SEC Info - Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4 - ‘FWP’ on 6/11/07 re: Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4

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Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4 – ‘FWP’ on 6/11/07 re: Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4

On: Monday, 6/11/07, at 9:11pm ET · As of: 6/12/07 · Accession #: 950123-7-8530 · File #: 333-140436-18

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

 6/12/07  Merrill Lynch First Frank… 2007-4 FWP                    1:39K  Merrill Lynch First Frank… 2007-4 RR Donnelley/FA

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

Document/Exhibit                   Description                      Pages   Size 

 1: FWP         Free Writing Prospectus                               40     84K 

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                                                FWP filed pursuant to Rule 433
                                          Registration #333-140436

(FIRST FRANKLIN(R) LOGO)                                                        

(LOGO)                                                                          

(FIRST FRANKLIN(R) LOGO)                                                        

FIRST FRANKLIN COMPANY OVERVIEW                                                 
Europe - June 2007                                                              

(MERRILL LYNCH LOGO)                                                            
Global Markets & Investment Banking Group                                       

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(FIRST FRANKLIN(R) LOGO)                                                        

FIRST FRANKLIN PRESENTATION                                                     

TABLE OF CONTENTS                                                               

                                                                [Download Table]

                                                                            Page
                                                                            ----
                                                                                
1. Company Overview                                                           1 
2. Product Overview                                                           8 
3. Underwriting Guidelines/ Risk Management                                  16 
4. FFMER Securitization Program                                              23 
5. Home Loan Services                                                        25 
Disclaimer                                                                   38 

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(FIRST FRANKLIN(R) LOGO)                                                        

1. COMPANY OVERVIEW                                                             

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(FIRST FRANKLIN(R) LOGO)                                                        

COMPANY OVERVIEW                                                                

ORIGINATIONS AND SERVICING PLATFORM                                             

                                                                [Download Table]
                                                                              
(FIRST FRANKLIN(R) LOGO)    -    Headquarters: San Jose, California           

                            -    Founded: 1981                                

                            -    Employees: 2,100                             

                            -    CEO: Andy Pollock                            

                            -    Wholesale branches/sales offices: 33         

                            -    Approved mortgage brokers: ~26,000           

                            -    2006 origination volume: $25.7 billion (92%) 

(NATIONPOINT(R) LOGO)       -    Headquarters: Lake Forest, California        

                            -    Employees: 370                               

                            -    President: Michael Petree                    

                            -    Retail channels:                             

                                 -    Internet, phone, direct mail            

                                 -    Referrals, portfolio retention          

                            -    2006 origination volume: $2.3 billion (8%)   

(HOME LOAN SERVICES LOGO)   -    Headquarters: Pittsburgh, Pennsylvania       

                            -    Employees: 750                               

                            -    Managing Director: Nanette Stevens           

                            -    2006 servicing volume: $49 billion           

                            -    Rating: RPS2-, SQ1- and Above Average (F/M/S)

-    Merrill Lynch's acquisition of First Franklin mortgage origination and Home
Loan Services servicing franchise closed on December 30, 2006         

-    Will continue to operate business units with same management team,         
philosophy, and commitment to quality                                 

-    Leverage financial strength and stability, established brand and global    
resources of a leading financial services firm                        

-    FFMER label replaced FFMLT for future securitizations beginning with       
January 2007 production                                               

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(FIRST FRANKLIN(R) LOGO)                                                        

COMPANY OVERVIEW                                                                
Synergies from the Merrill Lynch Acquisition                                    

MERRILL LYNCH                                                                   

-    Financial Strength                                               

-    $76.6Bn market cap                           

-    $68.6Bn in 2006 Revenues                     

-    $7.5Bn in 2006 Net Income                    

-    ROE: 21.3% in 2006 vs 16.0% in 2005          

   -    56,200 staff including 15,880 Financial Advisors covering over 2.5MM
households managing $1.62T in assets                        

-    Issuer Rating: Aa3/AA-/AA-                                       

-    Short Term Rating: P-1/A-1+/F1+                                  

-    Merrill Lynch Bank & Trust Co., Federal Savings Bank ("FSB")     

-    $14Bn in AUM* (As of Full Year 2006)         

              -    All First Franklin activities regulated by OTS and governed
by FSB Board of Directors               

  -    Merrill Lynch well diversified company with commitment to mortgages
globally                                                    

-    Over 25 acquisitions across entire firm since 2004               

*    AUM - Assets Under Management                                              

HOME EQUITY LEAGUE TABLE - ADJUSTED FOR FF                                      

                                                                [Download Table]

                                         2006                         
                                        VOLUME     MARKET      NUMBER 
RANK               MANAGER               ($BN)   SHARE (%)   OF ISSUES
----   ------------------------------   ------   ---------   ---------
                                                                      
1      Countrywide Securities Corp      $ 65.7      10.7%         83  
2      Merrill Lynch                    $ 59.4       9.6%         70  
3      Royal Bank of Scotland Group     $ 58.7       9.5%         81  
4      Lehman Brothers                  $ 57.4       9.3%        145  
5      Citigroup                        $ 39.9       6.5%         83  
6      Deutsche Bank AG                 $ 39.6       6.4%         85  
7      Credit Suisse                    $ 36.3       5.9%         72  
8      Bear Stearns & Co Inc            $ 36.3       5.9%         74  
9      Morgan Stanley                   $ 34.9       5.7%         33  
10     JP Morgan                        $ 32.1       5.2%         69  
11     Barclays Capital                 $ 27.8       4.5%         49  
12     Goldman Sachs & Co               $ 25.0       4.1%         35  
13     UBS                              $ 23.0       3.7%         66  
14     HSBC Holdings PLC                $ 14.4       2.3%         16  
15     Banc of America Securities LLC   $ 14.4       2.3%         32  
                                        ------     -----       -----  
INDUSTRY TOTAL                          $617.4     100.0%      1,132  
                                        ======     =====       =====  

*    Source: Thomson Financial - Adjusted Using First Franklin Deals Done in    
     2006; Took First Franklin single seller deals from 2006 and added them into
ML's total issuance if ML not previously involved; Deal issuance was  
  subtracted from those managers previously receiving credit for leading a
2006-specific First Franklin deal                                     

CDO LEAGUE TABLE                                                                

                                                                [Download Table]

