Content:

Pages

Contact Information:

5/25/2007 0:00

Statement to Certificate Holders

2-3

Analyst:

Orasio Becerra

714.259.6243

Statement to Certificate Holders (Factors)

4-5

orasio.becerra@abnamro.com

Pool/Non-Pool Funds Cash Reconciliation

Administrator:

Kim Sturm

312.904.4373

Cash Reconciliation Summary

7-9

kimberly.sturm@abnamro.com

Pool Detail and Performance Indicators

10-13

LaSalle Website:

www.etrustee.net

Bond Interest Reconciliation Part I

14-15

6/25/2007 0:00

Bond Interest Reconciliation Part II

16-17

Bond Principal Reconciliation

18-19

Outside Parties To The Transaction

Pre-Funding Account

5/24/2007

Rating Information

21-22

End of Month Balance Reporting

23-24

15 Month Loan Status Summary Part I

25-28

15 Month Loan Status Summary Part II

29-32

15 Month Historical Payoff Summary

33-34

Prepayment Summary

Mortgage Loan Characteristics Part I

4/30/2007

Mortgage Loan Characteristics Part II

37-39

Geographic Concentration

Current Period Realized Loss Detail

5/25/2007 0:00

Historical Realized Loss Summary

42-45

Realized Loss Summary

Material Breaches Detail

Modified Loan Detail

8/25/2037 0:00

Historical Collateral Level REO Report

49-52

5/15/2007 0:00

Delinq Method:

OTS

Determination Date:

15-May-07

First Pay. Date:

Rating Agency: Moody's Investors Service, Inc./Standard & Poor's

25-May-07

Indenture Trustee: Citibank, N.A.

Rated Final

Payment Date:

25-Aug-37

Underwriter: Bear Stearns & Co. Inc.

Closing Date:

30-Apr-07

Master Servicer: ABN AMRO LaSalle Bank N.A.

Record Date:

30-Apr-07

Distribution Count:

Depositor: Bear Stearns Asset Backed Securities I LLC

Prior Payment:

N/A

Next Payment:

25-Jun-07

ABN AMRO Acct : 724694.1

Payment Date:

25-May-07

Distribution Date: 25-May-07

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

05-Jun-2007 10:43

I-A

07401WAA7

295,932,000.00

6,160,105.51

0.00

289,771,894.49

1,132,350.92

0.00

5.5100000000%

I-M-1

07401WAB5

7,565,000.00

0.00

7,565,000.00

33,989.97

0.00

6.4700000000%

I-M-2

07401WAC3

6,862,000.00

0.00

6,862,000.00

33,452.25

0.00

7.0200000000%

I-M-3

07401WAD1

7,038,000.00

0.00

7,038,000.00

35,287.75

0.00

7.2200000000%

I-M-4

07401WAE9

6,334,000.00

0.00

6,334,000.00

34,397.14

0.00

7.8200000000%

I-B-1

07401WAF6

6,686,000.00

0.00

6,686,000.00

37,469.46

0.00

8.0700000000%

I-B-2

07401WAG4

5,806,000.00

0.00

5,806,000.00

33,545.78

0.00

8.3200000000%

I-B-3

07401WAH2

5,630,000.00

0.00

5,630,000.00

32,528.89

0.00

8.3200000000%

I-B-4

07401WAJ8

6,334,000.00

0.00

6,334,000.00

36,596.44

0.00

8.3200000000%

I-E

07401WAL3

351,881,947.61 N

351,881,947.61

0.00

346,247,905.55

0.00

N/A

I-S

07401WAK5

0.00

N/A

I-R

07401WAM1

0.00

N/A

II-A

07401WAP4

382,571,000.00

8,543,426.98

0.00

374,027,573.02

1,471,835.65

0.00

5.5400000000%

II-M-1

07401WAQ2

9,961,000.00

0.00

9,961,000.00

45,447.06

0.00

6.5700000000%

II-M-2

07401WAR0

9,250,000.00

0.00

9,250,000.00

45,414.93

0.00

7.0700000000%

II-M-3

07401WAS8

8,538,000.00

0.00

8,538,000.00

46,366.08

0.00

7.8200000000%

II-M-4

07401WAT6

8,064,000.00

0.00

8,064,000.00

46,592.00

0.00

8.3200000000%

II-M-5

07401WAU3

8,301,000.00

0.00

8,301,000.00

47,961.33

0.00

8.3200000000%

II-M-6

07401WAV1

6,878,000.00

0.00

6,878,000.00

39,739.56

0.00

8.3200000000%

II-B-1

07401WAW9

6,404,000.00

0.00

6,404,000.00

37,000.89

0.00

8.3200000000%

II-C

07401WAX7

474,359,695.57 N

474,359,695.57

0.00

465,814,650.95

2,973,725.20

N/A

II-R-1

07401WAZ2

0.00

N/A

II-R-2

07401WBT5

0.00

N/A

II-X

07401WAY5

0.00

N/A

III-A

07401WBA6

291,271,000.00

2,918,266.37

0.00

288,352,733.63

1,120,584.26

0.00

5.5400000000%

III-M-1

07401WBB4

7,474,000.00

0.00

7,474,000.00

32,802.56

0.00

6.3200000000%

III-M-2

07401WBC2

7,108,000.00

0.00

7,108,000.00

33,664.28

0.00

6.8200000000%

III-M-3

07401WBD0

6,926,000.00

0.00

6,926,000.00

37,612.03

0.00

7.8200000000%

III-M-4

07401WBE8

6,562,000.00

0.00

6,562,000.00

35,635.31

0.00

7.8200000000%

III-M-5

07401WBF5

6,562,000.00

0.00

6,562,000.00

35,635.31

0.00

7.8200000000%

Interest Payment

(2)

Interest

Adjustment

Pass-Through

Rate

(1)

N denotes notional balance not included in total

(2)

Accrued Interest plus/minus Interest Adjustment minus Deferred Interest equals Interest Payment

Principal Payment

Principal

Adjustment or Loss Deferred Interest

Ending Certificate

Balance

Class

CUSIP

Original Face Value

(1)

Beginning

Certificate Balance

Distribution Date: 25-May-07

BOND PAYMENTS

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 2 of 52

05-Jun-2007 10:41

Distribution Date: 25-May-07

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

III-M-6

07401WBG3

5,468,000.00

0.00

5,468,000.00

29,694.28

0.00

7.8200000000%

III-B-1

07401WBH1

5,285,000.00

0.00

5,285,000.00

28,700.49

0.00

7.8200000000%

III-C

07401WBM0

364,544,253.72 N

364,544,253.72

0.00

361,625,489.52

2,121,766.87

N/A

III-R

07401WBN8

0.00

N/A

III-X

07401WBP3

0.00

N/A

Total

1,124,810,000.00

17,621,798.86

0.00

1,107,188,201.14

9,639,796.69

5,095,492.07

Total P&I Payment

27,261,595.55

(1)

N denotes notional balance not included in total

(2)

Accrued Interest plus/minus Interest Adjustment minus Deferred Interest equals Interest Payment

BOND PAYMENTS

Class

CUSIP

Original Face Value

(1)

Beginning

Certificate Balance

Principal Payment

Principal

Adjustment or Loss Deferred Interest

Ending Certificate

Balance

Interest Payment

(2)

