10-D/A 1 msz07001_10da-200705.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D/A Amendment No. 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 26, 2007 to May 25, 2007 Commission File Number of issuing entity: 333-130694-22 MSCC HELOC Trust 2007-1 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-130694 Morgan Stanley ABS Capital I Inc. (Exact name of depositor as specified in its charter) Morgan Stanley Credit Corporation (Exact name of sponsor as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization of the issuing entity) N/A (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)) ~~HELOC Asset-Backed Notes Series 2007-1 _____ _____ __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 ____ Explanatory Note: This Form 10-D is amended with respect to the information appearing in Item 7 and Exhibit 99.2. Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On May 25, 2007 a distribution was made to holders of MSCC HELOC Trust 2007-1. 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. Please refer to http://www.sec.gov/Archives/edgar/data/1030442/000090514807001691/efc7-0653_ 424b5.htm for an explanation of material terms, parties and abbreviations used in Exhibit 99.1. 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 7. Significant Enhancement Provider Information. The consolidated financial statements of Ambac Assurance Corporation and its subsidiaries ("Ambac") are incorporated herein by reference from Exhibit 99.03 of the quarterly report on Form 10-Q filed by Ambac Financial Group, Inc. (File No. 1-10777) with the SEC on May 10, 2007. You should be aware that any such financial statements may be modified or superseded by a document filed with the SEC at a later date. You should not assume that information concerning Ambac is accurate as of any date other than the date that such report was filed with the SEC. 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 MSCC HELOC Trust 2007-1, relating to the May 25, 2007 distribution. (99.2) Copy of the consolidated financial statements of Ambac Assurance Corporation and its subsidiaries (incorporated herein by reference from Exhibit 99.03 of the Quarterly report on Form 10-Q filed by Ambac Financial Group, Inc. (File No. 1-10777) with the SEC on May 10, 2007). (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. Morgan Stanley ABS Capital I Inc. (Depositor) /s/ Lydia Foo Lydia Foo, Vice President Date: June 8, 2007 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of MSCC HELOC Trust 2007-1, relating to the May 25, 2007 distribution. EX-99.2 Copy of the consolidated financial statements of Ambac Assurance Corporation and its subsidiaries (incorporated herein by reference from Exhibit 99.03 of the Quarterly report on Form 10-Q filed by Ambac Financial Group, Inc. (File No. 1-10777) with the SEC on May 10, 2007). EX-99.1 Morgan Stanley Credit Corporation HELOC Trust HELOC Asset Backed Notes Distribution Date: 5/25/2007 Morgan Stanley Credit Corporation HELOC Trust HELOC Asset Backed Notes Series 2007-1 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

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MSCC HELOC Trust 2007-1 10-D/A