8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) February 22, 2007

Impac Secured Assets Trust 2007-1

(Exact name of issuing entity as specified in its charter)

Impac Secured Assets Corp.

(Exact name of depositor as specified in its charter)

Impac Funding Corporation

(Exact name of sponsor as specified in its charter)

California	333-138118-05	33-071-5871
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
19500 Jamboree Road Irvine, California		92612
(Address of Principal Executive Offices)		(Zip Code)

Registrants telephone number, including area code, is (949) 475-3600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

2

Item 8.01. Other Events.

On February 22, 2007, a single series of certificates, entitled Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-1 (the “Certificates”), were issued pursuant to a Pooling and Servicing Agreement, dated as of February 1, 2007 (the “Agreement”) among Impac Secured Assets Corp., as depositor, Impac Funding Corporation, as master servicer, and Deutsche Bank National Trust Company, as trustee (the “Trustee”).

The tables annexed as Exhibit 99.1 hereto describe characteristics of the Mortgage Pool as of the Cut-off Date.

3

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable

(b) Not applicable

(c) Not applicable

(d) Exhibits:

Exhibit No. Description

        99.1 Characteristics of the Mortgage Pool as of February 1, 2007, relating to Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-1.

4

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the Registrant by the undersigned thereunto duly authorized.

IMPAC SECURED ASSETS CORP.

By:  /s/ Gretchen Verdugo   
Name: Gretchen Verdugo
Title: EVP, CFO

Dated: March 7, 2007

5

EXHIBIT INDEX

Exhibit Number Description

99.1 Characteristics of the Mortgage Pool as of February 1, 2007, relating to Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-1.

6

EX-99.1

THE MORTGAGE POOL

7

Mortgage Loan Programs⁽¹⁾

Loan Programs	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(2)
10 Yr Fixed	$	543,226		1		0.05	%	$	543,226		5.875	%		118		730		36.67	%
15 Yr Fixed		14,512,346		37		1.45			392,226		6.395			171		747		61.46
20 Yr Fixed		841,765		4		0.08			210,441		6.696			236		787		66.35
30 Yr Fixed		161,767,659		432		16.18			374,462		6.672			357		728		69.98
30/15 Fixed Balloon		44,002,328		605		4.40			72,731		12.406			178		672		95.90
40/30 Fixed Balloon		9,352,335		32		0.94			292,260		7.195			358		696		79.79
30/15 Fixed Balloon - IO		1,000,825		15		0.10			66,722		12.758			177		664		94.99
30 Yr Fixed - IO		93,574,168		247		9.36			378,843		6.689			358		724		71.22
20 Yr Fixed - IO		118,000		1		0.01			118,000		6.000			239		762		42.91
30Y LIB6M - IO		1,710,101		5		0.17			342,020		6.041			357		717		78.51
30Y LIB12M		741,793		4		0.07			185,448		5.808			356		679		79.95
30Y LIB12M - IO		1,982,950		4		0.20			495,738		6.090			353		715		62.77
2/28 LIB6M		931,298		6		0.09			155,216		8.627			356		658		85.39
2/28 LIB6M 40/30 Balloon		854,789		2		0.09			427,395		6.910			357		644		80.00
2/28 LIB6M - IO		10,888,568		23		1.09			473,416		7.273			358		713		77.50
3/27 LIB6M		4,057,736		17		0.41			238,690		6.801			357		685		78.28
3/27 LIB6M 40/30 Balloon		2,798,124		8		0.28			349,766		6.949			357		707		82.16
3/27 LIB6M - IO		29,835,542		94		2.98			317,399		6.759			358		702		76.61
3/1 LIB12M		1,118,322		5		0.11			223,664		5.734			357		794		60.00
3/1 LIB12M - IO		2,186,593		7		0.22			312,370		5.872			356		733		76.40
5/25 LIB6M		36,125,608		143		3.61			252,627		7.088			358		693		75.36
5/25 LIB6M 40/30 Balloon		12,180,280		45		1.22			270,673		6.929			358		674		77.68
5/25 LIB6M - IO		401,386,632		1156		40.14			347,220		6.880			358		695		75.60
5/1 LIB12M		24,397,656		56		2.44			435,672		6.400			357		710		73.49
5/1 LIB12M - IO		114,592,300		290		11.46			395,146		6.576			357		705		75.22
7/23 LIB6M		3,172,512		7		0.32			453,216		6.477			358		703		67.37
7/23 LIB6M 40/30 Balloon		934,770		3		0.09			311,590		7.301			357		680		81.92
7/23 LIB6M - IO		16,583,447		47		1.66			352,839		6.434			358		708		71.20
7/1 LIB12M		223,795		1		0.02			223,795		7.000			357		733		37.01
7/1 LIB12M - IO		3,632,091		7		0.36			518,870		6.631			357		679		77.05
10/20 LIB6M		135,896		1		0.01			135,896		6.875			358		660		75.00
10/20 LIB6M - IO		2,246,000		3		0.22			748,667		6.223			358		692		28.50
10/1 LIB12M		718,808		2		0.07			359,404		6.966			358		640		67.38
10/1 LIB12M - IO		853,000		3		0.09			284,333		6.257			358		718		75.82
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

