10-D 1 bsf07ar2_10d-200705.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from: April 26, 2007 to May 25, 2007 Commission File Number of issuing entity: 333-140247-01 Bear Stearns Mortgage Funding Trust 2007-AR2 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-140247 Structured Asset Mortgage Investments II Inc. (Exact name of depositor as specified in its charter) EMC Mortgage Corporation (Exact name of sponsor as specified in its charter) New York (State or other jurisdiction of incorporation or organization of the issuing entity) 54-2198906 54-2198907 54-2198908 54-6737512 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices of the issuing entity) (Zip Code) (410) 884-2000 (Telephone number, including area code) Not Applicable (Former name, former address, if changed since last report) Registered/reporting pursuant to (check one) Title of Section Section Section Name of Exchange Class 12(b) 12(g) 15(d) (If Section 12(b)) A-1 _____ _____ __X___ ____________ A-2 _____ _____ __X___ ____________ A-3 _____ _____ __X___ ____________ B-1 _____ _____ __X___ ____________ B-2 _____ _____ __X___ ____________ B-3 _____ _____ __X___ ____________ B-4 _____ _____ __X___ ____________ B-5 _____ _____ __X___ ____________ XP _____ _____ __X___ ____________ B-IO _____ _____ __X___ ____________ R _____ _____ __X___ ____________ R-X _____ _____ __X___ ____________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No ____ Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On May 25, 2007 a distribution was made to holders of Bear Stearns Mortgage Funding Trust 2007-AR2. The distribution report is attached as an Exhibit to this Form 10-D. Please see Item 9(b), Exhibit 99.1 for the related information. Part II - OTHER INFORMATION Item 9. Exhibits. (a) The following is a list of documents filed as part of this Report on Form 10-D: (99.1) Monthly report distributed to holders of Bear Stearns Mortgage Funding Trust 2007-AR2, relating to the May 25, 2007 distribution. (b) The exhibits required to be filed by the Registrant pursuant to this Form are listed above and in the Exhibit Index that immediately follows the signature page hereof. 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 thereunto duly authorized. Bear Stearns Mortgage Funding Trust 2007-AR2 (Issuing Entity) EMC Mortgage Corporation (Servicer) /s/ Mark Novachek Mark Novachek, Senior Vice President Date: June 7, 2007 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Bear Stearns Mortgage Funding Trust 2007-AR2, relating to the May 25, 2007 distribution. EX-99.1 Bear Stearns Mortgage Funding Mortgage Pass-Through Certificates Distribution Date: 5/25/2007 Bear Stearns Mortgage Funding Mortgage Pass-Through Certificates Series 2007-AR2 Contact: Customer Service - SecuritiesLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 846-8130 Fax: (301) 815-6660

Certificateholder Distribution Summary Class CUSIP Record Certificate Beginning Interest Date Pass-Through Certificate Distribution Rate Balance A-1 07401TAA4 0405/24/2007 5.49000% 430,~~916~~011,~~000~~010.0050 1,~~971~~967,~~440~~300.7037 A-2 07401TAB2 0405/24/2007 5.52000% 215,~~458~~005,~~000~~505.0025 ~~991~~989,~~106~~025.8032 A-3 07401TAC0 0405/24/2007 5.55000% 71,~~820~~669,~~000~~167.0002 ~~332~~331,~~167~~469.5090 B-1 07401TAD8 0405/24/2007 5.68000% 29,240,000.00 138,402.67 B-2 07401TAE6 0405/24/2007 5.87000% 15,622,000.00 76,417.62 B-3 07401TAF3 0405/24/2007 6.72000% 11,616,000.00 65,049.60 B-4 07401TAG1 0405/24/2007 7.47000% 4,007,326.83 24,945.61 B-5 07401TAH9 0304/30/2007 7.47000% 16,027,306.65 99,769.98 XP 07401TAJ5 0304/30/2007 0.00000% 0.00 5233,~~698~~686.4189 B-IO 07401TAK2 0304/30/2007 0.00000% 76,~~160~~408,~~183~~867.0935 1,~~880~~118,~~433~~677.6376 R 07401TAL0 0304/30/2007 0.00000% 0.00 0.00 R-X 07401TAM8 0304/30/2007 0.00000% 0.00 0.00 Totals ~~801~~799,~~866~~607,~~816~~183.5760 54,~~632~~844,~~432~~745.5272

