284, Nev. Rev. Stat. §§ 598D.010 etseq.

                Effective
                  October 1, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  etseq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                High
                  Cost Home Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 etseq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                High
                  Cost Home Loan

              
	
                New
                  York

              	
                N.Y.
                  Banking Law Article 6-l

                Effective
                  for applications made on or after April 1, 2003

              	
                High
                  Cost Home Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  etseq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                High
                  Cost Home Loan

              
	
                Ohio

              	
                H.B.
                  386 (codified in various sections of the Ohio Code), Ohio Rev.
                  Code Ann.
                  §§ 1349.25 etseq.

                Effective
                  May 24, 2002

              	
                Covered
                  Loan

              
	
                Oklahoma

              	
                Consumer
                  Credit Code (codified in various sections of Title 14A)

                Effective
                  July 1, 2000; amended effective January 1, 2004

              	
                Subsection
                  10 Mortgage

              
	
                Rhode
                  Island

              	
                Rhode
                  Island Home Loan Protection Act, R.I. Gen. Laws §§ 34-25.2-1 etseq.
                  Effective December 31, 2006.

              	
                High
                  Cost Home Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  etseq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                High
                  Cost Home Loan

              
	
                Tennessee

              	
                Tennessee
                  Home Loan Protection Act, Tenn. Code Ann. §§ 45-20-101 etseq. Effective
                  January 1, 2007.

              	
                High
                  Cost Home Loan

              
	
                West
                  Virginia

              	
                West
                  Virginia Residential Mortgage Lender, Broker

                and
                  Servicer Act, W. Va. Code Ann. §§ 31-17-1 et seq.

                Effective
                  June 5, 2002

              	
                West
                  Virginia Mortgage Loan Act Loan

              

      

       

      
 

      
        	
                Standard
                  & Poor’s Covered Loan Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-Predatory

                Lending
                  Law

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

                Effective
                  October 1, 2002 – March 6, 2003

              	
                Covered
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  etseq.

                Effective
                  November 27, 2003 – July 5, 2004

              	
                Covered
                  Home Loan

              

      

       

      
 

      
        	
                Standard
                  & Poor’s Home Loan Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-Predatory

                Lending
                  Law

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

                Effective
                  October 1, 2002 – March 6, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  etseq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                Home
                  Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 etseq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                Home
                  Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  etseq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                Consumer
                  Home Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  etseq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                Consumer
                  Home Loan

              

      

      

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      SCHEDULE
        A

       

      REQUIRED
        RATINGS FOR EACH CLASS OF CERTIFICATES

       

      Public
        Certificates

      

      
        	
                
                  Class

                

              	 	
                
                  S&P

                

              	 	
                
                  Fitch

                

              
	
                Class
                  I-1A-1

              	 	
                [AAA

              	 	
                AAA

              
	
                Class
                  I-1A-2

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  I-1X-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  I-2A-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  I-2A-2

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  I-2X-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  II-1A-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  II-1A-2

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  II-1X-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  II-2A-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  II-2A-2

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  II-2X-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  R-I

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  R-II

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  R-III

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  R-IV

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  I-B-1

              	 	
                AA

              	 	
                NR

              
	
                Class
                  I-B-2

              	 	
                A

              	 	
                NR

              
	
                Class
                  I-B-3

              	 	
                BBB

              	 	
                NR

              
	
                Class
                  II-B-1

              	 	
                AA

              	 	
                NR

              
	
                Class
                  II-B-2

              	 	
                A

              	 	
                NR

              
	
                Class
                  II-B-3

              	 	
                BBB

              	 	
                NR]

              

      

       

      None
        of
        the above ratings has been lowered since the respective dates of such
        letters.

       

      Private
        Certificates

      

      
        	
                
                  Class

                

              	 	
                
                  S&P

                

              	 	
                
                  Fitch

                

              
	
                I-B-4

              	 	
                [BB

              	 	
                NR

              
	
                I-B-5

              	 	
                B

              	 	
                NR

              
	
                I-B-6

              	 	
                NR

              	 	
                NR

              
	
                II-B-4

              	 	
                BB

              	 	
                NR

              
	
                II-B-5

              	 	
                B

              	 	
                NR

              
	
                II-B-6

              	 	
                NR

              	 	
                NR]

              

      

      

      None
        of
        the above ratings has been lowered since the respective dates of such
        letters.

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      SCHEDULE
        B

       

      MORTGAGE
        LOAN SCHEDULE

       

      [Provided
        upon request]

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        K

       

      

       

      [RESERVED]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        L

       

      

      

      FORM
        OF
        CERTIFICATION TO BE

      PROVIDED
        BY THE SECURITIES ADMINISTRATOR TO DEPOSITOR

       

       

      
        	 	 Re:	 _______________________________
                Trust 200_-____(the “Trust”), Mortgage Pass-Through Certificates, Series
                200_-____, issued pursuant to the Pooling and Servicing Agreement,
                dated
                as of ________ 1, 200_, among ____________________________, as Depositor,
                Wells Fargo Bank, National Association, as Securities Administrator
                and
                ___________________________________

      

       

      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]

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        M

       

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       

      Definitions

      Primary
        Servicer – transaction party having borrower contact

      
        Master
          Servicer – aggregator of pool assets

      

      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

      [X]
–
under
        consideration for
        obligation

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Master
                  Servicer

              	
                Securities
                  Admin

              	
                Custodian

              	
                Trustee
                  (nominal)

              
	 	
                General
                  Servicing Considerations

              	 	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained.

              	 	 	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	
                X

              	
                X

              	 	 	 
	 	
                Cash
                  Collection and Administration

              	 	 	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              	 	
                X

              	 	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the
                  Servicer.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              	
                X

              	
                X

              	 	 
	 	
                Pool
                  Asset Administration

              	 	 	 	 	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents.

              	
                X

              	 	 	
                X

              	 
	
                1122(d)(4)(ii)

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

              	
                X

              	 	 	
                X

              	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	
                X

              	 	
                X

              	 	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	
                X

              	 	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	
                X

              	 	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	
                X

              	 	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents.

              	
                X

              	 	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements.

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.  (In this transaction there is no
                  external enhancement or other support.)

              	
                X

              	 	
                X

              	 	 

      

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        N

       

      FORM
        10-D, FORM 8-K AND FORM 10-K

       

      REPORTING
        RESPONSIBILITY

       

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the party identified
        as responsible for preparing the Securities Exchange Act Reports pursuant
        to
        Section 4.18 of the Pooling and Servicing Agreement.

       

      Under
        Item 1 of Form 10-D: a) items marked “Monthly Statement to Certificateholders”
are required to be included in the periodic Distribution Date statement under
        Section 6.06, provided by the 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

                	
                  Depositor

                	
                  Sponsor

                
	
                  10-D

                	
                  Must
                    be filed within 15 days of the distribution date for the asset-backed
                    securities.

                	 	
                  (nominal)

                	 	 
	
                  1

                	
                  Distribution
                    and Pool Performance Information

                	 	 	 	 	 	 	 
	
                  Item
                    1121(a) – Distribution and Pool Performance
                    Information

                	 	 	 	 	 	 	 
	
                  (1)
                    Any applicable record dates, accrual dates, determination dates
                    for
                    calculating distributions and actual distribution dates for the
                    distribution period.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (2)
                    Cash flows received and the sources thereof for distributions,
                    fees and
                    expenses.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (3)
                    Calculated amounts and distribution of the flow of funds for
                    the period
                    itemized by type and priority of payment, including:

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (i)
                    Fees or expenses accrued and
                    paid, with an identification of the general purpose of such fees
                    and the
                    party receiving such fees or expenses.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (ii)
                    Payments accrued or paid
                    with respect to enhancement or other support identified in Item
                    1114 of
                    Regulation AB (such as insurance premiums or other enhancement
                    maintenance
                    fees), with an identification of the general purpose of such
                    payments and
                    the party receiving such payments.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (iii)
                    Principal, interest and
                    other distributions accrued and paid on the asset-backed securities
                    by
                    type and by class or series and any principal or interest shortfalls
                    or
                    carryovers.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (iv)
                    The amount of excess cash
                    flow or excess spread and the disposition of excess cash
                    flow.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (4)
                    Beginning and ending principal balances of the asset-backed
                    securities.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (5)
                    Interest rates applicable to the pool assets and the asset-backed
                    securities, as applicable. Consider providing interest rate information
                    for pool assets in appropriate distributional groups or incremental
                    ranges.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (6)
                    Beginning and ending balances of transaction accounts, such as
                    reserve
                    accounts, and material account activity during the period.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (7)
                    Any amounts drawn on any credit enhancement or other support
                    identified in
                    Item 1114 of Regulation AB, as applicable, and the amount of
                    coverage
                    remaining under any such enhancement, if known and
                    applicable.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (8)
                    Number and amount of pool assets at the beginning and ending
                    of each
                    period, and updated pool composition information, such as weighted
                    average
                    coupon, weighted average remaining term, pool factors and prepayment
                    amounts.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                   

                	 	 	
                  Updated
                    pool composition information fields to be as specified by Depositor
                    from
                    time to time

                	 
	
                  (9)
                    Delinquency and loss information for the period.

                	
                  X

                   

                	
                  X

                   

                	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  In
                    addition, describe any material changes to the information specified
                    in
                    Item 1100(b)(5) of Regulation AB regarding the pool assets.
                    (methodology)

                	
                  X

                   

                	 	 	 	 	 	 
	
                  (10)
                    Information on the amount, terms and general purpose of any advances
                    made
                    or reimbursed during the period, including the general use of
                    funds
                    advanced and the general source of funds for
                    reimbursements.

                	
                  X

                	
                  X

                   

                	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (11)
                    Any material modifications, extensions or waivers to pool asset
                    terms,
                    fees, penalties or payments during the distribution period or
                    that have
                    cumulatively become material over time.

                	
                  X

                   

                	
                  X

                   

                	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (12)
                    Material breaches of pool asset representations or warranties
                    or
                    transaction covenants.

                	
                  X

                	
                  X

                	
                  X

                   

                  (if
                    agreed upon by the parties)

                	 	 	
                  X

                	 
	
                  (13)
                    Information on ratio, coverage or other tests used for determining
                    any
                    early amortization, liquidation or other performance trigger
                    and whether
                    the trigger was met.

                	 	 	
                  X

                   

                  (Monthly
                    Statements to Certificateholders)

                	 	 	 	 
	
                  (14)
                    Information regarding any new issuance of asset-backed securities
                    backed
                    by the same asset pool,

                	 	 	 	 	 	
                  X

                	 
	
                  information
                    regarding any pool asset changes (other than in connection with
                    a pool
                    asset converting into cash in accordance with its terms), such
                    as
                    additions or removals in connection with a prefunding or revolving
                    period
                    and pool asset substitutions and repurchases (and purchase rates,
                    if
                    applicable), and cash flows available for future purchases, such
                    as the
                    balances of any prefunding or revolving accounts, if
                    applicable.

                	
                  X

                	
                  X

                	
                  X

                	 	 	
                  X

                	 
	
                  Disclose
                    any material changes in the solicitation, credit-granting, underwriting,
                    origination, acquisition or pool selection criteria or procedures,
                    as
                    applicable, used to originate, acquire or select the new pool
                    assets.

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Item
                    1121(b) – Pre-Funding or Revolving Period Information

                   

                  Updated
                    pool information as required under Item 1121(b).

                	 	 	 	 	 	
                  X

                	 
	
                  2

                	
                  Legal
                    Proceedings

                	 	 	 	 	 	 	 
	
                  Item
                    1117 – Legal proceedings pending against the following entities, or
                    their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	 	 	 
	
                  Issuing
                    entity

                	 	 	 	 	 	
                  X

                	 
	
                  Master
                    Servicer, affiliated Servicer, other Servicer servicing 20% or
                    more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 	 
	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	 	 	 	 	 	
                  X

                	 
	
                  Custodian

                	 	 	 	
                  X

                	 	 	 
	
                  3

                	
                  Sales
                    of Securities and Use of Proceeds

                	 	 	 	 	 	 	 
	
                  Information
                    from Item 2(a) of Part II of Form 10-Q:

                   

                  With
                    respect to any sale of securities by the sponsor, depositor or
                    issuing
                    entity, that are backed by the same asset pool or are otherwise
                    issued by
                    the issuing entity, whether or not registered, provide the sales
                    and use
                    of proceeds information in Item 701 of Regulation S-K.  Pricing
                    information can be omitted if securities were not
                    registered.

                	 	 	 	 	 	
                  X

                	 
	
                  4

                	
                  Defaults
                    Upon Senior Securities

                	 	 	 	 	 	 	 
	
                  Information
                    from Item 3 of Part II of Form 10-Q:

                   

                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                	 	 	
                  X

                	 	 	 	 
	
                  5

                	
                  Submission
                    of Matters to a Vote of Security Holders

                	 	 	 	 	 	 	 
	
                  Information
                    from Item 4 of Part II of Form 10-Q

                	 	 	
                  X

                	 	 	 	 
	
                  6

                	
                  Significant
                    Obligors of Pool Assets

                	 	 	 	 	 	 	 
	
                  Item
                    1112(b) –Significant Obligor Financial
                    Information*

                	 	 	 	 	 	
                  X

                	 
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 	 	 	 	 	 	 
	
                  7

                	
                  Significant
                    Enhancement Provider Information

                	 	 	 	 	 	 	 
	
                  Item
                    1114(b)(2) – Credit Enhancement Provider Financial
                    Information*

                	 	 	 	 	 	 	 
	
                  Determining
                    applicable disclosure threshold

                	 	 	 	 	 	
                  X

                	 
	
                  Obtain
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	 	
                  X

                	 
	
                  Item
                    1115(b) – Derivative Counterparty Financial
                    Information*

                	 	 	 	 	 	 	 
	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	 	
                  X

                	 
	
                  Determining
                    current significance percentage

                	 	 	
                  X

                	 	 	 	 
	
                  Notify
                    derivative counterparty of significance percentage and request
                    required
                    financial information

                	 	 	
                  X

                	 	 	 	 
	
                  Obtain
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	 	
                  X

                	 
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 	 	 	 	 	 	 
	
                  8

                	
                  Other
                    Information

                	 	 	 	 	 	 	 
	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    period
                    covered by the Form 10-D but not reported

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    below.

                
	
                  9

                	
                  Exhibits

                	 	 	 	 	 	 	 
	
                  Distribution
                    report

                	 	 	
                  X

                	 	 	 	 
	
                  Exhibits
                    required by Item 601 of Regulation S-K, such as material
                    agreements

                	 	 	 	 	 	
                  X

                	 
	
                  8-K

                	
                  Must
                    be filed within four business days of an event reportable on
                    Form
                    8-K.

                	 	 	 	 
	
                  1.01

                	
                  Entry
                    into a Material Definitive Agreement

                	 	 	 	 	 	 	 
	
                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a
                    party.

                   

                  Examples:
                    servicing agreement, custodial agreement.

                   

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  X

                	
                  X

                	
                  X

                	 	 	
                  X

                	
                  X

                
	
                  1.02

                	
                  Termination
                    of a Material Definitive Agreement

                	
                  X

                	
                  X

                	
                  X

                	 	 	
                  X

                	
                  X

                
	
                  Disclosure
                    is required regarding termination of  any definitive agreement
                    that is material to the securitization (other than expiration
                    in
                    accordance with its terms), even if depositor is not a party.

                   

                   

                  Examples:
                    servicing agreement, custodial agreement.

                	 	 	 	 	 	 	 
	
                  1.03

                	
                  Bankruptcy
                    or Receivership

                	 	 	 	 	 	 	 
	
                  Disclosure
                    is required regarding the bankruptcy or receivership, if known
                    to the
                    Master Servicer, with respect to any of the following:

                   

                  Sponsor
                    (Seller), Depositor, Master Servicer, affiliated Servicer, other
                    Servicer
                    servicing 20% or more of pool assets at time of report, other
                    material
                    servicers, Certificate Administrator, Trustee, significant obligor,
                    credit
                    enhancer (10% or more), derivatives counterparty,
                    Custodian

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                	 	
                  X

                	
                  X

                
	
                  2.04

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

                	 	 	 	 	 	 	 
	
                  Includes
                    an early amortization, performance trigger or other event, including
                    event
                    of default, that would materially alter the payment priority/distribution
                    of cash flows/amortization schedule.

