10-D 1 bst07003_10d-200801.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: December 27, 2007 to January 25, 2008 Commission File Number of issuing entity: 333-132232-35 Bear Stearns ARM Trust 2007-3 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-132232 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) 54-2199593 54-2199594 54-2199595 (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___ ____________ I-X-1 _____ _____ __X___ ____________ II-A-1 _____ _____ __X___ ____________ II-A-2 _____ _____ __X___ ____________ II-X-1 _____ _____ __X___ ____________ III-A-1 _____ _____ __X___ ____________ III-A-2 _____ _____ __X___ ____________ III-X-1 _____ _____ __X___ ____________ B-1 _____ _____ __X___ ____________ B-2 _____ _____ __X___ ____________ B-3 _____ _____ __X___ ____________ B-4 _____ _____ __X___ ____________ B-5 _____ _____ __X___ ____________ B-6 _____ _____ __X___ ____________ B-7 _____ _____ __X___ ____________ R-I _____ _____ __X___ ____________ R-II _____ _____ __X___ ____________ R-III _____ _____ __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 January 25, 2008 a distribution was made to holders of Bear Stearns ARM Trust 2007-3. 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 ARM Trust 2007-3, relating to the January 25, 2008 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 ARM Trust 2007-3 (Issuing Entity) EMC Mortgage Corporation (Master Servicer) /s/ Mark Novachek Mark Novachek, Senior Vice President Date: February 6, 2008 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Bear Stearns ARM Trust 2007-3, relating to the January 25, 2008 distribution.

Certificateholder Distribution Summary Class CUSIP Record Certificate Beginning Interest Date Pass-Through Certificate Distribution Rate Balance I-A-1 073881AA2 04/30/2007 5.50000% 571,021,000.00 2,617,179.58 I-A-2 073881AC8 04/30/2007 5.50000% 26,523,000.00 121,563.75 I-X-1 073881AB0 04/30/2007 0.24556% 0.00 122,276.80 II-A-1 073881AD6 04/30/2007 5.65000% 84,903,000.00 399,751.63 II-A-2 073881AF1 04/30/2007 5.65000% 3,944,000.00 18,569.67 II-X-1 073881AE4 04/30/2007 0.21372% 0.00 15,823.48 III-A-1 073881AG9 04/30/2007 6.00000% 87,049,000.00 435,245.00 III-A-2 073881AJ3 04/30/2007 6.00000% 4,043,000.00 20,215.00 III-X-1 073881AH7 04/30/2007 0.01170% 0.00 888.07 B-1 073881AN4 04/30/2007 5.79025% 17,863,000.00 86,192.67 B-2 073881AP9 04/30/2007 5.79025% 3,654,000.00 17,631.31 B-3 073881AQ7 04/30/2007 5.79025% 4,872,000.00 23,508.41 B-4 073881AR5 04/30/2007 5.79025% 3,248,000.00 15,672.27 B-5 073881AS3 04/30/2007 5.79025% 1,624,000.00 7,836.14 B-6 073881AT1 04/30/2007 5.79025% 1,623,000.00 7,831.31 B-7 073881AU8 04/30/2007 5.79025% 1,626,920.91 7,850.23 R-I 073881AK0 04/30/2007 0.00000% 50.00 0.00 R-II 073881AL8 04/30/2007 0.00000% 50.00 0.00 R-III 073881AM6 04/30/2007 0.00000% 50.00 0.00 Totals 811,994,070.91 3,918,035.32

