SEC Info - Morgan Stanley Structured Trust I 2007-1 - ‘FWP’ on 7/9/07 re: Morgan Stanley Structured Trust I 2007-1

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Morgan Stanley Structured Trust I 2007-1 – ‘FWP’ on 7/9/07 re: Morgan Stanley Structured Trust I 2007-1

On: Monday, 7/9/07, at 3:37pm ET · Accession #: 882377-7-1878 · File #: 333-131374-62

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 7/09/07  Morgan Stanley Structur… I 2007-1 FWP                    1:3.9M Morgan Stanley Structur… I 2007-1 Thacher Proffitt… LLP/FA

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

Document/Exhibit                   Description                      Pages   Size 

 1: FWP         Bear Stearns Asset Backed Securities I LLC          HTML  13.43M

This is an HTML Document rendered as filed. [ Alternative Formats ]

Unassociated Document

	BEAR, STEARNS & CO. INC.
ATLANTA • BOSTON • CHICAGO
DALLAS • LOS ANGELES • NEW YORK • SAN FRANCISCO	383 Madison Avenue
FRANKFURT • GENEVA • HONG KONG	New York, N.Y. 10179
LONDON • PARIS • TOKYO	(212) 272-2000; (212) 272-7294 fax

New Issue Marketing Materials

$705,696,000 (Approximate)

Morgan Stanley Structured Trust I 2007-1

Issuing Entity

Asset-Backed Certificates, Series 2007-1

Bear Stearns Asset Backed Securities I LLC

Depositor

Morgan Stanley Mortgage Capital Holdings LLC

Sponsor and Mortgage Loan Seller

EMC Mortgage Corporation

Mortgage Loan Seller

Wells Fargo Bank, N.A.

Master Servicer and Securities Administrator

Deutsche Bank National Trust Company

Trustee

Bear, Stearns & Co. Inc.

Sole and Lead Underwriter

July 6, 2007

This information should be considered only after reading Bear Stearns’ Securities, Pricing Estimates and Other Information (the “Statement”), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative.

STATEMENT REGARDING FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, the underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll free 1-866-803-9204.

This free writing prospectus does not contain all information that is required to be included in the base prospectus and the prospectus supplement. Please click here http://www.bearstearns.com/prospectus/bsabs or visit the following website: www.bearstearns.com/prospectus/bsabs for a copy of the base prospectus applicable to this offering.

The Information (as defined below) in this free writing prospectus is preliminary and is subject to completion or change.

The Information in this free writing prospectus supersedes information contained in any prior similar free writing prospectus relating to the certificates prior to the time of your commitment to purchase.

This free writing prospectus is not an offer to sell or solicitation of an offer to buy the certificates in any state where such offer, solicitation or sale is not permitted.

The information in this free writing prospectus is preliminary, and will be superseded by the definitive prospectus. This free writing prospectus is being delivered to you solely to provide you with information about the offering of the certificates referred to in this free writing prospectus and to solicit an offer to purchase the certificates, when, as and if issued. Any such offer to purchase made by you will not be accepted and will not constitute a contractual commitment by you to purchase any of the certificates until we have accepted your offer to purchase certificates. We will not accept any offer by you to purchase certificates, and you will not have any contractual commitment to purchase any of the certificates until after you have received the preliminary prospectus. You may withdraw your offer to purchase certificates at any time prior to our acceptance of your offer.

The certificates referred to in this free writing prospectus are being offered when, as and if issued. Our obligation to sell the certificates to you is conditioned on the securities having the characteristics described in this free writing prospectus. If that condition is not satisfied, we will notify you, and neither the depositor nor the underwriter will have any obligation to you to deliver all or any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.

SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION

The information contained in the attached materials (the “Information”) may include various forms of performance analysis, security characteristics and the certificates pricing estimates for the certificates described therein. Should you receive Information that refers to the “Statement Regarding Assumptions and Other Information”, please refer to this statement instead. The Information is illustrative and is not intended to predict actual results which may differ substantially from those reflected in the Information. Performance analysis is based on certain assumptions with respect to significant factors that may prove not to be as assumed. Performance results are based on mathematical models that use inputs to calculate results. As with all models, results may vary significantly depending upon the value given to the inputs. Inputs to these models include but are not limited to: prepayment expectations (econometric prepayment models, single expected lifetime prepayments or a vector of periodic prepayments), interest rate assumptions (parallel and nonparallel changes for different maturity instruments), collateral assumptions (actual pool level data, aggregated pool level data, reported factors or imputed factors), volatility assumptions (historically observed or implied current) and reported information (pay down factors, rate resets, remittance reports and trustee statements). Models used in any analysis may be proprietary. The results therefore, may be difficult for any third party to reproduce. Contact your registered representative for detailed explanations of any modeling techniques employed in the Information.

The Information may not reflect the impact of all structural characteristics of the certificates, including call events and cash flow priorities at all prepayment speeds and/or interest rates. You should consider whether the behavior of these certificates should be tested using assumptions different from those included in the Information. The assumptions underlying the Information, including structure and collateral, may be modified from time to time to reflect changed facts and circumstances. Offering Documents contain data that is current as of their publication dates and after publication may no longer be accurate, complete or current. Contact your registered representative for Offering Documents, current Information or additional materials, including other models for performance analysis, which are likely to produce different results, and any further explanation regarding the Information.

Any pricing estimates Bear Stearns has supplied at your request (a) represent our view, at the time determined, of the investment value of the certificates between the estimated bid and offer levels, the spread between which may be significant due to market volatility or illiquidity, (b) do not constitute a bid by Bear Stearns or any other person for any certificate, (c) may not constitute prices at which the certificates could have been purchased or sold in any market at any time, (d) have not been confirmed by actual trades, may vary from the value Bear Stearns assigns or may be assigned to any such certificate while in its inventory, and may not take into account the size of a position you have in the certificate, and (e) may have been derived from matrix pricing that uses data relating to other certificates whose prices are more readily ascertainable to produce a hypothetical price based on the estimated yield spread relationship between the certificates.

General Information: Bear Stearns and/or individuals associated therewith may have positions in these certificates while the Information is circulating or during such period may engage in transactions with the issuing entity or its affiliates. We act as principal in transactions with you, and accordingly, you must determine the appropriateness for you of such transactions and address any legal, tax or accounting considerations applicable to you. Bear Stearns shall not be a fiduciary or advisor unless we have agreed in writing to receive compensation specifically to act in such capacities. If you are subject to ERISA, the Information is being furnished on the condition that it will not form a primary basis for any investment decision.

MSSTI 2007-1

Marketing Materials

Contact Information

Bear Stearns Contacts

Matthew Perkins		Tel: (212) 272-7977
Sr. Managing Director, Banking		mperkins@bear.com

Sally Kawana		Tel: (212) 272-3509
Managing Director, Banking		skawana@bear.com

Robert Durden		Tel: (212) 272-5714
Associate Director, Banking		rdurden@bear.com

Derek Schaible		Tel: (212) 272-5451
Associate Director, Structuring		dschaible@bear.com

Charles Mehl		Tel: (212) 272-2274
Analyst, Collateral		cmehl@bear.com

Bear Stearns Trading & Syndicate Contacts

Scott Eichel		Tel: (212) 272-5451
Sr. Managing Director, Trading		seichel@bear.com

Chris Scott		Tel: (212) 272-5451
Sr. Managing Director, Trading		cscott@bear.com

Carol Fuller		Tel: (212) 272-4955
Senior Managing Director		cfuller@bear.com

Jayme Fagas		Tel: (212) 272-4955
Managing Director Principal		jfagas@bear.com

Rating Agency Contacts

Leo Yioupis – S&P		Tel: (212) 438-1261
leo_yioupis@standardandpoors.com

Greg Gemson – Moody’s		Tel: (212) 553-2974
Gregory.Gemson@moodys.com

$705,696,000 (Approximate)

Morgan Stanley Structured Trust I 2007-1

Asset-Backed Certificates, Series 2007-1

Bear Stearns Asset Backed Securities I LLC

Depositor

Morgan Stanley Mortgage Capital Holdings LLC

Sponsor

TRANSACTION HIGHLIGHTS

Characteristics of the Certificates (1), (2), (3), (4), (5), (6)

Classes	Original Class Certificate Balance ⁽¹⁾	Initial Expected CE %	Coupon	Avg Life To Call⁽³⁾/ Mty⁽³⁾ (years)	Principal Lockout To Call⁽³⁾/ Mty⁽³⁾(months)	Principal Window To Call⁽³⁾/ Mty⁽³⁾ (months)	Last Sch. Distribution Date	Minimum Expected Ratings Moody’s/S&P

Class A-1	$315,835,000	25.35%	Floating	0.89 / 0.89	0 / 0	23 / 23	06/01/37	Aaa / AAA
Class A-2	26,710,000	25.35%	Floating	1.99 / 1.99	22 / 22	4 / 4	06/01/37	Aaa / AAA
Class A-3	127,595,000	25.35%	Floating	2.99 / 2.99	25 / 25	35 / 35	06/01/37	Aaa / AAA
Class A-4	78,612,000	25.35%	Floating	7.47 / 8.10	59 / 59	58 / 145	06/01/37	Aaa / AAA
Class M-1	37,858,000	20.20%	Floating	5.49 / 5.74	42 / 42	75 / 136	06/01/37	Aa1 / AA+
Class M-2	27,566,000	16.45%	Floating	5.40 / 5.64	40 / 40	77 / 131	06/01/37	Aa2 / AA
Class M-3	15,437,000	14.35%	Floating	5.37 / 5.58	39 / 39	78 / 124	06/01/37	Aa3 / AA-
Class M-4	13,967,000	12.45%	Floating	5.35 / 5.55	39 / 39	78 / 119	06/01/37	A1 / A+
Class M-5	11,762,000	10.85%	Floating	5.33 / 5.52	38 / 38	79 / 114	06/01/37	A2 / A
Class M-6	7,719,000	9.80%	Floating	5.32 / 5.49	38 / 38	79 / 109	06/01/37	A3 / A-
Class B-1	11,394,000	8.25%	Floating	5.32 / 5.46	37 / 37	80 / 106	06/01/37	Baa1 / BBB+
Class B-2	9,189,000	7.00%	Floating	5.30 / 5.41	37 / 37	80 / 99	06/01/37	Baa2 / BBB
Class B-3	12,129,000	5.35%	Floating	5.30 / 5.36	37 / 37	80 / 93	06/01/37	Baa3 / BBB-
Class B-4	9,923,000	4.00%	Floating	Not Offered Hereby			06/01/37	Ba1 / BB+

Notes:

(1)

The Certificate sizes are approximate and subject to a variance of +/- 10%. The principal balances of the Certificates are calculated using the expected scheduled principal balances of the Mortgage Loans as of the Cut-off Date. The final sizes of the Certificates will be based on the final aggregate principal balances of the mortgage loans as of the Cut-off Date after taking into account, among other things, unscheduled principal payments and the composition of the final mortgage pool.

(2)

Certificates are priced to the 5% optional clean-up call.

(3)

Based on the pricing prepayment speed described herein.

(4)

The Class A, Class M and Class B Certificates are subject to a Net Rate Cap.

(5)

The coupon for each class of Certificates is equal to the lesser of (a) One-Month LIBOR plus the related margin and (b)the related Net Rate Caps.

(6)

After the Optional Termination Date, the margins on each of the Class A-1, Class A-2, Class A-3 and Class A-4 will increase to 2.0 times their related initial margins; and the margins on the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates will increase to 1.5 times their related initial margins.

Issuing Entity:	Morgan Stanley Structured Trust I 2007-1

Depositor:	Bear Stearns Asset Backed Securities I LLC.

Mortage Loan Sellers:	EMC Mortgage Corporation (approximately 87.39%) and Morgan Stanley Mortgage Capital Inc. (approximately 12.61%).

Sponsor:	Morgan Stanley Mortgage Capital Holdings LLC.

Originators:	First NLC Financial Services, LLC (approximately 54.95%), Accredited Home Lenders, Inc. (approximately 37.14%), New Century Mortgage Corporation (approximately 5.00%); and approximately 8 others (none of which represent more than 5% of the deal). With respect to each mortgage loan, the applicable originator or the sponsor will make certain representations and warranties as of the closing date or as of an earlier date, which may be the cut-off date, the date on which the servicing of the mortgage loan was transferred or the date on which the sponsor purchased the mortgage loan from such originator.

Master Servicer & Securities Administrator:	Wells Fargo Bank, N.A.

Servicers:	Saxon Mortgage Services Inc. (approximately 98.49%); and approximately 2 other servicers (neither of which constitute more than 5%).

Trustee:	Deutsche Bank National Trust Company.

Custodians:	Deutsche Bank, N.A. (approximately 97.31%) and Wells Fargo Bank, N.A. (approximately 2.69%).

Sole and Lead Underwriter:	Bear, Stearns & Co. Inc.

Swap Administrator:	Wells Fargo Bank, N.A.

Supplemental Interest Trust Trustee:	Wells Fargo Bank, N.A.

Swap Provider & Yield Maintenance Provider:	Bear Stearns Financial Products Inc.

Yield Maintenance Agreement:	Beginning on the first Distribution Date, and for a period of 10 months thereafter, a Yield Maintenance Agreement will be entered into by the issuing entity for the benefit of the Offered Certificates and Class B-4 Certificates. For its duration, the Yield Maintenance Agreement pays the trust the product of (i) the excess, if any, of the then current one-month LIBOR rate over the cap strike rate (on an actual/360 day count basis) and (ii) the Yield Maintenance Notional Balance as described on the schedule herein.

	Any payments from the Yield Maintenance Agreement shall be available to pay any Basis Risk Shortfall Carry Forward Amounts due to the Offered Certificates and Class B-4 Certificates first, pro rata by outstanding balance and second, pro rata by any Basis Risk Carry Forward Amounts remaining outstanding.

Offered Certificates:	Approximately $548,752,000 senior floating-rate Certificates (the “Class A Certificates”) and approximately $156,944,000 mezzanine floating-rate Certificates (collectively the “Class M Certificates” and “Class B Certificates”; and except for the Class B-4 Certificates, together with the Class A Certificates, the “Offered Certificates”). The Offered Certificates are backed by adjustable-rate and fixed-rate, first and second lien, closed-end, subprime mortgage loans (the “Mortgage Loans”).

Non-Offered Certificates:	The Class B-4, Class CE, Class P and one or more classes of Class R Certificates will not be publicly offered.

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

Class M Certificates:	Any of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Certificates.

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

Collateral:	As of the Cut-off Date, the Mortgage Loans consisted of approximately 4,374 fixed and adjustable-rate, first and second lien, closed-end subprime mortgage loans totaling approximately $735,100,464. However, the characteristics of the Mortgage Loans as described herein and in the attached collateral tables may differ from the final pool as of the Closing Date due, among other things, to the possibility that certain mortgage loans may become delinquent or default or may be removed or substituted and that similar or different mortgage loans may be added to the pool prior to the Closing Date, such characteristics being subject to a variance of not more than plus or minus 10%.