                   

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the Monthly Statement to Certificateholders

                	 	
                  X

                	
                  X

                	 	 	 	 
	
                  3.03

                	
                  Material
                    Modification to Rights of Security Holders

                	 	 	 	 	 	 	 
	
                  Disclosure
                    is required of any material modification to documents defining
                    the rights
                    of Certificateholders, including the Pooling and Servicing
                    Agreement

                	 	 	
                  X

                	 	 	
                  X

                	 
	
                  5.03

                	
                  Amendments
                    to Articles of Incorporation or Bylaws; Change in Fiscal
                    Year

                	 	 	 	 	 	 	 
	
                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”

                	 	 	 	 	 	
                  X

                	 
	
                  5.06

                	
                  Change
                    in Shell Company Status

                	 	 	 	 	 	 	 
	
                  [Not
                    applicable to ABS issuers]

                	 	 	 	 	 	
                  X

                	 
	
                  6.01

                	
                  ABS
                    Informational and Computational Material

                	 	 	 	 	 	 	 
	
                  [Not
                    included in reports to be filed under Section 3.18]

                	 	 	 	 	 	
                  X

                	 
	
                  6.02

                	
                  Change
                    of Servicer or Trustee

                	 	 	 	 	 	 	 
	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers, certificate
                    administrator or trustee.

                	
                  X

                	
                  X

                	
                  X

                	 	 	
                  X

                   

                	 
	 	
                  Reg
                    AB disclosure about any new servicer is also required.

                	
                  X

                	 	 	 	 	 	 
	
                  Reg
                    AB disclosure about any new trustee is also required.

                	 	 	 	 	
                  X

                  (to
                    the extent of a new trustee)

                	 	 
	
                  Reg
                    AB disclosure about any new securities administrator is also
                    required.

                	 	 	
                  X

                	 	 	 	 
	
                  6.03

                	
                  Change
                    in Credit Enhancement or Other External Support [In this transaction
                    there
                    is no external enhancement or other support.]

                	 	 	 	 	 	 	 
	
                  Covers
                    termination of any enhancement in manner other than by its terms,
                    the
                    addition of an enhancement, or a material change in the enhancement
                    provided.  Applies to external credit enhancements as well as
                    derivatives.

                	 	 	
                  X

                	 	 	
                  X

                	 
	 	
                  Reg
                    AB disclosure about any new enhancement provider is also
                    required.

                	 	 	 	 	 	
                  X

                	 
	
                  6.04

                	
                  Failure
                    to Make a Required Distribution

                	 	 	
                  X

                	 	 	 	 
	
                  6.05

                	
                  Securities
                    Act Updating Disclosure

                	 	 	 	 	 	 	 
	
                  If
                    any material pool characteristic differs by 5% or more at the
                    time of
                    issuance of the securities from the description in the final
                    prospectus,
                    provide updated Reg AB disclosure about the actual asset
                    pool.

                	 	 	 	 	 	
                  X

                	 
	
                  If
                    there are any new servicers or originators required to be disclosed
                    under
                    Regulation AB as a result of the foregoing, provide the information
                    called
                    for in Items 1108 and 1110 respectively.

                	 	 	 	 	 	
                  X

                	 
	
                  7.01

                	
                  Regulation
                    FD Disclosure

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                	 	
                  X

                	 
	
                  8.01

                	
                  Other
                    Events

                	 	 	 	 	 	 	 
	
                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the registrant deems of importance to security
                    holders.

                	 	 	 	 	 	
                  X

                	 
	
                  9.01

                	
                  Financial
                    Statements and Exhibits

                	
                  The
                    Responsible Party applicable to reportable event.

                
	
                  10-K

                	
                  Must
                    be filed within 90 days of the fiscal year end for the
                    registrant.

                	 	 	 	 
	
                  9B

                	
                  Other
                    Information

                	 	 	 	 	 	 	 
	 	 	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    fourth
                    quarter covered by the Form 10-K but not reported

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    above.

                
	 	
                  15

                	
                  Exhibits
                    and Financial Statement Schedules

                	 	 	 	 	 	 	 
	
                  Item
                    1112(b) –Significant Obligor Financial
                    Information

                	 	 	 	 	 	
                  X

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

                	 	 	 	 	 	 	 
	
                  Determining
                    applicable disclosure threshold

                	 	 	 	 	 	
                  X

                	 
	
                  Obtain
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	 	
                  X

                	 
	
                  Item
                    1115(b) – Derivative Counterparty Financial
                    Information

                	 	 	 	 	 	 	 
	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	 	
                  X

                	 
	 	 	
                  Determining
                    current significance percentage

                	 	 	
                  X

                	 	 	 	 
	
                  Notify
                    derivative counterparty of significance percentage and request
                    required
                    financial information

                	 	 	
                  X

                	 	 	 	 
	
                  Obtain
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	 	
                  X

                	 
	
                  Item
                    1117 – Legal proceedings pending against the following entities, or
                    their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	 	 	 
	
                  Issuing
                    entity

                	 	 	 	 	 	
                  X

                	 
	
                  Master
                    Servicer, affiliated Servicer, other Servicer servicing 20% or
                    more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 	 
	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	 	 	 	 	 	
                  X

                	 
	
                  Custodian

                	 	 	 	
                  X

                	 	 	 
	
                  Item
                    1119 – Affiliations and relationships between the following entities,
                    or
                    their respective affiliates, that are material to
                    Certificateholders:

                	 	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	 	 	 
	
                  Master
                    Servicer, affiliated Servicer, other Servicer servicing 20% or
                    more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 	 
	
                  Originator

                	 	 	 	 	 	
                  X

                	 
	
                  Custodian

                	 	 	 	
                  X

                	 	 	 
	
                  Credit
                    Enhancer/Support Provider

                	 	 	 	 	 	
                  X

                	 
	
                  Significant
                    Obligor

                	 	 	 	 	 	
                  X

                	 
	
                  Item
                    1122 – Assessment of Compliance with Servicing
                    Criteria

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                	 	 	 
	
                  Item
                    1123 – Servicer Compliance Statement

                	
                  X

                	
                  X

                	
                  X

                	 	 	 	 

        

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        O

       

      Additional
        Disclosure Notification

       

      Wells
        Fargo Bank, N.A. as Securities Administrator

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Fax:
        (410) 715-2380

      E-mail:  cts.sec.notifications@wellsfargo.com

       

      Attn:  Corporate
        Trust Services – BSARM 2007-4-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
        May 1, 2007, among Structured Asset Mortgage Investments II Inc. as depositor
        (the “Depositor”), EMC Mortgage Corporation as seller and master servicer (in
        such capacity, the “Master Servicer”), Wells Fargo Bank, N.A. as securities
        administrator (the “Securities Administrator”) and Citibank, N.A., as Trustee
        (the “Pooling and Servicing Agreement”). The undersigned hereby notifies you
        that certain events have come to our attention that [will][may] need to be
        disclosed on Form [   ].

       

      Description
        of Additional Form [   ] Disclosure:

       

       

      

       

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

      

       

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

       

      

        

          
            	
                    [NAME
                      OF PARTY]

                    as
                      [role]

                     

                     

                  
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        P

       

      FORM
        OF
        TRANSFEROR AFFIDAVIT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

       

      The
        undersigned is the [Title of Officer] of [Name of Transferor] (the “Owner”), the
        proposed transferor of an ownership interest in the Bear Stearns Arm Trust
        Mortgage Pass-Through Certificates, Series 2007-4, Class
        [R-I][R-II][R-III][R-IV] Certificates (the “Certificates”) issued pursuant to
        the Pooling and Servicing Agreement, dated as of May 1, 2007 (the “Agreement”),
        among Structured Asset Mortgage Investments II Inc., as depositor (the
“Depositor”), Wells Fargo Bank, N.A., as securities administrator (the
“Securities Administrator”), EMC Mortgage Corporation, as seller and as master
        servicer, and Citibank, N.A., as trustee (the “Trustee”), and makes this
        affidavit on behalf of the Investor for the benefit of the Depositor, the
        Securities Administrator, the Certificate Registrar and the
        Trustee.  Capitalized terms used, but not defined herein, shall have
        the meanings ascribed to such terms in the Agreement.

       

      1.           The
        Owner is not transferring the Certificates to impede the assessment or
        collection of any tax.

       

      2.           The
        Owner has no actual knowledge that the proposed transferee of the Certificates:
        (i) has insufficient assets to pay any taxes that would be owed by such
        transferee as Holder of the Certificates; (ii) may become insolvent or subject
        to a bankruptcy proceeding for so long as the Certificates remains outstanding;
        and (iii) is not a Permitted Transferee or a “United States person” within the
        meaning of Section 7701(a)(30) of the Code .

       

      3.           The
        Owner understands that the proposed transferee has delivered to the Securities
        Administrator, the Certificate Registrar and the Depositor a transfer affidavit
        and agreement in the form attached to the Agreement as Exhibit E.  The
        Owner does not know or believe that any representation contained therein
        is
        false.

       

      4.           At
        the time of transfer, the Owner has conducted a reasonable investigation
        of the
        financial condition of the proposed transferee as contemplated by Treasury
        Regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation,
        the
        Owner has determined that the proposed transferee has historically paid its
        debts as they became due and has found no significant evidence to indicate
        that
        the proposed transferee will not continue to pay its debts as they become
        due in
        the future. The Owner understands that the transfer of the Certificate may
        not
        be respected for U.S. federal income tax purposes (and the Owner may continue
        to
        be liable for U.S. federal income taxes associated therewith) unless the
        Owner
        has conducted such an investigation.

       

       

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to authority of its Board of Directors, by its [Title of
        Officer] this ____ day of _________, 20__.

       

      
        	 	 	 	 	 	 	
                [NAME
                  OF OWNER]

              
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	
                Name:

              	
                [Name
                  of Officer]

              
	 	 	 	 	 	 	
                Title:

              	
                [Title
                  of Officer]

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

       

      Personally
        appeared before me the above-named [Name of Officer], known or proved to
        me to
        be the same person who executed the foregoing instrument and to be the [Title
        of
        Officer] of the Owner, and acknowledged to me that he/she executed the same
        as
        his/her free act and deed and the free act and deed of the Owner.

       

      Subscribed
        and sworn before me this ___ day of _________, 20___.

       

      NOTARY
        PUBLIC

       

      COUNTY
        OF

       

      STATE
        OF

       

      My
        commission expires the ___ day of ___________________, 20___.

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        Q

       

      FORM
        OF
        SUBSEQUENT MORTGAGE LOAN PURCHASE AGREEMENT

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT, dated as of [___________], 2007, as amended and
        supplemented by any and all amendments hereto (collectively, the
“Agreement”), by and between EMC MORTGAGE CORPORATION, a Delaware
        corporation (the “Mortgage Loan Seller”) and STRUCTURED ASSET MORTGAGE
        INVESTMENTS II INC., a Delaware corporation (the
“Purchaser”).

       

      Upon
        the
        terms and subject to the conditions of this Agreement, the Mortgage Loan
        Seller
        agrees to sell, and the Purchaser agrees to purchase, certain conventional,
        first lien mortgage loans secured primarily by one- to four-family residential
        properties and individual condominium units (collectively, the “Subsequent
        Mortgage Loans”) as described herein. The Purchaser intends to deposit the
        Subsequent Mortgage Loans into a trust fund (the “Trust Fund”) created
        under a pooling and servicing agreement, to be dated as of  May 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, N.A., as securities administrator, Citibank, N.A.,
        as trustee (the “Trustee”) pursuant to which Bear Stearns ARM Trust
        2007-4, Mortgage Pass-Through Certificates, Series 2007-4 (the “Certificates”)
        were created.

       

      The
        Purchaser has filed with the Securities and Exchange Commission (the
“Commission”) a registration statement on Form S-3 (Number 333-140247)
        relating to its Mortgage Pass-Through Certificates and the offering of certain
        series thereof (including certain classes of the Certificates) from time
        to time
        in accordance with Rule 415 under the Securities Act of 1933, as amended,
        and
        the rules and regulations of the Commission promulgated thereunder (the
“Securities Act”). Such registration statement, when it became effective
        under the Securities Act, and the prospectus relating to the public offering
        of
        certain classes of the Certificates by the Purchaser (the “Public
        Offering”), as each may be amended or supplemented from time to time
        pursuant to the Securities Act or otherwise, are referred to herein as the
        “Registration Statement” and the “Prospectus,” respectively. The
“Prospectus Supplement” shall mean that supplement, dated May [__], 2007,
        to the Prospectus, dated March 20, 2007, relating to certain classes of the
        Certificates. With respect to the Public Offering of certain classes of the
        Certificates, the Purchaser and Bear, Stearns & Co. Inc. (“Bear
        Stearns”) have entered into a terms agreement dated as of March 28, 2007 to
        an underwriting agreement dated February 26, 2007, between the Purchaser
        and
        Bear Stearns (together, the “Underwriting Agreement”).

       

      Now,
        therefore, in consideration of the premises and the mutual agreements set
        forth
        herein, the parties hereto agree as follows:

       

      Section
        1.  Definitions.  Certain
        terms are defined herein. Capitalized terms used herein but not defined herein
        shall have the meanings specified in the Pooling and Servicing Agreement.
        The
        following other terms are defined as follows:

      
Acquisition
        Price: Cash in an amount equal to $______ (plus $______ in accrued
        interest).3

       

      Bear
        Stearns: Bear, Stearns & Co. Inc.

       

      Closing
        Date: May 31, 2007.

       

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

       

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

       

      EMC:
        EMC Mortgage Corporation.

       

      Fitch:
        Fitch, Inc., or its successors in interest.

       

      Master
        Servicer: EMC Mortgage Corporation

       

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

       

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

       

      Mortgage:
        The mortgage 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
        Subsequent Mortgage Loan and any additional documents required to be added
        to
        such documents pursuant to this Agreement or the Pooling and Servicing
        Agreement.

       

      Mortgage
        Interest Rate: The annual rate of interest borne by a Mortgage Note as
        stated therein.

       

      Mortgagor:
        The obligor(s) on a Mortgage Note.

       

      Net
        Rate: For each Mortgage Loan, the Mortgage Interest Rate for such Mortgage
        Loan less the sum of (i) Servicing Fee Rate, (ii) the Securities Administrator,
        (iii) with respect to the Mortgage Loans serviced by Countrywide, the Master
        Servicing Fee Rate and (iv) the rate at which the Lender-Paid PMI Rate is
        calculated (if applicable).

       

      Opinion
        of Counsel: A written opinion of counsel, who may be counsel for the
        Mortgage Loan Seller or the Purchaser, reasonably acceptable to the
        Trustee.

       

      Person:
        Any legal person, including any individual, corporation, partnership, joint
        venture, association, joint stock company, trust, unincorporated organization
        or
        government or any agency or political subdivision thereof.

       

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

       

      Rating
        Agencies: Standard & Poor’s and Fitch, each a “Rating
        Agency.”

       

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

       

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

       

      Servicing
        Agreements: Shall have the meaning assigned to such term in the Pooling and
        Servicing Agreement.

       

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

       

      Subsequent
        Cut-off Date Balance: $[_________].

       

      Subsequent
        Cut-off Date: [_________], 2007.

       

      Subsequent
        Transfer Date: [___________], 2007.

       

      Substitute
        Mortgage Loan: A mortgage loan substituted for a Deleted Mortgage Loan which
        must meet, on the date of such substitution, the requirements stated herein
        and
        in the Pooling and Servicing Agreement with respect to such substitution;
        upon
        such substitution, such mortgage loan shall be a “Subsequent Mortgage Loan”
hereunder.

       

      Value:
        The value of the Mortgaged Property at the time of origination of the related
        Subsequent Mortgage Loan, such value being the lesser of (i) the value of
        such
        property set forth in an appraisal accepted by the applicable originator
        of the
        Subsequent Mortgage Loan or (ii) the sales price of such property at the
        time of
        origination.