Interest

Adjustment

Pass-Through

Rate

Page 3 of 52

05-Jun-2007 10:41

I-A

07401WAA7

295,932,000.00

1000.000000000

20.815949306

0.000000000

979.184050694

3.826388900

0.000000000

5.51000000%

I-M-1

07401WAB5

7,565,000.00

1000.000000000

0.000000000

1000.000000000

4.493056180

0.000000000

6.47000000%

I-M-2

07401WAC3

6,862,000.00

1000.000000000

0.000000000

1000.000000000

4.875000000

0.000000000

7.02000000%

I-M-3

07401WAD1

7,038,000.00

1000.000000000

0.000000000

1000.000000000

5.013888889

0.000000000

7.22000000%

I-M-4

07401WAE9

6,334,000.00

1000.000000000

0.000000000

1000.000000000

5.430555731

0.000000000

7.82000000%

I-B-1

07401WAF6

6,686,000.00

1000.000000000

0.000000000

1000.000000000

5.604166916

0.000000000

8.07000000%

I-B-2

07401WAG4

5,806,000.00

1000.000000000

0.000000000

1000.000000000

5.777778161

0.000000000

8.32000000%

I-B-3

07401WAH2

5,630,000.00

1000.000000000

0.000000000

1000.000000000

5.777777975

0.000000000

8.32000000%

I-B-4

07401WAJ8

6,334,000.00

1000.000000000

0.000000000

1000.000000000

5.777777076

0.000000000

8.32000000%

I-E

07401WAL3

351,881,947.61 N

1000.000000000

0.000000000

983.988828929

0.000000000

N/A

I-S

07401WAK5

0.00

0.000000000

N/A

I-R

07401WAM1

0.00

0.000000000

N/A

II-A

07401WAP4

382,571,000.00

1000.000000000

22.331611596

0.000000000

977.668388407

3.847222215

0.000000000

5.54000000%

II-M-1

07401WAQ2

9,961,000.00

1000.000000000

0.000000000

1000.000000000

4.562499749

0.000000000

6.57000000%

II-M-2

07401WAR0

9,250,000.00

1000.000000000

0.000000000

1000.000000000

4.909722162

0.000000000

7.07000000%

II-M-3

07401WAS8

8,538,000.00

1000.000000000

0.000000000

1000.000000000

5.430555165

0.000000000

7.82000000%

II-M-4

07401WAT6

8,064,000.00

1000.000000000

0.000000000

1000.000000000

5.777777778

0.000000000

8.32000000%

II-M-5

07401WAU3

8,301,000.00

1000.000000000

0.000000000

1000.000000000

5.777777376

0.000000000

8.32000000%

II-M-6

07401WAV1

6,878,000.00

1000.000000000

0.000000000

1000.000000000

5.777778424

0.000000000

8.32000000%

II-B-1

07401WAW9

6,404,000.00

1000.000000000

0.000000000

1000.000000000

5.777777951

0.000000000

8.32000000%

II-C

07401WAX7

474,359,695.57 N

1000.000000000

0.000000000

981.986149541

6.268924674

N/A

II-R-1

07401WAZ2

0.00

0.000000000

N/A

II-R-2

07401WBT5

0.00

0.000000000

N/A

II-X

07401WAY5

0.00

0.000000000

N/A

III-A

07401WBA6

291,271,000.00

1000.000000000

10.019076290

0.000000000

989.980923723

3.847222209

0.000000000

5.54000000%

III-M-1

07401WBB4

7,474,000.00

1000.000000000

0.000000000

1000.000000000

4.388889484

0.000000000

6.32000000%

III-M-2

07401WBC2

7,108,000.00

1000.000000000

0.000000000

1000.000000000

4.736111424

0.000000000

6.82000000%

III-M-3

07401WBD0

6,926,000.00

1000.000000000

0.000000000

1000.000000000

5.430555876

0.000000000

7.82000000%

III-M-4

07401WBE8

6,562,000.00

1000.000000000

0.000000000

1000.000000000

5.430556233

0.000000000

7.82000000%

III-M-5

07401WBF5

6,562,000.00

1000.000000000

0.000000000

1000.000000000

5.430556233

0.000000000

7.82000000%

Interest Adjustment*

Next Rate **

* Per $1,000 of Original Face Value ** Estimated

BOND PAYMENTS

Class

CUSIP

Original Face

Value

Beginning Certificate

Balance *

Principal Payment

Principal

Adjustment or

Loss

Deferred Interest *

Ending Certificate

Balance *

Interest Payment *

Distribution Date: 25-May-07

Statement to Certificate Holders (FACTORS)

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 4 of 52

05-Jun-2007 10:41

Distribution Date: 25-May-07

Statement to Certificate Holders (FACTORS)

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

III-M-6

07401WBG3

5,468,000.00

1000.000000000

0.000000000

1000.000000000

5.430555962

0.000000000

7.82000000%

III-B-1

07401WBH1

5,285,000.00

1000.000000000

0.000000000

1000.000000000

5.430556291

0.000000000

7.82000000%

III-C

07401WBM0

364,544,253.72 N

1000.000000000

0.000000000

991.993388539

5.820327295

N/A

III-R

07401WBN8

0.00

0.000000000

N/A

III-X

07401WBP3

0.00

0.000000000

N/A

Interest Payment *

Interest Adjustment*

Next Rate **

* Per $1,000 of Original Face Value ** Estimated

Principal Payment

Principal

Adjustment or

Loss

Deferred Interest *

Ending Certificate

Balance *

Class

CUSIP

Original Face

Value

Beginning Certificate

Balance *

BOND PAYMENTS

Page 5 of 52

05-Jun-2007 10:41

Interest Summary

Principal Summary

Swap Agreement

Interest Summary

Principal Summary

Group II

Scheduled Interest

10,462,333.32

Scheduled Prin Distribution

199,671.55

Net Swap due to Administrator

96,354.31

Fees

517,088.47

Curtailments

(263,190.83)

Net Swap due to Provider

0.00

Remittance Interest

9,945,244.85

Prepayments in Full

17,087,889.17

Other Interest Proceeds/Shortfalls

Liquidation Proceeds

0.00

Swap Termination due to Administrator

0.00

Prepayment Penalties

46,522.59

Repurchase Proceeds

75,055.85

Swap Termination due to Provider

0.00

Other Interest Loss

0.00

Other Principal Proceeds

0.00

Other Interest Proceeds

0.00

Remittance Principal

17,099,425.74

Group III

Non-advancing Interest

0.00

Net Swap due to Administrator

74,048.05

Net PPIS/Relief Act Shortfall

0.00

Net Swap due to Provider

0.00

Modification Shortfall

0.00

Other Interest Proceeds/Shortfalls

46,522.59

Swap Termination due to Administrator

0.00

Interest Adjusted

9,991,767.44

Reserve Fund

Swap Termination due to Provider

0.00

Fee Summary

Total Servicing Fees

355,459.47

Group I

Insurance

Total Trustee Fees

0.00

Deposit to Trust

5,000.01

LPMI Fees

0.00

Withdrawal from Trust

0.00

Rate

0.20000%

Credit Manager's Fees

0.00

Reimbursement from Waterfall

0.00

Misc. Fees / Trust Expense

0.00

Ending Balance

5,000.00

Class I-A Note Policy Draw

0.00

Insurance Premium

161,629.00

Group II

Class II-A Note Policy Draw

0.00

Total Fees

517,088.47

Deposit to Trust

5,000.00

Class III-A Note Policy Draw

0.00

Withdrawal from Trust

0.00

Reimbursement from Waterfall

0.00

Class I-A Note Policy Reimburse

0.00

Advances (Principal & Interest)

Ending Balance

5,000.00

Class II-A Note Policy Reimburse

0.00

Group III

Class III-A Note Policy Reimburse

0.00

Prior Month's Outstanding Advances

N/A

Deposit to Trust

5,000.00

Current Advances

N/A

Withdrawal from Trust

0.00

Current Period Draws Group 1

0.00

Reimbursement of Prior Advances

N/A

Reimbursement from Waterfall

0.00

Outstanding Advances

N/A

Ending Balance

0.00

P&I Due Certificate Holders

27,261,595.55

Pool Source of Funds

Non-Pool Source of Funds

P&I Advances as of the end of the Due Period do not reflect the amount of advances remitted by the Servicer on the Servicer Remittance Date due to additional proceeds received between the end of the Due Period and the Servicer Remittance Date and netted from the P&I Advances stated as of the end of the Due Period.

Distribution Date: 25-May-07

Cash Reconciliation Summary

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 6 of 52

05-Jun-2007 10:41

Group I

Total

Interest Summary

Scheduled Interest

2,019,838.46

Fees

34,834.41

Remittance Interest

1,985,004.05

Other Interest Proceeds/Shortfalls

Prepayment Penalties

0.00

Other Interest Loss

0.00

Other Interest Proceeds

0.00

Non-advancing Interest

0.00

Net PPIS/Relief Act Shortfall

0.00

Modification Shortfall

0.00

Other Interest Proceeds/Shortfalls

0.00

Interest Adjusted

1,985,004.05

Principal Summary

Scheduled Principal Distribution

0.00

Curtailments

(792,731.45)

Prepayments in Full

6,426,773.51

Liquidation Proceeds

0.00

Repurchase Proceeds

0.00

Other Principal Proceeds

0.00

Less Mod Losses

0.00

Remittance Principal

5,634,042.06

Fee Summary

Total Servicing Fees

34,834.41

Total Trustee Fees

0.00

LPMI Fees

0.00

Misc. Fees

0.00

Total Fees

34,834.41

Beginning Principal Balance

351,881,947.61

Ending Principal Balance

346,247,905.55

Advances (Principal & Interest)

Prior Month's Outstanding Advances

N/A

Current Advances

N/A

Reimbursement of Prior Advances

N/A

Outstanding Advances

N/A

Distribution Date: 25-May-07

Cash Reconciliation Summary Group I

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 7 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Group II

Group II Prefunding

Total

Interest Summary

Scheduled Interest

4,691,175.94

175,146.52

4,866,322.46

Fees

191,183.48

0.00

191,183.48

Remittance Interest

4,499,992.46

175,146.52

4,675,138.98

Other Interest Proceeds/Shortfalls

Prepayment Penalties

44,733.61

0.00

44,733.61

Other Interest Loss

0.00

Other Interest Proceeds

0.00

Non-advancing Interest

0.00

Net PPIS/Relief Act Shortfall

0.00

Modification Shortfall

0.00

Other Interest Proceeds/Shortfalls

44,733.61

0.00

44,733.61

Interest Adjusted

4,544,726.07

175,146.52

4,719,872.59

Principal Summary

Scheduled Principal Distribution

107,709.16

0.00

107,709.16

Curtailments

294,506.32

0.00

294,506.32

Prepayments in Full

8,067,773.29

0.00

8,067,773.29

Liquidation Proceeds

0.00

Repurchase Proceeds

75,055.85

0.00

75,055.85

Other Principal Proceeds

0.00

Less Mod Losses

0.00

Remittance Principal

8,545,044.62

0.00

8,545,044.62

Fee Summary

Total Servicing Fees

191,183.48

0.00

191,183.48

Total Trustee Fees

0.00

LPMI Fees

0.00

Misc. Fees

0.00

Total Fees

191,183.48

0.00

191,183.48

Beginning Principal Balance

456,555,975.08

17,803,720.49

474,359,695.57

Ending Principal Balance

448,010,930.46

17,803,720.49

465,814,650.95

Advances (Principal & Interest)

Prior Month's Outstanding Advances

N/A

Current Advances

N/A

Reimbursement of Prior Advances

N/A

Outstanding Advances

N/A

Cash Reconciliation Summary Group II

Page 8 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Group III

Group III Prefunding

Total

Interest Summary

Scheduled Interest

3,052,951.96

523,220.44

3,576,172.40

Fees

129,441.58

0.00

129,441.58

Remittance Interest

2,923,510.38

523,220.44

3,446,730.82

Other Interest Proceeds/Shortfalls

Prepayment Penalties

1,788.98

0.00

1,788.98

Other Interest Loss

0.00

Other Interest Proceeds

0.00

Non-advancing Interest

0.00

Net PPIS/Relief Act Shortfall

0.00

Modification Shortfall

0.00

Other Interest Proceeds/Shortfalls

1,788.98

0.00

1,788.98

Interest Adjusted

2,925,299.36

523,220.44

3,448,519.80

Principal Summary

Scheduled Principal Distribution

91,962.39

0.00

91,962.39

Curtailments

235,034.30

0.00

235,034.30

Prepayments in Full

2,593,342.37

0.00

2,593,342.37

Liquidation Proceeds

0.00

Repurchase Proceeds

0.00

Other Principal Proceeds

0.00

Less Mod Losses

0.00

Remittance Principal

2,920,339.06

0.00

2,920,339.06

Fee Summary

Total Servicing Fees

129,441.58

0.00

129,441.58

Total Trustee Fees

0.00

LPMI Fees

0.00

Misc. Fees

0.00

Total Fees

129,441.58

0.00

129,441.58

Beginning Principal Balance

309,113,850.46

55,431,978.12

364,545,828.58

Ending Principal Balance

306,193,511.40

55,431,978.12

361,625,489.52

Advances (Principal & Interest)