                                           2006               
                                          VOLUME       MARKET 
RANK             ORIGINATOR                ($MM)     SHARE (%)
----   ------------------------------   ----------   ---------
                                                              
1      Merrill Lynch                      50,073.6      15.0  
2      Citigroup                          36,442.6      10.9  
3      Deutsche Bank AG                   23,202.2       6.9  
4      Wachovia Corp                      22,820.6       6.8  
5      Credit Suisse                      22,731.5       6.8  
6      UBS                                22,293.8       6.7  
7      Banc of America Securities LLC     20,342.8       6.1  
8      Bear Stearns & Co Inc              19,720.1       5.9  
9      Morgan Stanley                     19,322.3       5.8  
10     JP Morgan                          14,939.1       4.5  
                                        ----------     -----  
INDUSTRY TOTAL                          $334,802.7     100.0% 
                                        ==========     =====  

*    Source: Thomson Financial                                                  

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(FIRST FRANKLIN(R) LOGO)                                                        

COMPANY OVERVIEW                                                                
Vertically Integrated Platform                                                  

MERRILL LYNCH PLATFORM OVERVIEW                                                 

                                                        [Enlarge/Download Table]

  VALUE CHAIN         BENEFITS ACROSS THE CHAIN        HEADCOUNT (1)                GSFI PLATFORM                
--------------  -------------------------------------  -------------  -----------------------------------------  
                                                                                                                 
ORIGINATION     "Access to assets" and singular vs.        2,470      -    U.S.: First Franklin, NationPoint     
                multiple interface to 3rd party                                                                  
                mortgage loan originators                             -    EMEA: Mortgages plc, Freedom, Irish   
                                                                           Life JV, Oakwood Co's                 

                                                                      -    PacRim: Peninsula, Nishon-Nippon      
                                                                           City Bank JV, Shriram                 

LENDING         Secured lending to 3rd party                  10      -    Residential Real Estate Asset Based   
                originators with advance levels based                      Lending (ABL)                         
                on whole loan and securitization                                                                 
                market levels                                                                                    

WHOLE LOAN      Bid to market securitization                  73      -    Prime Whole Loan Trading              
CONDUIT         execution with forward sales and                                                                 
                internal residual takeout                             -    Prime Portfolio                       

                                                                      -    Sub-prime Whole Loan Trading          

                                                                      -    SURF                                  

SECURITIZATION  Optimize structure and utilize                12      -    Residential Real Estate Asset Based   
                syndication / trading capabilities to                      Securitization (ABS)                  
                distribute bonds                                                                                 
                                                                      -    Syndicate                             

PRINCIPAL       Asset management activity for                 12      -    Residential Opportunistic Investing   
INVESTING       internally generated and 3rd party                         (ROI)                                 
                residuals                                                                                        
                                                                      -    Surveillance and Analytics            

SERVICING       Servicing capabilities maximize            1,354      -    U.S: Wilshire Credit Corp. (WCC), Home
                returns on retained positions with                         Loan Services (HLS)                   
                real-time performance data; utilized                                                             
                to adjust origination product                         -    EMEA: Mortgages PLC, Freedom (Special 
                offerings                                                  Servicing)                            
                                                           -----                                                 
                                                           3,931      -    PacRim: Peninsula                     
                                                           =====                                                 

----------                                                                      
(1)  Reflects U.S. Residential Real Estate platform only. Headcount excluded    
  from above data: EMEA - Mortgages plc (380), Freedom (90), Banking (26);
PacRim - Peninsula, Banking.                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

COMPANY OVERVIEW                                                                

FIRST FRANKLIN COMPANY TIMELINE                                                 

-    Company founded as conforming retail in 1981                               

-    Rolled out FICO based, purchase money strategy in 1995                     

-    Successfully managed through multiple acquisitions, cycles, and products   

-    Acquired by Merrill Lynch December 2006                                    

-    Vertically integrated from origination through investment        

-    Market consolidation drives need for internal originations       

-    Provides best in class, consistent production                    

-    Committed to market share growth in profitable products          

-    Will leverage platform to rollout products (Alt A - first)       

(PERFORMANCE GRAPH) 

                                                                [Download Table]

            2001   2002   2003   2004   2005   2006
            ----   ----   ----   ----   ----   ----
                                                   
Purchase     4.3    7.5   13.9   19.3   20.1   19.3
Refinance      2    3.2    6.2    9.9    9.4    8.6

(FLOWCHART) 

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(FIRST FRANKLIN(R) LOGO)                                                        

COMPANY OVERVIEW                                                                

STRATEGY                                                                        

-    Benchmark Issuer -                                                         

-    Volume - #3 largest subprime wholesale originator as of Q4 2006* 

    -    Servicer - Highly ranked, servicing $50.52Bn** of First Franklin only
originations                                                

-    Performance - Consistently originates top quality products       

-    Profitable products -                                                      

 -    Granular analysis - Material product categories tested to discrete
enhancement and performance expectations                    

 -    Early Payment Default ("EPD") and performance supported by upfront
     Asset Quality ("AQ") and backend Quality Control ("QC") processes
provide feedback loop                                       

-    Servicer information from both HLS and Wilshire provide early    
        performance information and ability to manage difficult vintages and
geographies                                                 

 -    All new products rolled out and tested through Product Development
process before national rollout                             

-    Top credit- First Payment Default ("FPD") 1% goal (1/2007 - 1.47%, 2/2007 -
  1.38%, 3/2007 - 1.25%, 4/2007 - 1.13% of origination) and maintenance of
absolute and relative outperformance                                  

-    Account Executive ("AE") increase - Continue to build out AE salesforce in 
order to increase market share                                        

-    Low cost to produce given efficient operating systems, technology usage and
highly variable cost structure                                        

-    Sell to end user - Securitization program, development of residual         
liquidity, and whole loans to portfolio buyers                        

-    Transparency to investors and Rating Agencies -                            

 -    Post monthly performance information through ABSNet and ML monthly
First Franklin Monitor                                      

-    Post monthly collateral tapes through trustee                    

-    Contribute to Loan Performance database                          

*    SOURCE: NATIONAL MORTGAGE NEWS;                                            

**   PORTFOLIO AS OF 1/31/2007                                                  

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(FIRST FRANKLIN(R) LOGO)                                                        

COMPANY OVERVIEW                                                                

DIVERSIFIED GEOGRAPHIC LENDING PRESENCE                                         

 (MAP)

