Outside Parties To The Transaction

Contact Information:

Payment Date:

26-Dec-07

Prior Payment:

26-Nov-07

Analyst:

Jack Lin

714.259.6831

Next Payment:

25-Jan-08

Jack.C.Lin@abnamro.com

Record Date:

24-Dec-07

Administrator:

April Haley

312.904.4839

april.haley@abnamro.com

Distribution Count:

LaSalle Website:

www.etrustee.net

Closing Date:

31-May-07

Effective October 1, 2007, Bank of America Corporation, parent

First Pay. Date:

25-Jun-07

corporation of Bank of America, N.A. ("Bank of America") and Banc of

Rated Final Payment Date:

27-Apr-37

America Securities LLC ("BAS"), has acquired ABN AMRO North

Determination Date:

17-Dec-07

America Holding Company, parent company of LaSalle Bank Corporation
and LaSalle Bank National Association ("LaSalle"), from ABN AMRO

Delinq Method:

OTS

Bank N.V. (the "Acquisition").

LIBOR Determination Date

21-Dec-07

Certain ERISA Considerations. Please note that Bank of America and
LaSalle have been in continuous discussions with the Office of
Exemptions at the U. S. Department of Labor (the "Department") with
regard to securing a temporary retroactive exemption beginning on the
date of the Acquisition. The exemption application was formally
submitted to the Department on September 25, 2007 with the
Department's assurance that it would receive their prompt attention.

THE PROVISION OF THIS NOTICE IS IN NO RESPECT A
REPRESENTATION BY BANK OF AMERICA, LASALLE OR ANY OTHER
PERSON OR ENTITY THAT THE ACQUISITION, HOLDING OR DISPOSITION
OF ANY AFFECTED SECURITY MEETS ANY RELEVANT LEGAL
REQUIREMENTS WITH RESPECT TO INVESTMENTS BY PLANS
GENERALLY OR ANY PARTICULAR PLAN, OR THAT THE ACQUISITION
, HOLDING OR DISPOSITION OF ANY AFFECTED SECURITY IS
APPROPRIATE FOR PLANS GENERALLY OR ANY PARTICULAR PLAN.

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

ABN AMRO Acct : 724770.1

Depositor: Asset Backed Funding Corporation

Underwriter: Bank of America Securities LLC

Rating Agency: Dominion Bond Rating Service, Inc - New York/Moody's
Investors Service, Inc./Standard & Poor's, Inc.
Seller: C-BASS ABS, LLC

Servicer: Litton Loan Servicing L.P.

21-Dec-2007 08:12

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Content:

Pages

Statement to Certificate Holders

Statement to Certificate Holders (Factors)

Pool/Non-Pool Funds Cash Reconciliation

Pool Detail and Performance Indicators

Bond Interest Reconciliation Part I

Bond Interest Reconciliation Part II

Bond Principal Reconciliation

Rating Information

End of Month Balance Reporting

15 Month Loan Status Summary Part I

15 Month Loan Status Summary Part II

15 Month Historical Payoff Summary

Prepayment Summary

Mortgage Loan Characteristics Part I

Mortgage Loan Characteristics Part II

17-19

Geographic Concentration

Current Period Realized Loss Detail

Historical Realized Loss Summary

Realized Loss Summary

Historical Collateral Level REO Report

Material Breaches Detail

Modified Loan Detail (Historical)