Certificateholder Distribution Summary (continued) Class Principal Current Ending Total Cumulative Distribution Realized Certificate Distribution Realized Loss Balance Losses A-1 ~~904~~1,~~989~~519,226.5015 0.00 ~~430~~428,~~011~~491,~~010~~784.5035 23,~~876~~486,~~430~~526.2052 0.00 A-2 ~~452~~759,~~494~~613.7507 0.00 ~~215~~214,~~005~~245,~~505~~892.2518 1,~~443~~748,~~601~~638.5539 0.00 A-3 ~~150~~253,~~832~~206.9871 0.00 71,~~669~~415,~~167~~960.0231 ~~483~~584,~~000~~676.4861 0.00 B-1 0.00 0.00 29,240,000.00 138,402.67 0.00 B-2 0.00 0.00 15,622,000.00 76,417.62 0.00 B-3 0.00 0.00 11,616,000.00 65,049.60 0.00 B-4 0.00 0.00 4,007,326.83 24,945.61 0.00 B-5 0.00 0.00 16,027,306.65 99,769.98 0.00 XP 0.00 0.00 0.00 5233,~~698~~686.4189 0.00 B-IO 0.00 0.00 6,408,867.35 1,~~880~~118,~~433~~677.6376 0.00 R 0.00 0.00 0.00 0.00 0.00 R-X 0.00 0.00 0.00 0.00 0.00 Totals 12,~~508~~532,~~317~~045.2393 0.00 ~~799~~797,~~607~~075,~~183~~137.6067 7,~~140~~376,~~749~~791.7565 0.00 This report has been compiled from information provided to Wells Fargo Bank, N.A., by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A., has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A., expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties. All Record Dates are based upon the governing documents and logic set forth as of closing.

Principal Distribution Statement Class Original Beginning Scheduled UnScheduled Accretion ~~Realized~~ Face Certificate Principal Principal ~~Loss~~ Amount Balance Distribution Distribution A-1 430,916,000.00 430,~~916~~011,~~000~~010.0050 0.00 ~~904~~1,~~989~~519,226.5015 0.00 ~~0.00~~ A-2 215,458,000.00 215,~~458~~005,~~000~~505.0025 0.00 ~~452~~759,~~494~~613.7507 0.00 ~~0.00~~ A-3 71,820,000.00 71,~~820~~669,~~000~~167.0002 0.00 ~~150~~253,~~832~~206.9871 0.00 ~~0.00~~ B-1 29,240,000.00 29,240,000.00 0.00 0.00 0.00 ~~0.00~~ B-2 15,622,000.00 15,622,000.00 0.00 0.00 0.00 ~~0.00~~ B-3 11,616,000.00 11,616,000.00 0.00 0.00 0.00 ~~0.00~~ B-4 4,006,000.00 4,007,326.83 0.00 0.00 0.00 ~~0.00~~ B-5 16,022,000.00 16,027,306.65 0.00 0.00 0.00 ~~0.00~~ XP 0.00 0.00 0.00 0.00 0.00 ~~0.00~~ B-IO 6,408,419.32 76,~~160~~408,~~183~~867.0935 0.00 0.00 0.00 ~~0.00~~ R 0.00 0.00 0.00 0.00 0.00 ~~0.00~~ R-X 0.00 0.00 0.00 0.00 0.00 ~~0.00~~ Totals 801,108,419.32 ~~801~~799,~~866~~607,~~816~~183.5760 0.00 12,~~508~~532,~~317~~045.2393 0.00 ~~0.00~~