-    HUB - San Jose, CA                                                         

-    Wholesale - 33 branches/sales offices nationwide                           

-    Retail - NationPoint (Lake Forest, CA)                                     

 2006 PRODUCTION BY REGION

                                                                [Download Table]

REGION          VOLUME ($)      VOLUME (%)
------      -----------------   ----------
                                          
Northwest    4,325,189,156.55      15.63% 
West         5,526,670,398.50      19.98% 
Midwest      4,485,586,529.99      16.21% 
Southeast    6,168,528,925.13      22.30% 
Northeast    4,879,513,354.25      17.64% 
Retail       2,280,016,403.00       8.24% 
            -----------------     ------  
Total       27,665,504,767.42     100.00% 
            =================     ======  

 MSA CONCENTRATION 2006 PRODUCTION

                                                                [Download Table]

MSA                                VOLUME ($)      VOLUME (%)
---                            -----------------   ----------
                                                             
Los Angeles-Long Beach, CA      1,533,060,120.00       5.54% 
Chicago, IL                     1,460,034,395.40       5.28% 
Riverside-San Bernandino, CA    1,399,293,995.00       5.06% 
Atlanta, GA                       802,106,242.18       2.90% 
Washington, DC-MD-VA-WV           756,519,991.00       2.73% 
New York, NY                      751,314,744.00       2.72% 
San Diego, CA                     605,789,606.00       2.19% 
Las Vegas, NV-AZ                  518,629,324.00       1.87% 
Phoenix-Mesa, AZ                  516,871,944.50       1.87% 
Orange County, CA                 505,076,181.00       1.83% 
                               -----------------     ------  
Top 10 MSAs                     8,848,686,543.08      31.98% 
All Other MSAs                 18,816,808,224.34      68.02% 
                               -----------------     ------  
Total FF Production            27,665,494,767.42     100.00% 
                               =================     ======  

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(LOGO)                                                                          

(FIRST FRANKLIN(R) LOGO)                                                        

2.   PRODUCT OVERVIEW                                                           

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(FIRST FRANKLIN(R) LOGO)                                                        

PRODUCT OVERVIEW                                                                

FIRST FRANKLIN SUBPRIME PRODUCTION CHARACTERISTICS                              

                                                        [Enlarge/Download Table]

                       2003       2004       2005       2006      Q1 2007    APR-07  
                     --------   --------   --------   --------   --------   -------- 
                                                                                     
VOLUME ($BN)             20.1       29.2       29.5       28.0        6.0       1.86 
AVERAGE LOAN AMOUNT  $138,955   $150,567   $154,469   $148,645   $159,803   $177,996 
WAC                      7.05%      6.83%      7.25%      8.24%      8.45%      8.90%
WAFICO                    655        654        655        652        650        643 
WALTV                   82.78%     84.12%     83.27%     82.76%     83.23%     84.82%
WACLTV                  92.66%     92.69%     93.20%     93.56%     92.75%     90.93%
WADTI                   40.89%     42.93%     42.82%     43.11%     43.39%     43.87%
CALIFORNIA              45.89%     38.76%     33.81%     23.95%     18.93%     18.91%
INTEREST ONLY           31.25%     45.14%     51.11%     27.32%     15.44%      4.26%
40 YEAR                   N/A        N/A       0.78%     10.82%     14.22%     13.64%
50 YEAR                   N/A        N/A        N/A      16.03%     33.17%     43.44%
40 /50 / IO             31.25%     45.14%     51.89%     54.17%     62.83%     61.34%
PURCHASE                68.64%     66.17%     68.22%     69.23%     64.73%     54.75%
RAPID REFI               1.14%      6.43%     10.57%      7.47%     11.14%     16.79%
FULL DOC                91.59%     83.05%     67.65%     64.81%     66.06%     74.48%
STATED                   4.41%      2.63%     17.13%     25.90%     20.97%      7.04%
NOO                      2.78%      2.62%      2.13%      2.50%      3.09%      3.79%
2ND LIEN                 9.93%      8.79%     10.11%     10.06%      9.75%      6.35%
FTHB*                     N/A        N/A        N/A      34.89%     32.54%     26.40%
OWNER OCC.              96.82%     96.90%     97.31%     96.98%     96.54%     95.73%

*    FTHB - First-Time Home Buyer                                               

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(FIRST FRANKLIN(R) LOGO)                                                        

PRODUCT OVERVIEW                                                                

SIGNIFICANT GUIDELINE AND PRICING CHANGES INTRODUCED YEAR-TO-DATE               

(PERFORMANCE GRAPH) 

                                                                [Download Table]

                           Apps                 Locks               Funding
              Apps Vol    Count    Locks Vol    Count  Funding Vol   Count 
           -------------  -----  -------------  -----  -----------  -------
                                                                           
 1/5/2007    535,306,325  3,152    385,867,577  2,383  224,097,713   1,446 
1/12/2007    881,153,098  5,158    628,008,786  3,771  369,030,431   2,309 
1/19/2007    850,149,643  4,897    562,038,113  3,416  320,786,862   1,970 
1/26/2007  1,048,159,464  5,985    831,889,563  4,987  420,716,942   2,698 
 2/2/2007    895,871,139  5,242    748,647,795  4,724  631,830,997   3,836 
 2/9/2007    931,602,599  5,496    602,645,794  3,673  337,495,305   2,180 
2/16/2007    950,942,373  5,598    685,492,942  4,236  452,113,244   2,740 
2/23/2007    949,914,232  5,578    710,712,692  4,252  368,364,279   2,464 
 3/2/2007    932,309,124  5,708    732,322,662  4,763  660,983,302   4,250 
 3/9/2007  1,091,394,517  6,043    873,965,522  5,032  357,956,489   2,316 
3/16/2007  1,267,802,058  6,878    901,630,675  5,086  444,572,604   2,825 
3/23/2007  1,319,184,739  6,986  1,119,299,079  6,123  457,892,982   2,856 
3/30/2007    932,015,201  5,049    760,041,203  4,189  885,526,377   5,247 
 4/6/2007    688,807,696  3,634    518,789,274  2,842  248,712,122   1,437 
4/13/2007    975,863,309  4,956    628,978,121  3,354  405,895,396   2,339 
4/20/2007    872,327,836  4,501    595,828,580  3,151  417,368,573   2,392 
4/27/2007    856,281,647  4,376    703,595,439  3,650  453,186,596   2,542 
 5/4/2007    767,852,931  3,925    576,500,714  3,024  507,379,244   2,784 
5/11/2007    835,657,241  4,106    614,539,074  3,021  298,088,352   1,628 