Expected Pricing Date:	On or about July 3, 2007.

Closing Date:	On or about July 6, 2007.

Cut-off Date:	June 1, 2007.

Distribution Date:	The 25th day of each month (or if such 25th day is not a business day, the next succeeding business day) commencing in July 2007.

Record Date:	For each class of Offered Certificates, the business day preceding the applicable Distribution Date so long as such class of certificates are in book-entry form; and otherwise the record date shall be the last business day of the month immediately preceding the applicable Distribution Date.

Delay Days:	0 (zero) days on all Offered Certificates.

Determination Date:	The Determination Date with respect to any Distribution Date will be the 15th day of the calendar month in which such Distribution Date occurs or, if such day is not a business day, the business day immediately preceding such 15th day.

Interest Accrual Period:	For any Distribution Date with respect to the Offered Certificates and the Class B-4 Certificates, is the period commencing on the Distribution Date of the month immediately preceding the month in which the Distribution Date occurs or, in the case of the first period, commencing on the Closing Date, and ending on the day preceding such Distribution Date. All distributions of interest on the Offered Certificates will be based on a 360-day year and the actual number of days in the applicable Interest Accrual Period. The Offered Certificates will initially settle flat (no accrued interest).

Prepayment Period:	The Prepayment Period with respect to any Distribution Date and each principal prepayment, is the period commencing on the 16^th day of the month prior to the month in which the related Distribution Date occurs (or with respect to the first Distribution Date, the period commencing on the Cut-off Date) and ending on the 15^th day of the month in which such Distribution Date occurs.

Stated Principal Balance:	With respect to any Mortgage Loan and any Distribution Date, the principal balance as of the Cut-off Date, reduced by the sum of (i) the principal portion of the scheduled monthly payments due from mortgagors with respect to such Mortgage Loan during the related Due Period (and irrespective of any delinquency in their payment), (ii) all prepayments of principal with respect to such Mortgage Loan received prior to or during the related Prepayment Period, (iii) all Liquidation Proceeds to the extent applied by the Master Servicer as recoveries of principal that were received by the Master Servicer as of the close of business on the last day of the calendar month immediately preceding such Distribution Date, and (iv) any Realized Loss thereon incurred during the related Prepayment Period. The Stated Principal Balance of any liquidated Mortgage Loan is zero.

ERISA Considerations:	It is expected that the Offered Certificates will be ERISA eligible after the termination of the Supplemental Interest Trust which holds the Swap Agreement. Prior to that time, persons using plan assets may purchase the Offered Certificates if the purchase and holding meets the requirements of an investor-based class exemption issued by the Department of Labor. Investors should consult with their counsel with respect to the consequences under ERISA and the Internal Revenue Code of an ERISA Plan’s acquisition and ownership of such certificates.

Legal Investment:	It is anticipated that the Offered Certificates will not constitute “mortgage related securities” for the purposes of the Secondary Mortgage Market Enhancement Act of 1984 (SMMEA).

Tax Matters:	The Trust will be established as one or more REMICs for federal income tax purposes.

Form of Registration:	Book-entry form through DTC, Clearstream and Euroclear.

Minimum Denominations:	$25,000 and integral multiples of $1 in excess thereof.

Optional Termination:	Saxon Mortgage Services Inc., or in certain circumstances the majority holder of the Class CE Certificates may, at its or their option, purchase all of the Mortgage Loans (and related properties acquired on behalf of the Issuing Entity) when the Stated Principal Balance of the Mortgage Loans and any foreclosed real estate owned remaining in the trust, has been reduced to or below 5% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date. Such a purchase will result in the early retirement of all the Offered Certificates.

Administrative Fees:	The sum of the “Servicing Fee” calculated at the “Servicing Fee Rate” of 0.500% per annum and the “Master Servicer Fee” calculated at the “Master Servicer Fee Rate” expected to be 0.015% per annum. Administrative Fees will be paid monthly on the Stated Principal Balance of the Mortgage Loans.

Principal & Interest Advances:	The Servicers are required to advance delinquent payments of scheduled principal and interest on the Mortgage Loans (other than balloon loans with respect to any balloon payment) to the extent such amounts are deemed recoverable from future payments from the related Mortgage Loan. The Servicer are entitled to be reimbursed for such advances, and therefore these advances are not a form of credit enhancement. If the Servicers fail to advance as required within the respective servicing agreement, the Master Servicer will fulfill this obligation.

Servicing Advances:	The Servicers will pay all out-of-pocket costs related to their obligations, including, but not limited to: (i) expenses in connection with a foreclosed Mortgage Loan prior to the liquidation of such loan, (ii) the costs of any judicial proceedings, including foreclosures and (iii) the cost of managing and liquidating property acquired in relation to the Mortgage Loans, as long as it deems the costs to be recoverable. The Servicers are entitled to be reimbursed for these advances, and therefore these advances are not a form of credit enhancement. If the Servicers fail to advance as required within the respective servicing agreement, the Master Servicer will fulfill this obligation.

Compensating Interest:	The Servicers are required to pay Compensating Interest up to the amount of the Servicing Fee to cover prepayment interest shortfalls (“Prepayment Interest Shortfalls”) due to partial and full prepayments on the Mortgage Loans. If the Servicers fail to pay Compensating Interest as required within the respective servicing agreement, the Master Servicer will fulfill this obligation.

Step-up Coupon:	If the Optional Termination is not exercised on the first Distribution Date following the Distribution Date on which it could have been exercised, the margins on each of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates will increase to 2.0 times their related initial margins and the margins on each of the Class M Certificates and Class B Certificates will increase to 1.5 times their related initial margins.

Prepayment Assumption:	Fixed Rate Mortgage Loans: A 100% prepayment assumption assumes that the outstanding principal balance of the fixed rate mortgage loans prepays at a constant prepayment rate (“CPR”) of 4% in the first month of the life of such pool, such rate increasing by an additional approximate 1.2667% CPR (precisely 19%/15) each month thereafter through the sixteenth month of the life of such mortgage loans, and such rate thereafter remaining constant at 23% CPR for the remainder of the life of such pool.

	Adjustable Rate Mortgage Loans: A 100% prepayment assumption assumes that the outstanding principal balance of the adjustable rate mortgage loans prepays at a constant rate of 28% CPR for the life of the such pool.

Credit Enhancement:	1. Excess Spread from the Mortgage Loans
	3. Overcollateralization
	3. Subordination of the Certificates

Interest Remittance Amount:	With respect to any Distribution Date, that portion of the available distribution amount for that Distribution Date that represents interest received or advanced in respect of the Mortgage Loans (net of Administrative Fees and any Net Swap Payment or Swap Termination Payments owed to the Swap Administrator, other than to the extent already paid by the Swap Administrator from any upfront payment received pursuant to any replacement interest rate Swap Agreement that may be entered into by the Supplemental Interest Trust Trustee not resulting from an event of default or certain termination events with respect to the Swap Provider (a “Swap Provider Trigger Event”)).

Overcollateralization Amount:	The Overcollateralization Amount with respect to any Distribution Date is the excess, if any, of (i) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses on the Mortgage Loans incurred during such Prepayment Period) over (ii) the aggregate Certificate Principal Balance of the Class A, Class M and Class B Certificates, after taking into account the distributions of principal other than any extra principal distribution amount to be made on such Distribution Date.

Overcollateralization Target Amount:	With respect to any Distribution Date, (i) prior to the Stepdown Date, an amount equal to approximately 4.00% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (ii) on or after the Stepdown Date provided a Trigger Event is not in effect, the greater of (x) the lesser of (1) approximately 4.00% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date and (2) approximately 8.00% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses with respect to the Mortgage Loans incurred during the related Prepayment Period) and (y) approximately the Overcollateralization Floor or (iii) on or after the Stepdown Date and if a Trigger Event is in effect, the Overcollateralization Target Amount for the immediately preceding Distribution Date. The Overcollateralization Target Amount for the Offered Certificates and Class B-4 Certificates is expected to be fully funded on the Closing Date.

Overcollateralization Floor:	For any Distribution Date an amount equal to 0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.

Overcollateralization Increase Amount:	With respect to any Distribution Date, an amount equal to the lesser of (i) available excess cashflow from the Mortgage Loans available for payment of Overcollateralization Increase Amount and (ii) the excess, if any, of (x) the Overcollateralization Target Amount for that Distribution Date over (y) the Overcollateralization Amount for that Distribution Date.

Overcollateralization Reduction Amount:	With respect to any Distribution Date for which the Excess Overcollateralization Amount is, or would be, after taking into account all other distributions to be made on that Distribution Date, greater than zero, an amount equal to the lesser of (i) the Excess Overcollateralization Amount for that Distribution Date and (ii) principal collected on the Mortgage Loans for that Distribution Date.

Excess Overcollateralization Amount:	With respect to any Distribution Date, the excess, if any, of the Overcollateralization Amount over the Overcollateralization Target Amount.

Stepdown Date:	The later to occur of (x) the earlier of (a) the Distribution Date occurring in July 2010, and (b) the Distribution Date following the Distribution Date on which the aggregate Certificate Principal Balance of the Class A Certificates is reduced to zero, and (y) the first Distribution Date on which the Current Specified Enhancement Percentage is greater than or equal to approximately 50.70%.

Credit Enhancement Percentage:	The Credit Enhancement Percentage for any Certificates for any Distribution Date is the percentage obtained by dividing (x) the aggregate Certificate Principal Balance of the class or classes subordinate thereto (including the Class CE Certificates) by (y) the aggregate Stated Principal Balance of the Mortgage Loans, calculated after taking into account distributions of principal on the Mortgage Loans and after reduction for Realized Losses with respect to the Mortgage Loans incurred during the related Prepayment Period, but prior to distribution of the Principal Distribution Amount to the holders of the Certificates then entitled to distributions of principal on such Distribution Date.

Class	Initial Expected Credit Enhancement %	Expected Credit Enhancement % On/After Stepdown Date
A	25.35%	50.70%
M-1	20.20%	40.40%
M-2	16.45%	32.90%
M-3	14.35%	28.70%
M-4	12.45%	24.90%
M-5	10.85%	21.70%
M-6	9.80%	19.60%
B-1	8.25%	16.50%
B-2	7.00%	14.00%
B-3	5.35%	10.70%
B-4	4.00%	8.00%

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

Trigger Event:	If either the Delinquency Test or the Cumulative Loss Test is violated.

Delinquency Test:	The Delinquency Test for the Certificates is violated on any Distribution Date if the aggregate unpaid principal balance of Mortgage Loans delinquent 60 days or more (including Mortgage Loans that are in foreclosure, or have been converted to REO Properties) equals or exceeds a given percentage of the prior period’s Credit Enhancement Percentage to the bond specified below:

	(1) Class A Certificates remain outstanding: 31.55% of the Current Specified Enhancement Percentage

	(2) On and after the Class A Certificates have been reduced to zero: 39.59% of the M-1 Enhancement Percentage

Cumulative Loss Test:	The Cumulative Loss Test for the Certificates is violated on any Distribution Date if the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds the applicable percentages set forth below with respect to such Distribution Date:

[Distribution Date Occurring in	Percentage
July 2009 through June 2010	1.75%
(plus an additional 1/12th the difference between 3.90% and 1.75% for each month)
July 2010 through June 2011	3.90%
(plus an additional 1/12th the difference between 6.15% and 3.90% for each month)
July 2011 through June 2012	6.15%
(plus an additional 1/12th the difference between 7.95% and 6.15% for each month)
July 2012 through June 2013	7.95%
(plus an additional 1/12th the difference between 8.95% and 7.95% for each month)
July 2013 and thereafter	8.95%

Realized Losses:

If on any Distribution Date, after giving effect to all distributions of principal as described herein and allocations of payments from the Swap Account to pay principal as described under “—Swap Payments”, the aggregate Certificate Balances of the Certificates exceeds the aggregate stated principal balance of the mortgage loans for that Distribution Date, the Class Certificate Balance of the applicable Class M or Class B certificates will be reduced, in inverse order of seniority (beginning with the Class B-4 certificates) by an amount equal to that excess, until that Class Certificate Balance is reduced to zero.

Expense Adjusted Mortgage Rate:	The applicable mortgage rate (as adjusted for the actual number of days in the related Interest Accrual Period) on each Mortgage Loan as of the first day of the related Due Period minus the sum of the (i) the Servicing Fee Rate and (ii) the Master Servicer Fee Rate (if applicable).

Net Rate Caps:	For any Distribution Date a per annum rate equal to the excess, if any, of (A) with respect to the Class A, Class M and Class B Certificates, the weighted average of the Expense Adjusted Mortgage Rates of the Mortgage Loans in as of the related due date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such due date, over (B) a per annum rate equal to the sum of (i) the Net Swap Payment payable to the Swap Provider on such Distribution Date and (ii) any Swap Termination Payment not due to a Swap Provider Trigger Event payable to the Swap Provider on such distribution date (other than to the extent not already paid by the Swap Administrator from any upfront payment received pursuant to any replacement interest rate swap agreement), divided by the outstanding stated principal balance of the Mortgage Loans as of the related due date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such due date, multiplied by 12. The Net Rate Caps will be adjusted to an effective rate reflecting the accrual of interest on an actual/360 basis.

Pass-Through Rates:	The Pass-Through Rate with respect to each class of Offered Certificates and Class B-4 Certificates will be the lesser of (x) the London interbank offered rate for one month United States dollar deposits, which we refer to as One-Month LIBOR plus the related Margin, and (y) the related Net Rate Cap adjusted to an effective rate reflecting the accrual of interest on an actual/360 basis.

Swap Agreement:	On the Closing Date, the supplemental interest trust trustee will enter into a Swap Agreement with the Swap Provider with an initial aggregate notional amount of approximately $449,263,089.10 (as set forth in the swap notional amount schedule below). Under the Swap Agreement, on or before each Distribution Date commencing with the Distribution Date in June 2008 and ending with the Distribution Date in July 2013, the Swap Administrator shall be obligated to pay to the Swap Provider a fixed amount for that Distribution Date, equal to the product of (x) a fixed rate per annum (as shown in the schedule below), (y) the Swap Notional Amount (as set forth in the swap notional amount schedule below) for that Distribution Date and (z) a fraction, the numerator of which is 30 (or, for the first Distribution Date, the number of days elapsed from and including the effective date (as defined in the Swap Agreement) to but excluding the first Distribution Date, determined on a 30/360 basis) and the denominator of which is 360, and the Swap Provider will be obligated to pay to the Swap Administrator a floating amount for that Distribution Date, equal to the product of (x) One-Month LIBOR, as determined pursuant to the Swap Agreement, for the related calculation period (as defined in the Swap Agreement), (y) the Swap Notional Amount (as set forth below in the swap notional amount schedule) for that Distribution Date, and (z) a fraction, the numerator of which is equal to the actual number of days in the related calculation period and the denominator of which is 360. Only the net amount of the two obligations above will be paid by the appropriate party (each, a “Net Swap Payment”). To the extent that the Swap Administrator is obligated to make a Net Swap Payment on any Distribution Date, amounts otherwise available to the Certificateholders will be applied to make a payment to the Swap Administrator in the same amount, for payment to the Swap Provider. The Swap Agreement will terminate after the Distribution Date in July 2013.