Principal Distribution Statement (continued) Class Realized Total Ending Ending Total Loss Principal Certificate Certificate Principal Reduction Balance Percentage Distribution A-1 ~~904~~0.00 1,~~989~~519,226.5015 ~~430~~428,~~011~~491,~~010~~784.5035 0.~~99789985~~99437427 ~~904~~1,~~989~~519,226.5015 A-2 ~~452~~0.00 759,~~494~~613.7507 ~~215~~214,~~005~~245,~~505~~892.2518 0.~~99789985~~99437427 ~~452~~759,~~494~~613.7507 A-3 ~~150~~0.00 253,~~832~~206.9871 71,~~669~~415,~~167~~960.0231 0.~~99789985~~99437427 ~~150~~253,~~832~~206.9871 B-1 0.00 0.00 29,240,000.00 1.00000000 0.00 B-2 0.00 0.00 15,622,000.00 1.00000000 0.00 B-3 0.00 0.00 11,616,000.00 1.00000000 0.00 B-4 0.00 0.00 4,007,326.83 1.00033121 0.00 B-5 0.00 0.00 16,027,306.65 1.00033121 0.00 XP 0.00 0.00 0.00 0.00000000 0.00 B-IO 0.00 0.00 6,408,867.35 1.00006991 0.00 R 0.00 0.00 0.00 0.00000000 0.00 R-X 0.00 0.00 0.00 0.00000000 0.00 Totals 1$0.00 2,~~508~~532,~~317~~045.2393 ~~799~~797,~~607~~075,~~183~~137.6067 0.~~99812605~~99496537 12,~~508~~532,~~317~~045.2393

Principal Distribution Factors Statement Class Original Beginning Scheduled UnScheduled Accretion Face Certificate Principal Principal Amount Balance Distribution Distribution A-1 430,916,000.00 ~~1000~~997.~~00000000~~89984707 0.00000000 23.~~10015293~~52557378 0.00000000 A-2 215,458,000.00 ~~1000~~997.~~00000000~~89984707 0.00000000 23.~~10015293~~52557375 0.00000000 A-3 71,820,000.00 ~~1000~~997.~~00000000~~89984712 0.00000000 23.~~10015288~~52557380 0.00000000 B-1 29,240,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 15,622,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 11,616,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 4,006,000.00 1000.33121068 0.00000000 0.00000000 0.00000000 B-5 16,022,000.00 1000.33121021 0.00000000 0.00000000 0.00000000 XP 0.00 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 6,408,419.32 ~~1117~~1000.~~30876718~~06991272 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Class Realized Total Ending Ending Total Loss Principal Certificate Certificate Principal Reduction Balance Percentage Distribution A-1 0.00000000 23.~~10015293~~52557378 ~~997~~994.~~89984707~~37427329 0.~~99789985~~99437427 23.~~10015293~~52557378 A-2 0.00000000 23.~~10015293~~52557375 ~~997~~994.~~89984707~~37427332 0.~~99789985~~99437427 23.~~10015293~~52557375 A-3 0.00000000 23.~~10015288~~52557380 ~~997~~994.~~89984712~~37427332 0.~~99789985~~99437427 23.~~10015288~~52557380 B-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-4 0.00000000 0.00000000 1000.33121068 1.00033121 0.00000000 B-5 0.00000000 0.00000000 1000.33121021 1.00033121 0.00000000 XP 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00000000 0.00000000 1000.06991272 1.00006991 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 NOTE: All classes per $1,000 denomination.