 Volume impact typically lags product change
announcement by 45-60 days

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(FIRST FRANKLIN(R) LOGO)                                                        

PRODUCT OVERVIEW                                                                

PRODUCTION CUTS                                                                 

                                                        [Enlarge/Download Table]

           Product Terminated                                  Rationale                                        
           ------------------                                  ---------                                        
                                                                                                                
Mar. 2007  -    Less than 620 FICO for LTV>95% and all combos  -    Credit Risk                                 
                for full/rapid/blended                                                                          

           -    Stated Doc Loans with LTV>95% and all combos   -    Credit Risk                                 

           -    Stated and Stated Plus loans >90%LTV with      -    Credit Risk                                 
                less than 18 months of 0x30                                                                     

           -    FTHB 100% Stated                               -    Credit Risk                                 

           -    3 Tradelines rated 6 months each with 1        -    Credit Risk                                 
                opened for more than 24 months required for                                                     
                all LTV/CLTVs                                                                                   

Feb. 2007  -    Interest Only qualifying on non-amortizing     -    Federal regulatory guidance (borrowers now  
                payment                                             qualified at principal and the fully-indexed
                                                                    interest rate and margin)                   

           -    Interest Only Loans qualifying at IO payment                                                    
                at note rate                                                                                    

Jan. 2007  -    Stated and FTHB increased Source and           -    Credit Risk                                 
                Seasoning                                                                                       

           -    No less than $50,000 original loan balance     -    Loss Severity                               

Dec. 2006  -    Less than 60 day seasoned/sourced reserves     -    Credit Risk                                 
                for stated doc wages                                                                            

Aug. 2006  -    HELOC                                          -    Insufficient market demand                  

           -    103% Mortgage with 3% for Closing Costs        -    Insufficient market demand                  

           -    580-619 FICO to 100% ARMS                      -    Credit Risk; Lack of Performance            

Mar. 2006  -    580 to 100% Combos                             -    Credit Risk; Lack of Performance            

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(FIRST FRANKLIN(R) LOGO)                                                        

PRODUCT OVERVIEW                                                                

PRODUCTS LAUNCHED                                                               

                                                        [Enlarge/Download Table]

            Product Launched                            Description                                     
            ----------------                            -----------                                     
                                                                                                        
Sept. 2006  -    Temporary Buydowns                     -    Seller contributions subsidizing payments  
                                                             for first 2 years.                         

Aug. 2006   -    40-year Second Liens                   -    Able to piggyback with 40 or 50 year first 
                                                             liens.                                     

            -    Lite Credit                            -    Allows minimal tradelines with no          
                                                             derogatory credit.                         

June 2006   -    Best Score                             -    Uses co-borrower score with joint household
                                                             financial history.                         

May 2006    -    50 Year Loan                           -    50 year amortization with balloon at       
                                                             year 30.                                   

Feb. 2006   -    Rapid Purchase                         -    Streamlined documentation with 18 month    
                                                             mortgage history.                          

Jan. 2006   -    No Prepayment Penalty Pilot            -    Lower margin and no PPP for high quality   
                                                             borrowers.                                 

Dec. 2005   -    Non-Traditional Credit (ANTHEM) Pilot  -    Requires FICO but substitutes Anthem score 
                                                             for limited tradelines.                    

Nov. 2005   -    40 Year Loan                           -    40 year amortization with balloon at       
                                                             year 30.                                   

Sept. 2005  -    Non-Owner Occupied DA Enhancements     -    Increase loan amounts                      

July 2005   -    100% 3-4 Units Pilot                   -    NY and Boston branches                     

May 2005    -    HELOC Behind Interest Only             -    Changed policy to allow HELOC behind IO    
                                                             first lien.                                

            -    Interest Only on NIV                   -    Allowed IO on stated product.              

            -    Interest Only on Rapid Refi            -    Allowed IO on streamlined product up to 90%
                                                             LTV.                                       

            -    NIV Second Liens                       -    Introduced stated second liens to piggyback
                                                             with stated first leins.                   

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(FIRST FRANKLIN(R) LOGO)                                                        

PRODUCT OVERVIEW                                                                

CHANGES IN PRODUCT MIX AND EXPECTATIONS GOING FORWARD                           

Stated Doc: 2/3 Reduction Since '06                                             

                                                                [Download Table]
                             
FULL-YEAR-06              23%
MAY FORWARD PROJECTIONS    9%

2nd Lien: Over 50% Reduction Since '06                                          

                                                                [Download Table]
                             
FULL-YEAR-06              11%
MAY FORWARD PROJECTIONS    5%

Purchase: Key Focus with Less as a Percentage Overall                           

                                                                [Download Table]
                             
FULL-YEAR-06              69%
MAY FORWARD PROJECTIONS   45%

Rapid Refi: 3 Times More than '06                                               

                                                                [Download Table]
                             
FULL-YEAR -06              7%
MAY FORWARD PROJECTIONS   22%

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(FIRST FRANKLIN(R) LOGO)                                                        

PRODUCT OVERVIEW                                                                

Full and Stated Income Product Migration                                        

GUIDELINE AND PRICING REVISIONS TO STATED INCOME AND 100% LTV/CLTV              

-    DRAMATIC REDUCTION IN 100% LTV/CLTV OVERALL                                

(PERFORMANCE GRAPH) 

                                                                [Download Table]

                             2006   JAN-07  FEB-07  MAR-07  APR-07  MAY ONWARDS
                            -----   ------  ------  ------  ------  -----------
                                                                               
Stated 100%                 21.50%  20.40%  16.44%  12.69%   2.92%             
Full and Ltd Doc 100%       41.91%  37.81%  39.53%  39.33%  32.81%     31.06%  
Stated w/ Equity             4.40%   5.04%   4.09%   4.90%   4.13%      6.96%  
Full and Ltd Doc w/ Equity  32.19%  36.74%  39.93%  43.07%  60.14%     61.98%  

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

PRODUCT OVERVIEW                                                                

4TH CONSECUTIVE MONTH OF DECREASING FIRST PAYMENT DEFAULTS; WELL BELOW INDUSTRY 

HIGHLIGHTS:                                                                     

-    FPDs have exceeded our internal target of 1%.                    