	Upon early termination of the Swap Agreement, the Swap Administrator or the Swap Provider may be liable to make a termination payment (the “Swap Termination Payment”) to the other party, regardless of which party caused the termination. The Swap Termination Payment will be computed in accordance with the procedures set forth in the respective Swap Agreement. In the event that the Swap Administrator is required to make a Swap Termination Payment, the trust will be required to make a payment to the Swap Administrator in the same amount, which amount will be paid on the related Distribution Date, and on any subsequent Distribution Dates until paid in full, prior to distributions to the related Certificateholders (other than a Swap Termination Payment due to a Swap Provider Trigger Event). Shown below is the swap notional amount schedule.

SWAP NOTIONAL SCHEDULE

Payment Date ⁽¹⁾	Swap Notional Amount ($)	Strike Rate (%)	Payment Date ⁽¹⁾	Swap Notional Amount ($)	Strike Rate (%)	Payment Date ⁽¹⁾	Swap Notional Amount ($)	Strike Rate (%)
Jul-07	----	---	Aug-09	218,519,885.40	5.220	Sep-11	33,342,778.23	5.220
Aug-07	----	---	Sep-09	195,738,465.00	5.220	Oct-11	32,185,500.18	5.220
Sep-07	----	---	Oct-09	186,436,603.30	5.220	Nov-11	31,067,953.91	5.220
Oct-07	----	---	Nov-09	178,492,330.30	5.220	Dec-11	29,988,791.51	5.220
Nov-07	----	---	Dec-09	171,195,146.60	5.220	Jan-12	28,946,710.15	5.220
Dec-07	----	---	Jan-10	163,850,357.30	5.220	Feb-12	27,927,643.85	5.220
Jan-08	----	---	Feb-10	151,890,347.10	5.220	Mar-12	26,910,662.94	5.220
Feb-08	----	---	Mar-10	133,045,451.50	5.220	Apr-12	25,895,134.18	5.220
Mar-08	----	---	Apr-10	117,958,183.70	5.220	May-12	24,740,575.66	5.220
Apr-08	----	---	May-10	106,024,325.00	5.220	Jun-12	23,870,006.00	5.220
May-08	----	---	Jun-10	101,831,134.30	5.220	Jul-12	23,041,864.26	5.220
Jun-08	449,263,089.10	5.220	Jul-10	97,845,058.68	5.220	Aug-12	22,229,097.65	5.220
Jul-08	430,880,688.10	5.220	Aug-10	93,833,820.79	5.220	Sep-12	21,410,675.57	5.220
Aug-08	412,863,353.00	5.220	Sep-10	85,286,446.19	5.220	Oct-12	20,586,583.32	5.220
Sep-08	395,696,349.20	5.220	Oct-10	72,866,816.41	5.220	Nov-12	19,615,115.76	5.220
Oct-08	379,090,625.60	5.220	Nov-10	62,905,651.10	5.220	Dec-12	18,924,388.13	5.220
Nov-08	363,165,828.40	5.220	Dec-10	60,551,034.54	5.220	Jan-13	18,269,965.40	5.220
Dec-08	348,071,652.50	5.220	Jan-11	58,300,837.93	5.220	Feb-13	17,630,427.55	5.220
Jan-09	332,939,681.30	5.220	Feb-11	56,030,437.00	5.220	Mar-13	16,993,569.58	5.220
Feb-09	310,092,260.10	5.220	Mar-11	51,165,049.76	5.220	Apr-13	16,359,264.71	5.220
Mar-09	283,611,661.10	5.220	Apr-11	44,092,818.36	5.220	May-13	15,646,685.53	5.220
Apr-09	270,512,929.70	5.220	May-11	38,412,415.72	5.220	Jun-13	15,099,284.59	5.220
May-09	258,958,540.90	5.220	Jun-11	37,067,191.00	5.220	Jul-13	14,577,766.89	5.220
Jun-09	248,247,765.50	5.220	Jul-11	35,782,156.00	5.220
Jul-09	237,355,789.90	5.220	Aug-11	34,541,182.60	5.220

(1) From and including the prior Distribution Date, to but excluding the Distribution Date shown

YIELD MAINTENANCE SCHEDULE

Payment Date ⁽¹⁾	Yield Maintenance Notional Balance ($)	Strike Rate (%)	Payment Date ⁽¹⁾	Yield Maintenance Notional Balance ($)	Strike Rate (%)	Payment Date ⁽¹⁾	Yield Maintenance Notional Balance ($)	Strike Rate (%)
Jul-07	665,267,057.51	7.700	Nov-07	592,046,929.15	7.700	Mar-08	507,564,172.36	7.700
Aug-07	661,673,180.61	7.700	Dec-07	570,105,848.05	7.700	Apr-08	487,581,015.33	7.700
Sep-07	637,848,694.46	7.700	Jan-08	548,728,406.76	7.700	May-08	468,136,632.52	7.700
Oct-07	614,685,157.05	7.700	Feb-08	527,888,754.82	7.700

(1) From and including the prior Distribution Date (or the Closing Date with respect to the first Distribution Date), to but excluding the Distribution Date shown

Interest Carry Forward Amount:	For each class of Offered Certificates and Class B-4 Certificates, and on any Distribution Date, the sum of (i) the excess of (A) the Interest Distribution Amount for the related Interest Accrual Period for such Class (excluding any Basis Risk Shortfall Carryover Amount with respect to such class), plus any unpaid Interest Carry Forward Amount from the prior Distribution Date, over (B) the amount actually distributed to such Class with respect to interest on such prior Distribution Date and (ii) interest on such excess at the Pass-Through Rate for such Class.

Interest Distribution Amount:	The Interest Distribution Amount for the Offered Certificates and Class B-4 Certificates of any Class on any Distribution Date is equal to interest accrued during the related Interest Accrual Period on the Certificate Principal Balance of that Class immediately prior to the Distribution Date at the Pass-Through Rate for that Class, in each case, reduced by any Prepayment Interest Shortfalls to the extent not covered by related Compensating Interest payable by the Master Servicer and any related shortfalls resulting from the application of the Relief Act.

Senior Interest Distribution Amount:	The Senior Interest Distribution Amount for any Distribution Date and any Class A Certificates is equal to the related Interest Distribution Amount for such Distribution Date for the related Class A Certificates and the Interest Carry Forward Amount, if any, for that Distribution Date for the related Class A Certificates.

Basis Risk Shortfall Carryover Amount:	With respect to any Distribution Date, and the Offered Certificates and Class B-4 Certificates, the sum of (x) if the Pass-Through Rate for such Class is subject to the related Net Rate Cap, the excess of (i) the Interest Distribution Amount such class would have been entitled to receive on such Distribution Date had the applicable Pass-Through Rate not been subject to the Net Rate Cap, over (ii) the amount of interest such class of Certificates received on such Distribution Date and (y) the unpaid portion of any Basis Risk Shortfall Carryover Amount from prior Distribution Dates not previously paid (and accrued interest thereon at the current Pass-Through Rate, without giving effect to the Net Rate Cap). The ratings on each Class of Certificates do not address the likelihood of the payment of any Basis Risk Shortfall Carryover Amount.

Basis Risk Shortfall:	Because each Mortgage Loan has a mortgage rate that is either fixed or adjustable, and the adjustable-rate Mortgage Loans will adjust generally based on six-month LIBOR after an initial fixed-rate period of one, two, three or five years following the date of origination, and the Pass-Through Rates on the Offered Certificates and Class B-4 Certificates are based on one-month LIBOR, the application of the Net Rate Cap could result in shortfalls of interest otherwise payable on those certificates in certain periods (such shortfalls, “Basis Risk Shortfalls”). This may also occur if six-month LIBOR and one-month LIBOR rise quickly since the Mortgage Loan adjustments are constrained by certain interim caps. If Basis Risk Shortfalls occur, with respect to the Mortgage Loans, they will be carried forward as Basis Risk Shortfall Carryover Amounts and paid from the related Net Monthly Excess Cashflow on a subordinated basis on the same Distribution Date or in any subsequent Distribution Date.

Interest Payment Priority:	On each Distribution Date, the Interest Remittance Amount will be distributed in the following order of priority:

(i)

from the Interest Remittance Amount, to the holders of the Class A Certificates based on the amount of accrued interest payable to such classes of certificates, the Senior Interest Distribution Amount allocable to such Certificates;

(ii)

from the remaining Interest Remittance Amount, to the holders of the Class M-1 Certificates, the Interest Distribution Amount for such Certificates;

(iii)

from the remaining Interest Remittance Amount, to the holders of the Class M-2 Certificates, the Interest Distribution Amount for such Certificates;

(iv)

from the remaining Interest Remittance Amount, to the holders of the Class M-3 Certificates, the Interest Distribution Amount for such Certificates;

(v)

from the remaining Interest Remittance Amount, to the holders of the Class M-4 Certificates, the Interest Distribution Amount for such Certificates;

(vi)

from the remaining Interest Remittance Amount, to the holders of the Class M-5 Certificates, the Interest Distribution Amount for such Certificates;

(vii)

from the remaining Interest Remittance Amount, to the holders of the Class M-6 Certificates, the Interest Distribution Amount for such Certificates;

(viii)

from the remaining Interest Remittance Amount, to the holders of the Class B-1 Certificates, the Interest Distribution Amount for such Certificates;

(ix)

from the remaining Interest Remittance Amount, to the holders of the Class B-2 Certificates, the Interest Distribution Amount for such Certificates; and

(x)

from the remaining Interest Remittance Amount, to the holders of the Class B-3 Certificates, the Interest Distribution Amount for such Certificates; and

(xi)

from the remaining Interest Remittance Amount, to the holders of the Class B-4 Certificates, the Interest Distribution Amount for such Certificates.

Principal Payment Priority:	On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Principal Distribution Amount shall be distributed as follows:

(i)

the Principal Distribution Amount, to the holders of the Class A Certificates, until the Certificate Principal Balance of such class has been reduced to zero;

(ii)

to the holders of the Class M-1 Certificates, any Principal Distribution Amount remaining after the distribution described in (i) above, until the Certificate Principal Balance thereof has been reduced to zero;

(iii)

to the holders of the Class M-2 Certificates, any Principal Distribution Amount remaining after the distributions described in (i) and (ii) above, until the Certificate Principal Balance thereof has been reduced to zero;

(iv)

to the holders of the Class M-3 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii) and (iii) above, until the Certificate Principal Balance thereof has been reduced to zero;

(v)

to the holders of the Class M-4 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii) and (iv) above, until the Certificate Principal Balance thereof has been reduced to zero;

(vi)

to the holders of the Class M-5 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv) and (v) above, until the Certificate Principal Balance thereof has been reduced to zero;

(vii)

to the holders of the Class M-6 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv), (v) and (vi) above, until the Certificate Principal Balance thereof has been reduced to zero;

(viii)

to the holders of the Class B-1 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv), (v), (vi) and (vii) above, until the Certificate Principal Balance thereof has been reduced to zero;

(ix)

to the holders of the Class B-2 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii) above, until the Certificate Principal Balance thereof has been reduced to zero; and

(x)

to the holders of the Class B-3 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above, until the Certificate Principal Balance thereof has been reduced to zero; and

(xi)

to the holders of the Class B-4 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (x) above, until the Certificate Principal Balance thereof has been reduced to zero.

Principal Payment Priority:	On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Principal Distribution Amount shall be distributed as follows:

(i)

the Principal Distribution Amount, to the holders of the Class A Certificates, sequentially, to the extent of the Class A Principal Distribution Amount, until the Certificate Principal Balance of such class has been reduced to zero;

(ii)

to the holders of the Class M-1 Certificates, any Principal Distribution Amount remaining after the distributions described in (i) above, to the extent of the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

(iii)

to the holders of the Class M-2 Certificates, any Principal Distribution Amount remaining after the distributions described in (i) and (ii) above, to the extent of the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

(iv)

to the holders of the Class M-3 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii) and (iii) above, to the extent of the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

(v)

to the holders of the Class M-4 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii) and (iv) above, to the extent of the Class M-4 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

(vi)

to the holders of the Class M-5 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv) and (v) above, to the extent of the Class M-5 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

(vii)

to the holders of the Class M-6 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv), (v) and (vi) above, to the extent of the Class M-6 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

Principal Payment Priority: cont

(viii)

to the holders of the Class B-1 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv), (v), (vi) and (vii) above, to the extent of the Class B-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

(ix)

to the holders of the Class B-2 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii) above, to the extent of the Class B-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and

(x)

to the holders of the Class B-3 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above, to the extent of the Class B-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and

(xi)

to the holders of the Class B-4 Certificates, any Principal Distribution Amount remaining after the distributions described in (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (x) above, to the extent of the Class B-4 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero.

Notwithstanding the above, in the event that the Certificate Principal Balance of the subordinate classes, including the Class CE certificates, have been reduced to zero, principal distributions to the Class A Certificates will be distributed pro rata, based upon their respective Class Certificate Balances, to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates.

Swap Payments:	Funds payable under the Swap Agreement will be deposited into a reserve account (the “Swap Account”).

	Funds in the Swap Account that are payable to the Swap Provider will be paid from any related available funds prior to distributions on the Offered Certificates and Class B-4 Certificates (other than any Swap Termination Payment due to a Swap Provider Trigger Event) and will be distributed on each Distribution Date in the following order of priority:

to the Swap Provider, any Net Swap Payment owed for such Distribution Date, pursuant to the Swap Agreement; and

to the Swap Provider, any Swap Termination Payment not due to a Swap Provider Trigger Event, pursuant to the Swap Agreement.


	On each Distribution Date, the funds in the Swap Account that are payable to the trust will be distributed in the following order of priority:

to the holders of the Class A Certificates, on a pro rata basis, to pay accrued interest and any Interest Carry Forward Amount, in each case to the extent unpaid from the Interest Remittance Amount;

to the holders of the Class M Certificates and Class B Certificates, sequentially, to pay accrued interest and any Interest Carry Forward Amount, in each case to the extent unpaid from the Interest Remittance Amount;

to the Class A, Class M and Class B Certificates, as principal, to maintain the Overcollateralization Target Amount for such Distribution Date (to the extent the Overcollateralization Amount is reduced below the Overcollateralization Target Amount as a result of Realized Losses with respect to the Mortgage Loans and to the extent not covered by Net Monthly Excess Cashflow with respect to the Mortgage Loans) distributed in the same manner and priority as the Principal Distribution Amount;

to the Class A Certificates, on a pro rata basis, and to the Class M Certificates and Class B Certificates, sequentially, based on the Certificate Principal Balances thereof, to the extent needed to pay any Basis Risk Shortfall Carry Forward Amount for each such class; provided that any amounts remaining after such allocation to pay Basis Risk Shortfall Carry Forward Amount based on the Certificate Principal Balances of these Certificate will be distributed to each such class of Certificate with respect to which there remains any unpaid Basis Risk Shortfall Carry Forward Amount (after the distribution based on Certificate Principal Balances), pro rata, based on the amount of such unpaid Basis Risk Shortfall Carry Forward Amount, until reduced to zero;

to the Class M Certificates and Class B Certificates, sequentially, Realized Losses; and

to the Class CE Certificates.