________________________

⁽¹⁾ A mortgage loan with a loan program of “10Yr Fixed”, “15Yr Fixed”, “20Yr Fixed” or “30Yr Fixed” is a fixed-rate loan with a term of 10, 15, 20 or 30 years, respectively. A mortgage loan with a loan program of “40/30 Fixed Balloon” has a term of 40 years, has a mortgage rate that is fixed for the entire term and requires a balloon payment in year 30. A mortgage loan with a loan program of “30/15 Fixed Balloon” has a term of 30 years, has a mortgage rate that is fixed for the entire term and requires a balloon payment in year 15. A mortgage loan with a loan program including the term “30Y LIB6M” has a term of 30 years and the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term “30Y LIB12M” has a term of 30 years and the mortgage rate adjusts annually based on the value of One-Year LIBOR. A mortgage loan with a loan program including the term “2/28 LIB6M” has a term of 30 years, the first two of which consist of a fixed rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term “2/28 LIB6M 40/30 Balloon” has a term of 40 years and requires a balloon payment in year 30, the first two of which consist of a fixed rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term “3/27 LIB6M” has a term of 30 years, the first three of which consist of a fixed rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term “3/27 LIB6M 40/30 Balloon” has a term of 40 years and requires a balloon payment in year 30, the first three of which consist of a fixed rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term “3/1 LIB12M” has a term of 30 years, the first three of which consist of a fixed rate period, and thereafter the mortgage rate adjusts annually based on the value of One-Year LIBOR. A mortgage loan with a loan program including the term “5/25 LIB6M” has a term of 30 years, the first five of which consist of a fixed rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term “5/25 LIB6M 40/30 Balloon” has a term of 40 years and requires a balloon payment in year 30, the first five of which consist of a fixed rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term “5/1 LIB12M” has a term of 30 years, the first five of which consist of a fixed rate period, and thereafter the mortgage rate adjusts annually based on the value of One-Year LIBOR. A mortgage loan with a loan program including the term “7/23 LIB6M” has a term of 30 years, the first seven of which consist of a fixed rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term “7/23 LIB6M 40/30 Balloon” has a term of 40 years and requires a balloon payment in year 30, the first seven of which consist of a fixed rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term “7/1 LIB12M” has a term of 30 years, the first seven of which consist of a fixed rate period, and thereafter the mortgage rate adjusts annually based on the value of One-Year LIBOR. A mortgage loan with a loan program including the term “10/20 LIB6M” has a term of 30 years, the first ten of which consist of a fixed rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term “10/1 LIB12M” has a term of 30 years, the first ten of which consist of a fixed rate period, and thereafter the mortgage rate adjusts annually based on the value of One-Year LIBOR. A mortgage loan with a loan program including the term “IO” has an interest only period, provided, however that the term of the interest only period is not necessarily the same term as the fixed period for the loan.

⁽²⁾ Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

8

Principal Balances as of Origination

Range of Mortgage Loan Principal Balances ($)	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
0.01 - 50,000.00	$	9,007,110		253		0.90	%	$	35,601		12.373	%		186		685		92.73	%
50,000.01 - 100,000.00		25,485,623		344		2.55			74,086		11.072			228		679		89.72
100,000.01 - 150,000.00		43,086,174		344		4.31			125,251		8.668			306		690		79.19
150,000.01 - 200,000.00		64,120,045		365		6.41			175,671		7.336			342		694		74.39
200,000.01 - 250,000.00		69,785,106		308		6.98			226,575		6.954			353		695		75.23
250,000.01 - 300,000.00		75,712,984		277		7.57			273,332		6.989			356		696		76.39
300,000.01 - 350,000.00		84,990,805		262		8.50			324,392		6.753			357		697		75.21
350,000.01 - 400,000.00		88,554,307		236		8.86			375,230		6.797			355		696		76.97
400,000.01 - 450,000.00		84,576,812		198		8.46			427,156		6.739			356		699		75.37
450,000.01 - 500,000.00		93,799,498		198		9.38			473,735		6.694			355		705		74.91
500,000.01 - 550,000.00		77,339,807		148		7.73			522,566		6.615			354		714		73.56
550,000.01 - 600,000.00		58,088,172		101		5.81			575,130		6.576			352		715		73.33
600,000.01 - 650,000.00		49,486,062		79		4.95			626,406		6.695			358		717		72.65
650,000.01 - 700,000.00		24,984,527		37		2.50			675,257		6.635			357		728		74.36
700,000.01 - 750,000.00		29,048,840		40		2.90			726,221		6.724			358		723		71.49
750,000.01 - 800,000.00		14,003,226		18		1.40			777,957		6.599			347		708		75.84
800,000.01 - 850,000.00		15,784,797		19		1.58			830,779		6.546			355		719		67.73
850,000.01 - 900,000.00		14,947,911		17		1.49			879,289		6.716			358		727		70.89
900,000.01 - 950,000.00		10,167,448		11		1.02			924,313		6.864			340		729		72.93
950,000.01 - 1,000,000.00		33,515,512		34		3.35			985,750		6.516			352		733		67.64
1,050,000.01 - 1,100,000.00		3,255,416		3		0.33			1,085,139		6.083			298		739		47.31
1,100,000.01 - 1,150,000.00		2,259,000		2		0.23			1,129,500		6.689			357		724		64.19
1,150,000.01 - 1,200,000.00		2,374,515		2		0.24			1,187,258		6.433			358		736		70.79
1,200,000.01 - 1,250,000.00		1,231,980		1		0.12			1,231,980		6.625			355		802		75.00
1,300,000.01 - 1,350,000.00		2,667,300		2		0.27			1,333,650		7.000			358		682		65.00
1,400,000.01 - 1,450,000.00		2,837,821		2		0.28			1,418,910		6.432			268		729		76.35
1,450,000.01 - 1,500,000.00		4,157,242		3		0.42			1,385,747		6.577			358		714		68.57
1,500,000.01 - 1,550,000.00		1,513,302		1		0.15			1,513,302		5.875			356		721		72.39
1,550,000.01 - 1,600,000.00		2,342,789		2		0.23			1,171,394		6.626			261		738		62.37
1,650,000.01 - 1,700,000.00		1,658,400		1		0.17			1,658,400		6.125			358		677		17.46
1,700,000.01 - 1,750,000.00		1,469,888		1		0.15			1,469,888		6.750			357		778		64.82
1,850,000.01 - 1,900,000.00		1,884,846		1		0.19			1,884,846		7.000			358		728		65.67
1,900,000.01 - 1,950,000.00		3,864,000		2		0.39			1,932,000		7.003			358		710		70.00
1,950,000.01 - 2,000,000.00		2,000,000		1		0.20			2,000,000		7.375			358		657		67.80
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾ Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