-    Tightly managed and integrated process with Home Loan Services   

-    Corrective action plan for any branch >1% for rolling 90 days and
adjusted compensation for FPDs                              

-    Maintain high profile metric for both FF and HLS                 

-    100% of all First Payment Defaults are Audited                   

FIRST PAYMENT DEFAULT TRENDS 18 MONTHS

(PERFORMANCE GRAPH) 

                                                                [Download Table]

                                        % of            % Without    
Month    Number   Num of Defaults   Originations   Hurricane Defaults
------   ------   ---------------   ------------   ------------------
                                                                     
Nov-05   17,330         132             0.76%             0.59%      
Dec-05   16,477         140             0.85%             0.82%      
Jan-06   14,062         111             0.79%             0.00%      
Feb-06   14,806         110             0.74%             0.00%      
Mar-06   11,641         116             1.00%             0.00%      
Apr-06   12,372         123             0.99%             0.00%      
May-06   13,915         161             1.16%             0.00%      
Jun-06   13,048         117             0.90%             0.00%      
Jul-06   15,753         205             1.30%             0.00%      
Aug-06   17,990         212             1.18%             0.00%      
Sep-06   17,697         231             1.31%             0.00%      
Oct-06   19,153         239             1.25%             0.00%      
Nov-06   16,351         254             1.55%             0.00%      
Dec-06   17,603         289             1.64%             0.00%      
Jan-07   15,666         230             1.47%             0.00%      
Feb-07   15,092         209             1.38%             0.00%      
Mar-07   11,555         145             1.25%             0.00%      
APR-07   11,667         131             1.12%             0.00%      

(LOGO)                                                                          

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(LOGO)                                                                          

(FIRST FRANKLIN(R) LOGO)                                                        

3. UNDERWRITING GUIDELINES/ RISK MANAGEMENT                                     

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(FIRST FRANKLIN(R) LOGO)                                                        

UNDERWRITING GUIDELINES/ RISK MANAGEMENT                                        

HIGHLIGHTS OF UNDERWRITING, APPRAISAL, AND ASSET QUALITY PROCESS                

-    100% credit underwriting performed prior to funding              

-    100% loan by loan fraud prevention due diligence                 

   -    100% automated underwriting to leverage technology and mitigate risk

-    Escalated appraisal and collateral review process                

-    Decentralized underwriting and centralized post-funding Quality  
Control ("QC")/Asset Quality ("AQ") process                 

-    Production/sales compensation directly impacted by QC/AQ and loan
performance results                                         

  -    Responsible lending policy and bank regulatory compliance oversight

-    Additional emphasis on post securitization settlement QC efforts 

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

UNDERWRITING GUIDELINES/ RISK MANAGEMENT                                        

ROBUST REGULATORY RISK AND COMPLIANCE CULTURE WITH OVERSIGHT BY THE OTS         

STRICT POLICIES AND OVERSIGHT                                         

          -    REGULATED BY THE OTS, oversight and examinations are performed on
a regular basis                                   

STRONG RESPONSIBLE LENDING POLICY FOR YEARS                 

-    DO NOT SELL INSURANCE                                  

-    Interest RATES DO NOT INCREASE upon default            

-    PREPAYMENT PENALTIES ARE LIMITED to 3 years            

-    Broker compensation is capped at 5%                    

-    NO NEGATIVE AMORTIZATION provision in our Core DA loans

      -    We do not offer SHORT TERM BALLOON payment loans (less than 5
years)                                            

     -    WE DO NOT ORIGINATE HIGH COST LOANS as defined by federal or
applicable state rules                            

       -    We cap the amount of FEES AND POINTS THAT CAN BE FINANCED INTO
THE LOAN                                          

-    We do not include MANDATORY ARBITRATION clauses        

TANGIBLE NET BENEFIT TEST FOR ALL REFINANCES                

         The borrower situation and loan terms are reviewed to ensure BORROWER
BENEFIT is evident                                          

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

UNDERWRITING GUIDELINES/ RISK MANAGEMENT                                        

MEANINGFUL FEEDBACK LOOPS ARE BUILT INTO OUR PROCESS TO MANAGE RISK AND QUALITY 

 (FLOWCHART)

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

UNDERWRITING GUIDELINES/ RISK MANAGEMENT                                        
Asset Quality Program                                                           

ASSET QUALITY - UPFRONT, CENTRALIZED SAMPLING PROGRAM                           

-    Post Funding Audits                                                        

-    Non Prime Audit = 5% audit of the underwriting guidelines,       
calculations and process                                    

 -    Broker on Watch = 100% audit of all funded loans when broker is on
watch                                                       

-    Pilot Audits                                                     

-    Approved statistical selection model                                       

-    Utilizes past quarters initial critical errors to determine      
statistical audit selection number                          

     -    5% of each production office or a minimum of 10 loans per audit period
selected                                                    

-    All funded loans are available for selection                     

-    Consistent selection process                                     

ASSET QUALITY CONTROL                                                           

-    Management's compensation is reduced if greater than 10% of the files      
reviewed have critical errors.                                        

-    Critical errors include but are not limited to guideline exceptions without
   appropriate approval or delegation authority, assets not verified, income
not documented properly, etc.                                         

AQ Audit Trend 2006-2007 YTD

(PERFORMANCE GRAPH) 

                                                                [Download Table]

      Jan '06  Feb  Mar  Apr  May  Jun  Jul  Aug  Sep  Oct  Nov  Dec  Jan  Feb '07
      -------  ---  ---  ---  ---  ---  ---  ---  ---  ---  ---  ---  ---  -------
                                                                                  
2006    12%    14%  11%   8%  10%   6%  10%   8%   9%   9%   9%  10%   9%    11%  

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

UNDERWRITING GUIDELINES/ RISK MANAGEMENT                                        

DILIGENT BROKER MONITORING AND A STRINGENT APPROVAL PROCESS USING THIRD PARTY   
INFORMATION                                                                     

(FLOWCHART) 

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

UNDERWRITING GUIDELINES/ RISK MANAGEMENT                                        

BROKER AND BRANCH QUALITY CONTROL                                               

-    Training and field management initiatives include:                         

   -    In addition to the changes to guidelines we also implemented changes
        to field management compensation for any branch that has an FPD rate
greater then 1%.                                            

 -    All branches have recommended corrective action plans with goal of
maximum 1% FPD rate                                         

-    Created training module for stated borrowers                     

-    Refresher training on use of our collateral quality tools:       
LoanSafe(TM), IdentityPro and GEO AVMs(TM)                  

 -    Updated training module for underwriting income: Full Doc and bank
statements.                                                 

-    Created training module for understanding assets and reserves.   