Certificateholder Distribution Summary (continued) Class Principal Current Ending Total Cumulative Distribution Realized Certificate Distribution Realized Loss Balance Losses I-A-1 4,842,305.01 0.00 566,178,694.99 7,459,484.59 0.00 I-A-2 224,917.22 0.00 26,298,082.78 346,480.97 0.00 I-X-1 0.00 0.00 0.00 122,276.80 0.00 II-A-1 163,287.18 0.00 84,739,712.82 563,038.81 0.00 II-A-2 7,585.18 0.00 3,936,414.82 26,154.85 0.00 II-X-1 0.00 0.00 0.00 15,823.48 0.00 III-A-1 937,804.54 0.00 86,111,195.46 1,373,049.54 0.00 III-A-2 43,556.43 0.00 3,999,443.57 63,771.43 0.00 III-X-1 0.00 0.00 0.00 888.07 0.00 B-1 1,969.64 0.00 17,861,030.36 88,162.31 0.00 B-2 402.90 0.00 3,653,597.10 18,034.21 0.00 B-3 537.20 0.00 4,871,462.80 24,045.61 0.00 B-4 358.14 0.00 3,247,641.86 16,030.41 0.00 B-5 179.07 0.00 1,623,820.93 8,015.21 0.00 B-6 178.96 0.00 1,622,821.04 8,010.27 0.00 B-7 179.39 0.00 1,626,741.52 8,029.62 0.00 R-I 50.00 0.00 0.00 50.00 0.00 R-II 50.00 0.00 0.00 50.00 0.00 R-III 50.00 0.00 0.00 50.00 0.00 Totals 6,223,410.86 0.00 805,770,660.05 10,141,446.18 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 I-A-1 571,021,000.00 571,021,000.00 65,712.34 4,776,592.67 0.00 0.00 I-A-2 26,523,000.00 26,523,000.00 3,052.23 221,864.99 0.00 0.00 I-X-1 0.00 0.00 0.00 0.00 0.00 0.00 II-A-1 84,903,000.00 84,903,000.00 8,891.44 154,395.74 0.00 0.00 II-A-2 3,944,000.00 3,944,000.00 413.03 7,172.15 0.00 0.00 II-X-1 0.00 0.00 0.00 0.00 0.00 0.00 III-A-1 87,049,000.00 87,049,000.00 7,319.47 930,485.07 0.00 0.00 III-A-2 4,043,000.00 4,043,000.00 339.95 43,216.48 0.00 0.00 III-X-1 0.00 0.00 0.00 0.00 0.00 0.00 B-1 17,863,000.00 17,863,000.00 1,969.64 0.00 0.00 0.00 B-2 3,654,000.00 3,654,000.00 402.90 0.00 0.00 0.00 B-3 4,872,000.00 4,872,000.00 537.20 0.00 0.00 0.00 B-4 3,248,000.00 3,248,000.00 358.14 0.00 0.00 0.00 B-5 1,624,000.00 1,624,000.00 179.07 0.00 0.00 0.00 B-6 1,623,000.00 1,623,000.00 178.96 0.00 0.00 0.00 B-7 1,626,920.91 1,626,920.91 179.39 0.00 0.00 0.00 R-I 50.00 50.00 0.72 49.28 0.00 0.00 R-II 50.00 50.00 0.72 49.28 0.00 0.00 R-III 50.00 50.00 0.72 49.28 0.00 0.00 Totals 811,994,070.91 811,994,070.91 89,535.92 6,133,874.94 0.00 0.00

Principal Distribution Statement (continued) Class Total Ending Ending Total Principal Certificate Certificate Principal Reduction Balance Percentage Distribution I-A-1 4,842,305.01 566,178,694.99 0.99151992 4,842,305.01 I-A-2 224,917.22 26,298,082.78 0.99151992 224,917.22 I-X-1 0.00 0.00 0.00000000 0.00 II-A-1 163,287.18 84,739,712.82 0.99807678 163,287.18 II-A-2 7,585.18 3,936,414.82 0.99807678 7,585.18 II-X-1 0.00 0.00 0.00000000 0.00 III-A-1 937,804.54 86,111,195.46 0.98922671 937,804.54 III-A-2 43,556.43 3,999,443.57 0.98922671 43,556.43 III-X-1 0.00 0.00 0.00000000 0.00 B-1 1,969.64 17,861,030.36 0.99988974 1,969.64 B-2 402.90 3,653,597.10 0.99988974 402.90 B-3 537.20 4,871,462.80 0.99988974 537.20 B-4 358.14 3,247,641.86 0.99988974 358.14 B-5 179.07 1,623,820.93 0.99988974 179.07 B-6 178.96 1,622,821.04 0.99988974 178.96 B-7 179.39 1,626,741.52 0.99988974 179.39 R-I 50.00 0.00 0.00000000 50.00 R-II 50.00 0.00 0.00000000 50.00 R-III 50.00 0.00 0.00000000 50.00 Totals 6,223,410.86 805,770,660.05 0.99233564 6,223,410.86