Net Monthly Excess Cashflow Distributions:	With respect to any Distribution Date, the available distribution amount remaining after distribution of the Interest Remittance Amount and the Principal Distribution Amount as described above (“Net Monthly Excess Cashflow”) shall be distributed as follows to the extent not covered by amounts paid pursuant to the Swap Agreement (other than in the case of clause (i) below):

(i)

to the holders of the class or classes of certificates then entitled to receive distributions in respect of principal, in an amount equal to the Overcollateralization Increase Amount, distributable as part of the Principal Distribution Amount;

(ii)

to the holders of the Class M-1 Certificates, in accordance with the Interest Carry Forward Amount due with respect to each such class, to the extent unpaid from the related Interest Remittance Amount;

(iii)

to the holders of the Class M-1 Certificates, in an amount equal to the previously allocated realized loss amounts, in accordance with the previously allocated realized loss amounts due for such class;

(iv)

to the holders of the Class M-2 Certificates, in accordance with the Interest Carry Forward Amount due with respect to each such class, to the extent unpaid from the related Interest Remittance Amount;

(v)

to the holders of the Class M-2 Certificates, in an amount equal to the previously allocated realized loss amounts, in accordance with the previously allocated realized loss amounts due for such class;

(vi)

to the holders of the Class M-3 Certificates, in accordance with the Interest Carry Forward Amount due with respect to each such class, to the extent unpaid from the related Interest Remittance Amount;

(vii)

to the holders of the Class M-3 Certificates, in an amount equal to the previously allocated realized loss amounts, in accordance with the previously allocated realized loss amounts due for such class;

(viii)

to the holders of the Class M-4 Certificates, in accordance with the Interest Carry Forward Amount due with respect to each such class, to the extent unpaid from the related Interest Remittance Amount;

(ix)

to the holders of the Class M-4 Certificates, in an amount equal to the previously allocated realized loss amounts, in accordance with the previously allocated realized loss amounts due for such class;

(x)

to the holders of the Class M-5 Certificates, in accordance with the Interest Carry Forward Amount due with respect to each such class, to the extent unpaid from the related Interest Remittance Amount;

(xi)

to the holders of the Class M-5 Certificates, in an amount equal to the previously allocated realized loss amounts, in accordance with the previously allocated realized loss amounts due for such class;

(xii)

to the holders of the Class M-6 Certificates, in accordance with the Interest Carry Forward Amount due with respect to each such class, to the extent unpaid from the related Interest Remittance Amount;

(xiii)

to the holders of the Class M-6 Certificates, in an amount equal to the previously allocated realized loss amounts, in accordance with the previously allocated realized loss amounts due for such class;

Net Monthly Excess Cashflow Distributions cont’d:

(xiv)

to the holders of the Class B-1 Certificates, in accordance with the Interest Carry Forward Amount due with respect to each such class, to the extent unpaid from the related Interest Remittance Amount;

(xv)

to the holders of the Class B-1 Certificates, in an amount equal to the previously allocated realized loss amounts, in accordance with the previously allocated realized loss amounts due for such class;

(xvi)

to the holders of the Class B-2 Certificates, in accordance with the Interest Carry Forward Amount due with respect to each such class, to the extent unpaid from the related Interest Remittance Amount;

(xvii)

to the holders of the Class B-2 Certificates, in an amount equal to the previously allocated realized loss amounts, in accordance with the previously allocated realized loss amounts due for such class;

(xviii)

to the holders of the Class B-3 Certificates, in accordance with the Interest Carry Forward Amount due with respect to each such class, to the extent unpaid from the related Interest Remittance Amount;

(xix)

to the holders of the Class B-3 Certificates, in an amount equal to the previously allocated realized loss amounts, in accordance with the previously allocated realized loss amounts due for such class;

(xx)

to the holders of the Class B-4 Certificates, in accordance with the Interest Carry Forward Amount due with respect to each such class, to the extent unpaid from the related Interest Remittance Amount;

(xxi)

to the holders of the Class B-4 Certificates, in an amount equal to the previously allocated realized loss amounts, in accordance with the previously allocated realized loss amounts due for such class;

(xxii)

to the Offered Certificates and Class B-4 Certificates, on a pro rata basis, based on the Certificate Principal Balances thereof, to the extent needed to pay any Basis Risk Shortfall Carry Forward Amount for each such class; provided that any amounts remaining after such allocation to pay Basis Risk Shortfall Carry Forward Amount based on the Certificate Principal Balances of these Certificates will be distributed to each such class of Certificates with respect to which there remains any unpaid Basis Risk Shortfall Carry Forward Amount (after the distribution based on Certificate Principal Balances), pro rata, based on the amount of such unpaid Basis Risk Shortfall Carry Forward Amount, until reduced to zero; and

(xxiii)

to the Swap Administrator for payment to the Swap Provider, the amount of any Swap Termination Payment resulting from a Swap Provider Trigger Event.

Principal Distribution Amount:	The Principal Distribution Amount for any Distribution Date will be the sum of (i) the principal portion of all scheduled monthly payments on the Mortgage Loans due during the related Due Period, to the extent received or advanced with respect to such Distribution Date; (ii) the principal portion of all proceeds received in respect of the repurchase of a Mortgage Loan (or, in the case of a substitution, certain amounts representing a principal adjustment) as required by the Pooling and Servicing Agreement during the related Prepayment Period; (iii) the principal portion of all other unscheduled collections, including insurance proceeds, liquidation proceeds and all full and partial principal prepayments, received during the related Prepayment Period, to the extent applied as recoveries of principal on the Mortgage Loans, and (iv) any Overcollateralization Increase Amount for such Distribution Date minus (v) the sum of (a) any Net Swap Payment, or any Swap Termination Payment not due to a Swap Provider Trigger Event, owed to the Swap Provider to the extent not paid from the Interest Remittance Amount on such Distribution Date and (b) the amount of any Overcollateralization Reduction Amount for such Distribution Date allocated among the Principal Distribution Amount based on the amount of principal for such Distribution Date.

Class A Principal Distribution Amount:	The Class A Principal Distribution Amount is an amount equal to the excess of (x) the aggregate Certificate Principal Balance of the Class A Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 49.30% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) and (B) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) minus approximately the Overcollateralization Floor.

Class M-1 Principal Distribution Amount:	The Class M-1 Principal Distribution Amount is an amount equal to the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the payment of the Class A Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-1 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 59.60% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) and (B) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) minus approximately the Overcollateralization Floor.

Class M-2 Principal Distribution Amount:	The Class M-2 Principal Distribution Amount is an amount equal to the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates and Class M-1 Certificates (after taking into account the payment of the Class A and Class M-1 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-2 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 67.10% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) and (B) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) minus approximately the Overcollateralization Floor.

Class M-3 Principal Distribution Amount:	The Class M-3 Principal Distribution Amount is an amount equal to the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1 and Class M-2 Certificates (after taking into account the payment of the Class A, Class M-1 and Class M-2 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-3 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 71.30% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) and (B) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) minus approximately the Overcollateralization Floor.

Class M-4 Principal Distribution Amount:	The Class M-4 Principal Distribution Amount is an amount equal to the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2 and Class M-3 Certificates (after taking into account the payment of the Class A, Class M-1, Class M-2 and Class M-3 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-4 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 75.10% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) and (B) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) minus approximately the Overcollateralization Floor.

Class M-5 Principal Distribution Amount:	The Class M-5 Principal Distribution Amount is an amount equal to the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3 and Class M-4 Certificates (after taking into account the payment of the Class A, Class M-1, Class M-2, Class M-3 and Class M-4 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-5 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 78.30% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) and (B) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) minus approximately the Overcollateralization Floor.

Class M-6 Principal Distribution Amount:	The Class M-6 Principal Distribution Amount is an amount equal to the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates (after taking into account the payment of the Class A, Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-6 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 80.40% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) and (B) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) minus approximately the Overcollateralization Floor.

Class B-1 Principal Distribution Amount:	The Class B-1 Principal Distribution Amount is an amount equal to the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Certificates (after taking into account the payment of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class B-1 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 83.50% and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) minus approximately the Overcollateralization Floor.

Class B-2 Principal Distribution Amount:	The Class B-2 Principal Distribution Amount is an amount equal to the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class B-1 Certificates (after taking into account the payment of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class B-1 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class B-2 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 86.00% and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) minus approximately the Overcollateralization Floor.

Class B-3 Principal Distribution Amount:	The Class B-3 Principal Distribution Amount is an amount equal to the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1 and Class B-2 Certificates (after taking into account the payment of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1 and Class B-2 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class B-3 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 89.30% and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) minus approximately the Overcollateralization Floor.

Class B-4 Principal Distribution Amount:	The Class B-4 Principal Distribution Amount is an amount equal to the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates (after taking into account the payment of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class B-4 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 92.00% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) and (B) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) minus approximately the Overcollateralization Floor.

Class A Schedule of Effective Coupon Rate (%)

Period	A-1 Cap (%)	A-2 Cap (%)	A-3 Cap (%)	A-4 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360

0	-	-	-	-
1	0.00	0.00	0.00	0.00
2	20.08	20.19	20.23	20.30
3	20.08	20.10	20.10	20.10
4	19.96	19.96	19.96	19.96
5	20.10	20.10	20.10	20.10
6	19.68	19.68	19.68	19.68
7	19.82	19.82	19.82	19.82
8	19.41	19.41	19.41	19.41
9	19.28	19.28	19.28	19.28
10	19.73	19.73	19.73	19.73
11	19.02	19.02	19.02	19.02
12	19.18	19.18	19.18	19.18
13	21.25	21.25	21.25	21.25
14	21.25	21.25	21.25	21.25
15	20.96	20.96	20.96	20.96
16	20.83	20.83	20.83	20.83
17	20.84	20.84	20.84	20.84
18	20.56	20.56	20.56	20.56
19	20.60	20.60	20.60	20.60
20	20.32	20.32	20.32	20.32
21	20.00	20.00	20.00	20.00
22	20.60	20.60	20.60	20.60
23	19.92	19.92	19.92	19.92
24	20.05	20.05	20.05	20.05
25	-	19.78	19.78	19.78
26	-	19.92	19.92	19.92
27	-	19.33	19.33	19.33
28	-	-	19.00	19.00
29	-	-	19.22	19.22
30	-	-	18.96	18.96
31	-	-	19.23	19.23
32	-	-	18.99	18.99
33	-	-	18.82	18.82
34	-	-	19.62	19.62
35	-	-	18.83	18.83
36	-	-	19.17	19.17
37	-	-	18.98	18.98
38	-	-	75.76	42.05
39	-	-	20.23	20.30
40	-	-	20.23	20.30
41	-	-	20.23	20.30
42	-	-	20.23	20.30

(1) Annualized coupon based on total interest paid to the certificates including Accrued Certificate Interest, unpaid interest amounts, and Basis Risk Carry Forward Amount, including any Net Swap Payments received from the Swap Provider.

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR rates of 20%.

Class A Schedule of Effective Coupon Rate (%)

Period	A-1 Cap (%)	A-2 Cap (%)	A-3 Cap (%)	A-4 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360

43	-	-	20.23	20.30
44	-	-	20.23	20.30
45	-	-	20.23	20.30
46	-	-	20.23	20.30
47	-	-	20.23	20.30
48	-	-	20.23	20.30
49	-	-	20.23	20.30
50	-	-	20.23	20.30
51	-	-	20.23	20.30
52	-	-	20.23	20.30
53	-	-	20.23	20.30
54	-	-	20.23	20.30
55	-	-	20.23	20.30
56	-	-	20.23	20.30
57	-	-	20.23	20.30
58	-	-	20.23	20.30
59	-	-	20.23	20.30
60	-	-	20.23	20.30
61	-	-	-	20.30
62	-	-	-	20.30
63	-	-	-	20.30
64	-	-	-	20.30
65	-	-	-	20.30
66	-	-	-	20.30
67	-	-	-	20.30
68	-	-	-	20.30
69	-	-	-	20.30
70	-	-	-	20.30
71	-	-	-	20.30
72	-	-	-	20.30
73	-	-	-	20.30
74	-	-	-	18.84
75	-	-	-	18.83
76	-	-	-	19.45
77	-	-	-	18.84
78	-	-	-	19.46
79	-	-	-	18.83
80	-	-	-	18.82
81	-	-	-	20.83
82	-	-	-	18.80
83	-	-	-	19.44
84	-	-	-	18.80

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR rates of 20%.

Class A Schedule of Effective Coupon Rate (%)

Period	A-1 Cap (%)	A-2 Cap (%)	A-3 Cap (%)	A-4 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360

85	-	-	-	19.42
86	-	-	-	18.79
87	-	-	-	18.78
88	-	-	-	19.40
89	-	-	-	18.76
90	-	-	-	19.38
91	-	-	-	18.75
92	-	-	-	18.74
93	-	-	-	20.74
94	-	-	-	18.72
95	-	-	-	19.34
96	-	-	-	18.70
97	-	-	-	19.32
98	-	-	-	18.69
99	-	-	-	18.68
100	-	-	-	19.30
101	-	-	-	18.66
102	-	-	-	19.28
103	-	-	-	18.65
104	-	-	-	18.64
105	-	-	-	19.92
106	-	-	-	18.62
107	-	-	-	19.24
108	-	-	-	18.61
109	-	-	-	15.18
110	-	-	-	13.84
111	-	-	-	13.88
112	-	-	-	14.39
113	-	-	-	13.97
114	-	-	-	14.48
115	-	-	-	14.07
116	-	-	-	14.12
117	-	-	-	15.68
118	-	-	-	14.22
119	-	-	-	14.75
120	-	-	-	14.33
121	-	-	-	14.87
122	-	-	-	14.45
123	-	-	-	14.51
124	-	-	-	15.06
125	-	-	-	14.63
126	-	-	-	15.19

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR rates of 20%.