Prior Month's Outstanding Advances

N/A

Current Advances

N/A

Reimbursement of Prior Advances

N/A

Outstanding Advances

N/A

Cash Reconciliation Summary Group III

Page 9 of 52

05-Jun-2007 10:42

Pool Detail

Performance Indicators

Factors Impacting Principal Payment Rules

WA Rates/Life

Historical

Amount

Count

Delinquency Levels

Num

Den

Fixed

Adj

Overall

Cut-off Pool Balance

1,190,787,471.76 16,722

3 mo. Rolling Average

5,369,947

1,190,787,472

0.45%

WAC - Remit Current

12.14%

11.11%

11.09%

Cum Scheduled Principal

199,671.55

6 mo. Rolling Average

5,369,947

1,190,787,472

0.45%

WAC - Remit Original

12.14%

11.11%

11.09%

Cum Unscheduled Principal

16,899,754.19

12 mo. Rolling Average

5,369,947

1,190,787,472

0.45%

WAC - Current

12.14%

6.89%

10.54%

Cum Liquidations

0.00

Loss Levels

Amount

Count

WAC - Original

12.14%

11.11%

11.09%

Cum Repurchases

75,055.85

3 mo. Cum Loss

0.00

WAL - Current

N/A

94.34

27.83

6 mo. Cum loss

0.00

WAL - Original

N/A

94.34

27.83

Current

Amount

Count

12 mo. Cum Loss

0.00

Beginning Pool

1,190,787,471.76 16,722

100.00%

Current Index Rate

Scheduled Principal

199,671.55

0.02%

Next Index Rate

Unscheduled Principal

16,824,698.34

238

1.41%

Liquidations

0.00

0.00%

Cumulative Charge-off Amounts

Repurchases

75,055.85

0.01%

Ending Pool

1,173,688,046.02 16,483

98.56%

Average Loan Balance

71,205.97

Current Loss Detail

Amount

Liquidation

0.00

Pool Composition

Realized Loss

0.00

Realized Loss Adjustment

0.00

Properties

%/Score

Net Liquidation

0.00

Cut-off LTV

89.35%

Cash Out/Refinance

34.11%

SFR

55.73%

Min

Max

FICO

569

829

699.21

Legend: (1) 60 Days+, REO, BK, F/C % (3) Condn: Cum Loss > specified thresholds (5) Defined Benchmark (7) Condn: Distn Cnt > 36, (4) > (5)
(2) (1) > (6) * (4), then TRUE (4) Mezzanine Certs + OC Amount / Ending Pool Bal (6) Defined Benchmark (Used in Delinq Event Calc)
Note: Delinquency and Loss Event Triggers may be flagged as "Yes" prior to the Step Down Date on account of the percentage thresholds being breached.

0.00

Owner Occupied

1,015,979,141.50

85.32%

Balance

1,063,960,986.13

406,185,182.17
663,626,852.03

Misc/Additional Information

Pool Level Information

5.320000%
5.320000%

Distribution Date: 25-May-07

Pool Detail and Performance Indicators Total (All Loans)

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 10 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Pool Detail

Performance Indicators

Factors Impacting Principal Payment Rules

WA Rates/Life

Historical

Amount

Count

Delinquency Levels

Num

Den

Fixed

Adj

Overall

Cut-off Pool Balance

351,881,947.61

5,173

3 mo. Rolling Average

5,143,395

351,881,948

1.46%

WAC - Remit Current

N/A

11.11%

Cum Scheduled Principal

0.00

6 mo. Rolling Average

5,143,395

351,881,948

1.46%

WAC - Remit Original

N/A

11.11%

Cum Unscheduled Principal

5,634,042.06

12 mo. Rolling Average

5,143,395

351,881,948

1.46%

WAC - Current

N/A

11.11%

Cum Liquidations

0.00

Loss Levels

Amount

Count

WAC - Original

N/A

11.11%

Cum Repurchases

0.00

3 mo. Cum Loss

0.00

WAL - Current

N/A

94.34

6 mo. Cum loss

0.00

WAL - Original

N/A

94.34

Current

Amount

Count

12 mo. Cum Loss

0.00

Beginning Pool

351,881,947.61

5,173

100.00%

Scheduled Principal

0.00

0.00%

Triggers

Unscheduled Principal

5,634,042.06

1.60%

Liquidations

0.00

0.00%

> Delinquency Trigger Event

(2)

YES

Cumulative Charge-off Amounts

Repurchases

0.00

0.00%

Delinquency Event Calc

(1)

5,143,394.73

351,881,948

1.46%

Ending Pool

346,247,905.55

5,082

98.40%

> Loss Trigger Event?

(3)

Average Loan Balance

68,132.21

Cumulative Loss

0.00%

Current Loss Detail

Amount

> Overall Trigger Event?

Liquidation

0.00

Pool Composition

Realized Loss

0.00

Step Down Date

Realized Loss Adjustment

0.00

Distribution Count

Properties

%/Score

Net Liquidation

0.00

Current Specified Enhancement %

(4)

16.16%

Cut-off LTV

92.35%

Step Down %

(5)

40.70%

Cash Out/Refinance

51.60%

Credit Enhancement

Amount

% of Current Specified Enhancement %

(6)

5.50%

SFR

62.27%

Original OC

3,694,947.61

5.50%

> Step Down Date?

Target OC

19,353,507.12

5.50%

Min

Max

Beginning OC

3,694,947.61

Extra Principal

0.00

FICO

610

817

697.66

OC Amount per PSA

3,694,947.61

1.05%

Cumulative Extra Principal

526,063.45

Ending OC

4,221,011.06

OC Release

N/A

Mezz Certificates

27,799,000.00

7.90%

Legend: (1) 60 Days+, REO, BK, F/C % (3) Condn: Cum Loss > specified thresholds (5) Defined Benchmark (7) Condn: Distn Cnt > 36, (4) > (5)
(2) (1) > (6), then TRUE (4) Mezzanine Certs + OC Amount / Ending Pool Bal (6) Defined Benchmark (Used in Delinq Event Calc)
Note: Delinquency and Loss Event Triggers may be flagged as "Yes" prior to the Step Down Date on account of the percentage thresholds being breached.

219,105,876.71

Owner Occupied

321,586,676.40

91.39%

0.00

Balance

324,953,659.64
181,565,537.11

Misc/Additional Information

Pool Level Information

Pool Detail and Performance Indicators Group I

Page 11 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Pool Detail

Performance Indicators

Factors Impacting Principal Payment Rules

WA Rates/Life

Historical

Amount

Count

Delinquency Levels

Num

Den

Fixed

Adj

Overall

Cut-off Pool Balance

474,359,695.57

6,533

3 mo. Rolling Average

180,152

474,359,696

0.04%

WAC - Remit Current

12.33%

N/A

11.87%

Cum Scheduled Principal

107,709.16

6 mo. Rolling Average

180,152

474,359,696

0.04%

WAC - Remit Original

12.33%

N/A

11.87%

Cum Unscheduled Principal

8,437,335.46

12 mo. Rolling Average

180,152

474,359,696

0.04%

WAC - Current

12.33%

N/A

12.31%

Cum Liquidations

0.00

Loss Levels

Amount

Count

WAC - Original

12.33%

N/A

11.87%

Cum Repurchases

75,055.85

3 mo. Cum Loss

0.00

WAL - Current

N/A

6 mo. Cum loss

0.00

WAL - Original

N/A

Current

Amount

Count

12 mo. Cum Loss

0.00

Beginning Pool

474,359,695.57

6,533

100.00%

Scheduled Principal

107,709.16

0.02%

Triggers

Unscheduled Principal

8,362,279.61

105

1.76%

Liquidations

0.00

0.00%

> Delinquency Trigger Event

(2)

Cumulative Charge-off Amounts

Repurchases

75,055.85

0.02%

Delinquency Event Calc

(1)

180,151.96

474,359,696

0.04%

Ending Pool

465,814,650.95

6,427

98.20%

> Loss Trigger Event?

(3)

Average Loan Balance

72,477.77

Cumulative Loss

0.00%

Current Loss Detail

Amount

> Overall Trigger Event?

Liquidation

0.00

Pool Composition

Realized Loss

0.00

Step Down Date

Realized Loss Adjustment

0.00

Distribution Count

Properties

%/Score

Net Liquidation

0.00

Current Specified Enhancement %

(4)

19.71%

Cut-off LTV

92.90%

Step Down %

(5)

38.70%

Cash Out/Refinance

28.25%

Credit Enhancement

Amount

% of Current Specified Enhancement %

(6)

20.65%

SFR

57.60%

Original OC

34,392,695.57

7.25%

> Step Down Date?