       

       

      
        
          

            

          

          
            3 Please
              contact Bear, Stearns & Co. Inc. for Purchase Price.

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

        

      

       

       

      Section
        2.  Purchase
        and Sale of the Mortgage Loans and Related Rights.  

       

      (a)  Upon
        satisfaction of the conditions set forth in Section 10 hereof, the Mortgage
        Loan
        Seller agrees to sell, and the Purchaser agrees to purchase the Subsequent
        Mortgage Loans having an aggregate outstanding principal balance as of the
        Subsequent Cut-off Date equal to the Subsequent Cut-off Date
        Balance.

       

      (b)  The
        closing for the purchase and sale of the Subsequent Mortgage Loans will take
        place on the Subsequent Transfer Date at the office of the Purchaser’s counsel
        in New York, New York or such other place as the parties shall
        agree.

       

      (c)  Upon
        the
        satisfaction of the conditions set forth in Section 10 hereof, on the Subsequent
        Transfer Date, the Purchaser shall pay to the Mortgage Loan Seller the
        Acquisition Price for the Subsequent Mortgage Loans in immediately available
        funds by wire transfer to such account or accounts as shall be designated
        by the
        Mortgage Loan Seller.

       

      (d)  In
        addition to the foregoing, on the Subsequent Transfer Date the Mortgage Loan
        Seller assigns to the Purchaser all of its right, title and interest in the
        Servicing Agreements (other than its right to enforce the representations
        and
        warranties set forth therein).

       

      Section
        3.  Subsequent
        Mortgage Loan Schedule.  The Mortgage Loan Seller agrees to
        provide to the Purchaser as of the date hereof a listing of the Subsequent
        Mortgage Loans (the “Subsequent Mortgage Loan Schedule”) setting forth
        the information listed on Exhibit 2 to this Agreement with respect to
        each of the Subsequent Mortgage Loans being sold by the Mortgage Loan Seller.
        

       

      Section
        4.  Subsequent
        Mortgage Loan Transfer.

       

      (a)  The
        Purchaser will be entitled to all scheduled payments of principal and interest
        on the Subsequent Mortgage Loans due after the Subsequent Cut-off Date
        (regardless of when actually collected) and all payments thereon, other than
        scheduled principal and interest due on or before the Subsequent Cut-off
        Date
        but received after the Subsequent Cut-off Date. The Mortgage Loan Seller
        will be
        entitled to all scheduled payments of principal and interest on the Subsequent
        Mortgage Loans due on or before the Subsequent Cut-off Date (including payments
        collected after the Subsequent Cut-off Date) and all payments thereon, other
        than scheduled principal and interest due after the Subsequent Cut-off Date
        but
        received on or before the Subsequent Cut-off Date. Such principal amounts
        and
        any interest thereon belonging to the Mortgage Loan Seller as described above
        will not be included in the aggregate outstanding principal balance of the
        Subsequent Mortgage Loans as of the Subsequent Cut-off Date as set forth
        on the
        Subsequent Mortgage Loan Schedule.

       

      (b)  Pursuant
        to various conveyance documents to be executed on the Subsequent Transfer
        Date
        and pursuant to the Pooling and Servicing Agreement, the Purchaser will assign
        on the Subsequent Transfer Date all of its right, title and interest in and
        to
        the Mortgage Loans to the Trustee for the benefit of the Certificateholders.
        In
        connection with the transfer and assignment of the Subsequent Mortgage Loans,
        the Mortgage Loan Seller has delivered or will deliver or cause to be delivered
        to the Trustee by the Subsequent Transfer Date or such later date as is agreed
        to by the Purchaser and the Mortgage Loan Seller (each of the Subsequent
        Transfer Date and such later date is referred to as a “Mortgage File Delivery
        Date”), the items of the respective Custodian’s Mortgage File,
provided, however, that in lieu of the foregoing, the Mortgage
        Loan Seller may deliver the following documents, under the circumstances
        set
        forth below: (i) in lieu of the original Security Instrument, assignments
        to the
        Trustee or intervening assignments thereof which have been delivered, are
        being
        delivered or will, upon receipt of recording information relating to the
        Security Instrument required to be included thereon, be delivered to recording
        offices for recording and have not been returned to the Mortgage Loan Seller
        in
        time to permit their delivery as specified above, the Mortgage Loan Seller
        may
        deliver a true copy thereof with a certification by the Mortgage Loan Seller
        or
        the Master Servicer, on the face of such copy, substantially as follows:
        “Certified to be a true and correct copy of the original, which has been
        transmitted for recording;” (ii) in lieu of the Security Instrument, assignments
        to the Trustee or intervening assignments thereof, if the applicable
        jurisdiction retains the originals of such documents (as evidenced by a
        certification from the Mortgage Loan Seller to such effect), the Mortgage
        Loan
        Seller may deliver photocopies of such documents containing an original
        certification by the judicial or other governmental authority of the
        jurisdiction where such documents were recorded; (iii) in lieu of the Mortgage
        Notes relating to the Subsequent Mortgage Loans, each identified in the list
        delivered by the Purchaser to the Trustee on the Subsequent Transfer Date
        and
        attached hereto as Exhibit 5 the Mortgage Loan Seller may deliver lost
        note affidavits and indemnities of the Mortgage Loan Seller; and (iv) the
        Mortgage Loan Seller shall not be required to deliver intervening assignments
        or
        Mortgage Note endorsements between the related Underlying Seller and the
        Mortgage Loan Seller, between the Mortgage Loan Seller and the Depositor,
        and
        between the Depositor and the Trustee; and provided further, however, that
        in
        the case of Subsequent Mortgage Loans which have been prepaid in full after
        the
        Subsequent Cut-off Date and prior to the Subsequent Transfer Date, the Mortgage
        Loan Seller, in lieu of delivering the above documents, may deliver to the
        Trustee or the Custodian, on its behalf, a certification by the Mortgage Loan
        Seller or the Master Servicer to such effect and shall deposit all amounts
        paid
        in respect of such Subsequent Mortgage Loans in the Distribution Account
        on the
        Subsequent Transfer Date. The Mortgage Loan Seller shall deliver such original
        documents (including any original documents as to which certified copies
        had
        previously been delivered) or such certified copies to the Trustee, or the
        related Custodian on behalf of the Trustee, promptly after they are received.
        The Mortgage Loan Seller shall cause the Mortgage and intervening assignments,
        if any, and the assignment of the Security Instrument to be recorded not
        later
        than 180 days after the Subsequent Transfer Date unless such assignment is
        not
        required to be recorded under the terms set forth in Section 6(a)
        hereof.

       

      (c)  In
        connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Mortgage Loan Seller further agrees that it will cause, at the
        Mortgage Loan Seller’s own expense, within 30 days after the Subsequent Transfer
        Date, the MERS® System to indicate that such Mortgage Loans have been assigned
        by the Mortgage Loan Seller to the Purchaser and by the Purchaser to the
        Trustee
        in accordance with this Agreement for the benefit of the Certificateholders
        by
        including (or deleting, in the case of Mortgage Loans which are repurchased
        in
        accordance with this Agreement) in such computer files (a) the code in the
        field
        which identifies the specific Trustee and (b) the code in the field “Pool Field”
which identifies the series of the Certificates issued in connection with
        such
        Mortgage Loans. The Mortgage Loan Seller further agrees that it will not,
        and
        will not permit any Servicer or the Master Servicer to alter the codes
        referenced in this paragraph with respect to any Mortgage Loan during the
        term
        of the Pooling and Servicing Agreement unless and until such Mortgage Loan
        is
        repurchased in accordance with the terms of the Pooling and Servicing
        Agreement.

       

      (d)  The
        Mortgage Loan Seller and the Purchaser acknowledge hereunder that all of
        the
        Subsequent Mortgage Loans and the related servicing will ultimately be assigned
        to Citibank, N.A., as Trustee for the Certificateholders, on the date
        hereof.

       

      Section
        5.  Examination
        of Mortgage Files.

       

      (a)  On
        or
        before the Mortgage File Delivery Date, the Mortgage Loan Seller will have
        made
        the Mortgage Files available to the Purchaser or its agent for examination
        which
        may be at the offices of the Trustee or the Mortgage Loan Seller and/or the
        Mortgage Loan Seller’s custodian. The fact that the Purchaser or its agent has
        conducted or has failed to conduct any partial or complete examination of
        the
        Mortgage Files shall not affect the Purchaser’s rights to demand cure,
        repurchase, substitution or other relief as provided in this Agreement. In
        furtherance of the foregoing, the Mortgage Loan Seller shall make the Mortgage
        Files available to the Purchaser or its agent from time to time so as to
        permit
        the Purchaser to confirm the Mortgage Loan Seller’s compliance with the delivery
        and recordation requirements of this Agreement and the Pooling and Servicing
        Agreement. In addition, upon request of the Purchaser, the Mortgage Loan
        Seller
        agrees to provide to the Purchaser, Bear Stearns and to any investors or
        prospective investors in the Certificates information regarding the Subsequent
        Mortgage Loans and their servicing, to make the Mortgage Files available
        to the
        Purchaser, Bear Stearns and to such investors or prospective investors (which
        may be at the offices of the Mortgage Loan Seller and/or the Mortgage Loan
        Seller’s custodian) and to make available personnel knowledgeable about the
        Subsequent Mortgage Loans for discussions with the Purchaser, Bear Stearns
        and
        such investors or prospective investors, upon reasonable request during regular
        business hours, sufficient to permit the Purchaser, Bear Stearns and such
        investors or potential investors to conduct such due diligence as any such
        party
        reasonably believes is appropriate.

       

      (b)  Pursuant
        to the Pooling and Servicing Agreement, on the Subsequent Transfer Date the
        respective Custodian, on behalf of the Trustee, for the benefit of the
        Certificateholders, will acknowledge receipt of each Mortgage Loan, by delivery
        to the Mortgage Loan Seller, the Purchaser and the Trustee of an initial
        certification in the form attached as Exhibit One to the Custodial
        Agreement.

       

      (c)  Pursuant
        to the Pooling and Servicing Agreement, within 90 days of the Subsequent
        Transfer Date (or, with respect to any Substitute Mortgage Loan, within five
        business days after the receipt by the Trustee or respective Custodian thereof),
        the Trustee will review or shall cause the respective Custodian to review
        items
        of the Mortgage Files as set forth on Exhibit 1 and will deliver to the
        Mortgage Loan Seller, the Purchaser and the Trustee an interim certification
        substantially in the form of Exhibit Two to the Custodial
        Agreement.  If the Trustee or respective Custodian, as its agent,
        finds any document listed on Exhibit 1 not to have been executed or
        received, or to be unrelated, determined on the basis of the Mortgagor name,
        original principal balance and loan number, to the Subsequent Mortgage Loans
        identified in the Subsequent Mortgage Loan Schedule or to appear defective
        on
        its face (a “Material Defect”), the Trustee or the respective Custodian,
        as its agent, shall promptly notify the Mortgage Loan Seller of such Material
        Defect. The Mortgage Loan Seller shall correct or cure any such Material
        Defect
        within 90 days from the date of notice from the Trustee or the respective
        Custodian, on its behalf, of the Material Defect and if the Mortgage Loan
        Seller
        fails to correct or cure such Material Defect within such period and such
        defect
        materially and adversely affects the interests of the Certificateholders
        in the
        related Subsequent Mortgage Loan, the Mortgage Loan Seller will, in accordance
        with the terms of the Pooling and Servicing Agreement, within 90 days of
        the
        date of notice, provide the Trustee with a Substitute Mortgage Loan (if within
        two years of the Subsequent Transfer Date) or purchase the related Subsequent
        Mortgage Loan at the applicable Purchase Price; provided that, if such
        defect would cause the Mortgage Loan to be other than a “qualified mortgage” as
        defined in Section 860G(a)(3) of the Code, any such cure, repurchase or
        substitution must occur within 90 days from the date such breach was discovered;
        provided,however, that if such defect relates solely to the
        inability of the Mortgage Loan Seller to deliver the original Security
        Instrument or intervening assignments thereof, or a certified copy because
        the
        originals of such documents, or a certified copy, have not been returned
        by the
        applicable jurisdiction, the Mortgage Loan Seller shall not be required to
        purchase such Subsequent Mortgage Loan if the Mortgage Loan Seller delivers
        such
        original documents or certified copy promptly upon receipt, but in no event
        later than 360 days after the Subsequent Transfer Date. The foregoing repurchase
        obligation shall not apply in the event that the Mortgage Loan Seller cannot
        deliver such original or copy of any document submitted for recording to
        the
        appropriate recording office in the applicable jurisdiction because such
        document has not been returned by such office; provided that the Mortgage
        Loan
        Seller shall instead deliver a recording receipt of such recording office
        or, if
        such receipt is not available, a certificate confirming that such documents
        have
        been accepted for recording, and delivery to the Trustee or the respective
        Custodian, as its agent, shall be effected by the Mortgage Loan Seller within
        thirty days of its receipt of the original recorded document.

       

      (d)  Pursuant
        to the Pooling and Servicing Agreement, within 180 days of the Subsequent
        Transfer Date (or, with respect to any Substitute Mortgage Loan, within five
        business days after the receipt by the Trustee or respective Custodian thereof)
        the Trustee will review or cause the respective Custodian to review items
        of the
        Mortgage Files as set forth on Exhibit 1 and will deliver to the Mortgage
        Loan Seller, the Purchaser and the Trustee a final certification substantially
        in the form of Exhibit Three to the Custodial Agreement.  If the
        Trustee or respective Custodian, as its agent, finds a Material Defect, the
        Trustee or the respective Custodian, as its agent, shall promptly notify
        the
        Mortgage Loan Seller of such Material Defect. The Mortgage Loan Seller shall
        correct or cure any such Material Defect within 90 days from the date of
        notice
        from the Trustee or the respective Custodian, as its agent, of the Material
        Defect and if the Mortgage Loan Seller fails to correct or cure such Material
        Defect within such period and such defect materially and adversely affects
        the
        interests of the Certificateholders in the related Subsequent Mortgage Loan,
        the
        Mortgage Loan Seller will, in accordance with the terms of the Pooling and
        Servicing Agreement, within 90 days of the date of notice, provide the Trustee
        with a Substitute Mortgage Loan (if within two years of the Subsequent Transfer
        Date) or purchase the related Subsequent Mortgage Loan at the applicable
        Purchase Price; provided that, if such defect would cause the Mortgage
        Loan to be other than a “qualified mortgage” as defined in Section 860G(a)(3) of
        the Code, any such cure, repurchase or substitution must occur within 90
        days
        from the date such breach was discovered; provided,however, that
        if such defect relates solely to the inability of the Mortgage Loan Seller
        to
        deliver the original Security Instrument or intervening assignments thereof,
        or
        a certified copy because the originals of such documents, or a certified
        copy,
        have not been returned by the applicable jurisdiction, the Mortgage Loan
        Seller
        shall not be required to purchase such Subsequent Mortgage Loan if the Mortgage
        Loan Seller delivers such original documents or certified copy promptly upon
        receipt, but in no event later than 360 days after the Subsequent Transfer
        Date.
        The foregoing repurchase obligation shall not apply in the event that the
        Mortgage Loan Seller cannot deliver such original or copy of any document
        submitted for recording to the appropriate recording office in the applicable
        jurisdiction because such document has not been returned by such office;
        provided that the Mortgage Loan Seller shall instead deliver a recording
        receipt
        of such recording office or, if such receipt is not available, a certificate
        confirming that such documents have been accepted for recording, and delivery
        to
        the Trustee or the respective Custodian, as its agent, shall be effected
        by the
        Mortgage Loan Seller within thirty days of its receipt of the original recorded
        document.

       

      (e)  At
        the
        time of any substitution, the Mortgage Loan Seller shall deliver or cause
        to be
        delivered the Substitute Mortgage Loan, the related Mortgage File and any
        other
        documents and payments required to be delivered in connection with a
        substitution pursuant to the Pooling and Servicing Agreement. At the time
        of any
        purchase or substitution, the Trustee in accordance with the terms of the
        Pooling and Servicing Agreement shall (i) assign to the Mortgage Loan Seller
        and
        cause the respective Custodian to release the documents (including, but not
        limited to, the Mortgage, Mortgage Note and other contents of the Mortgage
        File)
        in the possession of the respective Custodian relating to the Deleted Subsequent
        Mortgage Loan and (ii) execute and deliver such instruments of transfer or
        assignment, in each case without recourse, as shall be necessary to vest
        in the
        Mortgage Loan Seller title to such Deleted Mortgage Loan.