Class A Schedule of Effective Coupon Rate (%)

Period	A-1 Cap (%)	A-2 Cap (%)	A-3 Cap (%)	A-4 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360

127	-	-	-	14.77
128	-	-	-	14.84
129	-	-	-	16.51
130	-	-	-	14.99
131	-	-	-	15.56
132	-	-	-	15.14
133	-	-	-	15.73
134	-	-	-	15.30
135	-	-	-	15.39
136	-	-	-	15.99
137	-	-	-	15.57
138	-	-	-	16.18
139	-	-	-	15.75
140	-	-	-	15.85
141	-	-	-	17.66
142	-	-	-	16.06
143	-	-	-	16.70
144	-	-	-	16.27
145	-	-	-	16.93
146	-	-	-	16.50
147	-	-	-	16.62
148	-	-	-	17.30
149	-	-	-	16.86
150	-	-	-	17.56
151	-	-	-	17.12
152	-	-	-	17.26
153	-	-	-	18.60
154	-	-	-	17.54
155	-	-	-	18.28
156	-	-	-	17.84
157	-	-	-	18.59
158	-	-	-	18.15
159	-	-	-	18.32
160	-	-	-	19.10
161	-	-	-	18.66
162	-	-	-	19.46
163	-	-	-	19.02
164	-	-	-	19.21
165	-	-	-	21.48
166	-	-	-	19.60
167	-	-	-	20.46
168	-	-	-	20.01

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR rates of 20%.

Class A Schedule of Effective Coupon Rate (%)

Period	A-1 Cap (%)	A-2 Cap (%)	A-3 Cap (%)	A-4 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360

169	-	-	-	20.90
170	-	-	-	20.44
171	-	-	-	20.67
172	-	-	-	21.60
173	-	-	-	21.14
174	-	-	-	22.10
175	-	-	-	21.64
176	-	-	-	21.92
177	-	-	-	24.97
178	-	-	-	22.86
179	-	-	-	23.93
180	-	-	-	23.75
181	-	-	-	25.25
182	-	-	-	25.18
183	-	-	-	26.00
184	-	-	-	27.80
185	-	-	-	27.90
186	-	-	-	29.97
187	-	-	-	30.23
188	-	-	-	31.61
189	-	-	-	36.72
190	-	-	-	34.93
191	-	-	-	38.19
192	-	-	-	39.31
193	-	-	-	43.45
194	-	-	-	45.31
195	-	-	-	49.23
196	-	-	-	55.85
197	-	-	-	60.09
198	-	-	-	70.16
199	-	-	-	78.39
200	-	-	-	93.19
201	-	-	-	123.63
202	-	-	-	153.80
203	-	-	-	240.56
204	-	-	-	666.50

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR rates of 20%.

Subordinate Schedule of Effective Coupon Rate (%)

Period	M-1 Cap (%)	M-2 Cap (%)	M-3 Cap (%)	M-4 Cap (%)	M-5 Cap (%)	M-6 Cap (%)	B-1 Cap (%)	B-2 Cap (%)	B-3 Cap (%)	B-4 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360

0	-	-	-	-	-	-	-	-	-	-
1	20.28	20.31	20.33	20.45	20.55	20.80	21.75	22.00	22.00	22.00
2	19.68	19.68	19.68	19.68	19.68	19.69	19.71	19.71	19.71	19.71
3	19.51	19.51	19.51	19.51	19.51	19.51	19.51	19.51	19.51	19.51
4	19.62	19.62	19.62	19.62	19.62	19.62	19.62	19.62	19.62	19.62
5	19.20	19.20	19.20	19.20	19.20	19.20	19.20	19.20	19.20	19.20
6	19.32	19.32	19.32	19.32	19.32	19.32	19.32	19.32	19.32	19.32
7	18.91	18.91	18.91	18.91	18.91	18.91	18.91	18.91	18.91	18.91
8	18.76	18.76	18.76	18.76	18.76	18.76	18.76	18.76	18.76	18.76
9	19.15	19.15	19.15	19.15	19.15	19.15	19.15	19.15	19.15	19.15
10	18.46	18.46	18.46	18.46	18.46	18.46	18.46	18.46	18.46	18.46
11	18.57	18.57	18.57	18.57	18.57	18.57	18.57	18.57	18.57	18.57
12	19.73	19.73	19.73	19.73	19.73	19.73	19.73	19.73	19.73	19.73
13	19.67	19.67	19.67	19.67	19.67	19.67	19.67	19.67	19.67	19.67
14	19.34	19.34	19.34	19.34	19.34	19.34	19.34	19.34	19.34	19.34
15	19.16	19.16	19.16	19.16	19.16	19.16	19.16	19.16	19.16	19.16
16	19.11	19.11	19.11	19.11	19.11	19.11	19.11	19.11	19.11	19.11
17	18.79	18.79	18.79	18.79	18.79	18.79	18.79	18.79	18.79	18.79
18	18.75	18.75	18.75	18.75	18.75	18.75	18.75	18.75	18.75	18.75
19	18.42	18.42	18.42	18.42	18.42	18.42	18.42	18.42	18.42	18.42
20	18.06	18.06	18.06	18.06	18.06	18.06	18.06	18.06	18.06	18.06
21	18.52	18.52	18.52	18.52	18.52	18.52	18.52	18.52	18.52	18.52
22	17.82	17.82	17.82	17.82	17.82	17.82	17.82	17.82	17.82	17.82
23	17.85	17.85	17.85	17.85	17.85	17.85	17.85	17.85	17.85	17.85
24	17.52	17.52	17.52	17.52	17.52	17.52	17.52	17.52	17.52	17.52
25	17.54	17.54	17.54	17.54	17.54	17.54	17.54	17.54	17.54	17.54
26	16.93	16.93	16.93	16.93	16.93	16.93	16.93	16.93	16.93	16.93
27	16.53	16.53	16.53	16.53	16.53	16.53	16.53	16.53	16.53	16.53
28	16.61	16.61	16.61	16.61	16.61	16.61	16.61	16.61	16.61	16.61
29	16.27	16.27	16.27	16.27	16.27	16.27	16.27	16.27	16.27	16.27
30	16.37	16.37	16.37	16.37	16.37	16.37	16.37	16.37	16.37	16.37
31	16.03	16.03	16.03	16.03	16.03	16.03	16.03	16.03	16.03	16.03
32	15.74	15.74	15.74	15.74	15.74	15.74	15.74	15.74	15.74	15.74
33	16.25	16.25	16.25	16.25	16.25	16.25	16.25	16.25	16.25	16.25
34	15.43	15.43	15.43	15.43	15.43	15.43	15.43	15.43	15.43	15.43
35	15.52	15.52	15.52	15.52	15.52	15.52	15.52	15.52	15.52	15.52
36	15.17	15.17	15.17	15.17	15.17	15.17	15.17	15.17	15.17	15.17
37	124.56	15.38	15.38	15.38	15.38	15.38	15.38	15.38	15.38	15.38
38	27.21	15.06	15.06	15.06	15.06	15.06	15.06	15.06	15.06	15.06
39	26.26	15.00	15.00	15.00	15.00	15.00	15.00	15.00	15.00	15.00
40	26.45	15.07	15.07	15.07	15.07	15.07	15.07	15.07	15.07	15.07
41	22.72	14.51	14.51	14.51	14.51	14.51	14.51	14.51	14.51	14.51
42	23.87	14.79	14.79	14.79	14.79	14.79	14.79	14.79	14.79	14.79

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR rates of 20%

Subordinate Schedule of Effective Coupon Rate (%)

Period	M-1 Cap (%)	M-2 Cap (%)	M-3 Cap (%)	M-4 Cap (%)	M-5 Cap (%)	M-6 Cap (%)	B-1 Cap (%)	B-2 Cap (%)	B-3 Cap (%)	B-4 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360

43	21.05	14.42	14.42	14.42	14.42	14.42	14.42	14.42	14.42	14.42
44	20.25	14.37	14.37	14.37	14.37	14.37	14.37	14.37	14.37	14.37
45	26.41	15.28	15.28	15.28	15.28	15.28	15.28	15.28	15.28	15.28
46	18.98	14.13	14.13	14.13	14.13	14.13	14.13	14.13	14.13	14.13
47	21.03	14.39	14.39	14.39	14.39	14.39	14.39	14.39	14.39	14.39
48	17.87	14.00	14.00	14.00	14.00	14.00	14.00	14.00	14.00	14.00
49	20.73	14.33	14.33	14.33	14.33	14.33	14.33	14.33	14.33	14.33
50	17.44	13.95	13.95	13.95	13.95	13.95	13.95	13.95	13.95	13.95
51	17.52	13.96	13.96	13.96	13.96	13.96	13.96	13.96	13.96	13.96
52	22.21	14.56	14.56	14.56	14.56	14.56	14.56	14.56	14.56	14.56
53	20.18	14.37	14.37	14.37	14.37	14.37	14.37	14.37	14.37	14.37
54	23.20	14.72	14.72	14.72	14.72	14.72	14.72	14.72	14.72	14.72
55	19.78	14.31	14.31	14.31	14.31	14.31	14.31	14.31	14.31	14.31
56	19.59	14.29	14.29	14.29	14.29	14.29	14.29	14.29	14.29	14.29
57	26.06	15.03	15.03	15.03	15.03	15.03	15.03	15.03	15.03	15.03
58	19.38	14.25	14.25	14.25	14.25	14.25	14.25	14.25	14.25	14.25
59	23.16	14.71	14.71	14.71	14.71	14.71	14.71	14.71	14.71	14.71
60	19.71	14.31	14.31	14.31	14.31	14.31	14.31	14.31	14.31	14.31
61	22.78	14.66	14.66	14.66	14.66	14.66	14.66	14.66	14.66	14.66
62	19.34	14.25	14.25	14.25	14.25	14.25	14.25	14.25	14.25	14.25
63	19.14	14.22	14.22	14.22	14.22	14.22	14.22	14.22	14.22	14.22
64	22.17	14.57	14.57	14.57	14.57	14.57	14.57	14.57	14.57	14.57
65	18.72	14.16	14.16	14.16	14.16	14.16	14.16	14.16	14.16	14.16
66	21.81	14.51	14.51	14.51	14.51	14.51	14.51	14.51	14.51	14.51
67	18.37	14.11	14.11	14.11	14.11	14.11	14.11	14.11	14.11	14.11
68	18.20	14.08	14.08	14.08	14.08	14.08	14.08	14.08	14.08	14.08
69	28.52	15.28	15.28	15.28	15.28	15.28	15.28	15.28	15.28	15.28
70	17.83	14.02	14.02	14.02	14.02	14.02	14.02	14.02	14.02	14.02
71	20.98	14.39	14.39	14.39	14.39	14.39	14.39	14.39	14.39	14.39
72	17.54	13.98	13.98	13.98	13.98	13.98	13.98	13.98	13.98	13.98
73	20.65	14.34	14.34	14.34	14.34	14.34	14.34	14.34	14.34	14.34
74	12.08	12.08	12.08	12.08	12.08	12.08	12.08	12.08	12.08	12.08
75	12.08	12.08	12.08	12.08	12.08	12.08	12.08	12.08	12.08	12.08
76	12.47	12.47	12.47	12.47	12.47	12.47	12.47	12.47	12.47	12.47
77	12.09	12.09	12.09	12.09	12.09	12.09	12.09	12.09	12.09	12.09
78	12.48	12.48	12.48	12.48	12.48	12.48	12.48	12.48	12.48	12.48
79	12.07	12.07	12.07	12.07	12.07	12.07	12.07	12.07	12.07	12.07
80	12.07	12.07	12.07	12.07	12.07	12.07	12.07	12.07	12.07	12.07
81	13.35	13.35	13.35	13.35	13.35	13.35	13.35	13.35	13.35	13.35
82	12.05	12.05	12.05	12.05	12.05	12.05	12.05	12.05	12.05	12.05
83	12.46	12.46	12.46	12.46	12.46	12.46	12.46	12.46	12.46	12.46
84	12.05	12.05	12.05	12.05	12.05	12.05	12.05	12.05	12.05	12.05

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR rates of 20%

Subordinate Schedule of Effective Coupon Rate (%)

Period	M-1 Cap (%)	M-2 Cap (%)	M-3 Cap (%)	M-4 Cap (%)	M-5 Cap (%)	M-6 Cap (%)	B-1 Cap (%)	B-2 Cap (%)	B-3 Cap (%)	B-4 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360

85	12.45	12.45	12.45	12.45	12.45	12.45	12.45	12.45	12.45	12.45
86	12.04	12.04	12.04	12.04	12.04	12.04	12.04	12.04	12.04	12.04
87	12.03	12.03	12.03	12.03	12.03	12.03	12.03	12.03	12.03	12.03
88	12.43	12.43	12.43	12.43	12.43	12.43	12.43	12.43	12.43	12.43
89	12.02	12.02	12.02	12.02	12.02	12.02	12.02	12.02	12.02	12.02
90	12.41	12.41	12.41	12.41	12.41	12.41	12.41	12.41	12.41	12.41
91	12.00	12.00	12.00	12.00	12.00	12.00	12.00	12.00	12.00	12.00
92	12.00	12.00	12.00	12.00	12.00	12.00	12.00	12.00	12.00	12.00
93	13.27	13.27	13.27	13.27	13.27	13.27	13.27	13.27	13.27	13.27
94	11.98	11.98	11.98	11.98	11.98	11.98	11.98	11.98	11.98	11.98
95	12.37	12.37	12.37	12.37	12.37	12.37	12.37	12.37	12.37	12.37
96	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97
97	12.36	12.36	12.36	12.36	12.36	12.36	12.36	12.36	12.36	12.36
98	11.95	11.95	11.95	11.95	11.95	11.95	11.95	11.95	11.95	11.95
99	11.95	11.95	11.95	11.95	11.95	11.95	11.95	11.95	11.95	11.95
100	12.34	12.34	12.34	12.34	12.34	12.34	12.34	12.34	12.34	12.34
101	11.93	11.93	11.93	11.93	11.93	11.93	11.93	11.93	11.93	11.93
102	12.32	12.32	12.32	12.32	12.32	12.32	12.32	12.32	12.32	12.32
103	11.92	11.92	11.92	11.92	11.92	11.92	11.92	11.92	11.92	11.92
104	11.91	11.91	11.91	11.91	11.91	11.91	11.91	11.91	11.91	11.91
105	12.73	12.73	12.73	12.73	12.73	12.73	12.73	12.73	12.73	12.73
106	11.90	11.90	11.90	11.90	11.90	11.90	11.90	11.90	11.90	11.90
107	12.29	12.29	12.29	12.29	12.29	12.29	12.29	12.29	12.29	12.29
108	11.88	11.88	11.88	11.88	11.88	11.88	11.88	11.88	11.88	11.88
109	12.27	12.27	12.27	12.27	12.27	12.27	12.27	12.27	12.27	12.27
110	11.87	11.87	11.87	11.87	11.87	11.87	11.87	11.87	11.87	11.87
111	11.86	11.86	11.86	11.86	11.86	11.86	11.86	11.86	11.86	11.86
112	12.25	12.25	12.25	12.25	12.25	12.25	12.25	12.25	12.25	12.25
113	11.85	11.85	11.85	11.85	11.85	11.85	11.85	11.85	11.85	11.85
114	12.24	12.24	12.24	12.24	12.24	12.24	12.24	12.24	12.24	12.24
115	11.83	11.83	11.83	11.83	11.83	11.83	11.83	11.83	11.83	11.83
116	11.83	11.83	11.83	11.83	11.83	11.83	11.83	11.83	11.83	11.83
117	13.09	13.09	13.09	13.09	13.09	13.09	13.09	13.09	13.09	13.09
118	11.81	11.81	11.81	11.81	11.81	11.81	11.81	11.81	11.81	11.81
119	12.20	12.20	12.20	12.20	12.20	12.20	12.20	12.20	12.20	12.20
120	11.80	11.80	11.80	11.80	11.80	11.80	11.80	11.80	11.80	11.80
121	12.19	12.19	12.19	12.19	12.19	12.19	12.19	12.19	12.19	-
122	11.79	11.79	11.79	11.79	11.79	11.79	11.79	11.79	11.79	-
123	11.78	11.78	11.78	11.78	11.78	11.78	11.78	11.78	11.78	-
124	12.16	12.16	12.16	12.16	12.16	12.16	12.16	12.16	12.16	-
125	11.76	11.76	11.76	11.76	11.76	11.76	11.76	11.76	11.76	-
126	12.15	12.15	12.15	12.15	12.15	12.15	12.15	12.15	12.15	-