As of origination, the average principal balance of the mortgage loans was approximately $302,739.

9

Principal Balances as of the Cut-off Date

Range of Mortgage Loan Principal Balances ($)	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
0.01 - 50,000.00	$	9,007,110		253		0.90	%	$	35,601		12.373	%		186		685		92.73	%
50,000.01 - 100,000.00		25,485,623		344		2.55			74,086		11.072			228		679		89.72
100,000.01 - 150,000.00		43,368,199		346		4.34			125,342		8.656			306		690		79.20
150,000.01 - 200,000.00		64,013,019		364		6.40			175,860		7.336			342		694		74.34
200,000.01 - 250,000.00		69,785,106		308		6.98			226,575		6.954			353		695		75.23
250,000.01 - 300,000.00		75,981,901		278		7.60			273,316		6.987			356		696		76.32
300,000.01 - 350,000.00		84,990,805		262		8.50			324,392		6.753			357		697		75.21
350,000.01 - 400,000.00		88,554,307		236		8.86			375,230		6.797			355		696		76.97
400,000.01 - 450,000.00		85,025,672		199		8.50			427,265		6.734			356		699		75.36
450,000.01 - 500,000.00		93,395,613		196		9.34			476,508		6.700			355		705		75.02
500,000.01 - 550,000.00		76,850,916		147		7.69			522,795		6.614			354		714		73.52
550,000.01 - 600,000.00		58,088,172		101		5.81			575,130		6.576			352		715		73.33
600,000.01 - 650,000.00		50,128,430		80		5.01			626,605		6.693			358		718		72.55
650,000.01 - 700,000.00		24,342,159		36		2.43			676,171		6.638			357		726		74.60
700,000.01 - 750,000.00		29,798,739		41		2.98			726,799		6.715			358		722		71.70
750,000.01 - 800,000.00		14,037,560		18		1.40			779,864		6.641			331		714		74.57
800,000.01 - 850,000.00		15,784,797		19		1.58			830,779		6.546			355		719		67.73
850,000.01 - 900,000.00		14,947,911		17		1.49			879,289		6.716			358		727		70.89
900,000.01 - 950,000.00		10,167,448		11		1.02			924,313		6.864			340		729		72.93
950,000.01 - 1,000,000.00		33,515,512		34		3.35			985,750		6.516			352		733		67.64
1,050,000.01 - 1,100,000.00		3,255,416		3		0.33			1,085,139		6.083			298		739		47.31
1,100,000.01 - 1,150,000.00		2,259,000		2		0.23			1,129,500		6.689			357		724		64.19
1,150,000.01 - 1,200,000.00		3,538,065		3		0.35			1,179,355		6.414			358		744		68.84
1,200,000.01 - 1,250,000.00		1,231,980		1		0.12			1,231,980		6.625			355		802		75.00
1,300,000.01 - 1,350,000.00		2,667,300		2		0.27			1,333,650		7.000			358		682		65.00
1,400,000.01 - 1,450,000.00		2,837,821		2		0.28			1,418,910		6.432			268		729		76.35
1,450,000.01 - 1,500,000.00		4,463,580		3		0.45			1,487,860		6.686			358		723		68.30
1,500,000.01 - 1,550,000.00		1,513,302		1		0.15			1,513,302		5.875			356		721		72.39
1,550,000.01 - 1,600,000.00		1,558,555		1		0.16			1,558,555		6.375			359		707		65.00
1,650,000.01 - 1,700,000.00		1,658,400		1		0.17			1,658,400		6.125			358		677		17.46
1,850,000.01 - 1,900,000.00		1,884,846		1		0.19			1,884,846		7.000			358		728		65.67
1,900,000.01 - 1,950,000.00		3,864,000		2		0.39			1,932,000		7.003			358		710		70.00
1,950,000.01 - 2,000,000.00		2,000,000		1		0.20			2,000,000		7.375			358		657		67.80
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾ Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

As of the cut-off date, the average principal balance of the mortgage loans was approximately $301,842.