Principal Distribution Factors Statement Class Original Beginning Scheduled UnScheduled Accretion Face Certificate Principal Principal Amount Balance Distribution Distribution I-A-1 571,021,000.00 1000.00000000 0.11507867 8.36500351 0.00000000 I-A-2 26,523,000.00 1000.00000000 0.11507861 8.36500358 0.00000000 I-X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-A-1 84,903,000.00 1000.00000000 0.10472469 1.81849570 0.00000000 II-A-2 3,944,000.00 1000.00000000 0.10472363 1.81849645 0.00000000 II-X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 III-A-1 87,049,000.00 1000.00000000 0.08408448 10.68921033 0.00000000 III-A-2 4,043,000.00 1000.00000000 0.08408360 10.68921098 0.00000000 III-X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 17,863,000.00 1000.00000000 0.11026367 0.00000000 0.00000000 B-2 3,654,000.00 1000.00000000 0.11026273 0.00000000 0.00000000 B-3 4,872,000.00 1000.00000000 0.11026273 0.00000000 0.00000000 B-4 3,248,000.00 1000.00000000 0.11026478 0.00000000 0.00000000 B-5 1,624,000.00 1000.00000000 0.11026478 0.00000000 0.00000000 B-6 1,623,000.00 1000.00000000 0.11026494 0.00000000 0.00000000 B-7 1,626,920.91 1000.00000000 0.11026350 0.00000000 0.00000000 R-I 50.00 1000.00000000 14.40000000 985.60000000 0.00000000 R-II 50.00 1000.00000000 14.40000000 985.60000000 0.00000000 R-III 50.00 1000.00000000 14.40000000 985.60000000 0.00000000

Principal Distribution Factors Statement (continued) Class Realized Total Ending Ending Total Loss Principal Certificate Certificate Principal Reduction Balance Percentage Distribution I-A-1 0.00000000 8.48008219 991.51991781 0.99151992 8.48008219 I-A-2 0.00000000 8.48008219 991.51991781 0.99151992 8.48008219 I-X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-A-1 0.00000000 1.92322038 998.07677962 0.99807678 1.92322038 II-A-2 0.00000000 1.92322008 998.07677992 0.99807678 1.92322008 II-X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 III-A-1 0.00000000 10.77329481 989.22670519 0.98922671 10.77329481 III-A-2 0.00000000 10.77329458 989.22670542 0.98922671 10.77329458 III-X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.11026367 999.88973633 0.99988974 0.11026367 B-2 0.00000000 0.11026273 999.88973727 0.99988974 0.11026273 B-3 0.00000000 0.11026273 999.88973727 0.99988974 0.11026273 B-4 0.00000000 0.11026478 999.88973522 0.99988974 0.11026478 B-5 0.00000000 0.11026478 999.88973522 0.99988974 0.11026478 B-6 0.00000000 0.11026494 999.88973506 0.99988974 0.11026494 B-7 0.00000000 0.11026350 999.88973650 0.99988974 0.11026350 R-I 0.00000000 1000.00000000 0.00000000 0.00000000 1000.00000000 R-II 0.00000000 1000.00000000 0.00000000 0.00000000 1000.00000000 R-III 0.00000000 1000.00000000 0.00000000 0.00000000 1000.00000000 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 I-A-1 04/01/07 - 04/30/07 30 5.50000% 571,021,000.00 2,617,179.58 0.00 I-A-2 04/01/07 - 04/30/07 30 5.50000% 26,523,000.00 121,563.75 0.00 I-X-1 04/01/07 - 04/30/07 30 0.24556% 597,544,000.00 122,276.80 0.00 II-A-1 04/01/07 - 04/30/07 30 5.65000% 84,903,000.00 399,751.63 0.00 II-A-2 04/01/07 - 04/30/07 30 5.65000% 3,944,000.00 18,569.67 0.00 II-X-1 04/01/07 - 04/30/07 30 0.21372% 88,847,000.00 15,823.48 0.00 III-A-1 04/01/07 - 04/30/07 30 6.00000% 87,049,000.00 435,245.00 0.00 III-A-2 04/01/07 - 04/30/07 30 6.00000% 4,043,000.00 20,215.00 0.00 III-X-1 04/01/07 - 04/30/07 30 0.01170% 91,092,000.00 888.07 0.00 B-1 04/01/07 - 04/30/07 30 5.79025% 17,863,000.00 86,192.67 0.00 B-2 04/01/07 - 04/30/07 30 5.79025% 3,654,000.00 17,631.31 0.00 B-3 04/01/07 - 04/30/07 30 5.79025% 4,872,000.00 23,508.41 0.00 B-4 04/01/07 - 04/30/07 30 5.79025% 3,248,000.00 15,672.27 0.00 B-5 04/01/07 - 04/30/07 30 5.79025% 1,624,000.00 7,836.14 0.00 B-6 04/01/07 - 04/30/07 30 5.79025% 1,623,000.00 7,831.31 0.00 B-7 04/01/07 - 04/30/07 30 5.79025% 1,626,920.91 7,850.23 0.00 R-I N/A N/A 0.00000% 50.00 0.00 0.00 R-II N/A N/A 0.00000% 50.00 0.00 0.00 R-III N/A N/A 0.00000% 50.00 0.00 0.00 Totals 3,918,035.32 0.00