       

      Section
        6.  Recordation
        of Assignments of Mortgage.

       

      (a)  The
        Mortgage Loan Seller shall cause each assignment of the Security Instrument
        from
        the Mortgage Loan Seller to the Trustee to be recorded not later than 180
        days
        after the Subsequent Transfer Date, unless (a) such recordation is not required
        by the Rating Agencies or an Opinion of Counsel has been provided to the
        Trustee
        (with a copy to the respective Custodian) which states that the recordation
        of
        such assignment is not necessary to protect the interests of the
        Certificateholders in the related Mortgage Loans or (b) MERS is identified
        on
        the Mortgage or on a properly recorded assignment of the Mortgage, as the
        Mortgagee of record solely as nominee for the Mortgage Loan Seller and its
        successors and assigns; provided, however, notwithstanding the
        delivery of any such Opinion of Counsel, each assignment of Mortgage shall
        be
        submitted for recording by the Mortgage Loan Seller in the manner described
        above, at no expense to the Trust Fund or Trustee, upon the earliest to occur
        of
        (i) reasonable direction by the Holders of Certificates evidencing Fractional
        Undivided Interests aggregating not less than 25% of the Trust, (ii) the
        occurrence of an Event of Default, (iii) the occurrence of a bankruptcy,
        insolvency or foreclosure relating to the Mortgage Loan Seller and, (iv)
        the
        occurrence of a servicing transfer as described in Section 8.02 of the Pooling
        and Servicing Agreement.

       

      While
        each such Mortgage or assignment is being recorded, if necessary, the Mortgage
        Loan Seller shall leave or cause to be left with the Trustee a certified
        copy of
        such Mortgage or assignment. All customary recording fees and reasonable
        expenses relating to the recordation of the assignments of mortgage to the
        Trustee or the Opinion of Counsel, as the case may be, shall be borne by
        the
        Mortgage Loan Seller.

       

      (b)  It
        is the
        express intent of the parties hereto that the conveyance of the Subsequent
        Mortgage Loans by the Mortgage Loan Seller to the Purchaser, as contemplated
        by
        this Agreement be, and be treated as, a sale. It is, further, not the intention
        of the parties that such conveyance be deemed a pledge of the Subsequent
        Mortgage Loans by the Mortgage Loan Seller to the Purchaser to secure a debt
        or
        other obligation of the Mortgage Loan Seller. However, in the event that,
        notwithstanding the intent of the parties, the Subsequent Mortgage Loans
        are
        held by a court of competent jurisdiction to continue to be property of the
        Mortgage Loan Seller, then (i) this Agreement shall also be deemed to be
        a
        security agreement within the meaning of Articles 8 and 9 of the applicable
        Uniform Commercial Code; (ii) the transfer of the Subsequent Mortgage Loans
        provided for herein shall be deemed to be a grant by the Mortgage Loan Seller
        to
        the Purchaser of a security interest in all of the Mortgage Loan Seller’s right,
        title and interest in and to the Subsequent Mortgage Loans and all amounts
        payable to the holders of the Subsequent Mortgage Loans in accordance with
        the
        terms thereof and all proceeds of the conversion, voluntary or involuntary,
        of
        the foregoing into cash, instruments, securities or other property, to the
        extent the Purchaser would otherwise be entitled to own such Subsequent Mortgage
        Loans and proceeds pursuant to Section 4 hereof, including all amounts, other
        than investment earnings, from time to time held or invested in any accounts
        created pursuant to the Pooling and Servicing Agreement, whether in the form
        of
        cash, instruments, securities or other property; (iii) the possession by
        the
        Purchaser or the Trustee of Mortgage Notes and such other items of property
        as
        constitute instruments, money, negotiable documents or chattel paper shall
        be
        deemed to be “possession by the secured party” for purposes of perfecting the
        security interest pursuant to Section 9-313 (or comparable provision) of
        the
        applicable Uniform Commercial Code; and (iv) notifications to persons holding
        such property, and acknowledgments, receipts or confirmations from persons
        holding such property, shall be deemed notifications to, or acknowledgments,
        receipts or confirmations from, financial intermediaries, bailees or agents
        (as
        applicable) of the Purchaser for the purpose of perfecting such security
        interest under applicable law. Any assignment of the interest of the Purchaser
        pursuant to any provision hereof or pursuant to the Pooling and Servicing
        Agreement shall also be deemed to be an assignment of any security interest
        created hereby. The Mortgage Loan Seller and the Purchaser shall, to the
        extent
        consistent with this Agreement, take such actions as may be reasonably necessary
        to ensure that, if this Agreement were deemed to create a security interest
        in
        the Subsequent Mortgage Loans, such security interest would be deemed to
        be a
        perfected security interest of first priority under applicable law and will
        be
        maintained as such throughout the term of the Pooling and Servicing
        Agreement.

       

      Section
        7.  Representations
        and Warranties of Mortgage Loan Seller Concerning the Subsequent Mortgage
        Loans.  The Mortgage Loan Seller hereby represents and warrants to
        the Purchaser as of the Subsequent Transfer Date, or such other date as may
        be
        specified below with respect to each Subsequent Mortgage Loan being sold
        by it,
        that:

       

      (i)  the
        information set forth in the Subsequent Mortgage Loan Schedule hereto is
        true
        and correct in all material respects;

       

      (ii)  immediately
        prior to the transfer to the Purchaser, the Mortgage Loan Seller was the
        sole
        owner of beneficial title and holder of each Mortgage and Mortgage Note relating
        to the Subsequent Mortgage Loans and is conveying the same free and clear
        of any
        and all liens, claims, encumbrances, participation interests, equities, pledges,
        charges or security interests of any nature and the Mortgage Loan Seller
        has
        full right and authority to sell or assign the same pursuant to this
        Agreement;

       

      (iii)  each
        Subsequent Mortgage Loan at the time it was made complied in all material
        respects with all applicable local, state and federal laws and regulations,
        including, without limitation, usury, equal credit opportunity, disclosure
        and
        recording laws and all applicable predatory, abusive and fair lending laws;
        and
        each Subsequent Mortgage Loan has been serviced in all material respects
        in
        accordance with all applicable local, state and federal laws and regulations,
        including, without limitation, usury, equal credit opportunity, disclosure
        and
        recording laws and all applicable anti-predatory lending laws and the terms
        of
        the related Mortgage Note, the Mortgage and other loan documents;

       

      (iv)  there
        is
        no monetary default existing under any Mortgage or the related Mortgage Note
        and
        there is no material event which, with the passage of time or with notice
        and
        the expiration of any grace or cure period, would constitute a default, breach
        or event of acceleration; and neither the Mortgage Loan Seller, any of its
        affiliates nor any servicer of any related Subsequent Mortgage Loan has taken
        any action to waive any default, breach or event of acceleration; and no
        foreclosure action is threatened or has been commenced with respect to the
        Subsequent Mortgage Loan;

       

      (v)  the
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments, (i) if required by
        law
        in the jurisdiction where the Mortgaged Property is located, or (ii) to protect
        the interests of the Trustee on behalf of the Certificateholders;

       

      (vi)  no
        selection procedure reasonably believed by the Mortgage Loan Seller to be
        adverse to the interests of the Certificateholders was utilized in selecting
        the
        Subsequent Mortgage Loans;

       

      (vii)  each
        Mortgage is a valid and enforceable first lien on the property securing the
        related Mortgage Note and each Mortgaged Property is owned by the Mortgagor
        in
        fee simple (except with respect to common areas in the case of condominiums,
        PUDs and de minimis PUDs) or by leasehold for a term longer than the term
        of the
        related Mortgage, subject only to (i) the lien of current real property taxes
        and assessments, (ii) covenants, conditions and restrictions, rights of way,
        easements and other matters of public record as of the date of recording
        of such
        Mortgage, such exceptions being acceptable to mortgage lending institutions
        generally or specifically reflected in the appraisal obtained in connection
        with
        the origination of the related Subsequent Mortgage Loan or referred to in
        the
        lender’s title insurance policy delivered to the originator of the related
        Subsequent Mortgage Loan and (iii) other matters to which like properties
        are
        commonly subject which do not materially interfere with the benefits of the
        security intended to be provided by such Mortgage;

       

      (viii)  there
        is
        no mechanics’ lien or claim for work, labor or material affecting the premises
        subject to any Mortgage which is or may be a lien prior to, or equal with,
        the
        lien of such Mortgage except those which are insured against by the title
        insurance policy referred to in xiii below;

       

      (ix)  there
        was
        no delinquent tax or assessment lien against the property subject to any
        Mortgage, except where such lien was being contested in good faith and a
        stay
        had been granted against levying on the property;

       

      (x)  there
        is
        no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
        including the obligation of the Mortgagor to pay the unpaid principal and
        interest on such Mortgage Note;

       

      (xi)  the
        physical property subject to any Mortgage is free of material damage and
        is in
        good repair and there is no proceeding pending or threatened for the total
        or
        partial condemnation of any Mortgaged Property;

       

      (xii)  the
        Mortgaged Property and all improvements thereon comply with all requirements
        of
        any applicable zoning and subdivision laws and ordinances;

       

      (xiii)  a
        lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
        assurance of title customary in the relevant jurisdiction therefor in a form
        acceptable to Fannie Mae or Freddie Mac, was issued on the date that each
        Subsequent Mortgage Loan was created by a title insurance company which,
        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 Subsequent Mortgage Loan; and the Mortgage Loan Seller is the sole
        insured under such lender’s title insurance policy, and such policy, binder or
        assurance is valid and remains in full force and effect, and each such policy,
        binder or assurance shall contain all applicable endorsements including a
        negative amortization endorsement, if applicable;

       

      (xiv)  at
        the
        time of origination, each Mortgaged Property was the subject of an appraisal
        which conformed to the underwriting requirements of the originator of the
        Subsequent Mortgage Loan and, the appraisal is in a form acceptable to Fannie
        Mae or FHLMC;

       

      (xv)  the
        improvements on each Mortgaged Property securing a Subsequent Mortgage Loan
        are
        insured (by an insurer which is acceptable to the Mortgage Loan Seller) against
        loss by fire and such hazards as are covered under a standard extended coverage
        endorsement in the locale in which the Mortgaged Property is located, in
        an
        amount which is not less than the lesser of the maximum insurable value of
        the
        improvements securing such Subsequent Mortgage Loan or the outstanding principal
        balance of the Subsequent Mortgage Loan, but in no event in an amount less
        than
        an amount that is required to prevent the Mortgagor from being deemed to
        be a
        co-insurer thereunder; if the improvement on the Mortgaged Property is a
        condominium unit, it is included under the coverage afforded by a blanket
        policy
        for the condominium project; if upon origination of the related Subsequent
        Mortgage Loan, the improvements on the Mortgaged Property were in an area
        identified as a federally designated flood area, a flood insurance policy
        is in
        effect in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Subsequent Mortgage Loan, (ii) the
        restorable cost of improvements located on such Mortgaged Property or (iii)
        the
        maximum coverage available under federal law; and each Mortgage obligates
        the
        Mortgagor thereunder to maintain the insurance referred to above at the
        Mortgagor’s cost and expense;

       

      (xvi)  each
        Subsequent Mortgage Loan constitutes a "qualified mortgage" under Section
        860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1),
        (2),
        (4), (5), (6), (7)  and (9) without reliance on the provisions of
        Treasury Regulation Section 1.860G-2(a)(3) or Treasury Regulation Section
        1.860G-2(f)(2) or any other provision that would allow a Subsequent Mortgage
        Loan to be treated as a “qualified mortgage” notwithstanding its failure to meet
        the requirements of Section 860G(a)(3)(A) of the Code and Treasury Regulation
        Section 1.860G-2(a)(1), (2), (4), (5), (6), (7) and (9);

       

      (xvii)  none
        of
        the Subsequent Mortgage Loans are (a) loans subject to 12 CFR Part 226.31,
        12
        CFR Part 226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation
        implementing TILA, which implements the Home Ownership and Equity Protection
        Act
        of 1994, as amended or (b) “high cost home,” “covered” (excluding home loans
        defined as “covered home loans” in the New Jersey Home Ownership Security Act of
        2002 that were originated between November 26, 2003 and July 7, 2004), “high
        risk home” or “predatory” loans under any applicable state, federal or local law
        (or a similarly classified loan using different terminology under a law imposing
        heightened regulatory scrutiny or additional legal liability for residential
        mortgage loans having high interest rates, points and/or fees);

       

      (xviii)  the
        information set forth in Schedule A of the Prospectus Supplement with respect
        to
        the Subsequent Mortgage Loans is true and correct in all material
        respects;

       

      (xix)  no
        Subsequent Mortgage Loan (a) is a “high cost loan” or “covered loan” as
        applicable (as such terms are defined in the then current Standard & Poor’s
        LEVELS® Glossary, which is now Version 5.6c, Appendix E, attached hereto as
        Exhibit 6 or (b) was originated on or after October 1, 2002 through March
        6,
        2003 and is governed by the Georgia Fair Lending Act;

       

      (xx)  each
        Subsequent Mortgage Loan was originated in accordance with the underwriting
        guidelines of the related originator;

       

      (xxi)  each
        original Mortgage has been recorded or is in the process of being recorded
        in
        accordance with the requirements of Section 2.01 of the Pooling and Servicing
        Agreement in the appropriate jurisdictions wherein such recordation is required
        to perfect the lien thereof for the benefit of the Trust Fund;

       

      (xxii)  the
        related Mortgage File contains each of the documents and instruments listed
        in
        Section 2.01 of the Pooling and Servicing Agreement, subject to any exceptions,
        substitutions and qualifications as are set forth in such Section;

       

      (xxiii)  the
        Subsequent Mortgage Loans are currently being serviced in accordance with
        accepted servicing practices;

       

      (xxiv)  with
        respect to each Subsequent Mortgage Loan that has a prepayment penalty feature,
        each such prepayment penalty is enforceable and will be enforced by the Mortgage
        Loan Seller and each prepayment penalty is permitted pursuant to federal,
        state
        and local law.  In addition, with respect to each Subsequent Mortgage
        Loan (i) no Subsequent Mortgage Loan will impose a prepayment penalty for
        a term
        in excess of five years from the date such Subsequent Mortgage Loan was
        originated and (ii) such prepayment penalty is at least equal to the lesser
        of
        (A) the maximum amount permitted under applicable law and (B) six months
        interest at the related Mortgage Interest Rate on the amount prepaid in excess
        of 20% of the original principal balance of such Subsequent Mortgage
        Loan.

       

      (xxv)  if
        any of
        the Subsequent Mortgage Loans are secured by a leasehold interest, with respect
        to each leasehold interest: the use of leasehold estates for residential
        properties is an accepted practice in the area where the related Mortgaged
        Property is located; residential property in such area consisting of leasehold
        estates is readily marketable; the lease is recorded and no party is in any
        way
        in breach of any provision of such lease; the leasehold is in full force
        and
        effect and is not subject to any prior lien or encumbrance by which the
        leasehold could be terminated or subject to any charge or penalty; and the
        remaining term of the lease does not terminate less than ten years after
        the
        maturity date of such Subsequent Mortgage Loan; and

       

      (xxvi)  each
        Subsequent Mortgage Loan was originated (a)  by a savings and loan
        association, savings bank, commercial bank, credit union, insurance company
        or
        similar institution that is supervised and examined by a federal or state
        authority, (b) by a mortgagee approved by the Secretary of Housing and Urban
        Development pursuant to Sections 203 and 211 of the National Housing Act,
        as
        amended, or (c) by a mortgage broker or correspondent lender in a manner
        such
        that the related Subsequent Mortgage Loan would be regarded for purposes
        of
        Section 3(a)(41) of the Securities Exchange Act of 1934, as amended, as having
        been originated by an entity described in clauses (a) or (b) above.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 7 will inure to the benefit of the Purchaser, its successors and
        assigns, notwithstanding any restrictive or qualified endorsement on any
        Mortgage Note or assignment of Mortgage or the examination of any Mortgage
        File.
        Upon any substitution for a Subsequent Mortgage Loan, the representations
        and
        warranties set forth above shall be deemed to be made by the Mortgage Loan
        Seller as to any Substitute Mortgage Loan as of the date of
        substitution.