10

Geographic Distribution of Mortgaged Properties

State	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
Alabama	$	3,294,949		7		0.33	%	$	470,707		6.895	%		354		715		72.91	%
Arizona		46,728,341		164		4.67			284,929		6.816			350		706		74.84
California		499,891,062		1413		49.99			353,780		6.880			349		703		74.19
Colorado		10,514,476		50		1.05			210,290		7.185			342		706		74.50
Connecticut		8,078,828		26		0.81			310,724		7.069			348		704		75.59
District of Columbia		1,812,145		6		0.18			302,024		6.703			350		753		61.18
Delaware		570,299		4		0.06			142,575		8.284			343		631		86.96
Florida		82,673,770		453		8.27			182,503		7.722			340		694		77.37
Georgia		8,124,040		36		0.81			225,668		7.093			345		724		78.70
Hawaii		17,378,714		48		1.74			362,057		6.714			347		697		77.45
Iowa		244,618		2		0.02			122,309		6.419			357		753		82.43
Idaho		3,739,895		8		0.37			467,487		6.605			356		732		69.56
Illinois		29,838,032		118		2.98			252,865		7.310			340		709		76.44
Indiana		1,261,863		8		0.13			157,733		7.084			343		726		80.53
Kansas		3,525,551		6		0.35			587,592		6.376			354		763		77.74
Kentucky		1,789,698		4		0.18			447,424		6.118			299		751		74.81
Louisiana		851,941		5		0.09			170,388		6.488			357		719		78.91
Massachusetts		10,135,885		26		1.01			389,842		6.604			357		731		68.97
Maryland		40,307,626		134		4.03			300,803		6.958			347		701		75.25
Maine		2,082,983		7		0.21			297,569		6.849			357		695		78.04
Michigan		2,308,817		10		0.23			230,882		8.265			320		692		75.37
Minnesota		7,589,414		39		0.76			194,600		7.597			336		696		76.73
Missouri		3,867,962		15		0.39			257,864		6.749			312		771		71.51
Mississippi		2,288,013		15		0.23			152,534		7.317			344		703		79.02
North Carolina		6,874,807		24		0.69			286,450		6.886			355		703		74.55
North Dakota		103,539		1		0.01			103,539		6.750			356		685		79.99
Nebraska		168,000		1		0.02			168,000		6.875			358		677		80.00
New Hampshire		3,275,545		14		0.33			233,967		7.077			357		692		73.48
New Jersey		32,201,250		100		3.22			322,012		7.146			349		708		73.71
New Mexico		781,234		5		0.08			156,247		7.240			356		726		64.73
Nevada		23,618,970		99		2.36			238,575		7.130			345		700		78.19
New York		45,390,691		121		4.54			375,130		7.490			338		706		72.28
Ohio		2,696,926		5		0.27			539,385		6.567			358		696		77.44
Oklahoma		262,108		3		0.03			87,369		8.704			330		677		88.82
Oregon		7,356,136		30		0.74			245,205		6.866			340		696		69.43
Pennsylvania		5,819,794		22		0.58			264,536		6.890			351		740		73.73
Rhode Island		3,337,260		11		0.33			303,387		7.012			342		743		71.29
South Carolina		4,644,572		19		0.46			244,451		6.787			356		737		74.89
Tennessee		3,280,600		12		0.33			273,383		6.446			357		725		75.21
Texas		8,745,995		38		0.87			230,158		7.078			322		731		75.49
Utah		7,048,096		25		0.70			281,924		7.404			341		718		70.91
Virginia		39,320,449		119		3.93			330,424		7.000			352		703		77.18
Washington		14,037,561		54		1.40			259,955		6.809			349		709		76.33
Wisconsin		2,138,809		6		0.21			356,468		6.432			353		710		77.03
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾ Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

No more than approximately 0.40% of the mortgage loans (by aggregate outstanding principal balance as of the cut-off date) are secured by mortgaged properties located in any one zip code.

11

Original Loan-to-Value Ratios (Include CLTVs for 2nd Liens)

Range of Loan-to-Value Rations (%)	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
0.01 - 20.00	$	3,055,891		6		0.31	%	$	509,315		6.116	%		289		714		17.97	%
20.01 - 25.00		858,117		5		0.09			171,623		6.049			300		742		22.66
25.01 - 30.00		2,666,738		9		0.27			296,304		5.946			358		740		28.16
30.01 - 35.00		3,915,142		16		0.39			244,696		6.181			329		726		31.55
35.01 - 40.00		6,810,699		18		0.68			378,372		6.605			335		751		38.32
40.01 - 45.00		10,235,759		38		1.02			269,362		6.351			351		724		42.21
45.01 - 50.00		17,524,366		51		1.75			343,615		6.312			342		713		48.31
50.01 - 55.00		21,612,915		56		2.16			385,945		6.265			357		726		52.58
55.01 - 60.00		29,915,902		74		2.99			404,269		6.325			344		721		58.26
60.01 - 65.00		62,983,514		131		6.30			480,790		6.464			353		720		63.46
65.01 - 70.00		104,889,255		277		10.49			378,662		6.604			355		709		68.82
70.01 - 75.00		151,976,075		428		15.20			355,084		6.772			356		704		74.30
75.01 - 80.00		514,088,379		1473		51.41			349,008		6.855			356		702		79.72
80.01 - 85.00		3,765,220		30		0.38			125,507		8.970			307		697		84.37
85.01 - 90.00		19,544,791		200		1.95			97,724		9.690			283		683		89.65
90.01 - 95.00		19,700,482		247		1.97			79,759		11.513			231		691		94.85
95.01 - 100.00		26,458,022		254		2.65			104,165		11.554			212		666		99.97
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾ Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

The minimum and maximum loan-to-value ratios of the mortgage loans at origination were approximately 13.99% and 100.00%, respectively, and the weighted average of the loan-to-value ratios of the mortgage loans at origination was approximately 74.77%.

