UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 ORor 15(d) of ~~The Securities Exchange Act of 1934~~the

~~Date~~Securities ~~of Report~~Exchange ~~(Date~~Act of ~~earliest event reported): May 10, 2007~~1934

Date of Report (Date of earliest event reported May 10, 2007)

NOMURA ASSET ACCEPTANCE CORPORATION, ALTERNATIVE LOAN TRUST, SERIES 2007-1

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

NOMURA ASSET ACCEPTANCE CORPORATION

(Exact name of depositor as specified in its charter)

NOMURA CREDIT & CAPITAL, INC.

(Exact name of sponsor as specified in its charter)

Delaware	333-132108-08	13-3672336
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification ~~Number~~No.)
Two World Financial Center, Building B, 21st Floor, New York, New York		10281
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code, is (212) 667-9300.

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):

[ _] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ _] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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

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

Item 82.01 Completion ~~Other~~of ~~Events.~~Acquisition or Disposition of Assets

~~The~~Description ~~consolidated balance sheets~~ of ~~Financial Security Assurance Inc. and subsidiaries as of December 31, 2006 and 2005, and~~ the ~~related~~Certificates ~~consolidated statements of operations~~ and ~~comprehensive income, changes in shareholders’ equity and cash flow for each of~~ the ~~three~~Mortgage years in the period ended December 31, 2006, incorporated by reference in this prospectus supplement, have been so incorporated in reliance upon the report of PricewaterhouseCoopers LLP, independent registered public accounting firm, given on the authority of said firm as experts in accounting and auditing. Pool

~~Item~~On 9May 10, 2007, a series of certificates, entitled Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-1, Mortgage Pass-Through Certificates (the “Certificates”), were issued pursuant to a pooling and servicing agreement, dated as of April 1, 2007 (the “Agreement”), attached hereto as Exhibit 4.011, ~~Financial~~among ~~Statements~~Nomura Asset Acceptance Corporation, as depositor (the “Depositor”), Nomura Credit & Capital, Inc., as sponsor (the “Sponsor”), GMAC Mortgage, LLC, as a servicer (the “Servicer”), Wells Fargo Bank, N.A., as securities administrator (“Securities Administrator”) and ~~Exhibits~~master servicer (“Master Servicer”) and HSBC Bank USA, National Association, as trustee (the “Trustee”). The Certificates consist of thirty-four (34) classes of certificates, designated as the “Class I-A-1A Certificates”, “Class I-A-1B Certificates”, “Class I-A-2 Certificates”, “Class I-A-3 Certificates”, “Class I-A-4 Certificates”, “Class I-A-5 Certificates”, “Class I-A-6 Certificates”, “Class I-M-1 Certificates”, “Class I-M-2 Certificates”, “Class I-M-3 Certificates”, “Class I-M-4 Certificates”, “Class I-M-5 Certificates”, “Class I-M-6 Certificates”, “Class I-X Certificates”, “Class I-P Certificates”, “Class I-R Certificates”, “Class I-R-X Certificates”, “Class II-A-1 Certificates”, “Class II-A-2 Certificates”, “Class II-A-3 Certificates”, “Class II-A-4 Certificates”, “Class II-A-M Certificates”, “Class II-M-1 Certificates”, “Class II-M-2 Certificates”, “Class II-M-3 Certificates”, “Class II-M-4 Certificates”, “Class II-M-5 Certificates”, “Class II-M-6 Certificates”, “Class II-M-7 Certificates”, “Class II-M-8 Certificates”, “Class II-X Certificates”, “Class II-P Certificates”, “Class II-R Certificates” and “Class II-R-X Certificates”. The Certificates evidence in the aggregate the entire beneficial ownership interest in a trust fund, consisting of a pool of conventional, one- to four- family, fixed-rate and adjustable-rate mortgage loans secured by first liens on residential real properties (the “Mortgage Loans”). The Mortgage Loans have original terms to maturity up to 40 years and have an aggregate principal balance of approximately $1,592,548,807 as of April 1, 2007. The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase Agreement, dated May 10, 2007, between the Sponsor, as seller, and the Depositor, as purchaser. The Class I-A-1 Certificates, Class I-A-1A Certificates, Class I-A-1B Certificates, Class I-A-2 Certificates, Class I-A-3 Certificates, Class I-A-4 Certificates, Class I-A-5 Certificates, Class I-A-6 Certificates, Class I-M-1 Certificates, Class I-M-2 Certificates, Class II-A-1 Certificates, Class II-A-2 Certificates, Class II-A-3 Certificates, Class II-A-4 Certificates, Class II-A-M Certificates, Class II-M-4 Certificates, Class II-M-5 Certificates, Class II-M-6 Certificates, Class II-M-7 Certificates and Class II-M-8 Certificates were sold by the Depositor to Greenwich Capital Markets, Inc. (“Greenwich”) and Bear, Stearns & Co. Inc. (“Bear”; together with Greenwich, the “Underwriters”) pursuant to the Underwriting Agreement, dated May 4, 2007, among the Depositor and the Underwriters, and the Terms Agreement, dated May 4, 2007 (together, the “Underwriting Agreement”), among the Depositor and the Underwriters. The Class I-M-3 Certificates were sold by the Depositor to Greenwich pursuant to the Terms Agreement, dated May 15, 2007, among the Depositor and Greenwich.