Substitution Detail History

Substitution Detail History Summary

Table of Contents

21-Dec-2007 08:12

A-1

12464YAA7

164,951,000.00

147,944,617.08

4,167,689.13

0.00

143,776,927.95

597,095.84

0.00

4.8431300000%

A-2

12464YAB5

91,350,000.00

0.00

91,350,000.00

377,057.02

0.00

4.9531300000%

A-3

12464YAC3

22,851,000.00

0.00

22,851,000.00

95,843.38

0.00

5.0331300000%

M-1

12464YAD1

12,963,000.00

0.00

12,963,000.00

54,262.36

0.00

5.0231300000%

M-2

12464YAE9

12,253,000.00

0.00

12,253,000.00

51,392.45

0.00

5.0331300000%

M-3

12464YAF6

6,926,000.00

0.00

6,926,000.00

29,222.70

0.00

5.0631300000%

M-4

12464YAG4

6,215,000.00

0.00

6,215,000.00

26,844.29

0.00

5.1831300000%

M-5

12464YAH2

5,860,000.00

0.00

5,860,000.00

25,555.12

0.00

5.2331300000%

M-6

12464YAJ8

5,505,000.00

0.00

5,505,000.00

25,016.23

0.00

5.4531300000%

M-7

12464YAK5

5,327,000.00

0.00

5,327,000.00

26,338.15

0.00

5.9331300000%

M-8

12464YAL3

3,729,000.00

0.00

3,729,000.00

20,146.33

0.00

6.4831300000%

M-9

12464YAM1

4,084,000.00

0.00

4,084,000.00

23,085.25

0.00

6.7831300000%

B-1

12464YAN9

3,552,000.00

0.00

3,552,000.00

20,720.00

0.00

7.0000000000%

CE-1

9ABSCR657

355,154,811.88 N

338,148,897.00

0.00

333,981,207.87

223,172.01

(1,491.96)

N/A

CE-2

9ABSCR665

355,154,811.88 N

338,148,897.00

0.00

333,981,207.87

98,626.76

0.00

N/A

9ABSCR673

100.00

0.00

100.00

77,212.95

N/A

9ABSCR681

0.00

N/A

R-X

9ABSCR699

0.00

N/A

Total

345,566,100.00

328,559,717.08

4,167,689.13

0.00

324,392,027.95

1,771,590.84

75,720.99

Total P&I Payment

5,939,279.97

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Original Face Value

(1)

Beginning

Certificate Balance

Distribution Date: 26-Dec-07

BOND PAYMENTS

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

Page 3 of 28

21-Dec-2007 08:11

A-1

12464YAA7

164,951,000.00

896.900395148

25.266225303

0.000000000

871.634169844

3.619837649

0.000000000

4.92500000%

A-2

12464YAB5

91,350,000.00

1000.000000000

0.000000000

1000.000000000

4.127608320

0.000000000

5.03500000%

A-3

12464YAC3

22,851,000.00

1000.000000000

0.000000000

1000.000000000

4.194275086

0.000000000

5.11500000%

M-1

12464YAD1

12,963,000.00

1000.000000000

0.000000000

1000.000000000

4.185941526

0.000000000

5.10500000%

M-2

12464YAE9

12,253,000.00

1000.000000000

0.000000000

1000.000000000

4.194274871

0.000000000

5.11500000%

M-3

12464YAF6

6,926,000.00

1000.000000000

0.000000000

1000.000000000

4.219275195

0.000000000

5.14500000%

M-4

12464YAG4

6,215,000.00

1000.000000000

0.000000000

1000.000000000

4.319274336

0.000000000

5.26500000%

M-5

12464YAH2

5,860,000.00

1000.000000000

0.000000000

1000.000000000

4.360941980

0.000000000

5.31500000%

M-6

12464YAJ8

5,505,000.00

1000.000000000

0.000000000

1000.000000000

4.544274296

0.000000000

5.53500000%

M-7

12464YAK5

5,327,000.00

1000.000000000

0.000000000

1000.000000000

4.944274451

0.000000000

6.01500000%

M-8

12464YAL3

3,729,000.00

1000.000000000

0.000000000

1000.000000000

5.402609279

0.000000000

6.56500000%

M-9

12464YAM1

4,084,000.00

1000.000000000

0.000000000

1000.000000000

5.652607738

0.000000000

6.86500000%

B-1

12464YAN9

3,552,000.00

1000.000000000

0.000000000

1000.000000000

5.833333333

0.000000000

N/A

CE-1

9ABSCR657

355,154,811.88 N

952.116895756

0.000000000

940.382043825

0.628379519

(0.004200872)

N/A

CE-2

9ABSCR665

355,154,811.88 N

952.116895756

0.000000000

940.382043825

0.277700757

0.000000000

N/A

9ABSCR673

100.00

1000.000000000

0.000000000

1000.000000000

772129.500000000

N/A

9ABSCR681

0.00

0.000000000

N/A

R-X

9ABSCR699

0.00

0.000000000

N/A

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Deferred Interest *

Ending Certificate

Balance *

Interest Payment *

Distribution Date: 26-Dec-07

Statement to Certificate Holders (FACTORS)

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

Page 4 of 28

21-Dec-2007 08:11

Interest Summary

Principal Summary

Reserve Fund

Interest Summary

Principal Summary

Beginning Balance

0.00

Scheduled Interest

2,310,115.67

Scheduled Prin Distribution

140,584.60

Withdrawal from Trust

0.00

Fees

45,361.31

Curtailments

(32,504.44)

