Wells Fargo Alternative Loan 2007-PA5 Trust – ‘FWP’ on 10/26/07 re: Wells Fargo Alternative Loan 2007-PA5 Trust

On:  Friday, 10/26/07, at 9:44pm ET   ·   As of:  10/29/07   ·   Accession #:  914121-7-2387   ·   File #:  333-143757-01

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Free Writing Prospectus   —   Rule 163/433
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: FWP         Free Writing Prospectus                                4     28K 

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                                                      Filed Pursuant to Rule 433
                                                         File No.: 333-143757-01

The depositor has filed a registration statement (including a prospectus) with  
the Securities and Exchange Commission (the SEC) for the offering to which this 
communication relates. Before you invest, you should read the prospectus in that
registration statement and other documents the depositor has filed with the SEC 
for more complete information about the depositor and the offering. You may get 
these documents at no charge by visiting EDGAR on the SEC web site at           
www.sec.gov. Alternatively, the depositor, any underwriter or any dealer        
participating in the offering will arrange to send you the prospectus at no     
charge if you request by calling toll-free 1-877-858-5407.                      

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THE SERIES 2007-PA5 CERTIFICATES

                                                        [Enlarge/Download Table]

                 Initial      Pass-   Exchangeable/                                                                               
  Class or      Principal    Through  Exchangeable                                                                                
  Component     Balance(1)    Rate      REMIC(2)             Principal Types                  Interest Types             CUSIP    
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  
Offered Certificates                                                                                                              
Class I-A-1    $616,448,000   6.250%       ER      Super Senior, Pass-Through              Fixed Rate                  949922 AA6 
Class I-A-2     $35,960,000   6.250%       N/A     Super Senior Support, Pass-Through      Fixed Rate                  949922 AB4 
Class I-A-3    $582,201,000   6.250%        E      Super Senior, Pass-Through              Fixed Rate                  949922 AC2 
Class I-A-4     $34,247,000   6.250%        E      Super Senior/Super Senior Support,(3)   Fixed Rate                  949922 AD0 
                                                   Pass-Through                                                                   
Class I-A-5    $547,953,000   6.250%        E      Super Senior, Pass-Through              Fixed Rate                  949922 AE8 
Class I-A-6     $68,495,000   6.250%        E      Super Senior/Super Senior Support,(3)   Fixed Rate                  949922 AF5 
                                                   Pass-Through,                                                                  
Class I-A-7    $308,224,000   6.000%        E      Super Senior, Pass-Through              Fixed Rate                  949922 AG3 
Class I-A-8    $308,224,000   6.500%        E      Super Senior, Pass-Through              Fixed Rate                  949922 AH1 
Class I-A-9    $616,448,000   6.000%        E      Super Senior, Pass-Through              Fixed Rate                  949922 AJ7 
Class I-A-10      (4)         0.250%        E      Senior, Notional Amount                 Fixed Rate, Interest Only   949922 AK4 
Class I-A-11   $550,400,000     (5)         E      Super Senior, Pass-Through              Floating Rate               949922 AL2 
Class I-A-12    $66,048,000     (5)         E      Super Senior, Pass-Through              Inverse Floating Rate       949922 AM0 
Class I-A-13      (4)           (5)         E      Senior, Notional Amount                 Inverse Floating Rate,      949922 AN8 
                                                                                           Interest Only                          
Class I-A-14   $411,598,000   6.250%        E      Super Senior, Sequential Pay            Fixed Rate                  949922 AP3 
Class I-A-15    $81,560,000   6.250%        E      Super Senior, Sequential Pay            Fixed Rate                  949922 AQ1 
Class I-A-16   $123,290,000   6.250%        E      Super Senior, Lockout                   Fixed Rate                  949922 AR9 
Class I-A-R            $100   6.250%       N/A     Senior, Sequential Pay                  Fixed Rate                  949922 AS7 
Class II-A-1    $31,779,000   6.000%       N/A     Super Senior, Pass-Through              Fixed Rate                  949922 AT5 
Class II-A-2     $1,034,000   6.000%       N/A     Super Senior Support, Pass-Through      Fixed Rate                  949922 AU2 
Class A-PO        (6)         0.000%       N/A     Senior, Component                       Principal Only              949922 AV0 
Class B-1       $15,636,000     (7)        N/A     Subordinated                            Variable Rate               949922 AW8 
Class B-2        $6,182,000     (7)        N/A     Subordinated                            Variable Rate               949922 AX6 
Class B-3        $2,909,000     (7)        N/A     Subordinated                            Variable Rate               949922 AY4 
Components                                                                                                                        
Class I-A-PO     $6,908,739   0.000%       N/A     Ratio Strip                             Principal Only                         
Class II-A-PO      $596,030   0.000%       N/A     Ratio Strip                             Principal Only                         
Non-Offered Certificates                                                                                                          
Class B-4        $5,091,000     (7)        N/A     Subordinated                            Variable Rate               949922 AZ1 
Class B-5        $1,818,000     (7)        N/A     Subordinated                            Variable Rate               949922 BA5 
Class B-6        $2,909,802     (7)        N/A     Subordinated                            Variable Rate               949922 BB3 