Target OC

34,391,077.93

7.25%

Min

Max

Beginning OC

34,392,695.57

Extra Principal

0.00

FICO

618

829

702.57

OC Amount per PSA

34,392,695.57

7.25%

Cumulative Extra Principal

0.00

Ending OC

34,391,077.93

OC Release

N/A

Mezz Certificates

50,992,000.00 10.75%

Owner Occupied

414,932,979.02

87.47%

Balance

440,657,376.59
134,027,455.61
273,211,883.61

Pool Level Information

0.00

Pool Detail and Performance Indicators Group II

Misc/Additional Information

Page 12 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Pool Detail

Performance Indicators

Factors Impacting Principal Payment Rules

WA Rates/Life

Historical

Amount

Count

Delinquency Levels

Num

Den

Fixed

Adj

Overall

Cut-off Pool Balance

364,545,828.58

5,016

3 mo. Rolling Average

46,400

364,545,829

0.01%

WAC - Remit Current

11.85%

N/A

10.05%

Cum Scheduled Principal

91,962.39

6 mo. Rolling Average

46,400

364,545,829

0.01%

WAC - Remit Original

11.85%

N/A

10.05%

Cum Unscheduled Principal

2,828,376.67

12 mo. Rolling Average

46,400

364,545,829

0.01%

WAC - Current

11.85%

N/A

11.77%

Cum Liquidations

0.00

Loss Levels

Amount

Count

WAC - Original

11.85%

N/A

10.05%

Cum Repurchases

0.00

3 mo. Cum Loss

0.00

WAL - Current

N/A

6 mo. Cum loss

0.00

WAL - Original

N/A

Current

Amount

Count

12 mo. Cum Loss

0.00

Beginning Pool

364,545,828.58

5,016

100.00%

Scheduled Principal

91,962.39

0.03%

Triggers

Unscheduled Principal

2,828,376.67

0.78%

Liquidations

0.00

0.00%

> Delinquency Trigger Event

(2)

Repurchases

0.00

0.00%

Delinquency Event Calc

(1)

46,399.81

364,545,829

0.01%

Ending Pool

361,625,489.52

4,974

99.20%

> Loss Trigger Event?

(3)

Average Loan Balance

72,703.15

Cumulative Loss

0.00%

Current Loss Detail

Amount

> Overall Trigger Event?

Liquidation

0.00

Pool Composition

Realized Loss

0.00

Step Down Date

Realized Loss Adjustment

0.00

Distribution Count

Properties

%/Score

Net Liquidation

0.00

Current Specified Enhancement %

(4)

20.26%

Cut-off LTV

81.84%

Step Down %

(5)

40.20%

Cash Out/Refinance

24.85%

Credit Enhancement

Amount

% of Current Specified Enhancement %

(6)

20.65%

SFR

46.99%

Original OC

27,888,253.72

7.65%

> Step Down Date?

Target OC

27,887,755.89

7.65%

Min

Max

Beginning OC

27,889,828.58

Extra Principal

0.00

FICO

569

820

696.07

OC Amount per PSA

27,889,828.58

7.65%

Cumulative Extra Principal

0.00

Ending OC

27,887,755.89

OC Release

N/A

Mezz Certificates

40,100,000.00 11.00%

76.66%

90,592,189.45

171,309,091.71

Owner Occupied

279,459,486.08

Balance

298,349,949.90

Pool Detail and Performance Indicators Group III

Misc/Additional Information

Pool Level Information

Page 13 of 52

05-Jun-2007 10:42

I-A

Act/360

295,932,000.00

5.510000000%

1,132,350.92

0.00

1,132,350.92

0.00

I-M-1

Act/360

7,565,000.00

6.470000000%

33,989.97

0.00

33,989.97

0.00

I-M-2

Act/360

6,862,000.00

7.020000000%

33,452.25

0.00

33,452.25

0.00

I-M-3

Act/360

7,038,000.00

7.220000000%

35,287.75

0.00

35,287.75

0.00

I-M-4

Act/360

6,334,000.00

7.820000000%

34,397.14

0.00

34,397.14

0.00

I-B-1

Act/360

6,686,000.00

8.070000000%

37,469.46

0.00

37,469.46

0.00

I-B-2

Act/360

5,806,000.00

8.320000000%

33,545.78

0.00

33,545.78

0.00

I-B-3

Act/360

5,630,000.00

8.320000000%

32,528.89

0.00

32,528.89

0.00

I-B-4

Act/360

6,334,000.00

8.320000000%

36,596.44

0.00

36,596.44

0.00

I-E

351,881,947.61

N/A

0.00

I-S

0.00

N/A

0.00

N/A

I-R

0.00

N/A

0.00

N/A

II-A

Act/360

382,571,000.00

5.540000000%

1,471,835.65

0.00

1,471,835.65

0.00

II-M-1

Act/360

9,961,000.00

6.570000000%

45,447.06

0.00

45,447.06

0.00

II-M-2

Act/360

9,250,000.00

7.070000000%

45,414.93

0.00

45,414.93

0.00

II-M-3

Act/360

8,538,000.00

7.820000000%

46,366.08

0.00

46,366.08

0.00

II-M-4

Act/360

8,064,000.00

8.320000000%

46,592.00

0.00

46,592.00

0.00

II-M-5

Act/360

8,301,000.00

8.320000000%

47,961.33

0.00

47,961.33

0.00

II-M-6

Act/360

6,878,000.00

8.320000000%

39,739.56

0.00

39,739.56

0.00

II-B-1

Act/360

6,404,000.00

8.320000000%

37,000.89

0.00

37,000.89

0.00

II-C

474,359,695.57

N/A

0.00

2,973,725.20

0.00

2,973,725.20

0.00

II-R-1

0.00

N/A

0.00

N/A

II-R-2

0.00

N/A

0.00

N/A

II-X

0.00

N/A

0.00

N/A

III-A

Act/360

291,271,000.00

5.540000000%

1,120,584.26

0.00

1,120,584.26

0.00

III-M-1

Act/360

7,474,000.00

6.320000000%

32,802.56

0.00

32,802.56

0.00

III-M-2

Act/360

7,108,000.00

6.820000000%

33,664.28

0.00

33,664.28

0.00

III-M-3

Act/360

6,926,000.00

7.820000000%

37,612.03

0.00

37,612.03

0.00

Remaining

Basis Risk Carry-

Fwd Shortfall

Outstanding Relief

Act / Prepayment

Interest Shortfalls

Net Cap

Rate in

Effect Y/N

(1)

Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap.

Distributable

Certificate

Interest

Interest Payment

Amount

Current Period

(Shortfall) /

Recovery

Remaining Int

Carry-Forward

Shortfall

- - Accrual - -

- - - - - - - - Outstanding - - - - - - - -

Class

Method

Days

Opening Balance

Pass-Thru Rate

Accrual

Certificate

Interest

Total Interest

Additions

Total Interest

Deductions

Distribution Date: 25-May-07

Bond Interest Reconciliation - Part I

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 14 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Bond Interest Reconciliation - Part I

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

III-M-4

Act/360

6,562,000.00

7.820000000%

35,635.31

0.00

35,635.31

0.00

III-M-5

Act/360

6,562,000.00

7.820000000%

35,635.31

0.00

35,635.31

0.00

III-M-6

Act/360

5,468,000.00

7.820000000%

29,694.28

0.00

29,694.28

0.00

III-B-1

Act/360

5,285,000.00

7.820000000%

28,700.49

0.00

28,700.49

0.00

III-C

364,544,253.72

N/A

0.00

2,121,766.87

0.00

2,121,766.87

0.00

III-R

0.00

N/A

0.00

N/A

III-X

0.00

N/A

0.00

N/A

Total

1,124,810,000.00

4,544,304.62

5,095,492.07

0.00

9,639,796.69

0.00

Remaining

Basis Risk Carry-

Fwd Shortfall

Outstanding Relief

Act / Prepayment

Interest Shortfalls

Net Cap

Rate in

Effect Y/N

(1)

Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap.

Distributable

Certificate

Interest

Interest Payment

Amount

Current Period

(Shortfall) /

Recovery

Remaining Int

Carry-Forward

Shortfall

- - Accrual - -

- - - - - - - - Outstanding - - - - - - - -

Class

Method

Days

Opening Balance

Pass-Thru Rate

Accrual

Certificate

Interest

Total Interest

Additions

Total Interest

Deductions

Page 15 of 52

05-Jun-2007 10:42

I-A

24-May-07

30-Apr-07

25-May-07

0.00

I-M-1

24-May-07

30-Apr-07

25-May-07

0.00

I-M-2

24-May-07

30-Apr-07

25-May-07

0.00

I-M-3

24-May-07

30-Apr-07

25-May-07

0.00

I-M-4

24-May-07

30-Apr-07

25-May-07

0.00

I-B-1

24-May-07

30-Apr-07

25-May-07

0.00

I-B-2

24-May-07

30-Apr-07

25-May-07

0.00

I-B-3

24-May-07

30-Apr-07

25-May-07

0.00

I-B-4

24-May-07

30-Apr-07

25-May-07

0.00

I-E

30-Apr-07

1-Apr-07

1-May-07

0.00

I-S

30-Apr-07

1-Apr-07

1-May-07

0.00

I-R

30-Apr-07

1-Apr-07

1-May-07

0.00

II-A

24-May-07

30-Apr-07

25-May-07

0.00

II-M-1

24-May-07

30-Apr-07

25-May-07

0.00

II-M-2

24-May-07

30-Apr-07

25-May-07

0.00

II-M-3

24-May-07

30-Apr-07

25-May-07

0.00

II-M-4

24-May-07

30-Apr-07

25-May-07

0.00

II-M-5

24-May-07

30-Apr-07

25-May-07

0.00

II-M-6

24-May-07

30-Apr-07

25-May-07

0.00

II-B-1

24-May-07

30-Apr-07

25-May-07

0.00

II-C

30-Apr-07

1-Apr-07

1-May-07

0.00

2,973,725.20

0.00

II-R-1

30-Apr-07

1-Apr-07

1-May-07

0.00

II-R-2

30-Apr-07

1-Apr-07

1-May-07

0.00

II-X

30-Apr-07

1-Apr-07

1-May-07

0.00

III-A

24-May-07

30-Apr-07

25-May-07

0.00

Current Basis Risk

Carry-Fwd Shortfall

(1)

Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

(2)

Interest Carry-Forward Shortfall is unpaid interest with interest thereon.