Interest Distribution Statement Class Accrual Accrual Current Beginning Current Payment of Dates Days Certificate Certificate/ Accrued Unpaid Interest Rate Notional Interest Shortfall (1) Balance A-1 0304/2625/07 - 0405/24/07 30 5.49000% 430,~~916~~011,~~000~~010.0050 1,~~971~~967,~~440~~300.7037 0.00 A-2 0304/2625/07 - 0405/24/07 30 5.52000% 215,~~458~~005,~~000~~505.0025 ~~991~~989,~~106~~025.8032 0.00 A-3 0304/2625/07 - 0405/24/07 30 5.55000% 71,~~820~~669,~~000~~167.0002 ~~332~~331,~~167~~469.5090 0.00 B-1 0304/2625/07 - 0405/24/07 30 5.68000% 29,240,000.00 138,402.67 0.00 B-2 0304/2625/07 - 0405/24/07 30 5.87000% 15,622,000.00 76,417.62 0.00 B-3 0304/2625/07 - 0405/24/07 30 6.72000% 11,616,000.00 65,049.60 0.00 B-4 0304/2625/07 - 0405/24/07 30 7.47000% 4,007,326.83 24,945.61 858.9867 B-5 0304/2625/07 - 0405/24/07 30 7.47000% 16,027,306.65 99,769.98 3,~~435~~434.4825 XP N/A N/A 0.00000% 0.00 0.00 0.00 B-IO N/A N/A 0.00000% 76,~~160~~408,~~183~~867.0935 0.00 0.00 R N/A N/A 0.00000% 0.00 0.00 0.00 R-X N/A N/A 0.00000% 0.00 0.00 0.00 Totals 3,~~699~~692,~~300~~381.4807 4,~~294~~292.4692

Interest Distribution Statement (continued) Class Current Non-Supported Total Remaining Ending Interest Interest Interest Unpaid Interest Certificate/ Shortfall(1) Shortfall Distribution Shortfall(1) Notional Balance A-1 0.00 0.00 1,~~971~~967,~~440~~300.7037 0.00 ~~430~~428,~~011~~491,~~010~~784.5035 A-2 0.00 0.00 ~~991~~989,~~106~~025.8032 0.00 ~~215~~214,~~005~~245,~~505~~892.2518 A-3 0.00 0.00 ~~332~~331,~~167~~469.5090 0.00 71,~~669~~415,~~167~~960.0231 B-1 0.00 0.00 138,402.67 0.00 29,240,000.00 B-2 0.00 0.00 76,417.62 0.00 15,622,000.00 B-3 0.00 0.00 65,049.60 0.00 11,616,000.00 B-4 858.9867 0.00 24,945.61 0.00 4,007,326.83 B-5 3,~~435~~434.4825 0.00 99,769.98 0.00 16,027,306.65 XP 0.00 0.00 5233,~~698~~686.4189 0.00 0.00 B-IO 0.00 0.00 1,~~880~~118,~~433~~677.6376 0.00 6,408,867.35 R 0.00 0.00 0.00 0.00 0.00 R-X 0.00 0.00 0.00 0.00 0.00 Totals 4,~~294~~292.4692 0.00 54,~~632~~844,~~432~~745.5272 0.00 (1) Amount also includes Coupon Cap or Basis Risk Shortfalls, if applicable.

Interest Distribution Factors Statement Class Original Current Beginning Current Payment of Face Certificate Certificate/ Accrued Unpaid Interest Amount Rate Notional Interest Shortfall (1) Balance A-1 430,916,000.00 5.49000% ~~1000~~997.~~00000000~~89984707 4.~~57500000~~56539179 0.00000000 A-2 215,458,000.00 5.52000% ~~1000~~997.~~00000000~~89984707 4.~~60000000~~59033928 0.00000000 A-3 71,820,000.00 5.55000% ~~1000~~997.~~00000000~~89984712 4.~~62500000~~61528683 0.00000000 B-1 29,240,000.00 5.68000% 1000.00000000 4.73333345 0.00000000 B-2 15,622,000.00 5.87000% 1000.00000000 4.89166688 0.00000000 B-3 11,616,000.00 6.72000% 1000.00000000 5.60000000 0.00000000 B-4 4,006,000.00 7.47000% 1000.33121068 6.22706191 0.~~21442336~~21434598 B-5 16,022,000.00 7.47000% 1000.33121021 6.22706154 0.~~21442267~~21434590 XP 0.00 0.00000% 0.00000000 0.00000000 0.00000000 B-IO 6,408,419.32 0.00000% ~~1117~~1000.~~30876718~~06991272 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 R-X 0.00 0.00000% 0.00000000 0.00000000 0.00000000