----------------------------                                                    

(1)  Approximate. The initial principal balance shown for a class of            
     exchangeable REMIC certificates or exchangeable certificates represents the
  approximate maximum initial principal balance of such class. The maximum
 initial principal balance of a class of exchangeable REMIC certificates
represents the initial principal balance of such class prior to any   
     exchanges. The maximum initial principal balance of a class of exchangeable
  certificates represents the maximum principal balance of such class that
    could be issued in an exchange. The initial principal balances and maximum
initial principal balances are subject to adjustment.                 

(2)  Exchangeable certificates are designated as "E" and exchangeable REMIC     
     certificates are designated as "ER" in the table above. Each of the classes
designated with an "E" or an "ER" is exchangeable, in combination with
     other classes or individually as specified in Schedule I to this prospectus
supplement, for certain other class or classes of certificates.       

(3)  While the Class I-A-2 Certificates are outstanding, the Class I-A-4 and    
Class I-A-6 Certificates will have the characteristics of super senior
   certificates. After the principal balance of the Class I-A-2 Certificates
     has been reduced to zero, the Class I-A-4 and Class I-A-6 Certificates will
have the characteristics of super senior support certificates.        

(4)  The Class I-A-10 and Class I-A-13 Certificates are interest only           
  certificates and have no principal balance. The maximum initial notional
 amounts are expected to be approximately $616,448,000 and $154,112,000,
respectively. The maximum initial notional amount of a class of       
     exchangeable certificates represents the maximum notional amount that could
be issued in an exchange.                                             

(5)  The following table describes the methodology for determining the          
     pass-through rate for each class of floating rate and inverse floating rate
certificates.                                                         

                                                        [Enlarge/Download Table]

                     Initial Pass-           Pass-Through                Minimum         Maximum Pass-    
   Class              Through Rate           Rate Formula           Pass-Through Rate     Through Rate    
----------------------------------------------------------------------------------------------------------
                                                                                                          
Class I-A-11             5.400%             LIBOR + 0.400%                0.400%             7.000%       
Class I-A-12             9.600%        39.600% - (LIBOR x 6.0)            0.000%            39.600%       
Class I-A-13             1.600%             6.600% - LIBOR                0.000%             6.600%       

(6)  The Class A-PO Certificates will be deemed for purposes of the distribution
  of principal to consist of two components as described in the table. The
components are not severable.                                         

(7)  The Class B Certificates will accrue interest each month at a per annum    
   rate equal to the weighted average (based on the group subordinate amount
    for each loan group) of 6.250% for the first loan group and 6.000% for the
     second loan group. For the initial distribution date in November 2007, this
rate is expected to be approximately 6.238% per annum.                