Notwithstanding the foregoing table, the final pool of mortgage loans will not include any mortgage loan with a loan-to-value ratio in excess of 100.00%.

12

Mortgage Rates

Range of Mortgage Rates	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
4.500 - 4.999	$	178,189		1		0.02	%	$	178,189		4.875	%		356		793		80.00	%
5.000 - 5.499		10,756,676		22		1.08			488,940		5.264			358		731		63.28
5.500 - 5.999		86,715,494		227		8.67			382,007		5.796			351		725		68.31
6.000 - 6.499		238,653,452		569		23.87			419,426		6.256			351		717		71.32
6.500 - 6.999		348,570,020		955		34.86			364,995		6.690			356		707		74.11
7.000 - 7.499		121,463,826		388		12.15			313,051		7.199			355		690		76.28
7.500 - 7.999		91,057,371		300		9.11			303,525		7.686			358		689		77.45
8.000 - 8.499		31,478,768		117		3.15			269,049		8.201			357		681		78.85
8.500 - 8.999		15,167,545		51		1.52			297,403		8.692			358		695		80.63
9.000 - 9.499		5,186,917		23		0.52			225,518		9.240			358		668		84.97
9.500 - 9.999		3,363,365		16		0.34			210,210		9.846			344		658		88.87
10.000 - 10.499		834,991		4		0.08			208,748		10.239			326		675		87.24
10.500 - 10.999		1,730,937		22		0.17			78,679		10.787			218		682		91.65
11.000 - 11.499		3,002,169		35		0.30			85,776		11.249			178		683		94.08
11.500 - 11.999		9,176,021		132		0.92			69,515		11.771			187		679		95.13
12.000 - 12.499		9,050,417		130		0.91			69,619		12.251			178		682		96.20
12.500 - 12.999		13,805,282		178		1.38			77,558		12.689			181		665		97.10
13.000 - 13.499		4,743,334		66		0.47			71,869		13.197			185		666		95.17
13.500 - 13.999		3,961,380		54		0.40			73,359		13.679			185		654		95.86
14.000 - 14.499		899,045		19		0.09			47,318		14.225			231		659		94.38
14.500 - 14.999		206,068		4		0.02			51,517		14.550			178		669		94.03
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾ Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

As of the cut-off date, the weighted average mortgage rate of the mortgage loans was approximately 7.018% per annum.

Property Types

Property Type	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
Single Family Residence	$	606,347,003		1991		60.63	%	$	304,544		6.918	%		347		703		74.39	%
Planned Unit Development		130,800,610		342		13.08			382,458		6.680			349		715		74.06
Condominium		88,920,015		415		8.89			214,265		7.246			346		707		77.19
Diminimus Planned Unit Development		55,869,784		191		5.59			292,512		7.245			341		700		75.21
Two Family		44,242,027		147		4.42			300,966		7.475			342		703		75.58
Four Family		24,798,253		58		2.48			427,556		7.830			349		706		75.08
Three Family		22,075,027		66		2.21			334,470		8.042			335		698		76.16
Highrise		18,070,208		63		1.81			286,829		7.351			342		718		73.24
Townhouse		8,040,385		36		0.80			223,344		7.297			354		683		79.17
Condotel		837,954		4		0.08			209,489		7.767			358		723		78.26
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

13

Loan Purposes

Loan Purposes	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
Purchase	$	442,767,193		1639		44.28	%	$	270,145		7.306	%		344		706		78.97	%
Cash Out Refinance		342,396,519		1133		34.24			302,203		6.929			347		698		71.20
Rate/Tern Refinance		214,837,554		541		21.48			397,112		6.565			351		711		71.80
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

Occupancy Types

Occupancy Type	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
Owner Occupied	$	804,574,240		2357		80.46	%	$	341,355		6.868	%		348		703		75.05	%
Investor		166,035,482		853		16.60			194,649		7.757			339		708		74.07
Second Home		29,391,544		103		2.94			285,355		6.936			351		730		71.03
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

Occupancy type is based on the representation of the borrower at the time of origination.

Months Remaining to Scheduled Maturity

Range of Months	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
1 - 120	$	1,327,459		2		0.13	%	$	663,730		6.613	%		87		771		48.77	%
121 - 180		58,731,265		656		5.87			89,529		10.997			178		689		87.89
181 - 240		959,765		5		0.10			191,953		6.610			237		784		63.47
241 - 300		121,874		1		0.01			121,874		11.900			298		720		90.00
301 - 360		938,860,901		2649		93.89			354,421		6.769			358		705		73.99
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

As of the cut-off date, the weighted average months remaining to scheduled maturity of the mortgage loans was approximately 347 months.