Interest Distribution Factors Statement (continued) Class Current Non-Supported Total Remaining Unpaid Ending Interest Interest Interest Interest Certificate/ Shortfall(1) Shortfall Distribution Shortfall(1) Notional Balance A-1 0.00000000 0.00000000 4.~~57500000~~56539179 0.00000000 ~~997~~994.~~89984707~~37427329 A-2 0.00000000 0.00000000 4.~~60000000~~59033928 0.00000000 ~~997~~994.~~89984707~~37427332 A-3 0.00000000 0.00000000 4.~~62500000~~61528683 0.00000000 ~~997~~994.~~89984712~~37427332 B-1 0.00000000 0.00000000 4.73333345 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 4.89166688 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 5.60000000 0.00000000 1000.00000000 B-4 0.~~21442336~~21434598 0.00000000 6.22706191 0.00000000 1000.33121068 B-5 0.~~21442267~~21434590 0.00000000 6.22706154 0.00000000 1000.33121021 XP 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00000000 0.00000000 ~~293~~174.~~43173973~~56375810 0.00000000 1000.06991272 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (1) Amount also includes Coupon Cap or Basis Risk Shortfalls, if applicable. NOTE: All classes per $1,000 denomination.

Certificateholder Account Statement CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 7,~~248~~229,~~014~~356.3029 Reserve Funds and Credit Enhancements 0.00 Proceeds from Repurchased Loans 0213,273.0008 Servicer Advances 85149,~~950~~510.9857 Gains & Subsequent Recoveries (Realized Losses) 0.00 Prepayment Penalties 5233,~~698~~686.4189 Swap/Cap Payments 84,~~678~~840.8010 Total Deposits 7,~~395~~630,~~342~~666.4993 Withdrawals Swap Payments 0.00 Reserve Funds and Credit Enhancements 0.00 Total Administration Fees ~~254~~253,~~592~~875.7128 Payment of Interest and Principal 7,~~140~~376,~~749~~791.7865 Total Withdrawals (Pool Distribution Amount) 7,~~395~~630,~~342~~666.4993 Ending Balance 0.00 Servicer Advances are calculated as delinquent scheduled principal and interest.

ADMINISTRATION FEES Gross Servicing Fee* ~~250~~249,~~583~~877.3824 Trustee Fee - Wells Fargo Bank, N.A. 43,~~009~~998.3304 Supported Prepayment/Curtailment Interest Shortfall 0.00 Total Administration Fees ~~254~~253,~~592~~875.7128 *Servicer Payees include: EMC MORTGAGE CORPORATION

Reserve and Guaranty Funds Account Name Beginning Current Current Ending Balance Withdrawals Deposits Balance Reserve Fund 0.00 0.00 0.00 0.00 Adjustable Rate Supplemental Fund ~~25,000~~0.00 ~~25,000~~0.00 0.00 0.00 Class XP Reserve Account 0.00 5233,~~698~~686.4189 5233,~~698~~686.4189 0.00 Hedge Funds Account Name Funds In (A) Funds Out(B) Net Amount(A - B) Corridor Contract Payment # 5283837 / 5283838 * 0.00 0.00 0.00 Corridor Contract Payment # 5283872 / 5283873 * 0.00 0.00 0.00 Corridor Contract Payment # 5283878 / 5283879 * 0.00 0.00 0.00 Corridor Contract Payment # 5283884 / 5283885 * 0.00 0.00 0.00 Corridor Contract Payment # 5283890 / 5283891 * ~~1,735~~968.9312 0.00 ~~1,735~~968.9312 Corridor Contract Payment # 5283898 / 5283899 * 63,~~942~~871.8798 0.00 63,~~942~~871.8798 NOTE: * Corridor Counterparty: ABN AMRO BANK N.V.