BROKER MANAGEMENT - 26 STAFF                                                    

-    Nearly 1,500 brokers rejected with approximately 250 on watch (Over 60,000 
terminated since 2000).                                               

-    Pre-screening of new brokers prior to accepting broker applications        

-    Ongoing monitoring of current brokers through MARI                         

-    Annual re-certification of active brokers through Firstline Data           

-    Brokers placed on watch due to suspicious activity or industry alerts -    
additional due diligence is required & 100% of loans are audited by AQ

BROKER SURVEILLANCE                                                             

(PERFORMANCE GRAPH) 

                                                                [Download Table]

                       1      2  
                     -----   ----
                                 
Funding Status       25448    834
Non Funding Status   62587   1473

-    We have the following statuses:                                            

FUNDING STATUS                                                        

-    Approved (A)                                           

                -    Certain brokers in APPROVED status may have a WATCH
flag                          

-    Interim Approved (I)                                   

NON FUNDING STATUS                                                    

-    Denied (D)                                             

-    Terminated (T)                                         

-    Rejected (R)                                           

-    Database has been in existence since 1996                                  

-    If a BROKER was ever on 'WATCH', the reasons for watch are ALWAYS          
MAINTAINED to keep us ALERTED                                         

(LOGO)                                                                          

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(LOGO)                                                                          

(FIRST FRANKLIN(R) LOGO)                                                        

4. FFMER SECURITIZATION PROGRAM                                                 

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(FIRST FRANKLIN(R) LOGO)                                                        

FFMER SECURITIZATION PROGRAM                                                    

SECURITIZATION STRATEGY                                                         

-    100% of loans fully credit underwritten prior to funding at the local      
offices by an appropriately delegated underwriter                     

-    Current EPD and repurchase reserve levels expected to be maintained at same
levels                                                                

-    Loans originated and sold into the trust with zero seasoning - No          
delinquent loans included                                             

-    Will track all repurchase activity on trustee reports                      

SECURITIZATION PROGRAMS                                                         

-    FFMER 2007-#: 1st lien Core program                                        

-    FFMER 2007-X: 2nd lien Core program                                        

-    FFMER 2007-H# - 1st lien HLTV program                                      

-    FFMER 2007-A#: 1st and 2nd lien Alt A Program                              

-    FFMER 2007-SD#: Scratch and Dent Program                                   

SECURITIZATION TIMELINES - 1ST LIEN EXAMPLE                                     

-    Provide indicative tape Mar 15th                                           

-    Receive loss coverage & enhancement levels Mar 22nd                        

-    Finalize structure & Rating Agency signoff Mar 29th                        

-    Market transaction April 1st                                               

-    Provide final tape April 20th                                              

-    Settle Securitization April 27th                                           

-    First Franklin will deliver final tape consistent in all material respects 
to the indicative tape                                                

SECURITIZATION CONTACTS                                                         

-    Trustees                                                                   

-    Wells Fargo - www.ctslink.com                                    

-    Deutsche Bank - http://www.tss.db.com                            

-    LaSalle Bank - http://www.etrustee.net                           

-    US Bank - https://trustinvestorreporting.usbank.com              

-    FFML Monitor - Access thru www.mlx.ml.com                                  

-    ABSInvestor-http://wholeloand.worldnet.ml.com/absinvestor                  

(LOGO)                                                                          

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(LOGO)                                                                          

(FIRST FRANKLIN(R) LOGO)                                                        

4. HOME LOAN SERVICES                                                           

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

PARTNERSHIP WITH FIRST FRANKLIN AND NATIONPOINT                                 

(FLOWCHART) 

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

AGENCY RATINGS                                                                  

                                                                [Download Table]

                                              2004        2005         2006   
                                           ----------  ----------  -----------
                                                                              
MOODY'S RATINGS (2007 REVIEW 5/07)                                            
Primary Servicer (Subprime)                SQ2         SQ2+        SQ1-       
Primary Servicer (Prime)                   --          --          SQ2        
Primary Servicer (Second Liens)            SQ2         SQ2         SQ2        
Special Servicer                           SQ3         SQ2-        SQ2+       

FITCHRATINGS (2007 REVIEW 4/07)                                               
Primary Servicer (Alt-A)                   RSP2-       RSP2-       RSP2       
Primary Servicer (Subprime)                RSP2-       RSP2-       RSP2       
Special Servicer                           RSS3+       RSS3+       RSS2-      

S&P RATINGS (REAFFIRMED 10/05 - 2006                                          
SITE REVIEW 10/06)                                                            
Residential Subprime Mortgage Servicer     Above Avg.  Above Avg.  In Progress
Alternative Residential Mortgage Servicer  Above Avg.  Above Avg.  In Progress
Residential Prime Mortgage Servicer*       --          --          In Progress

*    Added to S&P Approved List of Residential Mortgage Servicers for           
Prime/Alt-A - 1/07                                                    

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

SERVICING LEVERS OF DIFFERENTIATION                                             

LOAN BOARDING                                                                   

-    Loans boarded electronically within 48 hours of closing by First 
Franklin and ready to service                               

COLLECTION PHILOSOPHY                                                           

-    Employ integrated collection approach featuring behavioral       
       prioritization of delinquent accounts and seamless partnership with
Loss Mitigation                                             

EARLY INTERVENTION                                                              

-    Loan modifications with low re-default rates, ARM payment shock  
program that centers on borrower contact and counseling,    
  Pre-Foreclosure sales and Cross Selling to reduce expenses and
increase income                                             

DEFAULT MANAGEMENT                                                              

     -    Strong default time-line management to control costs and loss severity

RISK MANAGEMENT AND CONTROLS                                                    

-    Culture of compliance                                            

BORROWER FOCUS                                                                  

 -    High call center service standards and a focus on listening to the
borrower and tracking concerns                              

ENGAGED WORKFORCE                                                               

-    Robust training programs for both new hires and current staff and
turnover well below industry average                        

MANAGED GROWTH                                                                  

 -    Focus on forecasting to avoid surprises and enable company to stay
ahead of servicing growth                                   

SYSTEM FLEXIBILITY AND RELIABILITY                                              

-    Status as remote Fidelity MSP client limits any servicing system 
capability concerns                                         

COST MANAGEMENT                                                                 

-    Success with controlling cost to service over time               

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

HLS IMPACT ON FIRST / EARLY PAYMENT DEFAULTS                                    

   -    All loans due for first contractual payment are managed by the First
Payment Default team.                                       

   -    All loans that miss payments within the first 90 days are managed by
the Early Payment Default team.                             