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 I-A-1 0.00 0.00 2,617,179.58 0.00 566,178,694.99 I-A-2 0.00 0.00 121,563.75 0.00 26,298,082.78 I-X-1 0.00 0.00 122,276.80 0.00 592,476,777.77 II-A-1 0.00 0.00 399,751.63 0.00 84,739,712.82 II-A-2 0.00 0.00 18,569.67 0.00 3,936,414.82 II-X-1 0.00 0.00 15,823.48 0.00 88,676,127.63 III-A-1 0.00 0.00 435,245.00 0.00 86,111,195.46 III-A-2 0.00 0.00 20,215.00 0.00 3,999,443.57 III-X-1 0.00 0.00 888.07 0.00 90,110,639.03 B-1 0.00 0.00 86,192.67 0.00 17,861,030.36 B-2 0.00 0.00 17,631.31 0.00 3,653,597.10 B-3 0.00 0.00 23,508.41 0.00 4,871,462.80 B-4 0.00 0.00 15,672.27 0.00 3,247,641.86 B-5 0.00 0.00 7,836.14 0.00 1,623,820.93 B-6 0.00 0.00 7,831.31 0.00 1,622,821.04 B-7 0.00 0.00 7,850.23 0.00 1,626,741.52 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 3,918,035.32 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 I-A-1 571,021,000.00 5.50000% 1000.00000000 4.58333333 0.00000000 I-A-2 26,523,000.00 5.50000% 1000.00000000 4.58333333 0.00000000 I-X-1 0.00 0.24556% 1000.00000000 0.20463229 0.00000000 II-A-1 84,903,000.00 5.65000% 1000.00000000 4.70833339 0.00000000 II-A-2 3,944,000.00 5.65000% 1000.00000000 4.70833418 0.00000000 II-X-1 0.00 0.21372% 1000.00000000 0.17809808 0.00000000 III-A-1 87,049,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 III-A-2 4,043,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 III-X-1 0.00 0.01170% 1000.00000000 0.00974915 0.00000000 B-1 17,863,000.00 5.79025% 1000.00000000 4.82520685 0.00000000 B-2 3,654,000.00 5.79025% 1000.00000000 4.82520799 0.00000000 B-3 4,872,000.00 5.79025% 1000.00000000 4.82520731 0.00000000 B-4 3,248,000.00 5.79025% 1000.00000000 4.82520628 0.00000000 B-5 1,624,000.00 5.79025% 1000.00000000 4.82520936 0.00000000 B-6 1,623,000.00 5.79025% 1000.00000000 4.82520641 0.00000000 B-7 1,626,920.91 5.79025% 1000.00000000 4.82520690 0.00000000 R-I 50.00 0.00000% 1000.00000000 0.00000000 0.00000000 R-II 50.00 0.00000% 1000.00000000 0.00000000 0.00000000 R-III 50.00 0.00000% 1000.00000000 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 I-A-1 0.00000000 0.00000000 4.58333333 0.00000000 991.51991781 I-A-2 0.00000000 0.00000000 4.58333333 0.00000000 991.51991781 I-X-1 0.00000000 0.00000000 0.20463229 0.00000000 991.51991781 II-A-1 0.00000000 0.00000000 4.70833339 0.00000000 998.07677962 II-A-2 0.00000000 0.00000000 4.70833418 0.00000000 998.07677992 II-X-1 0.00000000 0.00000000 0.17809808 0.00000000 998.07677952 III-A-1 0.00000000 0.00000000 5.00000000 0.00000000 989.22670519 III-A-2 0.00000000 0.00000000 5.00000000 0.00000000 989.22670542 III-X-1 0.00000000 0.00000000 0.00974915 0.00000000 989.22670520 B-1 0.00000000 0.00000000 4.82520685 0.00000000 999.88973633 B-2 0.00000000 0.00000000 4.82520799 0.00000000 999.88973727 B-3 0.00000000 0.00000000 4.82520731 0.00000000 999.88973727 B-4 0.00000000 0.00000000 4.82520628 0.00000000 999.88973522 B-5 0.00000000 0.00000000 4.82520936 0.00000000 999.88973522 B-6 0.00000000 0.00000000 4.82520641 0.00000000 999.88973506 B-7 0.00000000 0.00000000 4.82520690 0.00000000 999.88973650 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 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 10,259,320.15 Reserve Funds and Credit Enhancements 0.00 Proceeds from Repurchased Loans 0.00 Servicer Advances 7,938.48 Gains & Subsequent Recoveries (Realized Losses) 0.00 Total Deposits 10,267,258.63 Withdrawals Reserve Funds and Credit Enhancements 0.00 Total Administration Fees 125,812.45 Payment of Interest and Principal 10,141,446.18 Total Withdrawals (Pool Distribution Amount) 10,267,258.63 Ending Balance 0.00 Servicer Advances are calculated as delinquent scheduled principal and interest.

