10-D/A 1 bsl07003_10da-200705.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D/A Amendment No. 1 The Form 10-D is being revised to include the disclosure language regarding the payment error for the Class B-IO on the Form 10-D under Item 1. 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 30, 2007 to May 25, 2007 Commission File Number of issuing entity: 333-140247-07 Bear Stearns ALT-A Trust 2007-3 (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) 54-2199589 54-2199590 54-2199591 54-2199592 54-6744145 (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)) I-A-1 _____ _____ __X___ ____________ I-A-2 _____ _____ __X___ ____________ II-A-1 _____ _____ __X___ ____________ M-1 _____ _____ __X___ ____________ M-2 _____ _____ __X___ ____________ B-1 _____ _____ __X___ ____________ B-2 _____ _____ __X___ ____________ B-3 _____ _____ __X___ ____________ B-4 _____ _____ __X___ ____________ XP _____ _____ __X___ ____________ B-IO _____ _____ __X___ ____________ R _____ _____ __X___ ____________ R-X _____ _____ __X___ ____________ Guaranty Fee _____ _____ __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 ALT-A Trust 2007-3. Revision of the B-IO Interest Distribution and the Residental Mortgage Insurance Company fee. The Residential Mortgage Insurance Company, RMIC, fee should have been paid out at an annual rate of .477%, which equals a monthly rate of .03975%. Instead this insurance fee was paid out an annual rate of .03975%, equaling a monthly rate of .0033125%. The original RMIC fee was 3,407.15, but at the correct yearly rate of .477% the RMIC fee is 40,886.08. The difference of 37,478.93 was paid out as interest to the B-IO class. The Guaranty Fee was calculated using the actual interest accrual days for the first distribution, which equaled 25 days and lead to a Guaranty Fee of 31,663.67. The Guaranty Fee should have actually been set up using a 30/360 accrual period, which leads to a total fee of 37,996.40. The net difference of 6,332.73 was paid out as interest to the B-IO class. The B-IO class originally reported 1,682,598.79 as interest received, but with these revisions the B-IO class will now report 1,638,787.25 as interest received. The difference of 43,811.66 will be claimed from the B-IO class and distributed to RMIC in the amount of 37,478.93 and to the Guarantor in the amount of 6,332.73. The distribution report is attached as an Exhibit to this Form 10-D/A. 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/A: (99.1) Monthly report distributed to holders of Bear Stearns ALT-A Trust 2007-3, 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 ALT-A Trust 2007-3 (Issuing Entity) Wells Fargo Bank, N.A. (Master Servicer) /s/ Kelly Rentz Kelly Rentz, Officer Date: June 21, 2007 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Bear Stearns ALT-A Trust 2007-3, relating to the May 25, 2007 distribution. EX-99.1 Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Distribution Date: 5/25/2007 Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Series 2007-3 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660

Prepayment Rates

Bear Stearns ALT-A Trust 2007-3 10-D/A