       

      Upon
        discovery or receipt of notice by the Mortgage Loan Seller, the Purchaser
        or the
        Trustee of a breach of any representation or warranty of the Mortgage Loan
        Seller set forth in this Section 7 which materially and adversely affects
        the
        value of the interests of the Purchaser, the Certificateholders or the Trustee
        in any of the Subsequent Mortgage Loans delivered to the Purchaser pursuant
        to
        this Agreement, the party discovering or receiving notice of such breach
        shall
        give prompt written notice to the others. It is understood and agreed that
        a
        breach of any one of the representations contained in clauses (xvii) or (xix)(b)
        above will be deemed to materially adversely affect the interests of the
        related
        Certificateholders. In the case of any such breach of a representation or
        warranty set forth in this Section 7, within 90 days from the date of discovery
        by the Mortgage Loan Seller, or the date the Mortgage Loan Seller is notified
        by
        the party discovering or receiving notice of such breach (whichever occurs
        earlier), the Mortgage Loan Seller will (i) cure such breach in all material
        respects, (ii) purchase the affected Subsequent Mortgage Loan at the applicable
        Purchase Price or (iii) if within two years of the Subsequent Transfer Date,
        substitute a qualifying Substitute Mortgage Loan in exchange for such Subsequent
        Mortgage Loan. The obligations of the Mortgage Loan Seller to cure, purchase
        or
        substitute a qualifying Substitute Mortgage Loan shall constitute the
        Purchaser’s, the Trustee’s and the Certificateholder’s sole and exclusive remedy
        under this Agreement or otherwise respecting a breach of representations
        or
        warranties hereunder with respect to the Subsequent Mortgage Loans, except
        for
        the obligation of the Mortgage Loan Seller to indemnify the Purchaser for
        such
        breach as set forth in and limited by Section 13 hereof.

       

      Any
        cause
        of action against the Mortgage Loan Seller or relating to or arising out
        of a
        breach by the Mortgage Loan Seller of any representations and warranties
        made in
        this Section 7 shall accrue as to any Mortgage Loan upon (i) discovery of
        such
        breach by the Mortgage Loan Seller or notice thereof by the party discovering
        such breach and (ii) failure by the Mortgage Loan Seller to cure such breach,
        purchase such Mortgage Loan or substitute a qualifying Substitute Mortgage
        Loan
        pursuant to the terms hereof.

       

      Section
        8.  Representations
        and Warranties Concerning the Mortgage Loan Seller.  As of the
        date hereof and as of the Subsequent Transfer Date, the Mortgage Loan Seller
        represents and warrants to the Purchaser as to itself in the capacity indicated
        as follows:

       

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

       

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

       

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

       

      (d)  the
        execution, delivery and performance by the Mortgage Loan Seller of this
        Agreement and the consummation of the transactions contemplated hereby do
        not
        require the consent or approval of, the giving of notice to, the registration
        with, or the taking of any other action in respect of, any state, federal
        or
        other governmental authority or agency, except those consents, approvals,
        notices, registrations or other actions as have already been obtained, given
        or
        made and, in connection with the recordation of the Mortgages, powers of
        attorney or assignments of Mortgages not yet completed;

       

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

       

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

       

      (g)  the
        Mortgage Loan Seller’s Information (as defined in Section 13(a) hereof) does not
        include any untrue statement of a material fact or omit to state a material
        fact
        necessary in order to make the statements made, in light of the circumstances
        under which they were made, not misleading.

       

      Section
        9.  Representations
        and Warranties Concerning the Purchaser.  As of the date hereof
        and as of the Subsequent Transfer Date, the Purchaser represents and warrants
        to
        the Mortgage Loan Seller as follows:

       

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

       

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

       

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

       

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

       

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

       

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

       

      (g)  the
        Purchaser’s Information (as defined in Section 13(b) hereof) does not include
        any untrue statement of a material fact or omit to state a material fact
        necessary in order to make the statements made, in light of the circumstances
        under which they were made, not misleading.

       

      Section
        10.  Conditions
        to Closing.

       

      (a)  The
        obligations of the Purchaser under this Agreement will be subject to the
        satisfaction, on or prior to the Subsequent Transfer Date, of the following
        conditions:

       

      (i)  Each
        of
        the obligations of the Mortgage Loan Seller required to be performed at or
        prior
        to the Subsequent Transfer Date pursuant to the terms of this Agreement shall
        have been duly performed and complied with in all material respects; all
        of the
        representations and warranties of the Mortgage Loan Seller under this Agreement
        shall be true and correct as of the date or dates specified in all material
        respects; and no event shall have occurred which, with notice or the passage
        of
        time, would constitute a default under this Agreement, or the Pooling and
        Servicing Agreement; and the Purchaser shall have received certificates to
        that
        effect signed by authorized officers of the Mortgage Loan Seller.

       

      (ii)  The
        Purchaser shall have received all of the following closing documents, in
        such
        forms as are agreed upon and reasonably acceptable to the Purchaser, duly
        executed by all signatories (other than the Purchaser) as required pursuant
        to
        the respective terms thereof:

       

      (1)  The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to the Trustee and the Purchaser, and all documents required thereby duly
        executed by all signatories;

       

      (2)  A
        certificate of an officer of the Mortgage Loan Seller dated as of the Subsequent
        Transfer Date, in a form reasonably acceptable to the Purchaser, and attached
        thereto the resolutions of the Mortgage Loan Seller authorizing the transactions
        contemplated by this Agreement, together with copies of the charter and by-laws
        of the Mortgage Loan Seller;

       

      (3)  One
        or
        more opinions of counsel from the Mortgage Loan Seller’s counsel otherwise in
        form and substance reasonably satisfactory to the Purchaser, the Trustee
        and
        each Rating Agency;

       

      (4)  A
        letter
        from each of the Rating Agencies giving each Class of Certificates set forth
        on
        Schedule A the rating set forth on Schedule A; and

       

      (5)  Such
        other documents, certificates (including additional representations and
        warranties) and opinions as may be reasonably necessary to secure the intended
        ratings from each Rating Agency for the Certificates.

       

      (iii)  The
        Certificates to be sold to Bear Stearns pursuant to the Underwriting Agreement
        and the Purchase Agreement shall have been issued and sold to Bear
        Stearns.

       

      (iv)  The
        Mortgage Loan Seller shall have furnished to the Purchaser such other
        certificates of its officers or others and such other documents and opinions
        of
        counsel to evidence fulfillment of the conditions set forth in this Agreement
        and the transactions contemplated hereby as the Purchaser and its counsel
        may
        reasonably request.

       

      (b)  The
        obligations of the Mortgage Loan Seller under this Agreement shall be subject
        to
        the satisfaction, on or prior to the Subsequent Transfer Date, of the following
        conditions:

       

      (i)  The
        obligations of the Purchaser required to be performed by it on or prior to
        the
        Subsequent Transfer Date pursuant to the terms of this Agreement shall have
        been
        duly performed and complied with in all material respects, and all of the
        representations and warranties of the Purchaser under this Agreement shall
        be
        true and correct in all material respects as of the date hereof and as of
        the
        Subsequent Transfer Date, and no event shall have occurred which would
        constitute a breach by it of the terms of this Agreement, and the Mortgage
        Loan
        Seller shall have received a certificate to that effect signed by an authorized
        officer of the Purchaser.

       

      (ii)  The
        Mortgage Loan Seller shall have received copies of all of the following closing
        documents, in such forms as are agreed upon and reasonably acceptable to
        the
        Mortgage Loan Seller, duly executed by all signatories other than the Mortgage
        Loan Seller as required pursuant to the respective terms thereof:

       

      (1)  The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to the Mortgage Loan Seller, and all documents required thereby duly executed
        by
        all signatories;

       

      (2)  A
        certificate of an officer of the Purchaser dated as of the Subsequent Transfer
        Date, in a form reasonably acceptable to the Mortgage Loan Seller, and attached
        thereto the resolutions of the Purchaser authorizing the transactions
        contemplated by this Agreement and the Pooling and Servicing Agreement, together
        with copies of the Purchaser’s articles of incorporation, and evidence as to the
        good standing of the Purchaser dated as of a recent date;

       

      (3)  One
        or
        more opinions of counsel from the Purchaser’s counsel in form and substance
        reasonably satisfactory to the Mortgage Loan Seller;

       

      (4)  Such
        other documents, certificates (including additional representations and
        warranties) and opinions as may be reasonably necessary to secure the intended
        rating from each Rating Agency for the Certificates;

       

      Section
        11.  Fees
        and Expenses.  Subject to Section 16 hereof, the Mortgage Loan
        Seller shall pay on the Subsequent Transfer Date or such later date as may
        be
        agreed to by the Purchaser (i) the fees and expenses of the Mortgage Loan
        Seller’s attorneys and the reasonable fees and expenses of the Purchaser’s
        attorneys, (ii) the fees and expenses of Deloitte & Touche LLP, (iii) the
        fee for the use of Purchaser’s Registration Statement based on the aggregate
        original principal amount of the Certificates and the filing fee of the
        Commission as in effect on the date on which the Registration Statement was
        declared effective, (iv) the fees and expenses including counsel’s fees and
        expenses in connection with any “blue sky” and legal investment matters, (v) the
        fees and expenses of the Trustee which shall include without limitation the
        fees
        and expenses of the Trustee (and the fees and disbursements of its counsel)
        with
        respect to (A) legal and document review of this Agreement, the Pooling and
        Servicing Agreement, the Certificates and related agreements, (B) attendance
        at
        the Closing and (C) review of the Subsequent Mortgage Loans to be performed
        by
        the respective Custodian, (vi) the fees and expenses relating to the preparation
        and recordation of mortgage assignments (including intervening assignments,
        if
        any and if available, to evidence a complete chain of title from the originator
        to the Trustee) from the Mortgage Loan Seller to the Trustee or the expenses
        relating to the Opinion of Counsel referred to in Section 6(a) hereof, as
        the
        case may be, and (ix) Mortgage File due diligence expenses and other
        out-of-pocket expenses incurred by the Purchaser in connection with the purchase
        of the Mortgage Loans and by Bear Stearns in connection with the sale of
        the
        Certificates. The Mortgage Loan Seller additionally agrees to pay directly
        to
        any third party on a timely basis the fees provided for above which are charged
        by such third party and which are billed periodically.

       

      Section
        12.  Indemnification.

       

      (a)  The
        Mortgage Loan Seller shall indemnify and hold harmless the Purchaser and
        its
        directors, officers and controlling persons (as defined in Section 15 of
        the
        Securities Act) from and against any loss, claim, damage or liability or
        action
        in respect thereof, to which they or any of them may become subject, under
        the
        Securities Act or otherwise, insofar as such loss, claim, damage, liability
        or
        action arises out of, or is based upon any untrue statement of a material
        fact
        contained in the Mortgage Loan Seller’s Information as identified in
Exhibit 3, the omission to state in the Prospectus Supplement or
        Prospectus (or any amendment thereof or supplement thereto approved by the
        Mortgage Loan Seller and in which additional Mortgage Loan Seller’s Information
        is identified), in reliance upon and in conformity with Mortgage Loan Seller’s
        Information a material fact required to be stated therein or necessary to
        make
        the statements therein in light of the circumstances in which they were made,
        not misleading; and the Mortgage Loan Seller shall reimburse the Purchaser
        and
        each other indemnified party for any legal and other expenses reasonably
        incurred by them in connection with investigating or defending or preparing
        to
        defend against any such loss, claim, damage, liability or action.

       

      The
        foregoing indemnity agreement is in addition to any liability which the Mortgage
        Loan Seller otherwise may have to the Purchaser or any other such indemnified
        party.

       

      (b)  The
        Purchaser shall indemnify and hold harmless the Mortgage Loan Seller and
        its
        respective directors, officers and controlling persons (as defined in Section
        15
        of the Securities Act) from and against any loss, claim, damage or liability
        or
        action in respect thereof, to which they or any of them may become subject,
        under the Securities Act or otherwise, insofar as such loss, claim, damage,
        liability or action arises out of, or is based upon (i) any untrue statement
        of
        a material fact contained in the Purchaser’s Information as identified in
Exhibit 4, the omission to state in the Prospectus Supplement or
        Prospectus (or any amendment thereof or supplement thereto approved by the
        Purchaser and in which additional Purchaser’s Information is identified), in
        reliance upon and in conformity with the Purchaser’s Information, a material
        fact required to be stated therein or necessary to make the statements therein
        in light of the circumstances in which they were made, not misleading; and
        the
        Purchaser shall reimburse the Mortgage Loan Seller, and each other indemnified
        party for any legal and other expenses reasonably incurred by them in connection
        with investigating or defending or preparing to defend any such loss, claim,
        damage, liability or action. The foregoing indemnity agreement is in addition
        to
        any liability which the Purchaser otherwise may have to the Mortgage Loan
        Seller, or any other such indemnified party,

       

      (c)  Promptly
        after receipt by an indemnified party under subsection (a) or (b) above of
        notice of the commencement of any action, such indemnified party shall, if
        a
        claim in respect thereof is to be made against the indemnifying party under
        such
        subsection, notify each party against whom indemnification is to be sought
        in
        writing of the commencement thereof (but the failure so to notify an
        indemnifying party shall not relieve it from any liability which it may have
        under this Section 13 except to the extent that it has been prejudiced in
        any
        material respect by such failure or from any liability which it may have
        otherwise). In case any such action is brought against any indemnified party,
        and it notifies an indemnifying party of the commencement thereof, the
        indemnifying party will be entitled to participate therein and, to the extent
        it
        may elect by written notice delivered to the indemnified party promptly (but,
        in
        any event, within 30 days) after receiving the aforesaid notice from such
        indemnified party, to assume the defense thereof with counsel reasonably
        satisfactory to such indemnified party. Notwithstanding the foregoing, the
        indemnified party or parties shall have the right to employ its or their
        own
        counsel in any such case, but the fees and expenses of such counsel shall
        be at
        the expense of such indemnified party or parties unless (i) the employment
        of
        such counsel shall have been authorized in writing by one of the indemnifying
        parties in connection with the defense of such action, (ii) the indemnifying
        parties shall not have employed counsel to have charge of the defense of
        such
        action within a reasonable time after notice of commencement of the action,
        or
        (iii) such indemnified party or parties shall have reasonably concluded that
        there is a conflict of interest between itself or themselves and the
        indemnifying party in the conduct of the defense of any claim or that the
        interests of the indemnified party or parties are not substantially co-extensive
        with those of the indemnifying party (in which case the indemnifying parties
        shall not have the right to direct the defense of such action on behalf of
        the
        indemnified party or parties), in any of which events such fees and expenses
        shall be borne by the indemnifying parties (provided, however,
        that the indemnifying party shall be liable only for the fees and expenses
        of
        one counsel in addition to one local counsel in the jurisdiction involved.
        Anything in this subsection to the contrary notwithstanding, an indemnifying
        party shall not be liable for any settlement or any claim or action effected
        without its written consent; provided, however, that such consent
        was not unreasonably withheld.

       

      (d)  If
        the
        indemnification provided for in paragraphs (a) and (b) of this Section 13
        shall
        for any reason be unavailable to an indemnified party in respect of any loss,
        claim, damage or liability, or any action in respect thereof, referred to
        in
        Section 13, then the indemnifying party shall in lieu of indemnifying the
        indemnified party contribute to the amount paid or payable by such indemnified
        party as a result of such loss, claim, damage or liability, or action in
        respect
        thereof, in such proportion as shall be appropriate to reflect the relative
        benefits received by the Mortgage Loan Seller on the one hand and the Purchaser
        on the other from the purchase and sale of the Mortgage Loans, the offering
        of
        the Certificates and the other transactions contemplated hereunder. No person
        found liable for a fraudulent misrepresentation (within the meaning of Section
        11(f) of the Securities Act) shall be entitled to contribution from any person
        who is not also found liable for such fraudulent misrepresentation.