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

ADMINISTRATION FEES Gross Servicing Fee* 118,415.77 Lender Paid Mortgage Insurance** 1,645.05 Securities Administrator Fee - Wells Fargo Bank NA 5,751.63 Supported Prepayment/Curtailment Interest Shortfall 0.00 Total Administration Fees 125,812.45 *Servicer Payees include: EMC MORTGAGE CORPORATION NOTE: **Lender Paid Mortgage Insurance; GE Capital Mortgage Insurance, PMI, Republic Mortgage Insurance Corporation, and YES.

Collateral Statement Group Loan Group I Loan Group II Collateral Description Mixed ARM 1 Year LIBOR Arm Weighted Average Coupon Rate 5.931527 6.048675 Weighted Average Net Rate 5.756527 5.873675 Weighted Average Pass-Through Rate 5.745559 5.863717 Weighted Average Remaining Term 359 360 Principal And Interest Constant 3,156,542.47 477,435.35 Beginning Loan Count 1,006 149 Loans Paid in Full 6 0 Ending Loan Count 1,000 149 Beginning Scheduled Balance 624,067,078.06 92,790,811.91 Ending Scheduled Balance 618,996,803.59 92,619,526.53 Actual Ending Collateral Balance 619,044,515.83 92,625,298.56 Scheduled Principal 71,816.81 9,717.49 Unscheduled Principal 4,998,457.66 161,567.89 Scheduled Interest 3,084,725.66 467,717.86 Servicing Fees 91,009.78 13,531.99 Master Servicing Fees 0.00 0.00 Trustee Fee 4,420.48 657.27 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 1,283.58 112.69 Pool Insurance Fee 0.00 0.00 Spread 1 0.00 0.00 Spread 2 0.00 0.00 Spread 3 0.00 0.00 Net Interest 2,988,011.82 453,415.91 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Special Servicing Fee 0.00 0.00

Collateral Statement Group Loan Group III Total Collateral Description 1 Year LIBOR Arm Mixed ARM Weighted Average Coupon Rate 6.198337 5.976175 Weighted Average Net Rate 6.023337 5.801175 Weighted Average Pass-Through Rate 6.011699 5.790243 Weighted Average Remaining Term 359 359 Principal And Interest Constant 499,403.78 4,133,381.60 Beginning Loan Count 154 1,309 Loans Paid in Full 1 7 Ending Loan Count 153 1,302 Beginning Scheduled Balance 95,136,030.94 811,993,920.91 Ending Scheduled Balance 94,154,329.93 805,770,660.05 Actual Ending Collateral Balance 94,158,773.83 805,828,588.22 Scheduled Principal 7,999.46 89,533.76 Unscheduled Principal 973,701.55 6,133,727.10 Scheduled Interest 491,404.32 4,043,847.84 Servicing Fees 13,874.00 118,415.77 Master Servicing Fees 0.00 0.00 Trustee Fee 673.88 5,751.63 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 248.78 1,645.05 Pool Insurance Fee 0.00 0.00 Spread 1 0.00 0.00 Spread 2 0.00 0.00 Spread 3 0.00 0.00 Net Interest 476,607.66 3,918,035.39 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Special Servicing Fee 0.00 0.00

Additional Reporting - Deal Level Trigger Event Reporting Delinquency Trigger Trigger Result Pass Threshold Value 50.000000% Calculated Value 0.000000% Cumulative Loss Trigger Trigger Result Pass Threshold Value 30.000000% Calculated Value 0.000000% Two Times Delinquency Trigger Trigger Result Pass Threshold Value 50.000000% Calculated Value 0.000000% Two Times Cumulative Loss Trigger Trigger Result Pass Threshold Value 20.000000% Calculated Value 0.000000% Sub Two Times Delinquency Loss Trigger Trigger Result Pass

Additional Reporting - Group Level Informational Reporting Loan Group I Average Loss Severity Percentage 0.000000% Senior Percentage 95.749964% Senior Prepayment Percentage 100.000000% Subordinate Percentage 4.250036% Subordinate Prepayment Percentage 0.000000% Loan Group II Average Loss Severity Percentage 0.000000% Senior Percentage 95.749782% Senior Prepayment Percentage 100.000000% Subordinate Percentage 4.250218% Subordinate Prepayment Percentage 0.000000% Loan Group III Average Loss Severity Percentage 0.000000% Senior Percentage 95.749212% Senior Prepayment Percentage 100.000000% Subordinate Percentage 4.250788% Subordinate Prepayment Percentage 0.000000%