Item 9.01	Financial Statements and Exhibits
(a)	Not applicable
(b)	Not applicable
(c)	Not applicable
(d)	Exhibits:
	23.1 Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm of Financial Security Assurance Inc.

The Certificates have the following initial Certificate Balances and Pass-Through Rates:

Class	Initial Certificate Principal Balance⁽¹⁾		Initial Pass-Through Rate
Class I-A-1A	$	115,000,000	5.9950%
Class I-A-1B	$	182,765,000	Floating
Class I-A-2	$	44,485,000	5.6690%
Class I-A-3	$	161,506,000	5.9570%
Class I-A-4	$	74,936,000	6.1380%
Class I-A-5	$	99,429,000	6.3470%
Class I-A-6	$	68,000,000	5.8200%
Class I-M-1	$	30,662,000	6.5510%
Class I-M-2	$	6,541,000	6.6500%
Class I-M-3	$	11,856,000	6.6500%
Class I-M-4	$	4,906,000	6.6500%
Class I-M-5	$	5,315,000	6.6500%
Class I-M-6	$	4,906,000	6.6500%
Class II-A-1	$	232,347,000	Floating
Class II-A-2	$	63,472,000	Floating
Class II-A-3	$	84,812,000	Floating
Class II-A-4	$	190,612,000	Floating
Class II-A-M	$	142,811,000	Floating
Class II-M-1	$	11,236,000	Floating
Class II-M-2	$	10,073,000	Floating
Class II-M-3	$	6,199,000	Floating
Class II-M-4	$	5,424,000	Floating
Class II-M-5	$	5,037,000	Floating
Class II-M-6	$	4,262,000	Floating
Class II-M-7	$	3,874,000	Floating
Class II-M-8	$	6,199,000	Floating

⁽¹⁾	Approximate.

The Certificates, other than the Class I-P Certificates, Class I-X Certificates, Class I-R Certificates, Class I-R-X Certificates, Class II-P Certificates, Class II-X Certificates, Class II-R Certificates and Class II-R-X Certificates, and the Mortgage Loans are more particularly described in the Prospectus Supplement, dated May 10, 2007 (the “Prospectus Supplement”), and the Prospectus, dated November 17, 2006, as previously filed with the Securities and Exchange Commission pursuant to Rule 424(b). The Class I-M-4 Certificates, Class I-M-5 Certificates, Class I-M-6 Certificates, Class I-P Certificates, Class I-X Certificates, Class I-R Certificates, Class I-R-X Certificates, Class II-M-1 Certificates, Class II-M-2 Certificates, Class II-M-3 Certificates, Class II-P Certificates, Class II-X Certificates, Class II-R Certificates and Class II-R-X Certificates have not been and will not be publicly offered by the Depositor. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Prospectus Supplement.

Item 9.01 Financial Statements and Exhibits

(a)	Not applicable

(b)	Not applicable

(c)	Not applicable

(d)	Exhibits

Exhibit No.	Description
4.1	Pooling and Servicing Agreement, dated as of April 1, 2007, by and among Nomura Asset Acceptance Corporation, as Depositor, Nomura Credit & Capital, Inc., as Sponsor, GMAC Mortgage, LLC, as a Servicer, Wells Fargo Bank, N.A., as Securities Administrator and Master Servicer and HSBC Bank USA, National Association, as Trustee relating to the Series 2007-1 Certificates.

SIGNATURES

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

Dated: ~~May~~June 1029, 2007

NOMURA ASSET ACCEPTANCE CORPORATION

By:

/s/ John P. Graham

Name:

John P. Graham

Title:

President

~~EXHIBIT~~Index ~~INDEX~~to Exhibits

Exhibit No.	Description	~~Description~~Sequentially Numbered Page
23.1		Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm of Financial Security Assurance Inc.
4.1	Pooling and Servicing Agreement, dated as of April 1, 2007, by and among Nomura Asset Acceptance Corporation, as Depositor, Nomura Credit & Capital, Inc., as Sponsor, GMAC Mortgage, LLC, as a Servicer, Wells Fargo Bank, N.A., as Securities Administrator and Master Servicer and HSBC Bank USA, National Association, as Trustee relating to the Series 2007-1 Certificates.	7

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