14

Mortgage Loan Program and Documentation Type

Documentation Type	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
Stated	$	590,697,357		2114		59.07	%	$	279,422		7.208	%		342		701		75.94	%
Full		174,747,946		472		17.47			370,229		6.423			349		724		71.28
Express Verified Assets		103,858,526		321		10.39			323,547		7.177			355		692		76.56
SISA		74,753,783		200		7.48			373,769		6.614			356		708		74.98
Express No Doc		44,662,876		161		4.47			277,409		7.117			357		704		69.64
Express Non-Verified Assets		8,805,871		36		0.88			244,608		7.258			353		689		70.48
Express No Doc Verified Assets		2,411,306		8		0.24			301,413		6.513			358		710		68.51
FISA		63,600		1		0.010			63,600		7.500			355		665		80.00
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

See “—Underwriting Criteria” below for a detailed description of the Sponsor’s loan programs and documentation requirements.

Credit Scores

Range of Credit Scores	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
Not Applicable(2)	$	1,715,851		8		0.17	%	$	214,481		7.618	%		358		0		72.88	%
> 820		240,000		1		0.02			240,000		5.750			359		821		61.54
801 - 820		14,875,912		42		1.49			354,188		6.574			344		809		71.16
781 - 800		54,336,906		138		5.43			393,746		6.469			344		791		69.36
761 - 780		71,207,033		188		7.12			378,761		6.633			347		771		69.20
741 - 760		89,912,515		253		8.99			355,385		6.761			347		751		73.51
721 - 740		127,001,717		353		12.70			359,778		6.682			351		730		73.44
701 - 720		141,273,478		419		14.13			337,168		6.769			353		710		75.13
681 - 700		157,738,157		521		15.77			302,760		6.891			353		690		75.77
661 - 680		155,184,555		572		15.52			271,302		7.266			344		671		76.08
641 - 660		126,273,618		554		12.63			227,931		7.843			335		651		78.38
621 - 640		50,372,845		225		5.04			223,879		7.766			335		631		78.60
601 - 620		9,811,186		38		0.98			258,189		7.397			352		614		71.83
581 - 600		57,494		1		0.01			57,494		9.875			356		600		80.00
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

⁽²⁾Primary Borrower is a Foreign National and therefore, has no credit score.

As of the cut-off date, the non-zero weighted average credit score of the mortgage loans for which credit scores are available was approximately 705.

15

Prepayment Penalty

Original Prepayment Penalty Term (months)	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
0	$	519,930,755		1565		51.99	%	$	332,224		6.938	%		345		715		73.90	%
6		4,911,119		17		0.49			288,889		7.312			343		715		74.27
12		120,031,533		395		12.00			303,877		7.229			348		693		74.98
24		59,338,379		245		5.93			242,197		7.208			345		686		76.34
30		956,142		1		0.10			956,142		7.000			359		766		75.00
36		290,249,082		1071		29.02			271,008		7.032			349		694		75.91
60		4,584,257		19		0.46			241,277		6.908			355		697		75.17
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

Range Months to Roll⁽¹⁾

Number of Months	WA MTR		Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(2)
1 - 6		2	$	2,599,760		7		0.39	%	$	371,394		5.822	%		354		728		70.46	%
7-12		8		1,835,085		6		0.27			305,847		6.309			356		684		73.48
19-24		21		12,674,655		31		1.88			408,860		7.348			357		704		78.25
25-31		31		1,388,754		5		0.21			277,751		6.735			355		686		79.99
32-37		34		38,607,563		126		5.73			306,409		6.698			358		705		76.57
50-55		55		15,782,396		43		2.34			367,032		6.876			355		697		74.14
56-61		58		572,900,080		1647		84.96			347,845		6.813			358		697		75.50
80-85		82		24,546,616		65		3.64			377,640		6.507			358		702		71.67
>85		118		3,953,703		9		0.59			439,300		6.388			358		687		47.37
Total		57	$	674,288,613		1939		100.00	%	$	347,751		6.799	%		358		698		75.26	%

⁽¹⁾Excludes the fixed-rate mortgage loans.

⁽²⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

As of the cut-off date, the weighted average months to roll of the sample adjustable-rate mortgage loans was approximately 57 months.

16

Gross Margin⁽¹⁾

Range of Gross Margin	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(2)
2.250 - 2.499	$	172,728,579		431		25.62	%	$	400,762		6.570	%		357		708		74.94	%
2.500 - 2.749		6,257,447		20		0.93			312,872		6.265			357		715		72.08
2.750 - 2.999		107,373,036		312		15.92			344,144		7.076			358		694		76.94
3.000 - 3.249		245,308,378		733		36.38			334,664		6.755			359		694		74.04
3.250 - 3.499		75,371,497		215		11.18			350,565		6.757			358		698		75.22
3.500 - 3.749		12,702,697		40		1.88			317,567		7.191			358		697		75.32
3.750 - 3.999		20,644,456		60		3.06			344,074		6.746			359		692		76.71
4.000 - 4.249		18,550,479		68		2.75			272,801		7.248			358		675		79.71
4.250 - 4.499		1,377,597		5		0.20			275,519		9.287			358		677		94.18
4.500 - 4.749		1,183,134		6		0.18			197,189		9.278			358		663		90.32
4.750 - 4.999		351,200		1		0.05			351,200		6.500			359		652		80.00
5.000 - 5.249		9,543,602		36		1.42			265,100		7.511			357		688		79.23
5.250 - 5.499		439,967		1		0.07			439,967		6.000			358		721		79.28
5.500 - 5.749		1,040,979		4		0.15			260,245		6.063			357		711		69.98
5.750 - 5.999		252,847		1		0.04			252,847		9.975			355		630		95.00
6.250 - 6.499		268,300		1		0.04			268,300		7.250			358		787		70.00
6.500 - 6.749		248,925		2		0.04			124,463		7.986			359		671		72.05
7.000 - 7.249		464,000		1		0.07			464,000		9.875			356		613		80.00
7.750 - 7.999		181,494		2		0.03			90,747		8.509			357		661		80.00
Total	$	674,288,613		1939		100.00	%	$	347,751		6.799	%		358		698		75.26	%

⁽¹⁾Excludes the fixed-rate mortgage loans.