Delinquency Status - MBA Delinquency Calculation Method 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2 0 0 0 2 1,431,609.47 0.00 0.00 0.00 1,431,609.47 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 2 0 0 0 2 1,431,609.47 0.00 0.00 0.00 1,431,609.47 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.153610% 0.000000% 0.000000% 0.000000% 0.153610% 0.177657% 0.000000% 0.000000% 0.000000% 0.177657% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.153610% 0.000000% 0.000000% 0.000000% 0.153610% 0.177657% 0.000000% 0.000000% 0.000000% 0.177657% Please refer to CTSLink.com for a list of delinquency code descriptions.

Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 7,938.48

Delinquency Status By Group DELINQUENT BANKRUPTCY FORECLOSURE REO Total Loan Group I - MBA 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 2 0 0 0 2 1,431,609.47 0.00 0.00 0.00 1,431,609.47 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 2 0 0 0 2 1,431,609.47 0.00 0.00 0.00 1,431,609.47 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.200000% 0.000000% 0.000000% 0.000000% 0.200000% 0.231261% 0.000000% 0.000000% 0.000000% 0.231261% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.200000% 0.000000% 0.000000% 0.000000% 0.200000% 0.231261% 0.000000% 0.000000% 0.000000% 0.231261% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Loan Group II - MBA 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Please refer to CTSLink.com for a list of delinquency code descriptions. DELINQUENT BANKRUPTCY FORECLOSURE REO Total Loan Group III - MBA 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Please refer to CTSLink.com for a list of delinquency code descriptions.

REO Detail - All Mortgage Loans in REO during Current Period Summary - No REO Information to report this period. Loan Group I - No REO Information to report this period. Loan Group II - No REO Information to report this period. Loan Group III - No REO Information to report this period.

REO Loan Detail - All Mortgage Loans in REO during Current Period Month Loan First Original Loan Entered Payment LTV at Principal Group Number REO Date State Origination Balance No REO Loans this Period

REO Loan Detail - All Mortgage Loans in REO during Current Period (continued) Current Paid Current Approximate Loan Actual To Months Loan Delinquent Group Number Balance Date Delinquent Rate Interest No REO Loans this Period

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period Summary - No Foreclosure Information to report this period. Loan Group I - No Foreclosure Information to report this period. Loan Group II - No Foreclosure Information to report this period. Loan Group III - No Foreclosure Information to report this period.

Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period Month Loan First Original Loan Entered Payment LTV at Principal Group Number FC Date State Origination Balance No Foreclosure Loans this Period

Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued) Current Paid Current Approximate Loan Actual To Months Loan Delinquent Group Number Balance Date Delinquent Rate Interest No Foreclosure Loans this Period

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period Summary - No Bankruptcy Information to report this period. Loan Group I - No Bankruptcy Information to report this period. Loan Group II - No Bankruptcy Information to report this period. Loan Group III - No Bankruptcy Information to report this period.

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 No Bankruptcy Loans this Period

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 No Bankruptcy Loans this Period

Realized Loss Detail Report - Loans with Losses during Current Period Summary # Loans Prior Realized Current with Actual Loss/(Gain) Loss Group Losses Balance Amount Percentage Loan Group I 0 0.00 0.00 0.000% Loan Group II 0 0.00 0.00 0.000% Loan Group III 0 0.00 0.00 0.000% Total 0 0.00 0.00 0.000%

Realized Loss Loan Detail Report - Loans With Losses during Current Period Original Current Loan Principal Note LTV at Original Group Number Balance Rate State Origination Term No Losses this Period

Realized Loss Loan Detail Report - Loans With Losses during Current Period (continued) Prior Cumulative Loan Actual Realized Realized Group Number Balance Loss/(Gain) Loss/(Gain) No Losses this Period

Realized Loss Report - Collateral Summary - No Realized Loss Information to report this period. Loan Group I - No Realized Loss Information to report this period. Loan Group II - No Realized Loss Information to report this period. Loan Group III - 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 (Ending Actual Balance for loans that have experienced a loss).