(FLOWCHART) 

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

DEFAULT TIMELINE                                                                

(FLOWCHART) 

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

LOSS MITIGATION                                                                 

EARLY INTERVENTION

ARM SHOCK                                                                       

-    Automated system identification to help recognize customers experiencing   
ARM shock                                                             

-    Proactive call campaigns prior to ARM reset                                

-    Letter campaigns offering assistance on 30+ delinquent ARM reset loans     

-    Multiple modification options available                                    

CROSS SELLING                                                                   

-    Counseling ideas offered to help retain home ownership through reducing    
expenses and increasing income                                        

-    Repayment plans designed to build pay history before completing a          
modification                                                          

-    Counsel to market property if home ownership is not financially feasible   

LOAN MODIFICATIONS                                                              

-    Low re-default rate -                                                      

  -    60+ delinquent loans modified in the past 12 months = 13%

       -    60+ delinquent loans modified since program inception (2001) =
18%                                               

-    Offer a multitude of modification products:                                

-    Extend fixed period before next ARM adjustment         

-    40 year modification                                   

-    Interest only modification                             

-    Add another co-signor to strengthen the loan           

-    Modify long term repayment plans                       

-    Maximize cash flow for investor                                            

PRE-FORECLOSURE SALES                                                           

-    Track delinquent properties for sale to ensure marketing efforts are strong
and pricing is appropriate based on FMV                               

-    Work with customers through redemption period to avoid losses to the trust 

-    Negotiate strongest net proceeds and closing costs to decrease losses      

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

RESULTS OF LOSS MITIGATION EFFORTS                                              

LOSS MITIGATION ROLLING 12-MONTH CLOSING RESULTS

(PERFORMANCE GRAPH) 

                                                        [Enlarge/Download Table]

                         May      Jun     Jul    Aug     Sep     Oct     Nov     Dec     Jan     Feb     March   April 
                        -----   -----   -----   -----   -----   -----   -----   -----   -----   ------   -----   ----- 
                                                                                                                       
Presales                   92     101     101     102     136     130     140     176     179      180     270     236 
Modifications              87      66      57      87      89     113      88      85     101       84      79     103 
Completed Plans           321     279     193     187     127     210     206     230     291      272     345     235 
Total Loss Mit Efforts    500     446     351     376     352     453     434     491     571      536     694     574 
Workout Ratio           74.11%  73.30%  63.48%  59.97%  53.57%  59.76%  55.26%  59.08%  54.49%   54.85%  56.94%  53.22%
Delinquency 60+          6357    6909    7070    7748    8422    8690   9,013   9,068   9,389   11,401                 

Fannie Mae Workout Ratio Definition:                                            

(Completed Repay Plans + Presales + Modifications + Deeds)                      

Divided by                                                                      

(Completed Repay Plans + Presales + Modifications minus Deeds + REO Ins)        

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

LOSS SEVERITY                                                                   

SERVICED FOR NATIONAL CITY

HLS ALL-IN SEVERITY BY TYPE BY QUARTER

 (PERFORMANCE GRAPH)

                                                        [Enlarge/Download Table]

           01-03  02-03  03-03  04-03  01-04  02-04  03-04  04-04  01-05  02-05  03-05  04-05  01-06  02-06  03-06  04-06
           -----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----
                                                                                                                         
REO        18.2%  22.2%  24.4%  27.4%  23.8%  23.6%  25.9%  26.3%  25.0%  24.0%  23.1%  25.3%  24.5%  23.5%  23.5%  24.4%
3RD PARTY   5.5%   2.8%   6.6%   7.1%   7.9%   7.0%   6.4%   6.1%   7.6%   7.1%   6.7%   4.6%   3.8%   9.2%   4.4%   4.5%
PRESALES    8.9%   7.7%   6.5%  11.6%   8.8%  12.2%  10.4%   9.3%  12.1%  12.2%  11.0%   9.2%  10.3%  13.0%   9.3%  11.0%
ALL TYPES  12.9%  13.0%  14.3%  17.9%  14.5%  16.4%  17.2%  17.4%  18.5%  17.7%  17.0%  17.2%  17.4%  16.8%  17.3%  16.6%

SERVICED FOR SECURITIZATION TRUSTS

SERVICING BOOK
ALL IN SEVERITY BY TYPE BY QUARTER

 (PERFORMANCE GRAPH)

                                                                [Download Table]

                         03-05   04-05   01-06   02-06   03-06   04-06   01-07 
                         -----   -----   -----   -----   -----   -----   ----- 
                                                                               
1sts - REO                                36.7%   42.1%   34.8%   28.4%   30.5%
1sts - PRESALE                    15.8%   20.5%   18.8%   19.1%   21.6%   22.4%
1sts - 3rd Party Sales                            21.6%   28.2%   32.5%   29.2%
2nds - Full Charge       100.5%  103.7%  103.7%  104.1%  104.2%  104.0%  106.9%
2nds - PRESALE            68.5%   45.6%   68.7%   56.7%   65.5%   76.5%   67.5%

-    The term "all in" refers to principal loss plus all expenses related to the
  liquidation of the property, as well as lost interest on the securitized
portfolio. (i.e. the total loss taken divided by the balance at       
foreclosure).                                                         

-    Segregated severity calculations for the NCC portfolio end 4th quarter     
  2006. That calculation was driven by NCC management to conform timing of
loss to banking regulations. All loss tracking is now based upon net  
proceeds at disposition.                                              

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

SERVICING STATISTICS                                                            

 ACCOUNTS SERVICE PERIOD END

(PERFORMANCE GRAPH) 

                                                                [Download Table]

                                                       2007   
              2003      2004      2005      2006    (Forecast)
            -------   -------   -------   -------   ----------
                                                              