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR rates of 20%

Subordinate Schedule of Effective Coupon Rate (%)

Period	M-1 Cap (%)	M-2 Cap (%)	M-3 Cap (%)	M-4 Cap (%)	M-5 Cap (%)	M-6 Cap (%)	B-1 Cap (%)	B-2 Cap (%)	B-3 Cap (%)	B-4 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360

127	11.75	11.75	11.75	11.75	11.75	11.75	11.75	11.75	11.75	-
128	11.74	11.74	11.74	11.74	11.74	11.74	11.74	11.74	11.74	-
129	12.99	12.99	12.99	12.99	12.99	12.99	12.99	12.99	12.99	-
130	11.73	11.73	11.73	11.73	11.73	11.73	11.73	11.73	11.73	-
131	12.11	12.11	12.11	12.11	12.11	12.11	12.11	12.11	-	-
132	11.71	11.71	11.71	11.71	11.71	11.71	11.71	11.71	-	-
133	12.10	12.10	12.10	12.10	12.10	12.10	12.10	12.10	-	-
134	11.70	11.70	11.70	11.70	11.70	11.70	11.70	11.70	-	-
135	11.69	11.69	11.69	11.69	11.69	11.69	11.69	11.69	-	-
136	12.08	12.08	12.08	12.08	12.08	12.08	12.08	12.08	-	-
137	11.68	11.68	11.68	11.68	11.68	11.68	11.68	11.68	-	-
138	12.06	12.06	12.06	12.06	12.06	12.06	12.06	-	-	-
139	11.67	11.67	11.67	11.67	11.67	11.67	11.67	-	-	-
140	11.66	11.66	11.66	11.66	11.66	11.66	11.66	-	-	-
141	12.90	12.90	12.90	12.90	12.90	12.90	12.90	-	-	-
142	11.65	11.65	11.65	11.65	11.65	11.65	11.65	-	-	-
143	12.03	12.03	12.03	12.03	12.03	12.03	12.03	-	-	-
144	11.63	11.63	11.63	11.63	11.63	11.63	-	-	-	-
145	12.01	12.01	12.01	12.01	12.01	12.01	-	-	-	-
146	11.62	11.62	11.62	11.62	11.62	11.62	-	-	-	-
147	11.61	11.61	11.61	11.61	11.61	11.61	-	-	-	-
148	11.99	11.99	11.99	11.99	11.99	-	-	-	-	-
149	11.60	11.60	11.60	11.60	11.60	-	-	-	-	-
150	11.98	11.98	11.98	11.98	11.98	-	-	-	-	-
151	11.58	11.58	11.58	11.58	11.58	-	-	-	-	-
152	11.58	11.58	11.58	11.58	11.58	-	-	-	-	-
153	12.37	12.37	12.37	12.37	12.37	-	-	-	-	-
154	11.56	11.56	11.56	11.56	-	-	-	-	-	-
155	11.94	11.94	11.94	11.94	-	-	-	-	-	-
156	11.55	11.55	11.55	11.55	-	-	-	-	-	-
157	11.93	11.93	11.93	11.93	-	-	-	-	-	-
158	11.54	11.54	11.54	11.54	-	-	-	-	-	-
159	11.53	11.53	11.53	-	-	-	-	-	-	-
160	11.91	11.91	11.91	-	-	-	-	-	-	-
161	11.52	11.52	11.52	-	-	-	-	-	-	-
162	11.89	11.89	11.89	-	-	-	-	-	-	-
163	11.50	11.50	11.50	-	-	-	-	-	-	-
164	11.50	11.50	-	-	-	-	-	-	-	-
165	12.72	12.72	-	-	-	-	-	-	-	-
166	11.48	11.48	-	-	-	-	-	-	-	-
167	11.86	11.86	-	-	-	-	-	-	-	-
168	11.47	11.47	-	-	-	-	-	-	-	-

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR rates of 20%

Subordinate Schedule of Effective Coupon Rate (%)

Period	M-1 Cap (%)	M-2 Cap (%)	M-3 Cap (%)	M-4 Cap (%)	M-5 Cap (%)	M-6 Cap (%)	B-1 Cap (%)	B-2 Cap (%)	B-3 Cap (%)	B-4 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360

169	11.85	11.85	-	-	-	-	-	-	-	-
170	11.46	11.46	-	-	-	-	-	-	-	-
171	11.45	11.45	-	-	-	-	-	-	-	-
172	11.83	-	-	-	-	-	-	-	-	-
173	11.44	-	-	-	-	-	-	-	-	-
174	11.81	-	-	-	-	-	-	-	-	-
175	11.43	-	-	-	-	-	-	-	-	-
176	11.42	-	-	-	-	-	-	-	-	-
177	12.67	-	-	-	-	-	-	-	-	-
178	11.44	-	-	-	-	-	-	-	-	-
179	11.81	-	-	-	-	-	-	-	-	-
180	-	-	-	-	-	-	-	-	-	-

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR rates of 20%

Sensitivity Analysis – To 5% Optional Termination

Class A-1
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	1.81	1.51	1.20	0.89	0.70	0.57	0.47
First Principal Payment	7/25/2007	7/25/2007	7/25/2007	7/25/2007	7/25/2007	7/25/2007	7/25/2007
Last Principal Payment	5/25/2011	9/25/2010	1/25/2010	5/25/2009	12/25/2008	9/25/2008	6/25/2008
Principal Window (months)	47	39	31	23	18	15	12

Class A-2
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	4.12	3.42	2.71	1.99	1.56	1.26	1.05
First Principal Payment	5/25/2011	9/25/2010	1/25/2010	5/25/2009	12/25/2008	9/25/2008	6/25/2008
Last Principal Payment	11/25/2011	2/25/2011	5/25/2010	8/25/2009	2/25/2009	10/25/2008	8/25/2008
Principal Window (months)	7	6	5	4	3	2	3

Class A-3
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	6.69	5.56	4.40	2.99	2.09	1.69	1.40
First Principal Payment	11/25/2011	2/25/2011	5/25/2010	8/25/2009	2/25/2009	10/25/2008	8/25/2008
Last Principal Payment	11/25/2017	2/25/2016	4/25/2014	6/25/2012	2/25/2010	8/25/2009	3/25/2009
Principal Window (months)	73	61	48	35	13	11	8

Class A-4
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	15.16	12.75	10.20	7.47	4.87	2.43	2.01
First Principal Payment	11/25/2017	2/25/2016	4/25/2014	6/25/2012	2/25/2010	8/25/2009	3/25/2009
Last Principal Payment	11/25/2026	11/25/2023	9/25/2020	3/25/2017	1/25/2015	4/25/2010	10/25/2009
Principal Window (months)	109	94	78	58	60	9	8

Sensitivity Analysis – To 5% Optional Termination

Class M-1
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.66	8.92	7.11	5.49	5.39	5.56	4.57
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	1/25/2011	11/25/2011	4/25/2010	10/25/2009
Last Principal Payment	11/25/2026	11/25/2023	9/25/2020	3/25/2017	1/25/2015	7/25/2013	6/25/2012
Principal Window (months)	176	150	122	75	39	40	33

Class M-2
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.66	8.92	7.11	5.40	4.87	4.85	3.98
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	11/25/2010	6/25/2011	9/25/2011	12/25/2010
Last Principal Payment	11/25/2026	11/25/2023	9/25/2020	3/25/2017	1/25/2015	7/25/2013	6/25/2012
Principal Window (months)	176	150	122	77	44	23	19

Class M-3
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.66	8.92	7.11	5.37	4.68	4.39	3.61
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	10/25/2010	3/25/2011	5/25/2011	9/25/2010
Last Principal Payment	11/25/2026	11/25/2023	9/25/2020	3/25/2017	1/25/2015	7/25/2013	6/25/2012
Principal Window (months)	176	150	122	78	47	27	22

Class M-4
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.66	8.92	7.11	5.35	4.60	4.20	3.45
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	10/25/2010	1/25/2011	2/25/2011	7/25/2010
Last Principal Payment	11/25/2026	11/25/2023	9/25/2020	3/25/2017	1/25/2015	7/25/2013	6/25/2012
Principal Window (months)	176	150	122	78	49	30	24

Sensitivity Analysis – To 5% Optional Termination

Class M-5
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.66	8.92	7.11	5.33	4.53	4.07	3.34
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	9/25/2010	12/25/2010	12/25/2010	5/25/2010
Last Principal Payment	11/25/2026	11/25/2023	9/25/2020	3/25/2017	1/25/2015	7/25/2013	6/25/2012
Principal Window (months)	176	150	122	79	50	32	26

Class M-6
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.66	8.92	7.11	5.32	4.49	3.98	3.28
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	9/25/2010	11/25/2010	11/25/2010	4/25/2010
Last Principal Payment	11/25/2026	11/25/2023	9/25/2020	3/25/2017	1/25/2015	7/25/2013	6/25/2012
Principal Window (months)	176	150	122	79	51	33	27

Class B-1
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.66	8.92	7.11	5.32	4.45	3.92	3.22
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	8/25/2010	10/25/2010	10/25/2010	3/25/2010
Last Principal Payment	11/25/2026	11/25/2023	9/25/2020	3/25/2017	1/25/2015	7/25/2013	6/25/2012
Principal Window (months)	176	150	122	80	52	34	28

Class B-2
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.66	8.92	7.11	5.30	4.41	3.86	3.17
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	8/25/2010	10/25/2010	9/25/2010	2/25/2010
Last Principal Payment	11/25/2026	11/25/2023	9/25/2020	3/25/2017	1/25/2015	7/25/2013	6/25/2012
Principal Window (months)	176	150	122	80	52	35	29

Sensitivity Analysis – To 5% Optional Termination

Class B-3
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.66	8.92	7.11	5.30	4.39	3.81	3.13
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	8/25/2010	9/25/2010	8/25/2010	1/25/2010
Last Principal Payment	11/25/2026	11/25/2023	9/25/2020	3/25/2017	1/25/2015	7/25/2013	6/25/2012
Principal Window (months)	176	150	122	80	53	36	30

Class B-4
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.60	8.88	7.07	5.27	4.34	3.73	3.08
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	7/25/2010	8/25/2010	7/25/2010	12/25/2009
Last Principal Payment	11/25/2026	11/25/2023	9/25/2020	3/25/2017	1/25/2015	7/25/2013	6/25/2012
Principal Window (months)	176	150	122	81	54	37	31

Sensitivity Analysis – To Maturity

Class A-1
% of Prepayment Assumption	0%	50%	75%	100%	125%	150%	175%
Average Life (years)	1.81	1.51	1.20	0.89	0.70	0.57	0.47
First Principal Payment	7/25/2007	7/25/2007	7/25/2007	7/25/2007	7/25/2007	7/25/2007	7/25/2007
Last Principal Payment	5/25/2011	9/25/2010	1/25/2010	5/25/2009	12/25/2008	9/25/2008	6/25/2008
Principal Window (months)	47	39	31	23	18	15	12

Class A-2
% of Prepayment Assumption	0%	50%	75%	100%	125%	150%	175%
Average Life (years)	4.12	3.42	2.71	1.99	1.56	1.26	1.05
First Principal Payment	5/25/2011	9/25/2010	1/25/2010	5/25/2009	12/25/2008	9/25/2008	6/25/2008
Last Principal Payment	11/25/2011	2/25/2011	5/25/2010	8/25/2009	2/25/2009	10/25/2008	8/25/2008
Principal Window (months)	7	6	5	4	3	2	3

Class A-3
% of Prepayment Assumption	0%	50%	75%	100%	125%	150%	175%
Average Life (years)	6.69	5.56	4.40	2.99	2.09	1.69	1.40
First Principal Payment	11/25/2011	2/25/2011	5/25/2010	8/25/2009	2/25/2009	10/25/2008	8/25/2008
Last Principal Payment	11/25/2017	2/25/2016	4/25/2014	6/25/2012	2/25/2010	8/25/2009	3/25/2009
Principal Window (months)	73	61	48	35	13	11	8

Class A-4
% of Prepayment Assumption	0%	50%	75%	100%	125%	150%	175%
Average Life (years)	16.14	13.70	11.01	8.10	5.37	2.43	2.01
First Principal Payment	11/25/2017	2/25/2016	4/25/2014	6/25/2012	2/25/2010	8/25/2009	3/25/2009
Last Principal Payment	12/25/2036	3/25/2034	12/25/2029	6/25/2024	10/25/2020	4/25/2010	10/25/2009
Principal Window (months)	230	218	189	145	129	9	8

Sensitivity Analysis – To Maturity

Class M-1
% of Prepayment Assumption	0%	50%	75%	100%	125%	150%	175%
Average Life (years)	11.06	9.30	7.43	5.74	5.58	6.56	5.39
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	1/25/2011	11/25/2011	4/25/2010	10/25/2009
Last Principal Payment	9/25/2034	7/25/2031	4/25/2027	4/25/2022	2/25/2019	3/25/2018	5/25/2016
Principal Window (months)	270	242	201	136	88	96	80

Class M-2
% of Prepayment Assumption	0%	50%	75%	100%	125%	150%	175%
Average Life (years)	11.03	9.28	7.41	5.63	5.05	4.99	4.11
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	11/25/2010	6/25/2011	9/25/2011	12/25/2010
Last Principal Payment	11/25/2033	8/25/2030	6/25/2026	9/25/2021	7/25/2018	5/25/2016	10/25/2014
Principal Window (months)	260	231	191	131	86	57	47

Class M-3
% of Prepayment Assumption	0%	50%	75%	100%	125%	150%	175%
Average Life (years)	11.01	9.26	7.39	5.58	4.85	4.53	3.72
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	10/25/2010	3/25/2011	5/25/2011	9/25/2010
Last Principal Payment	12/25/2032	9/25/2029	8/25/2025	1/25/2021	1/25/2018	12/25/2015	6/25/2014
Principal Window (months)	249	220	181	124	83	56	46