Prepayment Detail - Prepayments during Current Period Summary Loans Paid In Full Repurchased Loans Original Current Original Current Principal Scheduled Principal Scheduled Group Count Balance Balance Count Balance Balance Loan Group I 6 3,863,304.00 3,863,304.00 0 0.00 0.00 Loan Group II 0 0.00 0.00 0 0.00 0.00 Loan Group III 1 744,000.00 744,000.00 0 0.00 0.00 Total 7 4,607,304.00 4,607,304.00 0 0.00 0.00

Prepayment Detail - Prepayments during Current Period (continued) Summary Substitution Loans Liquidated Loans Curtailments Original Current Original Current Principal Scheduled Principal Scheduled Curtailment Group Count Balance Balance Count Balance Balance Amount Loan Group I 0 0.00 0.00 0 0.00 0.00 1,135,153.66 Loan Group II 0 0.00 0.00 0 0.00 0.00 161,567.89 Loan Group III 0 0.00 0.00 0 0.00 0.00 229,701.55 Total 0 0.00 0.00 0 0.00 0.00 1,526,423.10

Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount Loan Group I 0138628293 WA 47.62 01-Mar-2007 500,000.00 500,000.00 Loan Group I 0145465291 CA 80.00 01-May-2007 487,804.00 487,804.00 Loan Group I 0147995481 CO 79.99 01-Mar-2007 431,500.00 431,500.00 Loan Group I 0156028330 CA 78.67 01-Mar-2007 944,000.00 944,000.00 Loan Group I 0163390905 OR 70.42 01-May-2007 500,000.00 500,000.00 Loan Group I 0165154790 CA 64.52 01-May-2007 1,000,000.00 1,000,000.00 Loan Group III 0157155279 MA 64.42 01-Apr-2007 744,000.00 744,000.00

Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning Loan Group I 0138628293 Loan Paid in Full 0 6.500% 360 2 Loan Group I 0145465291 Loan Paid in Full (1) 6.625% 360 1 Loan Group I 0147995481 Loan Paid in Full (1) 6.500% 360 2 Loan Group I 0156028330 Loan Paid in Full 0 6.125% 360 2 Loan Group I 0163390905 Loan Paid in Full (1) 6.625% 360 1 Loan Group I 0165154790 Loan Paid in Full (1) 8.125% 360 1 Loan Group III 0157155279 Loan Paid in Full 0 6.875% 360 1

Summary SMM CPR PSA Current Month 0.755% Current Month 8.698% Current Month 2,609.984% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 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. 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 N/A N/A Mar-2007 N/A N/A Apr-2007 N/A N/A Apr-2007 N/A N/A May-2007 8.698% N/A May-2007 2,609.984% 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. Loan Group I SMM CPR PSA Current Month 0.801% Current Month 9.200% Current Month 2,582.580% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 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. 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 N/A N/A Mar-2007 N/A N/A Apr-2007 N/A N/A Apr-2007 N/A N/A May-2007 9.200% N/A May-2007 2,582.580% 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. Loan Group II SMM CPR PSA Current Month 0.174% Current Month 2.070% Current Month 853.922% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 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. 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 N/A N/A Mar-2007 N/A N/A Apr-2007 N/A N/A Apr-2007 N/A N/A May-2007 2.070% N/A May-2007 853.922% 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. Loan Group III SMM CPR PSA Current Month 1.024% Current Month 11.614% Current Month 4,274.795% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 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. 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 N/A N/A Mar-2007 N/A N/A Apr-2007 N/A N/A Apr-2007 N/A N/A May-2007 11.614% N/A May-2007 4,274.795% 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))

Modifications Beginning Current Loan Scheduled Scheduled Prior Modified Prior Modified Number Balance Balance Rate Rate Payment Payment No Modifications this Period

Substitutions Loans Repurchased Loans Substituted Current Current Loan Scheduled Current Current Loan Scheduled Current Current Number Balance Rate Payment Number Balance Rate Payment No Substitutions this Period

Repurchases Current Loan Scheduled Current Current Number Balance Rate Payment No Repurchases this Period

Breaches Current Loan Scheduled Current Current Number Balance Rate Payment No Breaches this Period