⁽²⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

As of the cut-off date, the weighted average Gross Margin of the sample adjustable-rate mortgage loans was approximately 2.907% per annum.

Maximum Mortgage Rate⁽¹⁾

Range of Maximum Mortgage Rates	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(2)
10.000-10.499	$	745,800		2		0.11	%	$	372,900		5.375	%		357		758		77.97	%
10.500-10.999		13,711,380		28		2.03			489,692		5.819			357		720		73.51
11.000-11.499		62,117,678		147		9.21			422,569		6.091			357		716		72.23
11.500-11.999		133,364,050		368		19.78			362,402		6.342			358		709		72.52
12.000-12.499		114,863,467		310		17.03			370,527		6.409			358		699		73.81
12.500-12.999		172,200,438		502		25.54			343,029		6.783			358		695		76.05
13.000-13.499		77,788,740		244		11.54			318,806		7.276			358		687		77.38
13.500-13.999		56,452,961		184		8.37			306,810		7.706			358		679		78.70
14.000-14.499		21,755,277		74		3.23			293,990		8.212			358		677		79.69
14.500-14.999		13,328,793		44		1.98			302,927		8.694			358		692		80.26
15.000-15.499		4,121,163		19		0.61			216,903		9.235			358		666		84.19
15.500-15.999		2,503,293		11		0.37			227,572		9.826			357		655		88.03
16.000-16.499		685,191		3		0.10			228,397		10.291			358		656		84.46
16.500-16.999		387,231		2		0.06			193,615		10.573			358		676		90.00
17.500-17.999		263,150		1		0.04			263,150		11.625			359		676		95.00
Total	$	674,288,613		1939		100.00	%	$	347,751		6.799	%		358		698		75.26	%

⁽¹⁾Excludes the fixed-rate mortgage loans.

⁽²⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

17

As of the cut-off date, the weighted average Maximum Mortgage Rate of the sample adjustable-rate mortgage loans was approximately 12.520% per annum.

Next Interest Adjustment Date⁽¹⁾

Next Adjustment Date	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(2)
March 2007	$	850,000		1		0.13	%	$	850,000		5.375	%		349		746		53.13	%
April 2007		111,755		1		0.02			111,755		7.000			356		781		70.00
May 2007		1,389,524		3		0.21			463,175		5.932			357		711		79.27
June 2007		208,822		1		0.03			208,822		6.250			358		724		77.99
August 2007		39,659		1		0.01			39,659		6.000			354		795		95.00
September 2007		244,693		2		0.04			122,346		6.333			355		667		88.35
October 2007		815,500		1		0.12			815,500		6.500			356		696		70.00
November 2007		522,542		2		0.08			261,271		5.727			357		677		73.64
December 2007		252,350		1		0.04			252,350		6.875			358		680		70.00
September 2008		976,551		4		0.14			244,138		7.538			355		642		86.28
October 2008		2,169,700		6		0.32			361,617		8.252			356		710		75.27
November 2008		2,247,951		5		0.33			449,590		6.698			357		728		73.62
December 2008		5,004,321		10		0.74			500,432		6.698			358		718		80.00
January 2009		1,915,507		4		0.28			478,877		8.576			359		659		80.34
February 2009		360,625		2		0.05			180,313		7.962			360		731		67.83
August 2009		438,600		2		0.07			219,300		8.061			354		736		79.96
September 2009		950,154		3		0.14			316,718		6.123			355		664		80.00
October 2009		1,778,465		7		0.26			254,066		6.894			356		724		74.48
November 2009		21,732,897		76		3.22			285,959		6.999			357		700		79.27
December 2009		8,905,264		31		1.32			287,267		6.346			358		714		74.13
January 2010		6,190,937		12		0.92			515,911		6.089			359		705		71.19
August 2011		4,957,961		10		0.74			495,796		6.674			354		709		76.83
September 2011		10,824,435		33		1.61			328,013		6.968			355		691		72.91
October 2011		30,490,763		70		4.52			435,582		6.592			356		701		77.70
November 2011		119,368,490		338		17.70			353,161		6.884			357		699		76.40
December 2011		259,247,817		738		38.45			351,284		6.831			358		695		75.42
January 2012		159,830,125		488		23.70			327,521		6.738			359		696		74.47
February 2012		3,962,885		13		0.59			304,837		8.219			360		703		78.51
October 2013		616,000		1		0.09			616,000		6.250			356		707		72.48
November 2013		6,321,477		17		0.94			371,852		6.686			357		696		76.22
December 2013		9,560,191		25		1.42			382,408		6.345			358		704		67.93
January 2014		8,048,948		22		1.19			365,861		6.578			359		706		72.46
December 2016		3,953,703		9		0.59			439,300		6.388			358		687		47.37
Total	$	674,288,613		1939		100.00	%	$	347,751		6.799	%		358		698		75.26	%

⁽¹⁾Excludes the fixed-rate mortgage loans.