(3)

Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap.

Prior Shortfall

Reimbursement

Other Interest

Proceeds

(1)

Other Interest

Losses

Current Int Carry-

Fwd Shortfall

(2)

- - - - - - - - - - - - - - - - - - - - - - - - - - - Additions - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - Deductions - - - - - - - - - -

Class

Record Date

Prior Interest Due

Date

Current Interest

Due Date

Interest Rate

SWAP Agreement

Deposits from YM

Agreement

Prepayment

Premiums

Prior Int Carry-Fwd

Shortfall

Distribution Date: 25-May-07

Bond Interest Reconciliation - Part II

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 16 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Bond Interest Reconciliation - Part II

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

III-M-1

24-May-07

30-Apr-07

25-May-07

0.00

III-M-2

24-May-07

30-Apr-07

25-May-07

0.00

III-M-3

24-May-07

30-Apr-07

25-May-07

0.00

III-M-4

24-May-07

30-Apr-07

25-May-07

0.00

III-M-5

24-May-07

30-Apr-07

25-May-07

0.00

III-M-6

24-May-07

30-Apr-07

25-May-07

0.00

III-B-1

24-May-07

30-Apr-07

25-May-07

0.00

III-C

30-Apr-07

1-Apr-07

1-May-07

0.00

2,121,766.87

0.00

III-R

30-Apr-07

1-Apr-07

1-May-07

0.00

III-X

30-Apr-07

1-Apr-07

1-May-07

0.00

Total

0.00

5,095,492.07

0.00

Current Basis Risk

Carry-Fwd Shortfall

(1)

Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

(2)

Interest Carry-Forward Shortfall is unpaid interest with interest thereon.

(3)

Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap.

Prior Shortfall

Reimbursement

Other Interest

Proceeds

(1)

Other Interest

Losses

Current Int Carry-

Fwd Shortfall

(2)

Interest Rate

SWAP Agreement

Deposits from YM

Agreement

Prepayment

Premiums

Prior Int Carry-Fwd

Shortfall

Class

Record Date

Prior Interest Due

Date

Current Interest

Due Date

- - - - - - - - - - - - - - - - - - - - - - - - - - - Additions - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - Deductions - - - - - - - - - -

Page 17 of 52

05-Jun-2007 10:42

I-A

295,932,000.00

5,634,042.06

0.00

526,063.45

0.00

289,771,894.49

25-Jan-37

N/A

I-M-1

7,565,000.00

0.00

7,565,000.00

25-Jan-37

N/A

I-M-2

6,862,000.00

0.00

6,862,000.00

25-Jan-37

N/A

I-M-3

7,038,000.00

0.00

7,038,000.00

25-Jan-37

N/A

I-M-4

6,334,000.00

0.00

6,334,000.00

25-Jan-37

N/A

I-B-1

6,686,000.00

0.00

6,686,000.00

25-Jan-37

N/A

I-B-2

5,806,000.00

0.00

5,806,000.00

25-Jan-37

N/A

I-B-3

5,630,000.00

0.00

5,630,000.00

25-Jan-37

N/A

I-B-4

6,334,000.00

0.00

6,334,000.00

25-Jan-37

N/A

I-E

351,881,947.61

0.00

346,247,905.55

25-Jan-37

N/A

I-S

0.00

25-Jan-37

N/A

I-R

0.00

25-Jan-37

N/A

II-A

382,571,000.00

107,709.16

8,435,717.82

0.00

374,027,573.02

25-Aug-37

N/A

II-M-1

9,961,000.00

0.00

9,961,000.00

25-Aug-37

N/A

II-M-2

9,250,000.00

0.00

9,250,000.00

25-Aug-37

N/A

II-M-3

8,538,000.00

0.00

8,538,000.00

25-Aug-37

N/A

II-M-4

8,064,000.00

0.00

8,064,000.00

25-Aug-37

N/A

II-M-5

8,301,000.00

0.00

8,301,000.00

25-Aug-37

N/A

II-M-6

6,878,000.00

0.00

6,878,000.00

25-Aug-37

N/A

II-B-1

6,404,000.00

0.00

6,404,000.00

25-Aug-37

N/A

II-C

474,359,695.57

0.00

465,814,650.95

25-Aug-37

N/A

II-R-1

0.00

25-Aug-37

N/A

II-R-2

0.00

25-Aug-37

N/A

II-X

0.00

25-Aug-37

N/A

III-A

291,271,000.00

91,962.39

2,826,303.98

0.00

288,352,733.63

25-Aug-37

N/A

III-M-1

7,474,000.00

0.00

7,474,000.00

25-Aug-37

N/A

III-M-2

7,108,000.00

0.00

7,108,000.00

25-Aug-37

N/A

III-M-3

6,926,000.00

0.00

6,926,000.00

25-Aug-37

N/A

Rated

Final

Maturity

Original

Current

Losses

Cumulative

Losses

Interest on

Losses

Ending

Class Balance

- - - - - - - - - - - - - - - - Losses - - - - - - - - - - - - - - -

- Credit Support -

Class

Original Class

Balance

Beginning Class

Balance

Scheduled Principal

Payment

Unscheduled

Principal
Payment

Extra

Principal
Payment

Prior
Loss

Reimburs.

Distribution Date: 25-May-07

Bond Principal Reconciliation

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 18 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Bond Principal Reconciliation

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

III-M-4

6,562,000.00

0.00

6,562,000.00

25-Aug-37

N/A

III-M-5

6,562,000.00

0.00

6,562,000.00

25-Aug-37

N/A

III-M-6

5,468,000.00

0.00

5,468,000.00

25-Aug-37

N/A

III-B-1

5,285,000.00

0.00

5,285,000.00

25-Aug-37

N/A

III-C

364,544,253.72

0.00

361,625,489.52

25-Aug-37

N/A

III-R

0.00

25-Aug-37

N/A

III-X

0.00

25-Aug-37

N/A

Total

1,124,810,000.00

5,833,713.61

10,735,958.35

526,063.45

0.00

1,107,188,201.14

Rated

Final

Maturity

Original

Current

Losses

Cumulative

Losses

Interest on

Losses

Ending

Class Balance

- - - - - - - - - - - - - - - - Losses - - - - - - - - - - - - - - -

- Credit Support -

Class

Original Class

Balance

Beginning Class

Balance

Scheduled Principal

Payment

Unscheduled

Principal
Payment

Extra

Principal
Payment

Prior
Loss

Reimburs.

Page 19 of 52

05-Jun-2007 10:42

Group II

Group III

Pre-Funded Balance

17,803,720.49

55,431,978.12

Amount Withdrawn

0.00

Remaining Pre-Funded Balance

17,803,720.49

55,431,978.12

Capitalized Interest Balance

185,000.00

585,000.00

Amount Withdrawn

175,146.52

523,220.44

Remaining Capitalized Interest Balance

9,853.48

61,779.56

Pre-Funding Account

Capitalized Interest Account

Distribution Date: 25-May-07

Pre-Funding, Interest Coverage and Class A-X Call Option Accounts

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 20 of 52

05-Jun-2007 10:42

Class

CUSIP

Fitch

Moody's

DBRS

S&P

I-A

07401WAA7

Aaa

AAA

I-M-1

07401WAB5

Aa3

AA-

I-M-2

07401WAC3

AA-

I-M-3

07401WAD1

A+

I-M-4

07401WAE9

I-B-1

07401WAF6

Baa1

A-

I-B-2

07401WAG4

Baa2

BBB+

I-B-3

07401WAH2

Baa3

BBB

I-B-4

07401WAJ8

Ba1

BBB-

I-E

07401WAL3

I-S

07401WAK5

I-R

07401WAM1

I-X

07401WAN9

II-A

07401WAP4

Aaa

AAA

II-M-1

07401WAQ2

Aa3

AA-

II-M-2

07401WAR0

AA-

II-M-3

07401WAS8

A+

II-M-4

07401WAT6

II-M-5

07401WAU3

Baa1

A-

II-M-6

07401WAV1

Baa2

BBB+

II-B-1

07401WAW9

Baa3

BBB

II-C

07401WAX7

II-R-1

07401WAZ2

II-R-2

07401WBT5

II-X

07401WAY5

III-A

07401WBA6

Aaa

AAA

NR - Designates that the class was not rated by the rating agency.

(1)

Changed ratings provided on this report are based on information provided by the applicable rating agency via electronic transmission. It shall be understood that this transmission will generally have been provided to LaSalle within 30 days of the payment

date listed on this statement. Because ratings may have changed during the 30 day window, or may not be being provided by the rating agency in an electronic format and therefore not being updated on this report, LaSalle recommends that investors obtain current
rating information directly from the rating agency.

- - - - - - - - - - - - Original Ratings - - - - - - - - - -

- - - - - - - - - - - - - - - - Ratings Change / Change Date

(1)

- - - - - - - - - - - - - - - -

Fitch

Moody's

DBRS

S&P

Distribution Date: 25-May-07

Ratings Information

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 21 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Ratings Information

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Class

CUSIP

Fitch

Moody's

DBRS

S&P

III-M-1

07401WBB4

Aa3

AA-

III-M-2

07401WBC2

AA-

III-M-3

07401WBD0

A+

III-M-4

07401WBE8

III-M-5

07401WBF5

Baa1

A-

III-M-6

07401WBG3

Baa2

BBB+

III-B-1

07401WBH1

Baa3

BBB

III-C

07401WBM0

III-R

07401WBN8

III-X

07401WBP3

NR - Designates that the class was not rated by the rating agency.