Collateral Statement Total Collateral Description Mixed ARM Weighted Average Coupon Rate 7.~~593778~~593870 Weighted Average Net Rate 7.~~218778~~218870 Weighted Average Pass-Through Rate 7.~~212778~~212870 Weighted Average Remaining Term ~~358~~357 Principal And Interest Constant 3,~~066~~051,~~458~~572.2728 Beginning Loan Count 2,~~046~~035 Loans Paid in Full 1112 Ending Loan Count 2,~~035~~023 Beginning Scheduled Balance ~~801~~799,~~866~~607,~~816~~183.5760 Ending Scheduled Balance ~~799~~797,~~607~~075,~~183~~137.6067 Actual Ending Collateral Balance ~~797~~795,~~919~~227,~~623~~886.0740 Scheduled Principal (2,~~007~~008,~~874~~521.2076) Unscheduled Principal 4,~~267~~540,~~507~~567.1769 Scheduled Interest 5,~~074~~060,~~332~~094.4704 Servicing Fees ~~250~~249,~~583~~877.3824 Master Servicing Fees 0.00 Trustee Fee 43,~~009~~998.3304 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 4,~~819~~806,~~739~~218.76 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Prepayment Penalty Waived Amount 0.00 Prepayment Penalty Waived Count 0 Prepayment Penalty Paid Amount 5233,~~698~~686.4189 Prepayment Penalty Paid Count 45 Special Servicing Fee 0.00 .

Additional Reporting - Deal Level Informational Reporting Net Deferred Interest 0.00 Net Deferred Interest Class A-1 0.00 Net Deferred Interest Class A-2 0.00 Net Deferred Interest Class A-3 0.00 Net Deferred Interest Class B-1 0.00 Net Deferred Interest Class B-2 0.00 Net Deferred Interest Class B-3 0.00 Net Deferred Interest Class B-4 0.00 Net Deferred Interest Class B-5 0.00 Credit Enhancement Percentage 10.~~370280~~403223% Three Month Rolling DLQ Average 0.~~000000~~422948% Structural Reporting Overcollateralization Amount 6,408,867.35 Overcollateralization Deficiency 0.00 Overcollateralization Release ~~751,315~~0.7400 Overcollateralization Target Amount 6,408,867.35 Excess Spread 1,~~124~~118,~~733~~130.5558 Extra Principal Distribution Amount 0.00 Trigger Event Reporting Cumulative Loss Test Trigger Result Pass Threshold Value 990.~~000000~~350000% Calculated Value 0.000000% Delinquency Test Trigger Result Pass Threshold Value 2.~~792085~~799975% Calculated Value 0.~~000000~~422948% Trigger Event Trigger Result Pass

Delinquency Status DELINQUENT BANKRUPTCY FORECLOSURE REO Total No. of Loans No. of Loans No. of Loans No. of Loans No. of Loans Actual Balance Actual Balance Actual Balance Actual Balance Actual Balance 0-29 Days 01 0 0 01 0578,889.0013 0.00 0.00 0578,889.0013 30 Days 1517 0 0 0 1517 57,~~628~~280,~~652~~371.0092 0.00 0.00 0.00 57,~~628~~280,~~652~~371.0092 60 Days 07 0 0 0 07 03,337,504.00 0.00 0.00 0.00 03,337,504.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1524 01 0 0 1525 510,~~628~~617,~~652~~875.0092 0578,889.0013 0.00 0.00 511,~~628~~196,~~652~~765.0005 No. of Loans No. of Loans No. of Loans No. of Loans No. of Loans Actual Balance Actual Balance Actual Balance Actual Balance Actual Balance 0-29 Days 0.~~000000~~049432% 0.000000% 0.000000% 0.~~000000~~049432% 0.~~000000~~072795% 0.000000% 0.000000% 0.~~000000~~072795% 30 Days 0.~~737101~~840336% 0.000000% 0.000000% 0.000000% 0.~~737101~~840336% 0.~~705416~~915508% 0.000000% 0.000000% 0.000000% 0.~~705416~~915508% 60 Days 0.~~000000~~346021% 0.000000% 0.000000% 0.000000% 0.~~000000~~346021% 0.~~000000~~419692% 0.000000% 0.000000% 0.000000% 0.~~000000~~419692% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 01.~~737101~~186357% 0.~~000000~~049432% 0.000000% 0.000000% 01.~~737101~~235788% 01.~~705416~~335199% 0.~~000000~~072795% 0.000000% 0.000000% 01.~~705416~~407995%

Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 85149,~~950~~510.9857

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period

Summary 12 Month Bankruptcy ~~Detail~~History* -New ~~All~~Bankruptcy ~~Mortgage~~Loans Month Bankruptcy Percentage Loans in Bankruptcy ~~during~~1 Jun-06 0.000% Original Principal Balance 576,000.00 Jul-06 0.000% Current ~~Period~~Actual ~~Summary~~Balance 578,889.13 Aug-06 No0.000% Sep-06 0.000% Current Bankruptcy ~~Information~~Total toOct-06 0.000% Loans in Bankruptcy 1 Nov-06 0.000% Original Principal Balance 576,000.00 Dec-06 0.000% Current Actual Balance 578,889.13 Jan-07 0.000% Feb-07 0.000% Mar-07 0.000% Apr-07 0.000% May-07 0.073% *The text reported in the above table is presented graphically on the monthly bond remittance report. ~~this~~The ~~period~~monthly bond remittance report can be viewed online at www.ctslink.com.

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period Group Loan Month Loan First State LTV at Original Number Entered Payment Origination Principal Bankruptcy Date Balance NoSummary ~~Bankruptcy~~0017553942 ~~Loans~~May-2007 ~~this~~01-Mar-2007 ~~Period~~CA 80.00 576,000.00

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period (continued) Group Loan Current Paid To Months Current Approximate Number Actual Date Delinquent Loan Rate Delinquent Balance Interest NoSummary ~~Bankruptcy~~0017553942 ~~Loans~~578,889.13 ~~this~~01-Apr-2007 ~~Period~~0 7.625% 6,986.16

Realized Loss Report - Collateral Summary - No Realized Loss Information to report this period. Calculation Methodology: Monthly Default Rate (MDR): sum(Beg Scheduled Balance of Liquidated Loans)/ sum(Beg Scheduled Balance). Conditional Default Rate (CDR): 1-((1-MDR)^12) SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR / (WAS * 0.02) else if WAS is greater than 30 and less than or equal to 60 then CDR / 0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR / (0.6 - ((WAS - 60) * 0.0095)) else if WAS is greater than 120 then CDR / 0.03 Cumulative Loss Severity: Sum (Realized Losses) / ~~sum~~Sum (Ending Actual Balance for loans that have experienced a loss).

Prepayment Penalty Detail - Prepayment Penalty Paid during Current Period Prepayment Prepayment Summary Loan Prior Penalty Penalty Count Balance Amount Waived Total 45 1,~~683~~345,~~890~~168.8102 5233,~~698~~686.4189 0.00

Prepayment Penalty Loan Detail - Prepayment Penalty Paid during Current Period Paid In Prepayment Prepayment Loan Full Prior Penalty Penalty Group Number Date Balance Amount Waived Summary ~~0017562331~~0018004416 0304/3124/2007 ~~510~~168,~~773~~179.7563 164,~~558~~720.7579 0.00 Summary ~~0017578139~~0018015057 0304/3126/2007 ~~497~~384,~~239~~812.9976 1412,~~926~~159.50 0.00 Summary ~~0018012989~~0018024331 0304/3127/2007 ~~201~~293,~~509~~965.0885 58,~~873~~362.1627 0.00 Summary ~~0018084285~~0018073528 0304/3130/2007 ~~474~~208,~~367~~439.9927 152,~~340~~648.92 0.00 Summary 0018109165 04/24/2007 289,770.51 5,795.41 0.00