       

      (e)  The
        parties hereto agree that reliance by an indemnified party on any publicly
        available information or any information or directions furnished by an
        indemnifying party shall not constitute negligence, bad faith or willful
        misconduct by such indemnified party.

       

      Section
        13.  Notices.  All
        demands, notices and communications hereunder shall be in writing but may
        be
        delivered by facsimile transmission subsequently confirmed in writing. Notices
        to the Mortgage Loan Seller shall be directed to EMC Mortgage Corporation,
        2780
        Lake Vista Drive, Lewisville, Texas 75067, (Facsimile: (469) 759-4714 Attention:
        President), and notices to the Purchaser shall be directed to Structured
        Asset
        Mortgage Investments II Inc., 383 Madison Avenue, New York, New York 10179
        (Telecopy: (212) 272-7206), Attention: Baron Silverstein; or to any other
        address as may hereafter be furnished by one party to the other party by
        like
        notice. Any such demand, notice or communication hereunder shall be deemed
        to
        have been received on the date received at the premises of the addressee
        (as
        evidenced, in the case of registered or certified mail, by the date noted
        on the
        return receipt) provided that it is received on a business day during normal
        business hours and, if received after normal business hours, then it shall
        be
        deemed to be received on the next business day.

       

      Section
        14.  Transfer
        of Subsequent Mortgage Loans.  The Purchaser retains the right to
        assign the Subsequent Mortgage Loans and any or all of its interest under
        this
        Agreement to the Trustee without the consent of the Mortgage Loan Seller,
        and,
        upon such assignment, the Trustee shall succeed to the applicable rights
        and
        obligations of the Purchaser hereunder; provided, however, the
        Purchaser shall remain entitled to the benefits set forth in Sections 11,
        13 and
        17 hereto and as provided in Section 2(a). Notwithstanding the foregoing,
        the
        sole and exclusive right and remedy of the Trustee with respect to a breach
        of
        representation or warranty of the Mortgage Loan Seller shall be the cure,
        purchase or substitution obligations of the Mortgage Loan Seller contained
        in
        Sections 5 and 7 hereof.

       

      Section
        15.  Termination.  This
        Agreement may be terminated (a) by the mutual consent of the parties hereto
        prior to the Subsequent Transfer Date, (b) by the Purchaser, if the conditions
        to the Purchaser’s obligation to close set forth under Section 10(a) hereof are
        not fulfilled as and when required to be fulfilled or (c) by the Mortgage
        Loan
        Seller, if the conditions to the Mortgage Loan Seller’s obligation to close set
        forth under Section 10(b) hereof are not fulfilled as and when required to
        be
        fulfilled. In the event of termination pursuant to clause (b), the Mortgage
        Loan
        Seller shall pay, and in the event of termination pursuant to clause (c),
        the
        Purchaser shall pay, all reasonable out-of-pocket expenses incurred by the
        other
        in connection with the transactions contemplated by this Agreement. In the
        event
        of a termination pursuant to clause (a), each party shall be responsible
        for its
        own expenses.

       

      Section
        16.  Representations,
        Warranties and Agreements to Survive Delivery.  All
        representations, warranties and agreements contained in this Agreement, or
        contained in certificates of officers of the Mortgage Loan Seller submitted
        pursuant hereto, shall remain operative and in full force and effect and
        shall
        survive delivery of the Subsequent Mortgage Loans to the Purchaser (and by
        the
        Purchaser to the Trustee). Subsequent to the delivery of the Subsequent Mortgage
        Loans to the Purchaser, the Mortgage Loan Seller’s representations and
        warranties contained herein with respect to the Subsequent Mortgage Loans
        shall
        be deemed to relate to the Subsequent Mortgage Loans actually delivered to
        the
        Purchaser and included in the Subsequent Mortgage Loan Schedule and any
        Substitute Mortgage Loan.

       

      Section
        17.  Severability.  If
        any provision of this Agreement shall be prohibited or invalid under applicable
        law, the Agreement shall be ineffective only to such extent, without
        invalidating the remainder of this Agreement.

       

      Section
        18.  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
        19.  Amendment.  This
        Agreement cannot be amended or modified in any manner without the prior written
        consent of each party.

       

      Section
        20.  GOVERNING
        LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
        ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
        CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
        LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
        BE
        DETERMINED IN ACCORDANCE WITH SUCH LAWS.

       

      Section
        21.  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
        22.  Successors
        and Assigns.

       

      This
        Agreement shall bind and inure to the benefit of and be enforceable by the
        Mortgage Loan Seller and the Purchaser and their permitted successors and
        assigns and, to the extent specified in Section 13 hereof, Bear Stearns,
        and
        their directors, officers and controlling persons (within the meaning of
        federal
        securities laws). The Mortgage Loan Seller acknowledges and agrees that the
        Purchaser may assign its rights under this Agreement (including, without
        limitation, with respect to the Mortgage Loan Seller’s representations and
        warranties respecting the Mortgage Loans) to the Trustee. Any person into
        which
        the Mortgage Loan Seller may be merged or consolidated (or any person resulting
        from any merger or consolidation involving the Mortgage Loan Seller), any
        person
        resulting from a change in form of the Mortgage Loan Seller or any person
        succeeding to the business of the Mortgage Loan Seller, shall be considered
        the
“successor” of the Mortgage Loan Seller hereunder and shall be considered a
        party hereto without the execution or filing of any paper or any further
        act or
        consent on the part of any party hereto. Except as provided in the two preceding
        sentences and in Section 15 hereto this Agreement cannot be assigned, pledged
        or
        hypothecated by either party hereto without the written consent of the other
        parties to this Agreement and any such assignment or purported assignment
        shall
        be deemed null and void.

       

      Section
        23.  The
        Mortgage Loan Seller and the Purchaser.  The Mortgage Loan Seller
        and the Purchaser will keep in full effect all rights as are necessary to
        perform their respective obligations under this Agreement.

       

      Section
        24.  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
        25.  No
        Partnership.  Nothing herein contained shall be deemed or
        construed to create a partnership or joint venture between the parties
        hereto.

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      

        
          	 	
                  EMC
                    MORTGAGE CORPORATION

                
	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 
	 	 
	 	 
	 	
                  STRUCTURED
                    ASSET MORTGAGE INVESTMENTS II INC.

                
	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        1

       

      

       

      CONTENTS
        OF MORTGAGE FILE

       

      With
        respect to each Subsequent Mortgage Loan, the Mortgage File shall include
        each
        of the following items, which shall be available for inspection by the Purchaser
        or its designee, and which shall be delivered to the Purchaser or its designee
        pursuant to the terms of the Agreement.

       

      (a)  with
        respect to each Mortgage Loan:

       

      (i)  The
        original Mortgage Note, endorsed without recourse to the order of the Trustee
        or
        to blank and showing to the extent available to the Mortgage Loan Sellers
        an
        unbroken chain of endorsements from the related originator, at the time they
        made the initial endorsement, to the last endorsee up to and including the
        point
        the sponsor acquired such mortgage loan;

       

      (ii)  The
        original Mortgage and, if the related Subsequent Mortgage Loan is a MOM Loan,
        noting the presence of the MIN and language indicating that such Subsequent
        Mortgage Loan is a MOM Loan, which shall have been recorded (or, if the original
        is not available, a copy), with evidence of such recording indicated thereon
        (or
        if the original is not available, a copy), with evidence of such recording
        indicated thereon (or if the original Security Instrument, assignments to
        the
        Trustee or intervening assignments thereof which have been delivered, are
        being
        delivered or will, upon receipt of recording information relating to the
        Security Instrument required to be included thereon, be delivered to recording
        offices for recording and have not been returned to the Mortgage Loan Seller
        in
        time to permit their recording as specified in Section 2.01(b) of the Pooling
        and Servicing Agreement, shall be in recordable form);

       

      (iii)  unless
        the Subsequent Mortgage Loan is a MOM Loan, a certified copy of the assignment
        (which may be in the form of a blanket assignment if permitted in the
        jurisdiction in which the Mortgaged Property is located) to “Citibank, N.A., as
        Trustee”, with evidence of recording with respect to each Mortgage Loan in the
        name of the Trustee thereon (or if (A) the original Security Instrument,
        assignments to the Trustee or intervening assignments thereof which have
        been
        delivered, are being delivered or will, upon receipt of recording information
        relating to the Security Instrument required to be included thereon, be
        delivered to recording offices for recording and have not been returned to
        the
        Mortgage Loan Seller in time to permit their delivery as specified in Section
        2.01(b) of the Pooling and Servicing Agreement, the Mortgage Loan Seller
        may
        deliver a true copy thereof with a certification by the Mortgage Loan Seller,
        on
        the face of such copy, substantially as follows: “Certified to be a true and
        correct copy of the original, which has been transmitted for recording” or (B)
        the related Mortgaged Property is located in a state other than Maryland
        and an
        Opinion of Counsel has been provided as set forth in Section 2.01(b) of the
        Pooling and Servicing Agreement, shall be in recordable form);

       

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

       

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

       

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

       

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

       

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      EXHIBIT
        2

       

      

       

      SUBSEQUENT
        MORTGAGE LOAN SCHEDULE INFORMATION

       

      The
        Subsequent Mortgage Loan Schedule shall set forth the following information
        with
        respect to each Subsequent Mortgage Loan:

       

      (a)           the
        loan number;

       

      (b)           [Reserved];

       

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

       

      (d)           the
        property type;

       

      (e)           the
        Mortgage Interest Rate;

       

      (f)           the
        Servicing Fee Rate;

       

      (g)           the
        Net Rate;

       

      (h)           the
        original term;

       

      (i)           the
        maturity date;

       

      (j)           the
        stated remaining term to maturity;

       

      (k)           the
        original principal balance;

       

      (1)           the
        first payment date;

       

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

       

      (n)           the
        unpaid principal balance as of the Cut-off Date;

       

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

       

      (p)           paid-through
        date;

       

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

       

      (r)           the
        Gross Margin, if applicable;

       

      (s)           the
        Maximum Lifetime Mortgage Rate, if applicable;

       

      (t)           the
        Minimum Lifetime Mortgage Rate, if applicable;

       

      (u)           the
        Periodic Rate Cap, if applicable;

       

      (v)           the
        number of days delinquent, if any;

       

      (w)      which
        Mortgage Loans adjust after an initial fixed-rate period of three, five,
        seven
        or ten years;

       

      (x)       the
        Loan Group;

       

      (y)      the
        Prepayment Charge Loans; and

       

      (z)      the
        Servicer.

       

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

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        3

       

      

       

      MORTGAGE
        LOAN SELLER’S INFORMATION

       

      All
        information in the Prospectus Supplement described under the following Sections:
        “SUMMARY OF PROSPECTUS SUPPLEMENT — The Mortgage Loans,” “THE MORTGAGE POOL,”
“THE SPONSOR” and “SCHEDULE A — CERTAIN CHARACTERISTICS OF THE MORTGAGE
        LOANS.”

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        4

       

      

       

      PURCHASER’S
        INFORMATION

       

      All
        information in the Prospectus Supplement and the Prospectus, except the Mortgage
        Loan Seller’s Information.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        5

       

      

       

      SCHEDULE
        OF LOST NOTES

       

      Available
        Upon Request

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        6

      

      APPENDIX
        E – STANDARD & POOR’S ANTI PREDATORY LENDING
        CATEGORIZATION

       

      REVISED
        March 1, 2007

       

      

      APPENDIX
        E - Standard & Poor’s Predatory Lending Categories

       

      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry.

       

      
        	
                Standard
                  & Poor’s High Cost Loan Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-Predatory

                Lending
                  Law

              
	
                Arkansas

              	
                Arkansas
                  Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 etseq.

                Effective
                  July 16, 2003

              	
                High
                  Cost Home Loan

              
	
                Cleveland
                  Heights, OH

              	
                Ordinance
                  No. 72-2003 (PSH), Mun. Code §§ 757.01 etseq.

                Effective
                  June 2, 2003

              	
                Covered
                  Loan

              
	
                Colorado

              	
                Consumer
                  Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 etseq.

                Effective
                  for covered loans offered or entered into on or after January 1,
                  2003.
                  Other provisions of the Act took effect on June 7, 2002

              	
                Covered
                  Loan

              
	
                Connecticut

              	
                Connecticut
                  Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746
                  etseq.

                Effective
                  October 1, 2001

              	
                High
                  Cost Home Loan

              
	
                District
                  of Columbia

              	
                Home
                  Loan Protection Act, D.C. Code §§ 26-1151.01 etseq.

                Effective
                  for loans closed on or after January 28, 2003

              	
                Covered
                  Loan

              
	
                Florida

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§ 494.0078 etseq. Effective October 2,
                  2002

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

                Effective
                  October 1, 2002 – March 6, 2003

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  as amended (Mar. 7, 2003 – current)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1

                etseq.

                Effective
                  for loans closed on or after March 7, 2003

              	
                High
                  Cost Home Loan

              
	
                HOEPA
                  Section 32

              	
                Home
                  Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                  §§ 226.32 and 226.34 Effective October 1, 1995, amendments October
                  1,
                  2002

              	
                High
                  Cost Loan

              
	
                Illinois

              	
                High
                  Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5
                  etseq.

                Effective
                  January 1, 2004 (prior to this date, regulations under Residential
                  Mortgage License Act effective from May 14, 2001)

              	
                High
                  Risk Home Loan

              
	
                Indiana

              	
                Indiana
                  Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 etseq.

                Effective
                  January 1, 2005; amended by 2005 H.B.

                1179,
                  effective July 1, 2005.

              	
                High
                  Cost Home Loans

              
	
                Kansas

              	
                Consumer
                  Credit Code, Kan. Stat. Ann. §§ 16a-1-101

                etseq.

                Sections
                  16a-1-301 and 16a-3-207 became effective

                April
                  14, 1999; Section 16a-3-308a became effective

                July
                  1, 1999

              	
                High
                  Loan to Value Consumer

                Loan
                  (id. § 16a-3-207) and;

              
	
                High
                  APR Consumer Loan (id. §

                16a-3-308a)

              
	
                Kentucky

              	
                2003
                  KY H.B. 287 – High Cost Home Loan Act, Ky.

                Rev.
                  Stat. §§ 360.100 etseq.

                Effective
                  June 24, 2003

              	
                High
                  Cost Home Loan

              
	
                Maine

              	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101

                etseq.

                Effective
                  September 29, 1995 and as amended from

                time
                  to time

              	
                High
                  Rate High Fee Mortgage

              
	
                Massachusetts

              	
                Part
                  40 and Part 32, 209 C.M.R. §§ 32.00 etseq. and 209 C.M.R. §§ 40.01
                  etseq.

                Effective
                  March 22, 2001 and amended from time to time

              	
                High
                  Cost Home Loan

              
	
                Nevada

              	
                Assembly
                  Bill No. 284, Nev. Rev. Stat. §§ 598D.010 etseq.

                Effective
                  October 1, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  etseq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                High
                  Cost Home Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 etseq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                High
                  Cost Home Loan

              
	
                New
                  York

              	
                N.Y.
                  Banking Law Article 6-l

                Effective
                  for applications made on or after April 1, 2003

              	
                High
                  Cost Home Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  etseq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                High
                  Cost Home Loan

              
	
                Ohio

              	
                H.B.
                  386 (codified in various sections of the Ohio Code), Ohio Rev.
                  Code Ann.
                  §§ 1349.25 etseq.

                Effective
                  May 24, 2002

              	
                Covered
                  Loan

              
	
                Oklahoma

              	
                Consumer
                  Credit Code (codified in various sections of Title 14A)

                Effective
                  July 1, 2000; amended effective January 1, 2004

              	
                Subsection
                  10 Mortgage

              
	
                Rhode
                  Island

              	
                Rhode
                  Island Home Loan Protection Act, R.I. Gen. Laws §§ 34-25.2-1 etseq.
                  Effective December 31, 2006.

              	
                High
                  Cost Home Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  etseq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                High
                  Cost Home Loan

              
	
                Tennessee

              	
                Tennessee
                  Home Loan Protection Act, Tenn. Code Ann. §§ 45-20-101 etseq. Effective
                  January 1, 2007.