Interest Rate Stratification Summary Loan Group I Current Number of Outstanding Percentage of Number of Outstanding Percentage of Interest Rate Loans Scheduled Balance(%) Loans Scheduled Balance(%) Range(%) Balance($) Balance($) < 3.500 0 0.00 0.000 0 0.00 0.000 3.500 3.749 0 0.00 0.000 0 0.00 0.000 3.750 3.999 4 1,891,873.22 0.235 4 1,891,873.22 0.306 4.000 4.249 0 0.00 0.000 0 0.00 0.000 4.250 4.499 2 1,011,757.86 0.126 2 1,011,757.86 0.163 4.500 4.749 1 739,850.00 0.092 1 739,850.00 0.120 4.750 4.999 23 15,192,484.95 1.885 23 15,192,484.95 2.454 5.000 5.249 28 16,692,713.73 2.072 27 16,004,234.73 2.586 5.250 5.499 55 35,932,632.03 4.459 47 31,721,004.46 5.125 5.500 5.749 126 83,510,070.12 10.364 111 73,955,047.66 11.948 5.750 5.999 341 204,165,400.76 25.338 286 168,715,355.37 27.256 6.000 6.249 314 203,202,473.75 25.218 222 146,086,101.85 23.600 6.250 6.499 274 163,286,288.55 20.265 188 112,078,583.30 18.106 6.500 6.749 103 61,745,364.48 7.663 66 37,716,703.44 6.093 6.750 6.999 23 12,928,293.57 1.604 16 8,922,389.48 1.441 7.000 7.249 3 2,316,817.27 0.288 3 2,316,817.27 0.374 7.250 7.499 3 2,124,600.00 0.264 3 2,124,600.00 0.343 7.500 7.749 1 520,000.00 0.065 1 520,000.00 0.084 7.750 7.999 1 510,039.76 0.063 0 0.00 0.000 8.000 8.249 0 0.00 0.000 0 0.00 0.000 8.250 8.499 0 0.00 0.000 0 0.00 0.000 >= 8.500 0 0.00 0.000 0 0.00 0.000 Total 1,302 805,770,660.05 100.000 1,000 618,996,803.59 100.000

Interest Rate Stratification (continued) Loan Group II Loan Group III Current Number of Outstanding Percentage of Number of Outstanding Percentage of Interest Rate Loans Scheduled Balance(%) Loans Scheduled Balance(%) Range(%) Balance($) Balance($) < 3.500 0 0.00 0.000 0 0.00 0.000 3.500 3.749 0 0.00 0.000 0 0.00 0.000 3.750 3.999 0 0.00 0.000 0 0.00 0.000 4.000 4.249 0 0.00 0.000 0 0.00 0.000 4.250 4.499 0 0.00 0.000 0 0.00 0.000 4.500 4.749 0 0.00 0.000 0 0.00 0.000 4.750 4.999 0 0.00 0.000 0 0.00 0.000 5.000 5.249 1 688,479.00 0.743 0 0.00 0.000 5.250 5.499 8 4,211,627.57 4.547 0 0.00 0.000 5.500 5.749 9 6,272,271.69 6.772 6 3,282,750.77 3.487 5.750 5.999 33 21,807,630.92 23.545 22 13,642,414.47 14.489 6.000 6.249 47 28,943,125.97 31.249 45 28,173,245.93 29.922 6.250 6.499 35 20,920,182.76 22.587 51 30,287,522.49 32.168 6.500 6.749 14 8,767,768.86 9.466 23 15,260,892.18 16.208 6.750 6.999 1 498,400.00 0.538 6 3,507,504.09 3.725 7.000 7.249 0 0.00 0.000 0 0.00 0.000 7.250 7.499 0 0.00 0.000 0 0.00 0.000 7.500 7.749 0 0.00 0.000 0 0.00 0.000 7.750 7.999 1 510,039.76 0.551 0 0.00 0.000 8.000 8.249 0 0.00 0.000 0 0.00 0.000 8.250 8.499 0 0.00 0.000 0 0.00 0.000 >= 8.500 0 0.00 0.000 0 0.00 0.000 Total 149 92,619,526.53 100.000 153 94,154,329.93 100.000

SUPPLEMENTAL REPORTING Closing Date April 30, 2007. Determination Date With respect to each Mortgage Loan, the Determination Date as defined in the Servicing Agreement. Distribution Date The 25th day of any month, beginning in the month immediately following the month of the Closing Date, or, if such 25th day is not a Business Day, the Business Day immediately following. Interest Accrual Period With respect to each Distribution Date, for each Class of Certificates, the calendar month preceding the month in which such Distribution Date occurs. Master Servicer As of the Closing Date, EMC Mortgage Corporation and, thereafter, its respective successors in interest who meet the qualifications of the Servicing Agreement and this Agreement. Record Date With respect to any Distribution Date, the close of business on the last Business Day of the month immediately preceding the month of such Distribution Date. Servicer Remittance Date With respect to each Mortgage Loan, the date set forth in the Servicing Agreement. Trustee Wells Fargo Bank, N.A., or its successor in interest, or any successor trustee appointed as herein provided.

Filing Compare · Bear Stearns ARM Trust 2007-3