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Allocation of Amount to be Distributed on the Class A Non-PO Certificates 

The allocation of the Class A Non-PO Principal Distribution Amount to the 
Class of Exchangeable REMIC Certificates will be made assuming no exchanges have
ever occurred.                                                                  

Group I-A Certificates                                                    

On each Distribution Date occurring prior to the Subordination Depletion  
Date, the Class A Non-PO Principal Distribution Amount for the Group I-A        
Certificates will be allocated among and distributed in reduction of the        
Principal Balances of the Group I-A Certificates, sequentially, as follows:     

first, to the Class I-A-R Certificates; and                               

second, concurrently, to the Class I-A-1 and Class I-A-2 Certificates, pro
rata.                                                                           

Group II-A Certificates                                                   

On each Distribution Date occurring prior to the Subordination Depletion  
Date, the Class A Non-PO Principal Distribution Amount for the Group II-A       
Certificates will be allocated among and distributed in reduction of the        
Principal Balances of the Group II-A Certificates, concurrently, to the Class   
II-A-1 and Class II-A-2 Certificates, pro rata.                                 

Calculation and Allocation of Amount to be Distributed on the Classes of  
Exchangeable Certificates                                                       

  In the event that all or a portion of the Exchangeable REMIC Certificates is
exchanged for a proportionate portion of an Exchangeable Combination, such      
Exchangeable Combination will receive its proportionate share of the principal  
distributions otherwise payable to the Exchangeable REMIC Certificates. Such    
amount will then be distributed to the individual Classes of Exchangeable       
Certificates included in such Exchangeable Combination in the order of priority 
assigned to such Classes as set forth below.                                    

Exchangeable Combination 1                                                

On each Distribution Date the amount distributable to Exchangeable        
Combination 1 (as set forth on Schedule I) will be distributed, concurrently, to
the Class I-A-3 and Class I-A-4 Certificates, in proportion to each Class's     
Maximum Principal Balance.                                                      

Exchangeable Combination 2                                                

On each Distribution Date the amount distributable to Exchangeable        
Combination 2 (as set forth on Schedule I) will be distributed, concurrently, to
the Class I-A-5 and Class I-A-6 Certificates, in proportion to each Class's     
Maximum Principal Balance.                                                      

Exchangeable Combination 3                                                

On each Distribution Date the amount distributable to Exchangeable        
Combination 3 (as set forth on Schedule I) will be distributed, concurrently, to
the Class I-A-7 and Class I-A-8 Certificates, in proportion to each Class's     
Maximum Principal Balance.                                                      

Exchangeable Combination 4                                                

On each Distribution Date the amount distributable to Exchangeable        
Combination 4 (as set forth on Schedule I) will be distributed in reduction of  
the Maximum Principal Balance of the Class I-A-9 Certificates.                  

Exchangeable Combination 5                                                

On each Distribution Date the amount distributable to Exchangeable        
Combination 5 (as set forth on Schedule I) will be distributed, concurrently, to
the Class I-A-11 and Class I-A-12 Certificates, in proportion to each Class's   
Maximum Principal Balance.                                                      

Exchangeable Combination 6                                                

On each Distribution Date the amount distributable to Exchangeable        
Combination 6 (as set forth on Schedule I) will be distributed, sequentially, as
follows:                                                                        

 first, to the Class I-A-16 Certificates, up to the Priority Amount for such
Distribution Date; and                                                          

second, sequentially, to the Class I-A-14, Class I-A-15 and Class I-A-16  
Certificates.                                                                   

  The "Priority Amount" for any Distribution Date means the product of (i) the
Priority Percentage, (ii) the Shift Percentage and (iii) the portion of the     
Class A Non-PO Principal Distribution Amount for the Group I-A Certificates     
available to be distributed on the Class I-A-1 Certificates on such Distribution
Date.                                                                           

The "Priority Percentage" on any Distribution Date means the Maximum      
Principal Balance of the Class I-A-16 Certificates divided by the sum of the    
Maximum Principal Balances of the Class I-A-14, Class I-A-15 and Class I-A-16   
Certificates.                                                                   

The "Shift Percentage" for any Distribution Date will be the percentage   
indicated below:                                                                

              Distribution Date Occurring In                  Shift Percentage
------------------------------------------------------------- ------------------
November 2007 through October 2012                                    0%        
November 2012 through October 2013                                   30%        
November 2013 through October 2014                                   40%        
November 2014 through October 2015                                   60%        
November 2015 through October 2016                                   80%        
November 2016 and thereafter                                        100%        

 Any amounts of principal distributed on a Distribution Date to any Class of
Exchangeable Certificates will be allocated among the outstanding Certificates  
of such Class pro rata in accordance with their respective Percentage Interests.