              	
                High
                  Cost Home Loan

              
	
                West
                  Virginia

              	
                West
                  Virginia Residential Mortgage Lender, Broker

                and
                  Servicer Act, W. Va. Code Ann. §§ 31-17-1 et

                seq.

                Effective
                  June 5, 2002

              	
                West
                  Virginia Mortgage Loan Act Loan

              

      

       

      
 

      
        	
                Standard
                  & Poor’s Covered Loan Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-Predatory

                Lending
                  Law

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

                Effective
                  October 1, 2002 – March 6, 2003

              	
                Covered
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  etseq.

                Effective
                  November 27, 2003 – July 5, 2004

              	
                Covered
                  Home Loan

              

      

       

      
 

      
        	
                Standard
                  & Poor’s Home Loan Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-Predatory

                Lending
                  Law

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

                Effective
                  October 1, 2002 – March 6, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  etseq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                Home
                  Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 etseq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                Home
                  Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  etseq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                Consumer
                  Home Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  etseq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                Consumer
                  Home Loan

              

      

      

       

      

       

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      SCHEDULE
        A

       

      REQUIRED
        RATINGS FOR EACH CLASS OF CERTIFICATES

       

      Public
        Certificates

      

      
        	
                
                  Class

                

              	 	
                
                  S&P

                

              	 	
                
                  Fitch

                

              
	
                Class
                  I-A-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  I-X-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  I-A-2

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  II-A-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  II-X-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  II-A-2

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  III-A-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  III-X-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  III-A-2

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  IV-A-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  IV-X-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  V-A-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  V-X-1

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  V-A-2

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  R-I

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  R-II

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  R-III

              	 	
                AAA

              	 	
                AAA

              
	
                Class
                  B-1

              	 	
                NR

              	 	
                AA+

              
	
                Class
                  B-2

              	 	
                NR

              	 	
                AA

              
	
                Class
                  B-3

              	 	
                NR

              	 	
                A

              

      

      

       

      None
        of
        the above ratings has been lowered since the respective dates of such
        letters.

       

      

       

      Private
        Certificates

      

      
        	
                
                  Class

                

              	 	
                
                  S&P

                

              	 	
                
                  Fitch

                

              
	
                Class
                  B-4

              	 	
                NR

              	 	
                BBB

              
	
                Class
                  B-5

              	 	
                NR

              	 	
                BB

              
	
                Class
                  B-6

              	 	
                NR

              	 	
                B

              

      

      

      None
        of
        the above ratings has been lowered since the respective dates of such
        letters.

       

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      SCHEDULE
        B

       

      MORTGAGE
        LOAN SCHEDULE

       

      [Provided
        upon request]

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        R

      

      FORM
        OF
        SUBSEQUENT TRANSFER INSTRUMENT

      

      Pursuant
        to this Subsequent Transfer Instrument, dated [__________], 2007 (the
“Instrument”), between Structured Asset Mortgage Investments II Inc. as
        depositor (the “Depositor”), and Citibank, N.A., not individually but solely as
        trustee (in such capacity, the “Trustee”) under the Pooling and Servicing
        Agreement, dated as of May 1, 2007 (the “Agreement”), among the Depositor as
        depositor, EMC Mortgage Corporation as master servicer (in that capacity,
        the
“Master Servicer”) and as mortgage loan seller (in that capacity, the “Mortgage
        Loan Seller”), Wells Fargo Bank, N.A. as securities administrator, and the
        Trustee as trustee, the Depositor and the Trustee, pursuant to the Agreement,
        agree to the sale by the Depositor and the purchase by the Trustee of the
        Subsequent Mortgage Loans listed on the attached Exhibit 1 (the “Subsequent
        Mortgage Loans”).

       

      Capitalized
        terms used but not otherwise defined herein shall have the meanings set forth
        in
        the Agreement.

       

      
        Section
          1.         Conveyance
          of Subsequent Mortgage Loans.

      

       

      (a)           The
        Depositor does hereby sell, transfer, assign, set over and convey to the
        Trustee
        in trust, on behalf of the Trust, without recourse, all of its right, title
        and
        interest in and to the Subsequent Mortgage Loans, including all amounts due
        or
        accruing on the Subsequent Mortgage Loans after the related Subsequent Cut-off
        Date, and all items with respect to the Subsequent Mortgage Loans to be
        delivered pursuant to Section 2.07 of the Agreement; provided, however, that
        the
        Depositor reserves and retains all right, title and interest in and to amounts
        due on the Subsequent Mortgage Loans on or before the related Subsequent
        Cut-off
        Date. The Depositor, contemporaneously with the delivery of this Agreement,
        has
        delivered or caused to be delivered to the Trustee each item with respect
        to the
        Subsequent Mortgage Loans set forth in Section 2.01 of the Pooling and Servicing
        Agreement and the other items in the related Mortgage Files.  The
        transfer to the Trustee by the Depositor of the Subsequent Mortgage Loans
        identified on the Subsequent Mortgage Loan Schedule attached hereto as Exhibit
        1
        shall be absolute and is intended by the Depositor, the Mortgage Loan Seller,
        the Master Servicer, the Securities Administrator, the Trustee and the
        Certificateholders to constitute and to be treated as a sale of the Subsequent
        Mortgage Loans by the Depositor to the Trust Fund.

       

      (b)           The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey to the Trustee without recourse
        for the benefit of the related Certificateholders all the right, title and
        interest of the Depositor in, to and under the Subsequent Mortgage Loan Purchase
        Agreement, dated as of [_________], 2007, between EMC Mortgage Corporation,
        as
        seller, and the Depositor, as purchaser (the “Purchase Agreement”).

       

      
        Section
          2.    Representations
          and Warranties; Conditions Precedent.

      

       

      (a)           The
        Depositor hereby confirms that each of the conditions precedent and the
        representations and warranties set forth in Section 2.07 of the Agreement
        are
        satisfied as of the date hereof.

       

      (b)           All
        terms and conditions of the Agreement are hereby ratified and confirmed;
        provided, however, that in the event of any conflict, the provisions of this
        Instrument shall control over the conflicting provisions of the
        Agreement.

       

      
        	
                               
                  Section 3.

              	
                Recordation
                  of Instrument.

              

      

       

      To
        the
        extent permitted by applicable law, this Instrument, or a memorandum thereof
        if
        permitted under applicable law, is subject to recordation in all appropriate
        public offices for real property records in all of the counties or other
        comparable jurisdictions in which any or all of the properties subject to
        the
        Mortgages are situated, and in any other appropriate public recording office
        or
        elsewhere, such recordation to be effected by the Depositor at the
        Certificateholders’ expense on direction of the related Certificateholders, but
        only when accompanied by an Opinion of Counsel to the effect that such
        recordation materially and beneficially affects the interests of the
        Certificateholders or is necessary for the administration or servicing of
        the
        Subsequent Mortgage Loans.

       

      
        	
                               
                  Section 4.

              	
                GOVERNING
                  LAW.

              

      

       

      THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
        OF
        THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF
        OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

       

      
        	
                                
                  Section 5.

              	
                Counterparts.

              

      

       

      This
        Instrument may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same instrument.

       

      
        Section
          6.    Successors
          and Assigns.

      

       

      This
        Instrument shall inure to the benefit of and be binding upon the Depositor
        and
        the Trustee and their respective successors and assigns.

       

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement on the date
        first above written.

       

      

        
          	 	
                  STRUCTURED
                    ASSET MORTGAGE INVESTMENTS II INC., as Depositor

                
	 	 
	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 
	 	 
	 	 
	 	 
	 	
                  CITIBANK,
                    N.A., not individually but solely as Trustee, as
                    aforesaid.

                
	 	 
	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

       

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        1

      

      SUBSEQUENT
        MORTGAGE LOAN SCHEDULE

      

      (Provided
        Upon Request)Exhibit 10.1 to Wind Energy America Inc. Form 8-K dated June 14, 2007

Exhibit 10.1 

PURCHASE AGREEMENT 

THIS AGREEMENT, made and
entered into to be effective the 14th day of June, 2007, by and between Wind Energy America Inc. (WNEA), a Minnesota
corporation (“Buyer”), and Northern Alternative Energy Shaokatan, LLC (“Seller”) and Northern Alternative
Energy, Inc. (the “Principal Shareholder”). 

WHEREAS, Seller owns certain
membership interests in the following two Delaware Limited Liability Companies through a Minnesota LLC, which interests represent
the Developer’s stake in the respective wind farms owned by such LLC’s in Lincoln County, Minnesota which include the
following wind power generation turbines: 

SHAOKATAN HILLS
LLC — Eighteen (18) 660 KW Vestas turbines with total rated capacity of 11.88 megawatts; and 

LAKOTA RIDGE LLC
— Fifteen (15) Micon 750 KW turbines with total rated capacity of 11.25 megawatts;

which membership interests have current percentage
ownerships of 1%, which will increase to 80% upon the expiration of Production Tax Credit for each such LLC wind power project;

FURTHER WHEREAS, Seller
intends and desires to sell its membership interests in Shaokatan Hills and Lakota Ridge, and Buyer intends and desires to
purchase the same, all upon the terms and conditions contained in this agreement; and 

FURTHER WHEREAS, all parties
hereto knowledge that the valuations of such assets for the purpose of this agreement are based upon the “Change of Percentage
Interest Date” for the increase in interest of the Developer’s stake in each LLC occurring upon the date on which the
renewable electricity production credit is no longer available for the production and sale of electricity from each respective
project;

NOW THEREFORE for valuable
consideration and upon the mutual covenants, conditions and other terms of this Agreement, the parties hereto agree as
follows:

ARTICLE 1

TRANSFER OF LLC ASSETS 

1.1          Assets to be Sold

On the terms and subject to the
conditions of this Agreement, Seller shall, on the Closing Date, sell, assign, transfer, convey and deliver to Buyer, and Buyer
shall purchase on the Closing Date, all of the right, title and interest of Seller in the following assets, properties, rights and
goodwill of every kind and description and wherever located, whether tangible or intangible, owned and transferable by Seller on
the Closing Date (which assets are to be purchased by Buyer pursuant to this Agreement and referred to herein as the
“Assets”) including without limitation, the following:

	  	  	i.  	  	Seller’s entire LLC membership interests in and to
Shaokatan Hills LLC and Lakota Ridge LLC; 

	  	  	ii.  	  	All of Seller’s business records and files relating to
the Assets, including, without limitation, books of account general and financial records, test data, meter reading records, power purchase
agreements documents and related records, property lease documents, warranties, maintenance and
warranty documents, engineering documentation, governmental regulatory documents (including any files related to approvals or
consents by governmental authorities or agencies), research records, correspondence and other documents, records of files and
service manuals and any rights thereto, used in or relating to the Assets; 

	  	  	iii.  	  	all claims, causes of action, rights of recovery or set-off of any
kind of Seller that relate to the Assets, if any; 

	  	  	iv.  	  	all direct or indirect rights of Seller under any contracts,
leases, agreements, commitments and other arrangements or transactions, whether written or oral, related to the Assets;

	  	  	v.  	  	all of Seller’s interest in any Intellectual Property or
other intangible property used in or held for the wind energy business related to the Assets; and 

	  	  	vi.  	  	all of Seller’s interest in any revenue from the Assets
accruing after the Closing Date. 

1.2          Exclusion of Liabilities

Buyer will not assume any debt,
liability or obligation of Seller and shall not become liable for any obligations or liabilities of Seller of any nature
whatsoever, except as required by the membership control agreements of Shaokatan Hills LLC and Lakota Ridge LLC. In particular,
Buyer shall not be liable for any claim, expense arising out of any transactions or litigation arising before the Closing Date and
related to the Assets, nor shall Buyer be liable for any taxes related to the Assets that accrued on or before the Closing Date.
Buyer also shall not be liable for any damages, losses or expenses related to, or arising from, or in connection with any
investigation, proceeding, action or request initiated by a governmental regulatory authority related to the Assets on or prior to
the Closing Date, whether or not such matter was initiated before, on or after the Closing Date.

1.3           Transfer Documentation

In order to effect the transfer of
the Assets, the parties shall deliver on the Closing Date all conveyance documents and related documents and consents as are
necessary to convey, record and perfect title in Buyer to the Assets, with such documents to be in form and substance mutually
satisfactory to Buyer and Seller and as may be necessary under the laws of the jurisdiction where such Assets are governed to
effect such transfer from Seller to Buyer. Seller will cooperate to convey interest in the Assets so as to permit their full transfer to
Buyer on the Closing Date, free and clear of any and all liens.

ARTICLE 2

PURCHASE PRICE 

2.1          Consideration – 
As consideration for the Assets and for the covenants and warranties herein, Buyer shall pay to Seller the following purchase
price for the Assets: total acquisition price in cash of Two Million Three Hundred Thousand Dollars ($2,300,000) payable as follows:

	  	  	(a)  	  	$750,000 earnest money, prior receipt of which is hereby
acknowledged by Seller; 

	  	  	(b)  	  	$1,000,000 due upon the execution of this Agreement by the parties
hereto, receipt of which is hereby acknowledged by Seller; and 

	  	  	(c)  	  	The balance of $550,000 due and payable on or before June 30,
2007. 

2.2          Nature of Acquisition Price – 
All parties hereto acknowledge and intend that the Assets are being sold and purchased hereunder at their fair market values and the consideration paid by Buyer to Seller in exchange for the Assets has been determined pursuant to arm’s-length negotiations.

ARTICLE 3

CLOSING 

3.1          The Closing – 
The closing of the transaction set forth in this Agreement shall take place at the offices of Seller in Vadnais Heights, MN at
10:00 a.m. local time on or before June 30, 2007 after the satisfaction or waiver of all conditions in this Agreement,
or at such other date, time or place as the parties may agree (the “Closing Date”). The Closing shall be deemed to be
effective as of 11:59 p.m. local time on the Closing Date.

3.2          Deliveries of Seller – 
At the closing, Seller shall deliver or cause to be delivered to Buyer the following: 

	  	  	(a)  	  	An Assignment satisfactory to Buyer of all right, title and
interest in and to Northern Alternative Energy Shaokatan, LLC 

	  	  	(b)  	  	Copies of Seller’s resolutions of its Board of Governors and
members, certified by the Secretary of Seller as having been duly and validly adopted and in full force and effect, authorizing
execution and delivery of this Agreement and performance by Seller of the transactions contemplated hereby; and 

3.3          Deliveries of Buyer – 
At the Closing, Buyer shall deliver to Seller the following:

	  	  	a.  	  	The balance of the Acquisition Price in cash; and 

	  	  	b.  	  	Copies of Buyer’s resolutions of its Board of Directors,
certified by the Secretary of Buyer as having been duly and validly adopted and in full force and effect, authorizing execution
and delivery of this Agreement and performance by Buyer of the transactions contemplated hereby. 

ARTICLE 4

REPRESENTATION AND WARRANTIES OF SELLER
AND PRINCIPAL SHAREHOLDER 

Seller and Principal Shareholder represent and warrant to Buyer as follows:

4.1          Authority, Organizations and Consents

	  	  	a.  	  	Authority – Seller has full corporate
power and authority to execute and deliver this Agreement and any documents required hereby, to perform its obligations hereunder
and to consummate the transactions contemplated hereby. Such execution and delivery, performance of obligations and consummation
of transactions have been duly authorized by all necessary corporate action on the part of Seller and Seller’s
shareholders/members, and no other corporate proceedings on the part of Seller or any other party are necessary to consummate this
transaction. This Agreement has been duly executed and delivered by Seller and the Principal Shareholder and it constitutes the
valid and binding obligations of Seller and the Principal Shareholder and is enforceable against Seller and the Principal
Shareholder in accordance with the respective terms and conditions of this Agreement.  

	  	  	b.  	  	Organization – Seller is a limited
liability corporation duly organized and incorporated, validly existing and in good standing in its state of incorporation, and
has full corporate power and authority to carry on its business as now conducted.  

	  	  	c.  	  	Consents – Except as specifically set
forth in this Agreement, no material consent, approval, or filing or registration with any governmental authority and no consent
or authorization from any other entity or person, is required for the execution, delivery and performance of this Agreement by
Seller, or the consummation of the transactions contemplated by this Agreement.  

	  	  	d.  	  	No Violation – The execution, delivery and
performance by Seller and the Principal Shareholder of this Agreement, and the consummation of the transactions hereunder, do not
and will not contravene or constitute a default under or give rise to a right of termination, cancellation or acceleration of any
right of Seller or to a loss of any benefit to which Seller is entitled under (i) any provision of applicable laws or
regulations; (ii) governing documents of Seller; or (iii) any judgment, injunction, order or decree binding upon Seller
or the Principal Shareholder, or will not result in the creation or imposition of any lien on any asset.  