Class M-4
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.99	9.23	7.37	5.55	4.75	4.32	3.56
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	10/25/2010	1/25/2011	2/25/2011	7/25/2010
Last Principal Payment	5/25/2032	1/25/2029	1/25/2025	8/25/2020	9/25/2017	9/25/2015	3/25/2014
Principal Window (months)	242	212	174	119	81	56	45

Sensitivity Analysis – To Maturity

Class M-5
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.96	9.21	7.34	5.52	4.67	4.18	3.44
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	9/25/2010	12/25/2010	12/25/2010	5/25/2010
Last Principal Payment	9/25/2031	5/25/2028	6/25/2024	2/25/2020	4/25/2017	5/25/2015	12/25/2013
Principal Window (months)	234	204	167	114	77	54	44

Class M-6
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.94	9.18	7.32	5.49	4.62	4.09	3.37
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	9/25/2010	11/25/2010	11/25/2010	4/25/2010
Last Principal Payment	1/25/2031	9/25/2027	11/25/2023	9/25/2019	12/25/2016	2/25/2015	10/25/2013
Principal Window (months)	226	196	160	109	74	52	43

Class B-1
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.90	9.15	7.29	5.46	4.56	4.01	3.30
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	8/25/2010	10/25/2010	10/25/2010	3/25/2010
Last Principal Payment	7/25/2030	3/25/2027	6/25/2023	5/25/2019	9/25/2016	11/25/2014	8/25/2013
Principal Window (months)	220	190	155	106	72	50	42

Class B-2
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.85	9.10	7.25	5.41	4.50	3.93	3.23
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	8/25/2010	10/25/2010	9/25/2010	2/25/2010
Last Principal Payment	8/25/2029	5/25/2026	9/25/2022	10/25/2018	4/25/2016	7/25/2014	4/25/2013
Principal Window (months)	209	180	146	99	67	47	39

Sensitivity Analysis – To Maturity

Class B-3
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.76	9.02	7.19	5.36	4.43	3.84	3.16
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	8/25/2010	9/25/2010	8/25/2010	1/25/2010
Last Principal Payment	9/25/2028	7/25/2025	2/25/2022	4/25/2018	11/25/2015	3/25/2014	1/25/2013
Principal Window (months)	198	170	139	93	63	44	37

Class B-4
% of Prepayment Assumption	50%	60%	75%	100%	125%	150%	175%
Average Life (years)	10.61	8.88	7.08	5.27	4.34	3.74	3.08
First Principal Payment	4/25/2012	6/25/2011	8/25/2010	7/25/2010	8/25/2010	7/25/2010	12/25/2009
Last Principal Payment	3/25/2027	3/25/2024	1/25/2021	6/25/2017	3/25/2015	9/25/2013	7/25/2012
Principal Window (months)	180	154	126	84	56	39	32

Sensitivity Analysis – To 5% Optional Termination

Class A-1
CPR (%)	20%	25%	30%
Average Life (years)	1.13	0.88	0.72
First Principal Payment	7/25/2007	7/25/2007	7/25/2007
Last Principal Payment	12/25/2009	6/25/2009	1/25/2009
Principal Window (months)	30	24	19

Class A-2
CPR (%)	20%	25%	30%
Average Life (years)	2.61	2.04	1.65
First Principal Payment	12/25/2009	6/25/2009	1/25/2009
Last Principal Payment	4/25/2010	8/25/2009	3/25/2009
Principal Window (months)	5	3	3

Class A-3
CPR (%)	20%	25%	30%
Average Life (years)	4.29	3.17	2.25
First Principal Payment	4/25/2010	8/25/2009	3/25/2009
Last Principal Payment	3/25/2014	9/25/2012	4/25/2010
Principal Window (months)	48	38	14

Class A-4
CPR (%)	20%	25%	30%
Average Life (years)	10.01	7.85	6.03
First Principal Payment	3/25/2014	9/25/2012	4/25/2010
Last Principal Payment	6/25/2020	9/25/2017	10/25/2015
Principal Window (months)	76	61	67

Sensitivity Analysis – To 5% Optional Termination

Class M-1
CPR (%)	20%	25%	30%
Average Life (years)	6.96	5.66	5.29
First Principal Payment	7/25/2010	1/25/2011	8/25/2011
Last Principal Payment	6/25/2020	9/25/2017	10/25/2015
Principal Window (months)	120	81	51

Class M-2
CPR (%)	20%	25%	30%
Average Life (years)	6.96	5.60	4.99
First Principal Payment	7/25/2010	11/25/2010	3/25/2011
Last Principal Payment	6/25/2020	9/25/2017	10/25/2015
Principal Window (months)	120	83	56

Class M-3
CPR (%)	20%	25%	30%
Average Life (years)	6.96	5.57	4.87
First Principal Payment	7/25/2010	10/25/2010	2/25/2011
Last Principal Payment	6/25/2020	9/25/2017	10/25/2015
Principal Window (months)	120	84	57

Class M-4
CPR (%)	20%	25%	30%
Average Life (years)	6.96	5.56	4.81
First Principal Payment	7/25/2010	9/25/2010	12/25/2010
Last Principal Payment	6/25/2020	9/25/2017	10/25/2015
Principal Window (months)	120	85	59

Sensitivity Analysis – To 5% Optional Termination

Class M-5
CPR (%)	20%	25%	30%
Average Life (years)	6.96	5.55	4.77
First Principal Payment	7/25/2010	9/25/2010	11/25/2010
Last Principal Payment	6/25/2020	9/25/2017	10/25/2015
Principal Window (months)	120	85	60

Class M-6
CPR (%)	20%	25%	30%
Average Life (years)	6.96	5.55	4.74
First Principal Payment	7/25/2010	9/25/2010	11/25/2010
Last Principal Payment	6/25/2020	9/25/2017	10/25/2015
Principal Window (months)	120	85	60

Class B-1
CPR (%)	20%	25%	30%
Average Life (years)	6.96	5.53	4.71
First Principal Payment	7/25/2010	8/25/2010	10/25/2010
Last Principal Payment	6/25/2020	9/25/2017	10/25/2015
Principal Window (months)	120	86	61

Class B-2
CPR (%)	20%	25%	30%
Average Life (years)	6.96	5.53	4.69
First Principal Payment	7/25/2010	8/25/2010	9/25/2010
Last Principal Payment	6/25/2020	9/25/2017	10/25/2015
Principal Window (months)	120	86	62

Sensitivity Analysis – To 5% Optional Termination

Class B-3
CPR (%)	20%	25%	30%
Average Life (years)	6.96	5.53	4.68
First Principal Payment	7/25/2010	8/25/2010	8/25/2010
Last Principal Payment	6/25/2020	9/25/2017	10/25/2015
Principal Window (months)	120	86	63

Class B-4
CPR (%)	20%	25%	30%
Average Life (years)	6.93	5.48	4.62
First Principal Payment	7/25/2010	7/25/2010	8/25/2010
Last Principal Payment	6/25/2020	9/25/2017	10/25/2015
Principal Window (months)	120	87	63

Sensitivity Analysis – To Maturity

Class A-1
CPR (%)	20%	25%	30%
Average Life (years)	1.13	0.88	0.72
First Principal Payment	7/25/2007	7/25/2007	7/25/2007
Last Principal Payment	12/25/2009	6/25/2009	1/25/2009
Principal Window (months)	30	24	19

Class A-2
CPR (%)	20%	25%	30%
Average Life (years)	2.61	2.04	1.65
First Principal Payment	12/25/2009	6/25/2009	1/25/2009
Last Principal Payment	4/25/2010	8/25/2009	3/25/2009
Principal Window (months)	5	3	3

Class A-3
CPR (%)	20%	25%	30%
Average Life (years)	4.29	3.17	2.25
First Principal Payment	4/25/2010	8/25/2009	3/25/2009
Last Principal Payment	3/25/2014	9/25/2012	4/25/2010
Principal Window (months)	48	38	14

Class A-4
CPR (%)	20%	25%	30%
Average Life (years)	10.82	8.50	6.56
First Principal Payment	3/25/2014	9/25/2012	4/25/2010
Last Principal Payment	9/25/2029	3/25/2025	1/25/2022
Principal Window (months)	187	151	142

Sensitivity Analysis – To Maturity

Class M-1
CPR (%)	20%	25%	30%
Average Life (years)	7.29	5.92	5.50
First Principal Payment	7/25/2010	1/25/2011	8/25/2011
Last Principal Payment	1/25/2027	1/25/2023	3/25/2020
Principal Window (months)	199	145	104

Class M-2
CPR (%)	20%	25%	30%
Average Life (years)	7.26	5.84	5.18
First Principal Payment	7/25/2010	11/25/2010	3/25/2011
Last Principal Payment	2/25/2026	4/25/2022	7/25/2019
Principal Window (months)	188	138	101

Class M-3
CPR (%)	20%	25%	30%
Average Life (years)	7.24	5.79	5.05
First Principal Payment	7/25/2010	10/25/2010	2/25/2011
Last Principal Payment	5/25/2025	8/25/2021	1/25/2019
Principal Window (months)	179	131	96

Class M-4
CPR (%)	20%	25%	30%
Average Life (years)	7.22	5.77	4.98
First Principal Payment	7/25/2010	9/25/2010	12/25/2010
Last Principal Payment	10/25/2024	3/25/2021	8/25/2018
Principal Window (months)	172	127	93

Sensitivity Analysis – To Maturity

Class M-5
CPR (%)	20%	25%	30%
Average Life (years)	7.20	5.73	4.92
First Principal Payment	7/25/2010	9/25/2010	11/25/2010
Last Principal Payment	3/25/2024	9/25/2020	4/25/2018
Principal Window (months)	165	121	90

Class M-6
CPR (%)	20%	25%	30%
Average Life (years)	7.18	5.72	4.88
First Principal Payment	7/25/2010	9/25/2010	11/25/2010
Last Principal Payment	8/25/2023	4/25/2020	11/25/2017
Principal Window (months)	158	116	85

Class B-1
CPR (%)	20%	25%	30%
Average Life (years)	7.15	5.68	4.83
First Principal Payment	7/25/2010	8/25/2010	10/25/2010
Last Principal Payment	3/25/2023	12/25/2019	8/25/2017
Principal Window (months)	153	113	83

Class B-2
CPR (%)	20%	25%	30%
Average Life (years)	7.11	5.64	4.78
First Principal Payment	7/25/2010	8/25/2010	9/25/2010
Last Principal Payment	7/25/2022	5/25/2019	2/25/2017
Principal Window (months)	145	106	78

Sensitivity Analysis – To Maturity

Class B-3
CPR (%)	20%	25%	30%
Average Life (years)	7.05	5.59	4.72
First Principal Payment	7/25/2010	8/25/2010	8/25/2010
Last Principal Payment	11/25/2021	10/25/2018	9/25/2016
Principal Window (months)	137	99	74

Class B-4
CPR (%)	20%	25%	30%
Average Life (years)	6.93	5.48	4.62
First Principal Payment	7/25/2010	7/25/2010	8/25/2010
Last Principal Payment	10/25/2020	12/25/2017	12/25/2015
Principal Window (months)	124	90	65

TOTAL MORTGAGE LOANS

Please note that all pool characteristics are approximate and are subject to a +/- 10% variance. Summary	Total	Minimum	Maximum
Aggregate Outstanding Principal Balance	$735,100,464
Number of Loans	4,374
Average Current Loan Balance	$168,061	$14,554	$958,641
⁽¹⁾Original Loan-to-Value Ratio	80.67%	10.00%	100.00%
Original Combined Loan-to-Value Ratio	83.60%	10.00%	100.00%
⁽¹⁾Mortgage Rate	8.6346%	5.5000%	14.7500%
⁽¹⁾Net Mortgage Rate	8.1196%	4.9850%	14.2350%
^{(1) (3)}Note Margin	6.4098%	2.5000%	8.9990%
^{(1) (3)}Maximum Mortgage Rate	15.5014%	11.6500%	19.2000%
^{(1) (3)}Minimum Mortgage Rate	8.5223%	6.0000%	12.2000%
^{(1) (3)}Term to Next Rate Adjustment (months)	29	0	59
⁽¹⁾Original Term to Stated Maturity (months)	355	120	360
⁽¹⁾Age (months)	3	1	40
⁽¹⁾Remaining Term to Stated Maturity (months)	352	117	359
^{(1) (2)}Credit Score	610	477	810

⁽¹⁾	Weighted Average, min and max reflect loan to value for first liens and combined loan to value for second liens.

⁽²⁾	100.00% of Mortgage Loans have Credit Scores.

⁽³⁾	Adjustable Rate Loans Only

		Percent of Cut-off Date
	Range	Principal Balance
Product Type	40YR BALLOON - 50YR BALLOON	3.56% - 2.78%
	FIXED BALLOON	1.75%
	FIXED – FIXED IO	18.31% - 0.64%
	LIBOR 1/6 ARM 40YR BLN.	0.05%
	LIBOR 2/6 ARM	9.93%
	LIBOR 2/6 ARM 40YR BLN.	5.40%
	LIBOR 2/6 ARM 50YR BLN.	8.00%
	LIBOR 2/6 ARM IO	4.41%
	LIBOR 3/6 ARM	17.20%
	LIBOR 3/6 ARM 40YR BLN.	14.76%
	LIBOR 3/6 ARM 50YR BLN.	7.91%
	LIBOR 3/6 ARM IO	2.97%
	LIBOR 5/6 ARM - LIBOR 5/6 ARM IO	0.66% - 0.68%
	LIBOR 5/6 ARM 40YR BLN.	0.05%
	LIBOR 5/6 ARM 50YR BLN.	0.09%

Lien	First – Second	95.06% - 4.94%

Property Type	Two- to four- family units	7.85%
	Condominium - Townhouse	3.44% - 1.95%
	Planned Unit Developments	6.21%
	Single-family	80.54%

Geographic Distribution	California	19.94%
50 States (including DC)	Florida	17.88%
	Illinois	8.26%
	Arizona	5.68%

Documentation Type	Full/Alternative	55.72%
	Limited	0.82%
	No Documentation	0.57%
	Stated Income	42.89%
Loans with Prepayment Penalties		71.84%
Loans with Interest Only Period		8.69%