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SCHEDULE I

 EXCHANGEABLE SCHEDULE

                                                        [Enlarge/Download Table]

------------------------------------------------- ----------------------------------------------------
        Exchangeable REMIC Certificates                        Exchangeable Certificates              
        -------------------------------                        -------------------------              
----------------------- ------------------------- ------------------------- --------------------------
                            Maximum Initial                                      Maximum Initial      
                          Principal Balance or                                Principal Balance or    
     Exchangeable           Maximum Initial             Exchangeable        Maximum Initial Notional  
     REMIC Class           Notional Amount(1)            Combination                Amount(1)         
----------------------- ------------------------- ------------------------- --------------------------
                                                                                                      
----------------------- ------------------------- ------------------------- --------------------------
         REMIC                                          Exchangeable                                  
     Combination 1                                     Combination 1                                  
----------------------- ------------------------- ------------------------- --------------------------
        I-A-1                 $616,448,000                 I-A-3                  $582,201,000        
----------------------- ------------------------- ------------------------- --------------------------
                                                           I-A-4                   $34,247,000        
----------------------- ------------------------- ------------------------- --------------------------

----------------------- ------------------------- ------------------------- --------------------------
         REMIC                                          Exchangeable                                  
     Combination 2                                     Combination 2                                  
----------------------- ------------------------- ------------------------- --------------------------
        I-A-1                 $616,448,000                 I-A-5                  $547,953,000        
----------------------- ------------------------- ------------------------- --------------------------
                                                           I-A-6                   $68,495,000        
----------------------- ------------------------- ------------------------- --------------------------

----------------------- ------------------------- ------------------------- --------------------------
         REMIC                                          Exchangeable                                  
     Combination 3                                     Combination 3                                  
----------------------- ------------------------- ------------------------- --------------------------
        I-A-1                 $616,448,000                 I-A-7                  $308,224,000        
----------------------- ------------------------- ------------------------- --------------------------
                                                           I-A-8                  $308,224,000        
----------------------- ------------------------- ------------------------- --------------------------

----------------------- ------------------------- ------------------------- --------------------------
         REMIC                                          Exchangeable                                  
     Combination 4                                     Combination 4                                  
----------------------- ------------------------- ------------------------- --------------------------
        I-A-1                 $616,448,000                 I-A-9                  $616,448,000        
----------------------- ------------------------- ------------------------- --------------------------
                                                           I-A-10                 $616,448,000        
----------------------- ------------------------- ------------------------- --------------------------

----------------------- ------------------------- ------------------------- --------------------------
         REMIC                                          Exchangeable                                  
     Combination 5                                     Combination 5                                  
----------------------- ------------------------- ------------------------- --------------------------
        I-A-1                 $616,448,000                 I-A-11                 $550,400,000        
----------------------- ------------------------- ------------------------- --------------------------
                                                           I-A-12                  $66,048,000        
----------------------- ------------------------- ------------------------- --------------------------
                                                           I-A-13                 $154,112,000        
----------------------- ------------------------- ------------------------- --------------------------

----------------------- ------------------------- ------------------------- --------------------------
         REMIC                                          Exchangeable                                  
     Combination 6                                     Combination 6                                  
----------------------- ------------------------- ------------------------- --------------------------
        I-A-1                 $616,448,000                 I-A-14                 $411,598,000        
----------------------- ------------------------- ------------------------- --------------------------
                                                           I-A-15                  $81,560,000        
----------------------- ------------------------- ------------------------- --------------------------
                                                           I-A-16                 $123,290,000        
----------------------- ------------------------- ------------------------- --------------------------

----------------------- ------------------------- ------------------------- --------------------------

(1) Except as otherwise indicated, Exchangeable REMIC Certificates and          
Exchangeable Certificates in any combination may be exchanged only in the       
proportion that the Maximum Initial Principal Balances or Maximum Initial       
Notional Amounts of the indicated Classes bear to one another as shown above.