Prepayment Rates

Summary SMM CPR PSA Current Month 0.~~531~~566% Current Month 6.~~188~~589% Current Month 1,~~469~~061.~~313~~074% 3 Month Average 0.~~000~~418% 3 Month Average 04.~~000~~875% 3 Month Average 01,122.~~000~~173% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs. 12mo Average* PSA: Current vs. 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~May-2006 N/A N/A May-2006 N/A N/A~~ Jun-2006 N/A N/A Jun-2006 N/A N/A Jul-2006 N/A N/A Jul-2006 N/A N/A Aug-2006 N/A N/A Aug-2006 N/A N/A Sep-2006 N/A N/A Sep-2006 N/A N/A Oct-2006 N/A N/A Oct-2006 N/A N/A Nov-2006 N/A N/A Nov-2006 N/A N/A Dec-2006 N/A N/A Dec-2006 N/A N/A Jan-2007 N/A N/A Jan-2007 N/A N/A Feb-2007 N/A N/A Feb-2007 N/A N/A Mar-2007 1.848% N/A Mar-2007 836.131% N/A Apr-2007 6.188% N/A Apr-2007 1,469.313% N/A May-2007 6.589% N/A May-2007 1,061.074% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled Principal) Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12) PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS)) Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal Balance))

Breaches Current Loan Scheduled Current Current Number Balance Rate Payment No0017551995 ~~Breaches~~212,058.17 ~~this~~7.250% ~~Period~~747.30 Loans reported as breaches were repurchased due to a breach of the representations and warrants of the governing transaction document(s).

Interest Rate Stratification Summary Current Number of Outstanding Percentage of Interest Rate Loans Scheduled Balance(%) Range(%) Balance($) < 5.250 0 0.00 0.000 5.250 5.499 1 417,~~538~~408.6184 0.052 5.500 5.749 0 0.00 0.000 5.750 5.999 4 2,~~000~~002,~~884~~793.0721 0.~~250~~251 6.000 6.249 8 4,~~107~~116,~~218~~423.5480 0.~~514~~516 6.250 6.499 13 5,~~019~~030,~~894~~439.1909 0.~~628~~631 6.500 6.749 53 19,~~418~~453,~~241~~606.2305 2.~~428~~441 6.750 6.999 ~~140~~139 51,~~828~~750,~~142~~858.6477 6.~~482~~493 7.000 7.249 ~~224~~221 8583,~~203~~910,~~165~~356.4835 10.~~656~~527 7.250 7.499 ~~281~~280 110,~~130~~149,~~034~~069.2972 13.~~773~~819 7.500 7.749 ~~390~~387 ~~150~~149,~~099~~701,~~173~~459.3892 18.~~772~~781 7.750 7.999 ~~429~~428 169,~~808~~821,~~951~~103.7615 21.~~237~~306 8.000 8.249 ~~319~~316 ~~128~~127,~~720~~697,~~084~~905.5157 16.~~098~~021 8.250 8.499 124 53,~~178~~298,~~618~~760.9238 6.~~651~~687 8.500 8.749 23 8,~~638~~660,~~471~~450.7716 1.~~080~~087 8.750 8.999 12 5,~~683~~697,~~686~~866.7784 0.~~711~~715 9.000 9.249 9 3,~~394~~403,~~519~~120.9283 0.~~425~~427 9.250 9.499 1 ~~131~~132,~~858~~191.5467 0.~~016~~017 9.500 9.749 3 1,~~351~~354,~~129~~544.7774 0.~~169~~170 9.750 9.999 1 ~~475~~476,~~569~~778.2158 0.~~059~~060 >= 10.000 0 0.00 0.000 Total 2,~~035~~023 ~~799~~797,~~607~~075,~~183~~137.6067 100.000

Filing Compare · Bear Stearns Mortgage Funding Trust 2007-AR2