Credit Score Distribution of Total Mortgage Loans

Range of Credit Scores	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
460 – 479	1	274,786	0.04	274,786	65.48	0.00	0.00
500 – 519	235	39,188,266	5.33	166,759	72.92	82.74	0.00
520 – 539	329	53,300,622	7.25	162,008	74.70	66.61	0.00
540 – 559	399	70,787,536	9.63	177,412	77.79	61.97	0.00
560 – 579	346	64,147,351	8.73	185,397	78.74	70.97	0.20
580 – 599	507	90,785,431	12.35	179,064	82.62	67.15	1.20
600 – 619	672	101,210,588	13.77	150,611	82.30	57.40	10.21
620 – 639	587	89,773,814	12.21	152,937	82.13	54.08	11.08
640 – 659	445	76,609,792	10.42	172,157	82.09	37.91	19.54
660 – 679	358	60,044,314	8.17	167,722	82.08	35.48	18.16
680 – 699	214	37,329,675	5.08	174,438	83.46	36.99	17.30
700 – 719	131	23,423,902	3.19	178,808	84.42	30.23	16.42
720 – 739	66	10,928,786	1.49	165,588	86.69	46.67	11.68
740 – 759	42	8,626,793	1.17	205,400	83.39	44.48	26.99
760 – 779	25	6,075,182	0.83	243,007	82.28	53.63	30.49
780 – 799	15	2,459,613	0.33	163,974	78.48	50.80	32.35
800 – 819	2	134,012	0.02	67,006	92.43	0.00	0.00
TOTAL:	4,374	735,100,464	100.00	168,061	80.67	55.72	8.69

Original Mortgage Loan Principal Balances of Total Mortgage Loans

Range of Original Mortgage Loan Principal Balances ($)	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
$1 - $100,000	1,431	83,567,572	11.37	58,398	609	84.25	66.79	0.29
$100,001 - $200,000	1,588	232,979,520	31.69	146,713	603	79.66	64.34	4.48
$200,001 - $300,000	803	195,279,635	26.57	243,188	607	80.19	54.78	9.27
$300,001 - $400,000	321	110,372,320	15.01	343,839	616	79.67	45.68	11.23
$400,001 - $500,000	164	73,677,451	10.02	449,253	619	82.31	43.65	17.22
$500,001 - $600,000	46	25,047,001	3.41	544,500	636	81.52	39.07	19.31
$600,001 - $700,000	17	10,925,463	1.49	642,674	660	79.16	35.03	47.75
$700,001 - $800,000	3	2,292,862	0.31	764,287	677	87.64	32.21	0.00
$800,001 or greater	1	958,641	0.13	958,641	646	80.00	0.00	0.00
TOTAL:	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69

Net Mortgage Rates of Total Mortgage Loans

Range of Net Mortgage Rates (%)	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
4.5000% - 4.9999%	1	49,890	0.01	49,890	741	23.26	100.00	0.00
5.0000% - 5.4999%	5	1,096,660	0.15	219,332	643	83.71	100.00	0.00
5.5000% - 5.9999%	48	12,562,725	1.71	261,723	672	75.27	89.60	27.12
6.0000% - 6.4999%	201	44,769,683	6.09	222,735	659	74.80	75.76	24.91
6.5000% - 6.9999%	320	74,867,457	10.18	233,961	639	77.38	63.20	18.15
7.0000% - 7.4999%	548	119,929,518	16.31	218,849	629	77.33	48.10	13.52
7.5000% - 7.9999%	584	116,820,362	15.89	200,035	613	79.66	53.75	10.61
8.0000% - 8.4999%	739	140,251,755	19.08	189,786	595	80.81	52.52	3.32
8.5000% - 8.9999%	440	75,608,096	10.29	171,837	582	81.99	51.34	1.66
9.0000% - 9.4999%	586	75,754,626	10.31	129,274	575	83.54	56.42	1.63
9.5000% - 9.9999%	193	23,596,191	3.21	122,260	582	85.81	56.27	0.00
10.0000% - 10.4999%	208	21,076,270	2.87	101,328	591	89.23	61.95	0.00
10.5000% - 10.9999%	146	11,075,822	1.51	75,862	624	95.72	55.85	0.00
11.0000% - 11.4999%	171	10,141,614	1.38	59,308	629	97.05	46.32	0.00
11.5000% - 11.9999%	95	4,423,099	0.60	46,559	619	95.39	48.22	0.00
12.0000% - 12.4999%	57	2,008,486	0.27	35,237	632	99.51	30.60	0.00
12.5000% - 12.9999%	21	716,770	0.10	34,132	620	99.60	27.95	0.00
13.0000% - 13.4999%	8	259,779	0.04	32,472	629	99.99	8.37	0.00
13.5000% - 13.9999%	1	30,530	0.00	30,530	586	100.00	100.00	0.00
14.0000% - 14.4999%	2	61,131	0.01	30,565	596	100.00	100.00	0.00
TOTAL:	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69

Mortgage Rates of Total Mortgage Loans

Range of Mortgage Rates (%)	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
5.5000% - 5.9999%	5	650,946	0.09	130,189	670	81.91	100.00	0.00
6.0000% - 6.4999%	39	9,825,914	1.34	251,947	656	74.91	95.73	22.38
6.5000% - 6.9999%	196	44,098,080	6.00	224,990	665	75.02	77.06	27.64
7.0000% - 7.4999%	287	66,836,343	9.09	232,879	642	77.08	64.38	19.39
7.5000% - 7.9999%	576	127,435,491	17.34	221,242	629	77.32	48.18	13.34
8.0000% - 8.4999%	440	92,148,668	12.54	209,429	618	79.34	50.69	12.24
8.5000% - 8.9999%	809	152,899,137	20.80	188,998	596	81.04	52.39	3.66
9.0000% - 9.4999%	463	78,022,899	10.61	168,516	582	81.20	56.78	1.65
9.5000% - 9.9999%	641	87,348,189	11.88	136,269	576	83.29	55.27	1.60
10.0000% - 10.4999%	184	22,898,810	3.12	124,450	582	85.66	57.11	0.00
10.5000% - 10.9999%	223	23,506,726	3.20	105,411	589	88.67	60.90	0.00
11.0000% - 11.4999%	144	10,966,489	1.49	76,156	623	95.88	58.26	0.00
11.5000% - 11.9999%	176	10,634,071	1.45	60,421	629	96.65	45.32	0.00
12.0000% - 12.4999%	93	4,163,568	0.57	44,770	619	95.34	52.68	0.00
12.5000% - 12.9999%	65	2,569,717	0.35	39,534	631	99.23	24.64	0.00
13.0000% - 13.4999%	22	743,975	0.10	33,817	620	99.62	26.93	0.00
13.5000% - 13.9999%	8	259,779	0.04	32,472	629	99.99	8.37	0.00
14.0000% - 14.4999%	1	30,530	0.00	30,530	586	100.00	100.00	0.00
14.5000% - 14.9999%	2	61,131	0.01	30,565	596	100.00	100.00	0.00
TOTAL:	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69

*Original Loan-to-Value Ratios of Total Mortgage Loans

*(Ratios below reflect loan to value for first liens and combined loan to value for second liens)

Range of Original Loan-to-Value Ratios (%)	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Percent Full Documentation	Percent Interest Only
5.01% - 10.00%	1	49,936	0.01	49,936	539	100.00	0.00
10.01% - 15.00%	2	384,656	0.05	192,328	545	0.00	0.00
15.01% - 20.00%	6	468,472	0.06	78,079	578	89.34	0.00
20.01% - 25.00%	6	613,559	0.08	102,260	578	44.68	0.00
25.01% - 30.00%	10	1,083,692	0.15	108,369	564	46.14	0.00
30.01% - 35.00%	20	2,001,483	0.27	100,074	601	69.26	0.00
35.01% - 40.00%	23	2,821,042	0.38	122,654	594	62.03	0.00
40.01% - 45.00%	33	4,453,488	0.61	134,954	600	71.01	5.87
45.01% - 50.00%	56	7,498,264	1.02	133,898	587	60.45	4.20
50.01% - 55.00%	59	10,857,490	1.48	184,025	583	62.17	1.00
55.01% - 60.00%	88	15,883,745	2.16	180,497	585	54.07	5.28
60.01% - 65.00%	137	23,958,421	3.26	174,879	588	49.12	6.10
65.01% - 70.00%	213	42,844,255	5.83	201,147	590	53.18	6.54
70.01% - 75.00%	366	69,306,923	9.43	189,363	576	50.69	3.83
75.01% - 80.00%	1,141	241,120,005	32.80	211,323	624	46.96	15.79
80.01% - 85.00%	501	98,340,924	13.38	196,289	595	64.83	4.08
85.01% - 90.00%	647	122,122,079	16.61	188,751	619	60.42	8.30
90.01% - 95.00%	161	29,635,893	4.03	184,074	624	77.94	9.64
95.01% - 100.00%	904	61,656,139	8.39	68,300	639	62.64	0.63
TOTAL:	4,374	735,100,464	100.00	168,061	610	55.72	8.69

*Original Combined Loan-to-Value Ratios of Total Mortgage Loans

*(Ratios below reflect combined loan to value for first liens and combined loan to value for second liens)

Range of Original Combined Loan-to-Value Ratios (%)	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Percent Full Documentation	Percent Interest Only
5.01% - 10.00%	1	49,936	0.01	49,936	539	100.00	0.00
10.01% - 15.00%	2	384,656	0.05	192,328	545	0.00	0.00
15.01% - 20.00%	6	468,472	0.06	78,079	578	89.34	0.00
20.01% - 25.00%	6	613,559	0.08	102,260	578	44.68	0.00
25.01% - 30.00%	10	1,083,692	0.15	108,369	564	46.14	0.00
30.01% - 35.00%	20	2,001,483	0.27	100,074	601	69.26	0.00
35.01% - 40.00%	23	2,821,042	0.38	122,654	594	62.03	0.00
40.01% - 45.00%	33	4,453,488	0.61	134,954	600	71.01	5.87
45.01% - 50.00%	55	7,416,154	1.01	134,839	587	60.01	4.25
50.01% - 55.00%	57	10,633,764	1.45	186,557	582	61.38	0.00
55.01% - 60.00%	87	15,749,258	2.14	181,026	585	53.68	5.33
60.01% - 65.00%	135	23,405,969	3.18	173,378	588	49.28	6.24
65.01% - 70.00%	213	42,609,084	5.80	200,043	590	54.29	6.58
70.01% - 75.00%	363	68,783,570	9.36	189,486	576	51.08	4.02
75.01% - 80.00%	712	138,891,819	18.89	195,073	598	52.56	5.93
80.01% - 85.00%	483	96,497,440	13.13	199,788	595	64.58	4.00
85.01% - 90.00%	593	114,986,544	15.64	193,906	620	59.70	8.87
90.01% - 95.00%	217	39,069,789	5.31	180,045	628	67.49	11.56
95.01% - 100.00%	1,358	165,180,747	22.47	121,778	648	49.93	17.35
TOTAL:	4,374	735,100,464	100.00	168,061	610	55.72	8.69

Geographic Distribution of Mortgaged Properties of Total Mortgage Loans

State or Territory	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
California	562	146,597,570	19.94	260,850	619	79.12	45.17	19.85
Florida	752	131,405,891	17.88	174,742	613	79.38	47.43	6.64
Illinois	319	60,752,859	8.26	190,448	614	83.97	52.46	5.65
Arizona	252	41,730,946	5.68	165,599	618	80.67	54.67	14.86
Other	2,489	354,613,198	48.24	142,472	604	81.23	63.84	4.64
TOTAL:	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69

¹⁾ Other includes states and the District of Columbia with fewer than 5.00% concentrations individually.

Mortgage Loan Purpose of Total Mortgage Loans

Loan Purpose	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
Equity Refinance	2,774	518,185,895	70.49	186,801	599	78.54	59.33	6.33
Purchase	1,439	191,539,900	26.06	133,106	641	86.36	45.05	15.69
Rate/Term Refinance	161	25,374,670	3.45	157,607	606	81.30	62.57	4.11
TOTAL:	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69

Mortgage Loan Documentation Type of Total Mortgage Loans

Documentation Type	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
Full/Alternative	2,685	409,609,051	55.72	152,555	598	81.31	100.00	6.52
Limited	32	6,007,012	0.82	187,719	616	84.48	0.00	23.66
No Documentation	21	4,175,923	0.57	198,853	684	74.46	0.00	0.00
Stated Income	1,636	315,308,478	42.89	192,731	625	79.85	0.00	11.34
TOTAL:	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69

Occupancy Types of Total Mortgage Loans

Occupancy	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
Investor	355	57,978,683	7.89	163,320	649	79.62	44.62	4.68
Primary Residence	3,985	672,245,887	91.45	168,694	607	80.72	56.84	8.96
Second/Vacation	34	4,875,894	0.66	143,409	654	85.72	33.79	19.92
TOTAL:	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69

Mortgaged Property Types of Total Mortgage Loans

Property Type	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
Two- to four- family units	248	57,738,458	7.85	232,816	636	78.54	40.62	5.21
Condominium	175	25,294,868	3.44	144,542	615	82.08	47.00	6.58
Planned Unit Developments	250	45,666,621	6.21	182,666	601	80.68	59.24	7.28
Single-family	3,618	592,066,042	80.54	163,645	608	80.76	57.51	9.15
Townhouse	83	14,334,475	1.95	172,705	633	82.97	46.79	12.32
TOTAL:	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69

Prepayment Penalty Terms of Total Mortgage Loans

Prepayment Penalty Term	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
None	1,412	206,969,227	28.16	146,579	610	81.97	55.86	5.22
6 Months	8	1,849,312	0.25	231,164	622	73.07	28.62	0.00
12 Months	151	39,968,078	5.44	264,689	608	76.23	41.07	9.12
18 Months	6	1,134,203	0.15	189,034	654	71.27	37.91	0.00
24 Months	913	179,139,931	24.37	196,210	619	82.26	45.28	15.61
30 Months	13	2,423,993	0.33	186,461	588	81.95	67.30	0.00
36 Months	1,573	260,733,121	35.47	165,755	608	79.95	61.82	7.70
42 Months	1	380,824	0.05	380,824	547	83.74	100.00	0.00
48 Months	5	696,875	0.09	139,375	588	82.87	53.01	0.00
60 Months	292	41,804,901	5.69	143,167	594	76.62	76.43	3.43
TOTAL:	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69

Interest Only Terms of Total Mortgage Loans

Interest Only Term	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
None	4,154	671,185,766	91.31	161,576	606	80.66	57.05	0.00
60 Months	213	61,913,664	8.42	290,674	660	80.90	42.82	100.00
84 Months	7	2,001,034	0.27	285,862	655	77.99	10.77	100.00
TOTAL:	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69

Mortgage Insurance Coverage of Total Mortgage Loans

Mortgage Insurance	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
No Mortgage Insurance	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69
TOTAL:	4,374	735,100,464	100.00	168,061	610	80.67	55.72	8.69

Subordinate Financing of Total Mortgage Loans

Subsequent Second Lien	Number of Mortgage Loans	Principal Balance ($)	Percentage of Total Mortgage Loans	Average Principal Balance	Weighted Average Credit Score	Weighted Average Loan-to-Value Ratio	Weighted Average Combined Loan-to-Value Ratio	Percent Full Documentation	Percent Interest Only
First Lien	3,585

Morgan Stanley Structured Trust I 2007-1 – ‘FWP’ on 7/9/07 re: Morgan Stanley Structured Trust I 2007-1

On: Monday, 7/9/07, at 3:37pm ET · Accession #: 882377-7-1878 · File #: 333-131374-62

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

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Free Writing Prospectus — Rule 163/433
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