⁽²⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

As of the cut-off date, the weighted average remaining months to the next adjustment date of the sample adjustable-rate mortgage loans was approximately 57 months.

18

Initial Fixed-Rate Period⁽¹⁾

Initial Fixed Period (months)	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(2)
6	$	1,710,101		5		0.25	%	$	342,020		6.041	%		357		717		78.51	%
12		2,724,743		8		0.40			340,593		6.013			354		705		67.45
24		12,674,655		31		1.88			408,860		7.348			357		704		78.25
36		39,996,317		131		5.93			305,315		6.699			357		705		76.69
60		588,682,477		1690		87.30			348,333		6.815			358		697		75.47
84		24,546,616		65		3.64			377,640		6.507			358		702		71.67
120		3,953,703		9		0.59			439,300		6.388			358		687		47.37
Total	$	674,288,613		1939		100.00	%	$	347,751		6.799	%		358		698		75.26	%

⁽¹⁾Excludes the fixed-rate mortgage loans.

⁽²⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

Initial Rate Cap⁽¹⁾

Initial Rate (%)	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(2)
1.000	$	320,577		2		0.05	%	$	160,289		6.511	%		357		744		75.20	%
2.000		13,667,334		47		2.03			290,794		6.582			356		706		74.53
3.000		388,509,022		1144		57.62			339,606		6.870			358		695		75.22
5.000		180,837,722		477		26.82			379,115		6.620			357		704		74.48
6.000		90,953,958		269		13.49			338,119		6.886			357		694		77.09
Total	$	674,288,613		1939		100.00	%	$	347,751		6.799	%		358		698		75.26	%

⁽¹⁾Excludes the fixed-rate mortgage loans.

⁽²⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

Subsequent Rate Cap⁽¹⁾

Subsequent Rate Cap (%)	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(2)
1.000	$	430,250,751		1282		63.81	%	$	335,609		6.873	%		358		696		74.97	%
2.000		244,037,862		657		36.19			371,443		6.669			357		701		75.78
Total	$	674,288,613		1939		100.00	%	$	347,751		6.799	%		358		698		75.26	%

⁽¹⁾Excludes the fixed-rate mortgage loans.

⁽²⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

19

Debt-to-Income Ratio

Range of Debt-to-Income Ratio (%)	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(1)
0.01 - 5.00	$	60,902		1		0.01	%	$	60,902		10.500	%		176		652		90.00	%
5.01 - 10.00		2,879,385		7		0.29			411,341		6.297			356		708		65.68
10.01 - 15.00		6,996,154		25		0.70			279,846		6.825			350		721		68.16
15.01 - 20.00		10,192,507		41		1.02			248,598		6.764			341		714		66.13
20.01 - 25.00		33,702,464		109		3.37			309,197		6.753			342		728		67.24
25.01 - 30.00		60,159,635		197		6.02			305,379		6.836			343		721		70.79
30.01 - 35.00		106,621,395		335		10.66			318,273		6.817			350		715		73.69
35.01 - 40.00		192,255,024		629		19.23			305,652		6.912			344		709		74.37
40.01 - 45.00		273,333,430		912		27.33			299,708		7.096			345		697		77.00
45.01 - 50.00		138,814,234		497		13.88			279,304		7.264			343		701		77.59
50.01 - 55.00		17,603,876		43		1.76			409,392		6.381			356		707		69.37
Not Applicable(2)		157,382,260		517		15.74			304,414		7.166			355		695		74.36
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

⁽²⁾Primary Borrower did not disclose monthly income on their mortgage loan application and therefore, their debt-to-income ratio is not calculated.

As of the cut-off date, the non-zero weighted average debt-to-income ratio of the mortgage loans was approximately 38.74% per annum.

Risk Categories

Credit Grade Category	Current Balance		No. of Loans		% of Total			Average Balance		Weighted Average Gross WAC			Weighted Average Remg. Term (Months)		Weighted Average Non-Zero Credit Score		Weighted Average Original LTV(3)
A+(1)	$	590,130,680		1690		59.01	%	$	349,190		6.705	%		350		731		73.35	%
A(1)		301,349,370		1245		30.13			242,048		7.584			337		659		77.43
Progressive Express I(2)		67,056,603		231		6.71			290,288		7.044			356		715		74.97
Progressive Express II(2)		33,959,855		118		3.40			287,795		7.305			353		653		76.49
A-(1)		6,869,376		25		0.69			274,775		7.441			356		615		71.09
Progressive Express III(2)		635,381		4		0.06			158,845		6.894			356		610		51.06
Total	$	1,000,001,266		3313		100.00	%	$	301,842		7.018	%		347		705		74.77	%

⁽¹⁾All of these sample mortgage loans were reviewed and placed into risk categories based on the credit standards of the Progressive Series Program. Credit grades of A+, A and A- correspond to Progressive Series I+, I and II and III and III+, respectively.

⁽²⁾These sample mortgage loans were originated under the Sponsor’s Progressive Express™ Program. The underwriting for these sample mortgage loans is generally based on the borrower’s “Credit Score” score and therefore these sample mortgage loans do not correspond to the alphabetical risk categories listed above. Each mortgage loan originated pursuant to the Express Priority Refi™ Program has been placed in either Progressive Express™ Program II or III.

⁽³⁾Combined loan-to-value ratios with respect to the mortgage loans secured by second liens.

See “—Underwriting Criteria” below for a description of the Sponsor’s risk categories.

20