Interim      32,301    20,738    15,571    16,421      15,824 
Permanent   121,211   159,142   258,940   341,151     383,907 
Alt-A                                                  15,661 

 HEADCOUNT GROWTH THROUGH 2007

(CHART) 

OUTSTANDINGS SERVICED ($000S) PERIOD END

(PERFORMANCE GRAPH) 

                                                                [Download Table]

                                                                   2007   
               2003         2004         2005         2006      (Forecast)
            ----------   ----------   ----------   ----------   ----------
                                                                          
Interim      3,828,203    2,782,850    2,469,559    2,700,955    2,511,907
Permanent   14,546,858   20,198,668   35,104,018   46,812,831   52,014,144
Alt-A                                                              508,201

-    As of 4/30/07, HLS serviced 378,141 accounts for $53.3 billion of which    
   $38.9 billion was serviced for securitizations; $7.9 billion for National
   City; $3.5 billion for First Franklin balance sheet and the remainder for
other investors.                                                      

-    HLS has been servicing FFMLT Shelf since December, 2004.                   

-    2007 and beyond: HLS will continue to service originations of First        
     Franklin and NationPoint. Wilshire Credit Corporation will service MLMI and
SURF originations.                                                    

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

RATE SHOCK TRENDS                                                               

RATE SHOCK TRENDING - INITIAL ADJUSTMENTS (INCLUDES CURRENT LOANS)
 (ALL SERVICED AS OF MARCH 2007)
 *excludes Interim Servicing

(PERFORMANCE GRAPH) 

                                                        [Enlarge/Download Table]

                                                                 RESET PERIOD BY QTR                                           
                      ---------------------------------------------------------------------------------------------------------
% OF PAYMENT CHARGE   1 2007   2 2007   3 2007   4 2007   1 2008   2 2008   3 2008   4 2008   1 2009   2 2009   3 2009   4 2009
-------------------   ------   ------   ------   ------   ------   ------   ------   ------   ------   ------   ------   ------
                                                                                                                               
Avg. % of Pmt_Change   34.0%    34.1%    39.4%    33.7%    31.8%    30.8%    33.3%    33.0%    29.7%    28.8%    28.2%    27.8%
% of Rate Change        3.0%     3.0%     3.0%     3.0%     3.0%     3.0%     3.0%     3.0%     3.0%     3.0%     3.0%     3.0%
Avg. Pmt Change Amt   $ 391    $ 361    $ 448    $ 447    $ 436    $ 415    $ 428    $ 390    $ 359    $ 351    $ 359    $ 329 

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

STAFFING GROWTH TRAJECTORY                                                      

(PERFORMANCE GRAPH) 

                                                                [Download Table]

             Headcount   # of Accounts
             ---------   -------------
                                      
12/31/2003       443        153,512   
12/31/2004       384        179,880   
12/31/2005       525        274,511   
12/31/2006       697        357,572   
12/31/2007      1024        462,797   

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

HOME LOAN SERVICES                                                              

LOW TURNOVER COMPARED TO THE INDUSTRY                                           

(PERFORMANCE GRAPH) 

                                                                [Download Table]

                     2002    2003    2004    2005    2006 
                    -----   -----   -----   -----   ----- 
                                                          
HLS                 14.56%  14.56%  17.61%  14.90%  19.41%
Industry Average                                       25%

(LOGO)                                                                          

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(FIRST FRANKLIN(R) LOGO)                                                        

DISCLAIMER                                                                      

The depositor has filed a registration statement (including a prospectus) with  
the SEC (File no. 333-140436) for the offering to which this free writing       
prospectus relates. Before you invest, you should read the prospectus in that   
registration statement and other documents the issuer has filed with the SEC for
more complete information about the issuer and this offering. You may get these 
documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.        
Alternatively, the issuer, any underwriter or any dealer participating in the   
offering will arrange to send you the prospectus when it is available if you    
request it by calling the toll-free number at 1-800-248-3580.                   

The information in this free writing prospectus, if conveyed prior to the time  
of your commitment to purchase, supersedes any inconsistent information         
contained in any prior similar free writing prospectus relating to these        
securities.                                                                     

Numerous assumptions were used in preparing the Free Writing Prospectus which   
may or may not be stated therein. The Free Writing Prospectus should not be     
construed as either projections or predictions or as legal, tax, financial or   
accounting advice.                                                              

In addition, it is possible that prepayments on the underlying assets will occur
at rates slower or faster than the rates assumed in the Free Writing Prospectus.
Furthermore, unless otherwise provided, the Free Writing Prospectus assumes no  
losses on the underlying assets and no interest shortfall. The specific         
characteristics of the securities may differ from those shown in the Free       
Writing Prospectus due to differences between the actual underlying assets and  
the hypothetical assets used in preparing the Free Writing Prospectus.          

This communication shall not constitute an offer to sell or the solicitation of 
any offer to buy nor shall there be any sale of the securities discussed in this
Free Writing Prospectus in any state in which such offer, solicitation or sale  
would be unlawful prior to registration or qualification under the securities   
laws of any such state.                                                         

Please be advised that asset-backed securities may not be appropriate for all   
investors. Potential investors must be willing to assume, among other things,   
market price volatility, prepayments, yield curve and interest rate risk.       
Investors should fully consider the risk of an investment in these securities.  

Merrill Lynch prohibits (a) employees from, directly or indirectly, offering a  
favorable research rating or specific price target, or offering to change such  
rating or price target, as consideration or inducement for the receipt of       
business or for compensation, and (b) Research Analysts from being compensated  
for involvement in investment banking transactions except to the extent that    
such participation is intended to benefit investor clients.                     

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Dates Referenced Herein

		Referenced-On Page
This ‘FWP’ Filing	Date	First	Last	Other Filings

Filed as of:	6/12/07			None on these Dates
Filed on:	6/11/07
	12/30/06	4
				List all Filings

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Filing Submission 0000950123-07-008530 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4 – ‘FWP’ on 6/11/07 re: Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4

On: Monday, 6/11/07, at 9:11pm ET · As of: 6/12/07 · Accession #: 950123-7-8530 · File #: 333-140436-18

Previous ‘FWP’: None · Next: ‘FWP’ on 6/14/07 · Latest: ‘FWP’ on 11/2/07

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

Dates Referenced Herein

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