(1)

- - - - - - - - - - - - Original Ratings - - - - - - - - - -

- - - - - - - - - - - - - - - - Ratings Change / Change Date

(1)

- - - - - - - - - - - - - - - -

Fitch

Moody's

DBRS

S&P

Page 22 of 52

05-Jun-2007 10:42

Type

Count

Count (%)

Balance

Balance (%)

Arrears

Arrears (%)

REO Book Value

16161

96.6451%

1,145,323,835.22

97.2740%

0.00

0.0000%

0.00

322

1.9256%

26,726,119.96

2.2699%

0.00

0.0000%

0.00

0.3169%

5,029,844.73

0.4272%

0.00

0.0000%

0.00

90+

0.0120%

82,950.00

0.0070%

0.00

0.0000%

0.00

BKY0

0.0299%

257,151.77

0.0218%

0.00

0.0000%

0.00

PIF

179

1.0704%

0.00

0.0000%

0.00

0.0000%

0.00

Total (Prior Month End):

16722

100.0000%

1,177,419,901.00

100.0000%

0.00

0.0000%

0.00

Delinq Total (Prior Month End):

377

2.2545%

31,838,914.00

2.7041%

0.00

0.0000%

0.00

4885

94.4326%

328,678,377.64

94.9212%

0.00

0.0000%

0.00

151

2.9190%

12,442,633.02

3.5934%

0.00

0.0000%

0.00

1.0246%

5,029,844.73

1.4526%

0.00

0.0000%

0.00

90+

0.0387%

82,950.00

0.0240%

0.00

0.0000%

0.00

BKY0

0.0193%

30,600.00

0.0088%

0.00

0.0000%

0.00

PIF

1.5658%

0.00

0.0000%

0.00

0.0000%

0.00

Total (Prior Month End):

5173

100.0000%

346,264,405.00

100.0000%

0.00

0.0000%

0.00

Delinq Total (Prior Month End):

206

3.9822%

17,555,427.00

5.0699%

0.00

0.0000%

0.00

F/C Quick Sale

Value

Total

Group 1

Distribution Date: 25-May-07

End of Month Balance Reporting

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 23 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

End of Month Balance Reporting

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Type

Count

Count (%)

Balance

Balance (%)

Arrears

Arrears (%)

REO Book Value

6381

97.6883%

443,708,486.20

98.3593%

0.00

0.0000%

0.00

1.2247%

7,221,376.06

1.6008%

0.00

0.0000%

0.00

BKY0

0.0459%

180,151.96

0.0399%

0.00

0.0000%

0.00

PIF

1.0410%

0.00

0.0000%

0.00

0.0000%

0.00

Total (Prior Month End):

6532

100.0000%

451,110,014.00

100.0000%

0.00

0.0000%

0.00

Delinq Total (Prior Month End):

1.2247%

7,221,376.00

1.6008%

0.00

0.0000%

0.00

4893

97.5673%

299,701,272.77

97.6831%

0.00

0.0000%

0.00

1.8146%

7,062,110.88

2.3018%

0.00

0.0000%

0.00

BKY0

0.0199%

46,399.81

0.0151%

0.00

0.0000%

0.00

PIF

0.5982%

0.00

0.0000%

0.00

0.0000%

0.00

Total (Prior Month End):

5015

100.0000%

306,809,783.00

100.0000%

0.00

0.0000%

0.00

Delinq Total (Prior Month End):

1.8146%

7,062,110.00

2.3018%

0.00

0.0000%

0.00

Group 3

F/C Quick Sale

Value

Group 2

Page 24 of 52

05-Jun-2007 10:42

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

25-May-07

16,102

1,141,690,503

321

26,627,597

5,029,845

82,950

257,152

25-May-07

97.69%

97.27%

1.95%

2.27%

0.32%

0.43%

0.01%

0.03%

0.02%

0.00%

Total (All Loans)

Delinquency Balances are Exclusive of REO, Foreclosures and Bankruptcies.

Delinq 3+ Months

Bankruptcy

Foreclosure

REO

Distribution

Date

Current

Delinq 1 Month

Delinq 2 Months

Distribution Date: 25-May-07

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I (as of Cut-Off)

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 25 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I (as of Cut-Off)

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

25-May-07

4,875

328,661,878

151

12,442,633

5,029,845

82,950

30,600

25-May-07

95.93%

94.92%

2.97%

3.59%

1.04%

1.45%

0.04%

0.02%

0.01%

0.00%

Group I

Delinquency Balances are Exclusive of REO, Foreclosures and Bankruptcies.

Delinq 3+ Months

Bankruptcy

Foreclosure

REO

Distribution

Date

Current

Delinq 1 Month

Delinq 2 Months

Page 26 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I (as of Cut-Off)

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

25-May-07

6,343

440,609,402

7,221,376

180,152

25-May-07

98.71%

98.35%

1.24%

1.61%

0.00%

0.05%

0.04%

0.00%

Group II

Delinquency Balances are Exclusive of REO, Foreclosures and Bankruptcies.

Delinq 3+ Months

Bankruptcy

Foreclosure

REO

Distribution

Date

Current

Delinq 1 Month

Delinq 2 Months

Page 27 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I (as of Cut-Off)

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

25-May-07

4,882

299,183,524

6,963,588

46,400

25-May-07

98.17%

97.71%

1.81%

2.27%

0.00%

0.02%

0.00%

Group III

Delinquency Balances are Exclusive of REO, Foreclosures and Bankruptcies.

Delinq 3+ Months

Bankruptcy

Foreclosure

REO

Distribution

Date

Current

Delinq 1 Month

Delinq 2 Months

Page 28 of 52

05-Jun-2007 10:42

Balance

25-May-07

257,152

25-May-07

0.00%

0.03%

0.02%

0.00%

61-90 Days

90 + Days

Total (All Loans)

61-90 Days

90 + Days

Current

31-60 Days

- - - - - - - - - - - In Foreclosure and Delinquent - - - - - - - - - - - - -

- - - - - - - - - - - - - - - In REO and Delinquent - - - - - - - - - - - - - -

- - - - - - - - - - - - - In Bankruptcy and Delinquent - - - - - - - - - - - - -

Distribution

Date

Current

31-60 Days

61-90 Days

90 + Days

Current

31-60 Days

Distribution Date: 25-May-07

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II (as of Cut-Off)

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 29 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II (as of Cut-Off)

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Balance

25-May-07

30,600

25-May-07

0.00%

0.02%

0.01%

0.00%

90 + Days

Group I

90 + Days

Current

31-60 Days

61-90 Days

90 + Days

Current

31-60 Days

61-90 Days

Distribution

Date

Current

31-60 Days

61-90 Days

- - - - - - - - - - - In Foreclosure and Delinquent - - - - - - - - - - - - -

- - - - - - - - - - - - - - - In REO and Delinquent - - - - - - - - - - - - - -

- - - - - - - - - - - - - In Bankruptcy and Delinquent - - - - - - - - - - - - -

Page 30 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II (as of Cut-Off)

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Balance

25-May-07

180,152

25-May-07

0.00%

0.05%

0.04%

0.00%

61-90 Days

90 + Days

Group II

61-90 Days

90 + Days

Current

31-60 Days

- - - - - - - - - - - In Foreclosure and Delinquent - - - - - - - - - - - - -

- - - - - - - - - - - - - - - In REO and Delinquent - - - - - - - - - - - - - -

- - - - - - - - - - - - - In Bankruptcy and Delinquent - - - - - - - - - - - - -

Distribution

Date

Current

31-60 Days

61-90 Days

90 + Days

Current

31-60 Days

Page 31 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II (as of Cut-Off)

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Balance

25-May-07

46,400

25-May-07

0.00%

0.02%

0.00%

90 + Days

Group III

90 + Days

Current

31-60 Days

61-90 Days

90 + Days

Current

31-60 Days

61-90 Days

Distribution

Date

Current

31-60 Days

61-90 Days

- - - - - - - - - - - In Foreclosure and Delinquent - - - - - - - - - - - - -

- - - - - - - - - - - - - - - In REO and Delinquent - - - - - - - - - - - - - -

- - - - - - - - - - - - - In Bankruptcy and Delinquent - - - - - - - - - - - - -

Page 32 of 52

05-Jun-2007 10:42

Insurance

Substitution

Liquidation

Remaining Term

Balance

Proceeds

Amount

Life

Coupon

Remit

25-May-07

16,483

1,173,688,046

239

17,162,945

0.00

10.54%

25-May-07

5,082

346,247,906

6,426,774

0.00

11.11%

Curr Weighted Avg.

Total (All Loans)

Group I

Distribution

Date

Ending Pool

Payoffs

Realized Losses

Distribution Date: 25-May-07

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 33 of 52

05-Jun-2007 10:42

Distribution Date: 25-May-07

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Insurance

Substitution

Liquidation

Remaining Term

Balance

Proceeds

Amount

Life

Coupon

Remit

25-May-07

6,426

448,010,930

106

8,142,829

0.00

12.33%

25-May-07

4,973

306,193,511

2,593,342

0.00

11.85%

Curr Weighted Avg.