Reimbursement from Waterfall

0.00

Remittance Interest

2,264,754.36

Prepayments in Full

3,690,628.99

Ending Balance

0.00

Other Interest Proceeds/Shortfalls

Liquidation Proceeds

(26,817.70)

Prepayment Penalties

77,212.95

Repurchase Proceeds

0.00

Swap Agreement

Other Interest Loss

(73,450.47)

Other Principal Proceeds

0.00

Other Interest Proceeds

0.00

Remittance Principal

3,771,891.45

Net Swap payment payable to the Swap

Non-advancing Interest

0.00

Administrator

0.00

Net PPIS/Relief Act Shortfall

(3,347.05)

Net Swap payment payable to the Swap Provider

97,781.27

Modification Shortfall

0.00

Other Interest Proceeds/Shortfalls

415.43

Swap Termination payment payable to the Swap

Interest Adjusted

2,265,169.79

Administrator

0.00

Fee Summary

Swap Termination payment payable to the Swap

0.00

Total Servicing Fees

42,543.28

Provider

Total Trustee Fees

2,818.03

LPMI Fees

0.00

Amount Received Under Cap Agreement

0.00

Credit Manager's Fees

0.00

Misc. Fees / Trust Expense

0.00

Excess Interest Amount

716,750.96

Insurance Premium

0.00

Excess Cash Flow Amount

716,750.96

Total Fees

45,361.31

Advances (Principal & Interest)

Prior Month's Outstanding Advances

3,799,755.28

Current Advances

2,210,976.45

Reimbursement of Prior Advances

2,031,750.24

Outstanding Advances

3,978,981.49

P&I Due Certificate Holders

5,939,279.97

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

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: 26-Dec-07

Cash Reconciliation Summary

Page 5 of 28

21-Dec-2007 08:12

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

355,154,811.88

1,661

3 mo. Rolling Average

29,975,260

338,061,020

8.88%

WAC - Remit Current

7.90%

8.10%

8.04%

Cum Scheduled Principal

973,777.52

6 mo. Rolling Average

19,805,191

342,733,686

5.83%

WAC - Remit Original

7.93%

8.13%

8.07%

Cum Unscheduled Principal

19,614,611.82

12 mo. Rolling Average

16,975,878

344,300,855

5.00%

WAC - Current

8.06%

8.26%

8.20%

Cum Liquidations

585,214.67

Loss Levels

Amount

Count

WAC - Original

8.08%

8.28%

8.23%

Cum Repurchases

0.00

3 mo. Cum Loss

395,797.68

WAL - Current

331.93

353.98

347.76

6 mo. Cum loss

395,797.68

WAL - Original

337.99

359.89

353.77

Current

Amount

Count

12 mo. Cum Loss

395,797.68

Beginning Pool

338,148,897.00

1,578

95.21%

Current Index Rate

Scheduled Principal

140,584.60

0.04%

Triggers

Next Index Rate

Unscheduled Principal

3,658,124.55

1.03%

Liquidations

368,979.98

0.10%

> Delinquency Trigger Event

(2)

YES

Repurchases

0.00

0.00%

Delinquency Event Calc

(1)

36,211,115.21

333,981,208

10.84%

Ending Pool

333,981,207.87

1,557

94.04%

> Loss Trigger Event?

(3)

Average Loan Balance

214,503.02

Cumulative Loss

395,798

0.11%

Current Loss Detail

Amount

> Overall Trigger Event?

YES

Liquidation

368,979.98

Pool Composition

Realized Loss

395,797.68

Step Down Date

Realized Loss Adjustment

0.00

Distribution Count

Properties

%/Score

Net Liquidation

(26,817.70)

Current Specified Enhancement %

(4)

22.64%

Step Down %

(5)

42.80%

Cash Out/Refinance

67.35%

Credit Enhancement

Amount

Delinquent Event Threshold %

(6)

37.38%

SFR

67.57%

Original OC

9,588,711.88

2.70%

> Step Down Date?

Target OC

9,589,179.92

2.70%

Min

Max

Beginning OC

9,589,179.92

40-Year Trigger Event

FICO

500

819

639.10

OC Amount per PSA

9,193,382.24

2.59%

Ending OC

9,589,179.92

Extra Principal

395,797.68

Non-Senior Certificates

66,414,100.00 18.70%

Cumulative Extra Principal

396,326.92

OC Deficiency

0.00

OC Release

0.00

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Pool Detail and Performance Indicators Total (All Loans)

Misc/Additional Information

Pool Level Information

4.783130%
4.865000%

Balance

228,339,548.40
229,094,627.87

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) > (4) * (6) then TRUE (4) Non-Senior 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.