4.2          Specific Significant Warranty – All
parties hereto acknowledge and intend that Buyer has based the valuation of the Assets on the basis that the Change of Percentage
Interest Date (the “CPI Date”) will occur for each of Shaokatan Hills LLC and Lakota Ridge LLC on the date on which the
renewable electricity production tax credit (the “PTC”) is no longer available for the production and sale of
electricity from each LLC project. If the actual CPI Date for the two LLCs, or either of them, occurs later than the expiration of
such PTC, Seller shall transfer to Buyer that amount of common stock of Buyer which provides Buyer with a valuation as if the CPI
Date occurred upon expiration of the PTC, not to exceed $2,300,000.

4.3          Financial Statements – Seller
has delivered to Buyer certain financial statements related to the business of the Assets and their respective LLCs, including
balance sheet, income statement and cash flow information for certain periods. These financial statements were prepared from the
books and records of the LLCs in accordance with U.S. GAAP applied on a consistent basis, and they fairly present in all material
respects the financial condition of the LLCs at the date and for the periods shown.

4.4          Absence of Certain Developments – From
January 1, 2007 to the date of this Agreement, Seller and the Principal Shareholder have not:

	  	  	a.  	  	mortgaged, pledged or subjected to any lien any of the Assets; 

	  	  	b.  	  	sold, leased, assigned, transferred or otherwise disposed of the
Assets or any rights, interests or title in or to the Assets; 

	  	  	c.  	  	made any capital expenditures not disclosed to the Buyer;

	  	  	d.  	  	suffered any material damage, destruction or loss of any property
or rights related to the Assets; or 

	  	  	e.  	  	been the subject of any inquiry or action taken or threatened by any
regulatory authority having jurisdiction over the Assets. 

4.5          Title to Assets – Seller
has valid and legal title and interest in and to the Assets, free and clear of all liens, and on the Closing Date the Seller will
own and have valid interest and title in all the Assets, free and clear of all liens and encumbrances. The equipment and fixed
assets of the wind power business related to the Assets are in suitable condition for the operation of such business as currently
conducted.

4.6          Delivery and Nature of Contracts

	  	  	a.  	  	Seller has delivered to Buyer true and complete copies of all
material contracts, leases or agreements related to the Assets and their respective LLCs and their business operations. Each such
contract or agreement is in full force and effect and is valid, binding and enforceable in accordance with its terms; 

	  	  	b.  	  	Neither Seller nor any LLC related to the Assets is in material
breach of any material provision of any contract, lease or agreement or commitment related to the Assets or the business conducted
by the related LLCs. To Seller’s knowledge, no other party is in material breach of any such contracts, leases or agreements.
Moreover, no event has occurred that constitutes a material default by Seller or any other party under such contract, lease or
agreement. 

4.7          Litigation – There
are no claims, actions, suits, inquiries, investigations or proceedings pending or threatened relating to Seller in respect to the Assets or the Seller or respective LLCs related to the Assets.

4.8          Compliance With Laws; Permits – Seller
and its related LLCs have obtained all material permits necessary to carry on the wind generation business of Shaokatan Hills LLC
and Lakota Ridge LLC, and Seller and such LLCs have complied in all material respects with all applicable laws, statutes and
regulations of applicable federal, local and state governments relating to the business of the LLCs, and no claims have been filed
against Seller, the Assets or such LLCs alleging any violation of any such laws, statutes or regulations.

4.9          Environmental Matters

	  	  	a.  	  	Seller and Principal Shareholder have no knowledge of
environmental conditions existing on or arising or resulting from (i) noncompliance by Seller or such two LLCs with any
applicable environmental law or regulation, or (ii) the release of a regulated substance into the environment from any
property upon which the business of such LLCs is being conducted; 

	  	  	b.  	  	The wind energy business of Shaokatan Hills and Lakota Ridge have
been operated at all times in material compliance with all applicable environmental laws; 

	  	  	c.  	  	Seller has all material governmental licenses, permits and other
authorizations required by all environmental laws or agencies necessary to conduct and operate the business of the LLCs as
currently conducted and operated. All such licenses, permits or authorizations are in full force and effect, Seller and its
related LLCs are and at all times have been in material compliance with all such licenses, permits and authorizations; 

	  	  	d.  	  	Seller has provided to Buyer all material documents in its
possession relating to the environmental condition and regulation of the business of Shaokatan Hills and Lakota Ridge and the
regulation of the property where such business is conducted. 

4.10        Obligations – No
debt, liability or obligation of any nature of Seller shall attach to the Assets after the Closing Date unless already disclosed
to the Buyer.

4.11        Brokerage – All
claims for brokerage commissions or similar compensation in connection with this agreement or transactions contemplated hereby
shall be the obligation of Seller.

4.12        Full Disclosure – No
representation or warranty of Seller or the Principal Shareholder contained in this Agreement contains an untrue statement of
material face or omits to state material facts required to be stated therein or necessary to make the statements made not false
or misleading in any respect when made.

ARTICLE 5

REPRESENTATION AND WARRANTIES OF BUYER 

5.1          Authority, Organization and Consents

	  	  	a.  	  	Authority – Buyer has full corporate power and authority to
execute and deliver this Agreement and any documents required hereby, to perform its obligations hereunder and to consummate the
transactions contemplated hereby. Such execution and delivery, performance of obligations and consummation of transactions have
been duly authorized by all necessary corporate action on the part of the Buyer, and no other corporate proceedings on the part of
the Buyer are necessary to complete this transaction. This Agreement has been duly executed and delivered by Buyer and its
constitutes the valid and binding obligation of Buyer in accordance with the respective terms and conditions of this Agreement. 

	  	  	b.  	  	Organization – Buyer is a corporation duly
organized and incorporated in Minnesota, validly existing and in good standing in its state of incorporation, and has full
corporate power and authority to carry on its business as now conducted.  

	  	  	c.  	  	Consents – Except for informational
filings related to the reporting status of Buyer with the SEC, no material consent, approval or filing from or with any
governmental authority or any other entity or person is required for the execution, delivery and performance of this Agreement by
Buyer.  

5.2          Brokerage – There
are no claims for brokerage commissions, finder’s fees or similar compensation in connection with this Agreement and its
transactions based on any agreement or arrangement made with Buyer.

5.3          Buyer SEC Reports – All
reports and filings required by Buyer to be filed with the Securities and Exchange Commission from January 1, 2006 to the
date hereof have been duly filed as required by laws and regulations of the SEC, including periodic financial information of Buyer
from time to time as required by the SEC. These reports and financial data can be accessed at the SEC website address of
www.sec.gov. 

5.4          Full Disclosure – No
representation or warranty of Buyer herein contains untrue statement of material fact or omits to state a material fact required
to be stated therein or necessary to make the statements made not false or misleading in any material respect when made.

ARTICLE 6

COVENANTS 

6.1          Cooperation – All
parties hereto will use their reasonable best efforts to (i) cause the consummation of the transactions contemplated hereby
in accordance with the terms and conditions of this Agreement and applicable law, (ii) obtain any and all consents and
approvals necessary to consummate such transactions, whether from any governmental authorities or any third parties.

6.2          Conduct of Business – From
the date hereof to the Closing Date, Seller shall cause its business to be conducted in the ordinary course consistent with past
practice, including (i) maintaining the assets, properties, equipment and interests of its business in good repair, order and
condition, (ii) maintaining the books, accounts, and records relating to its business in good order and in accordance with
past practice, (iii) promptly inform Buyer in writing of any material variances from the representations of Seller contained
in this Agreement, (iv) enter into any agreement or arrangement which could cause a lien or encumbrance against the Assets, or
(v) enter into any transaction which would result in the representations and warranties of Seller herein not
being true and correct in all material respects on the Closing Date.

6.3          Access – Each
party hereto shall provide the others, their counsel, auditors and/or other representatives, with such information as another
party from time to time reasonably may request, and shall permit the other party and its representatives reasonable access, during
regular business hours and upon reasonable notice, to the offices, properties, books and records of the party, as the other may
from time to time reasonably request; provided that no investigation shall affect any warranties or representations given by a
party in this Agreement.

6.4          Confidentiality – Except
as required by law, prior to and after the Closing Date, the respective parties hereto shall not use or disclose to third persons
any information made available to each of them by another party hereto in connection with their respective business or the
transfer of Assets hereunder, unless such disclosure is made with the written consent of all parties hereto. Without limitation,
this obligation of confidentiality shall apply to current business practices, business plans, strategies, technologies and future
business relationships of either corporate party hereto or their affiliates. Disclosure relating to the business, plans and
strategies, and future business relationships of Buyer or Seller shall not be deemed to be in the public domain merely because
they are included in general disclosure in the public domain.

ARTICLE 7

CONDITIONS TO BUYER’S OBLIGATIONS 

The obligations of Buyer to
consummate the transactions hereunder shall be subject to the satisfaction (or waiver by Buyer in writing), on or prior to the
Closing Date, of all the following conditions:

7.1          Representations, Warranties and Covenants – The
representations and warranties of Seller and Principal Shareholder contained herein shall be true in all material respects on and
as of the Closing Date, and the Seller and Principal Shareholder shall have, in all material respects, performed and complied with
all of their agreements and covenants contained herein to be performed on or prior to the Closing Date.

7.2          No Prohibition – No
statute, rule or regulation or order of any court or governmental agency prohibiting consummation of the transactions contemplated
hereby shall be in effect.

7.3          Deliveries – Seller
shall have made or caused to have been made delivery to Buyer of the items set forth in Section 3.2 hereof. 

7.4          Corporate Approval – This
Agreement and the transactions contemplated hereby shall have been approved by the Governors/Directors of Seller, and by the
Principal Shareholder.

7.5          No Material Adverse Change – Since
the date of this Agreement, no change in the business, financial condition, properties or assets of Seller shall have occurred
that has had or would be reasonably likely to have a material effect on the Assets or the business of the related LLCs.

7.6          Absence of Liens – On
Closing Date, there shall be no liens or encumbrances outstanding against Seller.

ARTICLE 8

CONDITIONS TO SELLER’S OBLIGATIONS 

The obligations of Seller to
consummate the transactions hereunder shall be subject to the satisfaction (or waiver by Seller in writing), on or prior to the
Closing Date, of all the following conditions:

8.1          Representations, Warranties and Covenants – The
representations and warranties of Buyer contained herein shall be true in all material respects on and as of the Closing Date, and
the Buyer shall have, in all material respects, performed and complied with all agreements and covenants contained herein to be performed by
Buyer on or prior to the Closing Date.

8.2          No Prohibition – No
statute, rule or regulation or order of any court or governmental agency prohibiting consummation of the transactions contemplated
by this Agreement shall be in effect.

8.3          Deliveries – Buyer
shall have made or caused to have been made delivery to Seller of the items set forth in Section 3.3 hereof, including the balance of the purchase price in
good funds. 

8.4          Corporate Approval – This
Agreement and the transactions contemplated hereby shall have been approved by the Board of Directors of Buyer.

8.5          No Material Adverse Change – Since
the date of this Agreement, no change in the business, financial condition or properties of Buyer shall have occurred
that has had or would be reasonably likely to have a material adverse effect on Buyer.

ARTICLE 9

INDEMNIFICATION 

9.1          Survival – The
representations and warranties of the parties contained herein shall survive the Closing and shall remain in full force and effect
thereafter until the expiration of any statute of limitations.

9.2          Indemnification by Seller and Principal Shareholder – Each
of the Seller and Principal Shareholder shall indemnify and hold Buyer harmless from and against any losses resulting from any
breach of any of the representations and warranties of Seller and Principal Shareholder contained in this Agreement.

9.3          Indemnification by Buyer – Buyer
shall indemnify and hold harmless the Seller from and against any losses resulting from any breach of any of the representations
and warranties contained in this Agreement.

9.4          Notice of Indemnification – Any
party seeking indemnification under this Article 9 provision shall promptly cause written notice of the assertion of such
claim of indemnity to be forwarded to the other party, which written notice shall state specifically the representation or
warranty or agreement with respect to which the claim is made or based upon, the facts giving rise to such claim, and the amount of
the liability asserting against indemnifying party by reason of the claim.

ARTICLE 10

TERMINATION 

10.1        Termination – This
Agreement may be terminated at any time prior to Closing:

	  	  	a.  	  	by the mutual written consent of all parties hereto; 

	  	  	b.  	  	by Buyer if there has been a material breach of a representation
or warranty or covenant by Seller and such breach has not been cured within 30 days following written notice thereof to
Seller; or 

	  	  	c.  	  	by Seller if there has been a material breach of a representation
or warranty or covenant by Buyer and such breach has not been cured within 30 days following written notice thereof to Buyer.

ARTICLE 11

MISCELLANEOUS 

11.1        Entire Agreement – This
Agreement contains the entire understanding of the parties hereto in respect of its subject matter and supercedes all prior
agreements and understandings between the parties with respect to such subject matter, whether written or oral. There are no
restrictions, promises, representations, warranties, or covenants other than those expressly set forth or referred to in this
Agreement.

11.2        Amendment Waiver – No
waiver and no modification or amendment of any provision of this Agreement shall be effective unless specifically made in writing
and duly agreed to by all parties to this Agreement. Waiver by any party of any breach or failure to comply with any provision or
term of this Agreement by another party shall not be construed as, or constitute, a continuing waiver, or a waiver of any breach
of, or failure to comply with, any other provision of this Agreement.

11.3        Assignment – This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, or permitted
assigns if any, but neither this Agreement nor any of the rights and interests hereunder shall be assigned by any party hereto
without the prior written consent of the other parties.

11.4        Expenses – Each
party hereto shall bear its own costs and expenses related to the negotiation, preparation, performance and consummation of this
Agreement.

11.5        Governing Law – This
Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota.

11.6        Severability – Whenever
possible, each provision of this Agreement will be interpreted in such a manner as to be effective and valid under applicable law,
but if any provision or term of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without invalidating or effecting the remaining provisions of
this Agreement.

11.7        Notices – All
notices, requests and other communications to any party hereunder shall be in writing, will be effective upon receipt, and shall
be given or made either in delivery by person, by courier service, by facsimile transmission, or by registered or certified mail
(postage prepaid, return receipt requested) to the respective parties at the following addresses:

	 	If to Seller or Principal Shareholder:   	Gregory J. Jaunich 
1058 Centerville Circle 
Vadnais Heights, MN 55127
	 
	 	If to Buyer:	Robert O. Knutson 
9372 Creekwood Drive 
Eden Prairie, MN 55347

11.8        Publicity – Neither
party shall, without the prior consent of the other parties, issue any statement or communication to the press or public regarding
this Agreement and the transactions contemplated hereby, except as required by law including the rules of the Securities and
Exchange Commission.

11.9        No Third Party Beneficiary – The
provisions of this Agreement are for the sole benefit of the parties hereto, and are not for the benefit or use of any third
party.

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first written above.

	
              
 	
            WIND ENERGY AMERICA INC., Buyer 
 
	 
	
            
 	
            By     
 	
            /s/   Robert O. Knutson
 
	
             
 	
            Robert O. Knutson, CEO  
 
	 
	 
	
              
 	
            NORTHERN ALTERNATIVE ENERGY 
SHAOKATAN, LLC, Seller 
 
	 
	
            
 	
            By     
 	
            /s/   Gregory J. Jaunich
 
	
             
 	
            Gregory J. Jaunich, Manager  
 
	 
	 
	
              
 	
            NORTHERN ALTERNATIVE ENERGY, INC. 
 
	 
	
            
 	
            By     
 	
            /s/   Gregory J. Jaunich
 
	
             
 	
            Gregory J. Jaunich, Managing Director

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