Group II

Group III

Distribution

Date

Ending Pool

Payoffs

Realized Losses

Page 34 of 52

05-Jun-2007 10:42

SMM (Single Monthly Mortality)

Total

Current Period

1.42%

3-Month Average

1.42%

6-Month Average

1.42%

12-Month Average

1.42%

Average Since Cut-Off

1.42%

CPR (Conditional Prepayment Rate)

Total

Current Period

15.76%

3-Month Average

15.76%

6-Month Average

15.76%

12-Month Average

15.76%

Average Since Cut-Off

15.76%

PSA (Public Securities Association)

Total

Current Period

263%

3-Month Average

263%

6-Month Average

263%

12-Month Average

263%

Average Since Cut-Off

263%

SMM

Single Monthly Mortality

(Partial and Full Prepayments + Repurchases + Curtailments + Liquidations + Other Prin Proceeds) / (Beginning Collateral Bal - Scheduled Prin)

CPR

Conditional Prepayment Rate

1 - (1 - SMM)^12)

PSA

Public Securities Association

100 * CPR / (0.2 * MIN(30,WAS))

WAS

Weighted Average Seasoning

(Original Term - Remaining Term) * (Current Scheduled Balance / Deal Scheduled Principal Balance)

Distribution Date: 25-May-07

Prepayment Summary

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

0.00%

2.43%

4.86%

7.29%

9.71%

12.14%

14.57%

17.00%

Jun-06

Jul-06

Aug-06

Sep-06

Oct-06

Nov-06

Dec-06

Jan-07

Feb-07

Mar-07

Apr-07

May-07

0.00%

14.29%

28.57%

42.86%

57.14%

71.43%

85.71%

100.00%

Jun-06

Jul-06

Aug-06

Sep-06

Oct-06

Nov-06

Dec-06

Jan-07

Feb-07

Mar-07

Apr-07

May-07

229%

457%

686%

914%

1143%

1371%

1600%

Jun-06

Jul-06

Aug-06

Sep-06

Oct-06

Nov-06

Dec-06

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Page 35 of 52

05-Jun-2007 10:42

Min

Max

Count

% of Total

Balance

% of Total

Min

Max

Count

% of Total

Balance

% of Total

25,000

1,762

10.69%

31,521,408

2.86%

25,000

1,800

10.77%

32,042,438

2.87%

25,000

31,000

1,328

8.06%

37,327,946

3.39%

25,000

31,000

1,342

8.03%

37,678,569

3.37%

31,000

37,000

1,280

7.77%

43,592,816

3.96%

31,000

37,000

1,301

7.78%

44,342,669

3.97%

37,000

43,000

1,278

7.75%

51,278,900

4.66%

37,000

43,000

1,286

7.69%

51,610,463

4.62%

43,000

49,000

1,273

7.72%

58,705,580

5.33%

43,000

49,000

1,291

7.72%

59,552,252

5.33%

49,000

56,000

1,431

8.68%

75,102,040

6.82%

49,000

56,000

1,456

8.71%

76,423,148

6.84%

56,000

69,000

2,130

12.92%

132,593,320

12.05%

56,000

69,000

2,160

12.92%

134,542,980

12.04%

69,000

82,000

1,589

9.64%

119,399,438

10.85%

69,000

82,000

1,608

9.62%

120,877,023

10.82%

82,000

95,000

1,215

7.37%

107,599,779

9.78%

82,000

95,000

1,236

7.39%

109,489,533

9.80%

95,000

108,000

950

5.76%

95,799,117

8.71%

95,000

108,000

963

5.76%

97,154,392

8.69%

108,000

121,000

610

3.70%

69,817,698

6.34%

108,000

121,000

614

3.67%

70,268,253

6.29%

121,000

500,000

1,634

9.92%

277,714,351

25.24%

121,000

500,000

1,663

9.95%

283,570,052

25.37%

16,480

100.00%

1,100,452,392

100.00%

16,720

100.00%

1,117,551,773

100.00%

Min

Max

Count

% of Total

Balance

% of Total

Min

Max

Count

% of Total

Balance

% of Total

4.88%

9.50%

1,733

10.52%

104,640,001

9.51%

3.50%

9.50%

1,867

11.17%

115,083,565

10.30%

9.50%

9.97%

827

5.02%

54,194,586

4.92%

9.50%

9.97%

841

5.03%

56,218,892

5.03%

9.97%

10.44%

1,134

6.88%

77,555,921

7.05%

9.97%

10.44%

1,147

6.86%

78,302,348

7.01%

10.44%

10.91%

1,585

9.62%

106,687,502

9.69%

10.44%

10.91%

1,605

9.60%

107,004,477

9.57%

10.91%

11.38%

1,474

8.94%

102,113,592

9.28%

10.91%

11.38%

1,507

9.01%

105,076,568

9.40%

11.38%

11.88%

1,689

10.25%

111,977,088

10.18%

11.38%

11.88%

1,693

10.13%

111,343,756

9.96%

11.88%

12.22%

948

5.75%

67,825,518

6.16%

11.88%

12.34%

1,520

9.09%

110,125,327

9.85%

12.22%

12.56%

1,957

11.88%

157,623,806

14.32%

12.34%

12.81%

2,223

13.30%

183,713,948

16.44%

12.56%

12.91%

1,079

6.55%

85,666,104

7.78%

12.81%

13.28%

985

5.89%

63,071,428

5.64%

12.91%

13.25%

750

4.55%

45,904,063

4.17%

13.28%

13.75%

1,063

6.36%

62,661,344

5.61%

13.25%

13.63%

890

5.40%

52,657,247

4.79%

13.75%

14.25%

628

3.76%

37,377,157

3.34%

13.63%

22.25%

2,414

14.65%

133,606,964

12.14%

14.25%

22.25%

1,641

9.81%

87,572,964

7.84%

16,480

100.00%

1,100,452,392

100.00%

16,720

100.00%

1,117,551,773

100.00%

Distribution by Current Ending Principal Balance

Distribution by Cut-off Principal Balance

Distribution by Current Mortgage Rate

Distribution by Original Mortgage Rate

Distribution Date: 25-May-07

Mortgage Loan Characteristics Part I

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 36 of 52

05-Jun-2007 10:43

11,399

754,204,442

68.54%

0.00

12.14%

11,547

765,669,826

68.51%

298.30

12.14%

5,081

346,247,950

31.46%

94.34

11.12%

5,173

351,881,948

31.49%

238.52

10.98%

16,480

1,100,452,392

100.00%

16,720

1,117,551,773

100.00%

9,417

643,874,026

58.51%

31.50

11.70%

9,547

653,670,905

58.49%

280.66

11.67%

4,408

298,140,243

27.09%

22.20

11.87%

4,482

303,292,123

27.14%

281.69

11.82%

1,712

96,000,032

8.72%

31.78

12.02%

1,729

97,323,583

8.71%

274.29

11.96%

765

52,641,701

4.78%

40.54

12.31%

776

53,109,961

4.75%

259.84

12.30%

176

9,697,738

0.88%

59.73

12.83%

180

9,955,947

0.89%

291.66

12.79%

67,900

6.17E-05

0.00

11.00%

131,329

0.01%

208.13

11.62%

30,751

2.79E-05

0.00

11.00%

67,926

6.08E-05

180.00

11.00%

16,480

1,100,452,392

100.00%

16,720

1,117,551,773

100.00%

Total

SF Attached Dwelling

Mobile Home Park

Other

SF Unattached Dwelling

PUD

Condo - High Facility

Multifamily

Distribution by Property Types (Cut-off)

Property Type

# of Loans

Ending Balance

% of

Balance

WAMM

WAC

Total

Fixed 2nd Lien

Adjustable

Distribution by Product Characteristics (Cut-off)

Product Type

# of Loans

Original Principal

Balance

% of

Balance

WAMM

WAC

Total

SF Attached Dwelling

Other

Mobile Home Park

SF Unattached Dwelling

PUD

Condo - High Facility

Multifamily

Distribution by Property Types (Current)

Property Type

# of

Loans

Ending Balance

% of

Balance

WAMM

WAC

Total

Adjustable

Distribution by Product Characteristics (Current)

Product Type

# of

Loans

Ending Balance

% of

Balance

WAMM

WAC

Fixed 2nd Lien

Distribution Date: 25-May-07

Mortgage Loan Characteristics Part II

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 37 of 52

05-Jun-2007 10:43

Distribution Date: 25-May-07

Mortgage Loan Characteristics Part II

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

13,566

965,832,565

87.77%

30.85

11.58%

13,747

979,803,537

87.67%

280.18

11.54%

2,251

99,858,361

9.07%

19.61

13.69%

2,292

101,572,632

9.09%

272.86

13.62%

663

34,761,465

3.16%

26.23

13.09%

681

36,175,604

3.24%

278.98

13.02%

16,480

1,100,452,392

100.00%

16,720

1,117,551,773

100.00%

10,158

699,556,262

63.57%

25.29

12.07%

10,313

711,366,591

63.65%

282.48

12.04%

4,551

291,565,065

26.50%

44.08

11.25%

4,623

296,174,672

26.50%

263.26

11.19%

1,771

109,331,065

9.94%

19.36

11.69%

1,784

110,010,510

9.84%

303.72

11.64%

16,480

1,100,452,392

100.00%

16,720

1,117,551,773

100.00%

Distribution by Loan Purpose (Cut-off)

Loan Purpose

# of Loans

Ending Balance

% of

Balance

WAMM

WAC

Distribution by Occupancy Type (Cut-off)

Occupancy Type

# of Loans

Ending Balance

% of

Balance

WAMM

WAC

Distribution by Loan Purpose (Current)

Loan Purpose

# of

Loans

Ending Balance

% of

Balance

WAMM

WAC

Distribution by Occupancy Type (Current)

Occupancy Type

# of

Loans

Ending Balance

% of

Balance

WAMM

WAC

Total

Refinance/No Cash Out

Purchase

Refinance/Equity Takeout

Total

Owner Occupied - Secondary Residence

Owner Occupied - Primary Residence

Non-Owner Occupied

Page 38 of 52

05-Jun-2007 10:43

Distribution Date: 25-May-07

Mortgage Loan Characteristics Part II

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

8,301

553,948,717

50.34%

2.68

12.16%

8,447

565,534,344

50.60%

307.20

12.10%

5,795

384,282,382

34.92%

72.21

11.83%

5,822

386,091,721

34.55%

278.11

11.81%

2,384

162,221,292

14.74%

21.15

10.61%

2,451

165,925,708

14.85%

188.18

10.57%

Distribution by Originator Concentration > 10% (Cut-off)

Originator

# of Loans

Ending Balance

% of

Balance

WAMM

WAC

Distribution by Originator Concentration > 10% (Current)