Owner Occupied

311,390,369.46

91.84%

Page 6 of 28

21-Dec-2007 08:12

A-1

Act/360

147,944,617.08

4.843130000%

597,095.84

0.00

597,095.84

0.00

A-2

Act/360

91,350,000.00

4.953130000%

377,057.02

0.00

377,057.02

0.00

A-3

Act/360

22,851,000.00

5.033130000%

95,843.38

0.00

95,843.38

0.00

M-1

Act/360

12,963,000.00

5.023130000%

54,262.36

0.00

54,262.36

0.00

M-2

Act/360

12,253,000.00

5.033130000%

51,392.45

0.00

51,392.45

0.00

M-3

Act/360

6,926,000.00

5.063130000%

29,222.70

0.00

29,222.70

0.00

M-4

Act/360

6,215,000.00

5.183130000%

26,844.29

0.00

26,844.29

0.00

M-5

Act/360

5,860,000.00

5.233130000%

25,555.12

0.00

25,555.12

0.00

M-6

Act/360

5,505,000.00

5.453130000%

25,016.23

0.00

25,016.23

0.00

M-7

Act/360

5,327,000.00

5.933130000%

26,338.15

0.00

26,338.15

0.00

M-8

Act/360

3,729,000.00

6.483130000%

20,146.33

0.00

20,146.33

0.00

M-9

Act/360

4,084,000.00

6.783130000%

23,085.25

0.00

23,085.25

0.00

B-1

30/360

3,552,000.00

7.000000000%

20,720.00

0.00

20,720.00

0.00

CE-1

338,148,897.00

N/A

224,663.97

0.00

234,660.03

223,172.01

0.00

CE-2

338,148,897.00

N/A

98,626.76

0.00

98,626.76

0.00

100.00

N/A

0.00

77,212.95

0.00

77,212.95

0.00

N/A

0.00

N/A

R-X

0.00

N/A

0.00

N/A

Total

328,559,717.08

1,695,869.85

77,212.95

0.00

1,607,239.15

1,771,590.84

0.00

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Bond Interest Reconciliation - Part I

- - Accrual - -

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

Class

Method

Days

Opening Balance

Pass-Thru Rate

Accrual

Certificate

Interest

Total Interest

Additions

Total Interest

Deductions

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

Payment

Amount

Current Period

(Shortfall) /

Recovery

Remaining Int

Carry-Forward

Shortfall

Page 7 of 28

21-Dec-2007 08:12

A-1

24-Dec-07

26-Nov-07

26-Dec-07

0.00

A-2

24-Dec-07

26-Nov-07

26-Dec-07

0.00

A-3

24-Dec-07

26-Nov-07

26-Dec-07

0.00

M-1

24-Dec-07

26-Nov-07

26-Dec-07

0.00

M-2

24-Dec-07

26-Nov-07

26-Dec-07

0.00

M-3

24-Dec-07

26-Nov-07

26-Dec-07

0.00

M-4

24-Dec-07

26-Nov-07

26-Dec-07

0.00

M-5

24-Dec-07

26-Nov-07

26-Dec-07

0.00

M-6

24-Dec-07

26-Nov-07

26-Dec-07

0.00

M-7

24-Dec-07

26-Nov-07

26-Dec-07

0.00

M-8

24-Dec-07

26-Nov-07

26-Dec-07

0.00

M-9

24-Dec-07

26-Nov-07

26-Dec-07

0.00

B-1

30-Nov-07

1-Nov-07

1-Dec-07

0.00

CE-1

30-Nov-07

1-Nov-07

1-Dec-07

0.00

CE-2

30-Nov-07

1-Nov-07

1-Dec-07

0.00

30-Nov-07

1-Nov-07

1-Dec-07

0.00

77,212.95

0.00

30-Nov-07

1-Nov-07

1-Dec-07

0.00

R-X

30-Nov-07

1-Nov-07

1-Dec-07

0.00

Total

0.00

77,212.95

0.00

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Bond Interest Reconciliation - Part II

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

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)

