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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

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  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

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


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BEAR, STEARNS & CO. INC.
ATLANTA • BOSTON • CHICAGO
 
DALLAS • LOS ANGELES • NEW YORK • SAN FRANCISCO
383 Madison Avenue
FRANKFURT • GENEVA • HONG KONG
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
 
     
Sally Kawana
 
Tel: (212) 272-3509
Managing Director, Banking
 
     
Robert Durden
 
Tel: (212) 272-5714
Associate Director, Banking
 
     
Derek Schaible
 
Tel: (212) 272-5451
Associate Director, Structuring
 
     
Charles Mehl
 
Tel: (212) 272-2274
Analyst, Collateral
 
     
Bear Stearns Trading & Syndicate Contacts
     
Scott Eichel
 
Tel: (212) 272-5451
Sr. Managing Director, Trading
 
     
Chris Scott
 
Tel: (212) 272-5451
Sr. Managing Director, Trading
 
     
Carol Fuller
 
Tel: (212) 272-4955
Senior Managing Director
 
     
Jayme Fagas
 
Tel: (212) 272-4955
Managing Director Principal
 
     
Rating Agency Contacts
     
Leo Yioupis – S&P
 
Tel: (212) 438-1261
   
     
Greg Gemson – Moody’s
 
Tel: (212) 553-2974
   
 
 
 
 
$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:
   
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 16th 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 15th 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:
   
1)
to the Swap Provider, any Net Swap Payment owed for such Distribution Date, pursuant to the Swap Agreement; and
 
2)
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:
   
1)
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;
  2)
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;
  3)
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;
  4)
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;
  5)
to the Class M Certificates and Class B Certificates, sequentially, Realized Losses; and
  6)
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
(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
         
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
(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
         
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
(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
         
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
(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%.
 
 
 
 
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
(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%
 
 
 
 
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
(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%
 
 
 
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
-
(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%
 
 
 
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
-
-
-
-
-
-
-
-
(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%
 
 
 
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
-
-
-
-
-
-
-
-
-
-
(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%
 
 
 
 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<