Originator

# of

Loans

Ending Balance

% of

Balance

WAMM

WAC

Gmac

Greenpoint

Emc Mortgage

Page 39 of 52

05-Jun-2007 10:43

WAMM

WAC

California

6,203

522,760,826

47.50%

11.43%

Florida

1,879

105,259,721

9.57%

12.57%

Virginia

827

59,939,776

5.45%

12.60%

Arizona

1,011

55,595,207

5.05%

12.14%

Maryland

683

48,351,756

4.39%

12.45%

Nevada

649

41,005,340

3.73%

12.04%

Georgia

744

32,564,476

2.96%

12.74%

Washington

475

29,069,597

2.64%

11.56%

New York

249

20,872,872

1.90%

11.07%

New Jersey

295

18,579,754

1.69%

12.20%

Remaining

3,465

166,453,066

15.13%

11.82%

WAMM

WAC

California

6,264

528,099,307

47.26%

274

11.40%

Florida

1,909

107,397,846

9.61%

297

12.46%

Virginia

842

61,549,220

5.51%

285

12.58%

Arizona

1,032

57,446,125

5.14%

275

12.15%

Maryland

695

49,367,161

4.42%

301

12.41%

Nevada

654

41,376,707

3.70%

269

12.01%

Georgia

760

32,916,694

2.95%

316

12.61%

Washington

481

29,600,538

2.65%

256

11.58%

New York

253

20,984,396

1.88%

244

11.02%

New Jersey

298

18,730,479

1.68%

279

12.19%

Remaining

3,532

170,083,300

15.22%

282

11.77%

(1)

Based on Current Period Ending Principal Balance

Top 10 Original State Concentration

Geographic Distribution

# of

Loans

Balance

(1)

% of

Balance

Top 10 Current State Concentration

Geographic Distribution

# of

Loans

Balance

(1)

% of

Balance

Distribution Date: 25-May-07

Geographic Concentration

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Top 10 Current State Concentration

California

Arizona

Virginia

Florida

New Jersey

New York

Washington

Georgia

Nevada

Maryland

Remaining

Page 40 of 52

05-Jun-2007 10:43

C
M
N
O
P

REO
Short Pay
Third Party
Write-off

R
S
T
W

1
2
3
4
5

6
7
8
9

Third Party
Charged Off/Matured
Side Note
Manual

Liq. Type Code - Legend
Charge-off
Matured
Repurchase
Note Sale
Paid in Full

Adjustment Legend
Escrow Bal/Adv
MREC
Rest'd Escrow
Replacement Res.
Suspense

Loss-Loan

Adjusted

Loss-Certs

Adjusted

Liq Type

Adj Type

Loss-Loan Non-

adjusted

Loss to Trust

Loss-Certs Non-

adjusted

Subsequent

Recov/(Exp)

Disclosure Control #

Period

Original Liquidation

Balance

Net Liquidation

Proceeds

Distribution Date: 25-May-07

Current Period Realized Loss Detail

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 41 of 52

05-Jun-2007 10:43

Distribution Date

Beginning Scheduled

Balance

Net Liquidation

Proceeds

Realized Loss

Loan Count

Realized Loss

Adjusted

Cumulative

Realized Loss

Amount

Count

Amount

Count

Amount

Count

25-May-07

0.00

Total

0.00

Total (All Loans)

- - - - - - - - - - - - - - - - - Current Realized Loss - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - Previous Liquidations/Payoffs - - - - - - - - - - - - - -

Claims on Prior Liquidations

Recovery on Prior

Liquidations

(Claims)/Recoveries on

Prior Payoffs

Distribution Date: 25-May-07

Historical Realized Loss Summary

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 42 of 52

05-Jun-2007 10:43

Distribution Date: 25-May-07

Historical Realized Loss Summary

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Distribution Date

Beginning Scheduled

Balance

Net Liquidation

Proceeds

Realized Loss

Loan Count

Realized Loss

Adjusted

Cumulative

Realized Loss

Amount

Count

Amount

Count

Amount

Count

25-May-07

0.00

Total

0.00

Claims on Prior Liquidations

Recovery on Prior

Liquidations

(Claims)/Recoveries on

Prior Payoffs

Group I

- - - - - - - - - - - - - - - - - Current Realized Loss - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - Previous Liquidations/Payoffs - - - - - - - - - - - - - -

Page 43 of 52

05-Jun-2007 10:43

Distribution Date: 25-May-07

Historical Realized Loss Summary

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Distribution Date

Beginning Scheduled

Balance

Net Liquidation

Proceeds

Realized Loss

Loan Count

Realized Loss

Adjusted

Cumulative

Realized Loss

Amount

Count

Amount

Count

Amount

Count

25-May-07

0.00

Total

0.00

Claims on Prior Liquidations

Recovery on Prior

Liquidations

(Claims)/Recoveries on

Prior Payoffs

Group II

- - - - - - - - - - - - - - - - - Current Realized Loss - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - Previous Liquidations/Payoffs - - - - - - - - - - - - - -

Page 44 of 52

05-Jun-2007 10:43

Distribution Date: 25-May-07

Historical Realized Loss Summary

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Distribution Date

Beginning Scheduled

Balance

Net Liquidation

Proceeds

Realized Loss

Loan Count

Realized Loss

Adjusted

Cumulative

Realized Loss

Amount

Count

Amount

Count

Amount

Count

25-May-07

0.00

Total

0.00

Claims on Prior Liquidations

Recovery on Prior

Liquidations

(Claims)/Recoveries on

Prior Payoffs

Group III

- - - - - - - - - - - - - - - - - Current Realized Loss - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - Previous Liquidations/Payoffs - - - - - - - - - - - - - -

Page 45 of 52

05-Jun-2007 10:43

MDR (monthly Default Rate)

Total

Current Period

0.00%

3-Month Average

0.00%

6-Month Average

0.00%

12-Month Average

0.00%

Average Since Cut-Off

0.00%

CDR (Conditional Default Rate)

Total

Current Period

0.00%

3-Month Average

0.00%

6-Month Average

0.00%

12-Month Average

0.00%

Average Since Cut-Off

0.00%

SDA (Standard Default Assumption)

Total

Current Period

0.00%

3-Month Average

0.00%

6-Month Average

0.00%

12-Month Average

0.00%

Average Since Cut-Off

0.00%

MDR

Monthly Default Rate

(Beginning Principal Balance of Liquidated Loans) / (Total Beginning Principal Balance)

CDR

Conditional Default Rate

1 - (1 - MDR)^12

SDA

Standard Default Assumption

If WAS=30 then CDR/(WAS*0.02) else if 30<WAS=60 then CDR/0.6 else if 60<WAS=120 then CDR/(0.6-((WAS-60)*0.0095)) else if WAS>120 then CDR/0.03

WAS

Weighted Average Seasoning

(Original Term - Remaining Term) * (Current Scheduled Balance / Deal Scheduled Principal Balance)

Distribution Date: 25-May-07

Realized Loss Summary

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

0.00%

0.86%

1.71%

2.57%

3.43%

4.29%

5.14%

6.00%

Jun-06

Jul-06

Aug-06

Sep-06

Oct-06

Nov-06

Dec-06

Jan-07

Feb-07

Mar-07

Apr-07

May-07

0.00%

7.14%

14.29%

21.43%

28.57%

35.71%

42.86%

50.00%

Jun-06

Jul-06

Aug-06

Sep-06

Oct-06

Nov-06

Dec-06

Jan-07

Feb-07

Mar-07

Apr-07

May-07

286%

571%

857%

1143%

1429%

1714%

2000%

Jun-06

Jul-06

Aug-06

Sep-06

Oct-06

Nov-06

Dec-06

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Page 46 of 52

05-Jun-2007 10:43

Material breaches of pool asset representation or warranties or transaction covenants.

Material Breach Description

Disclosure Control

Loan Group #

Ending Principal

Balance

Material Breach

Date

Distribution Date: 25-May-07

Material Breaches Detail

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 47 of 52

05-Jun-2007 10:43

Modifications include any extensions or waivers to the mortgage loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time.

Modification Description

Disclosure Control

Loan Group #

Modified Maturity

Date

Cutoff Maturity

Date

Distribution Date: 25-May-07

Modified Loan Detail

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 48 of 52

05-Jun-2007 10:43

Total

0.00

Realized Loss

Appraisal

Reduction

Amount

Date

Liquidated

Liquidation

Proceeds

Liquidation

Expenses

Total (All Loans)

Disclosure

Control #

REO Date

City

State

Property Type

Actual Balance

Scheduled

Balance

Recent

Appraisal Value

Appraisal

Date

Distribution Date: 25-May-07

Historical Collateral Level REO Report

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Page 49 of 52

05-Jun-2007 10:43

Distribution Date: 25-May-07

Historical Collateral Level REO Report

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Total

0.00

Liquidation

Proceeds

Liquidation

Expenses

Realized Loss

Recent

Appraisal Value

Appraisal

Date

Appraisal

Reduction

Amount

Date

Liquidated

Group I

Disclosure

Control #

REO Date

City

State

Property Type

Actual Balance

Scheduled

Balance

Page 50 of 52

05-Jun-2007 10:43

Distribution Date: 25-May-07

Historical Collateral Level REO Report

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Total

0.00

Realized Loss

Appraisal

Reduction

Amount

Date

Liquidated

Liquidation

Proceeds

Liquidation

Expenses

Group II

Disclosure

Control #

REO Date

City

State

Property Type

Actual Balance

Scheduled

Balance

Recent

Appraisal Value

Appraisal

Date

Page 51 of 52

05-Jun-2007 10:43

Distribution Date: 25-May-07

Historical Collateral Level REO Report

Revised Date: 05-Jun-07

Bear Stearns Second Lien Trust

Mortgage-Backed Notes

Series 2007-1

Total

0.00

Liquidation

Proceeds

Liquidation

Expenses

Realized Loss

Recent

Appraisal Value

Appraisal

Date

Appraisal

Reduction

Amount

Date

Liquidated

Group III

Disclosure

Control #

REO Date

City

State

Property Type

Actual Balance

Scheduled

Balance

Page 52 of 52

05-Jun-2007 10:43

Bear Stearns Second Lien Trust 2007-1 10-D