Page 8 of 28

21-Dec-2007 08:12

A-1

164,951,000.00

147,944,617.08

3,771,891.45

0.00

395,797.68

0.00

143,776,927.95

27-Apr-37

N/A

A-2

91,350,000.00

0.00

91,350,000.00

27-Apr-37

N/A

A-3

22,851,000.00

0.00

22,851,000.00

27-Apr-37

N/A

M-1

12,963,000.00

0.00

12,963,000.00

27-Apr-37

N/A

M-2

12,253,000.00

0.00

12,253,000.00

27-Apr-37

N/A

M-3

6,926,000.00

0.00

6,926,000.00

27-Apr-37

N/A

M-4

6,215,000.00

0.00

6,215,000.00

27-Apr-37

N/A

M-5

5,860,000.00

0.00

5,860,000.00

27-Apr-37

N/A

M-6

5,505,000.00

0.00

5,505,000.00

27-Apr-37

N/A

M-7

5,327,000.00

0.00

5,327,000.00

27-Apr-37

N/A

M-8

3,729,000.00

0.00

3,729,000.00

27-Apr-37

N/A

M-9

4,084,000.00

0.00

4,084,000.00

27-Apr-37

N/A

B-1

3,552,000.00

0.00

3,552,000.00

27-Apr-37

N/A

CE-1

355,154,811.88

338,148,897.00

0.00

333,981,207.87

27-Apr-37

N/A

CE-2

355,154,811.88

338,148,897.00

0.00

333,981,207.87

27-Apr-37

N/A

100.00

0.00

100.00

27-Apr-37

N/A

0.00

27-Apr-37

N/A

R-X

0.00

27-Apr-37

N/A

Total

345,566,100.00

328,559,717.08

3,771,891.45

0.00

395,797.68

0.00

324,392,027.95

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Bond Principal Reconciliation

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

- Credit Support -

Class

Original Class

Balance

Beginning Class

Balance

Scheduled Principal

Payment

Unscheduled

Principal
Payment

Extra

Principal
Payment

Prior
Loss

Reimburs.

Rated

Final

Maturity

Original

Current

Current
Losses

Cumulative

Losses

Interest on

Losses

Ending

Class Balance

Page 9 of 28

21-Dec-2007 08:12

Class

CUSIP

Fitch

Moody's

DBRS

S&P

A-1

12464YAA7

Aaa

AAA

A-2

12464YAB5

Aaa

AAA

A-3

12464YAC3

Aaa

AAA

M-1

12464YAD1

Aa1

AA High

AA+

M-2

12464YAE9

Aa2

M-3

12464YAF6

Aa3

AA-

M-4

12464YAG4

AA Low

A+

M-5

12464YAH2

7-Dec-07

A-

17-Oct-07

M-6

12464YAJ8

A Low

A-

Baa2

7-Dec-07

BBB

17-Oct-07

M-7

12464YAK5

Baa1

BBB High

BBB+

Baa3

7-Dec-07

BBB-

17-Oct-07

M-8

12464YAL3

Baa2

BBB High

BBB

Ba3

7-Dec-07

BB+

17-Oct-07

M-9

12464YAM1

Baa3

BBB

BBB-

7-Dec-07

17-Oct-07

B-1

12464YAN9

Ba1

BB High

BB+

7-Dec-07

BB-

17-Oct-07

CE-1

9ABSCR657

CE-2

9ABSCR665

9ABSCR673

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Ratings Information

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

Page 10 of 28

21-Dec-2007 08:12

Type

Count

Count (%)

Balance

Balance (%)

Arrears

Arrears (%)

REO Book Value

1340

84.9176%

275,328,317.52

82.4383%

0.00

0.0000%

0.00

5.8302%

22,441,775.14

6.7195%

0.00

0.0000%

0.00

3.0418%

11,286,410.68

3.3794%

0.00

0.0000%

0.00

90+

1.8378%

4,181,907.26

1.2521%

0.00

0.0000%

0.00

BKY30

0.1901%

554,914.40

0.1662%

0.00

0.0000%

0.00

BKY90+

0.2535%

1,047,109.13

0.3135%

0.00

0.0000%

0.00

F/C90+

3.6122%

17,768,239.10

5.3201%

0.00

0.0000%

0.00

REO90+

0.3169%

1,372,534.64

0.4110%

0.00

0.0000%

0.00

Total (Prior Month End):

1578

100.0000%

333,981,207.00

100.0000%

0.00

0.0000%

0.00

Delinq Total (Prior Month End):

238

15.0824%

58,652,890.00

17.5617%

0.00

0.0000%

0.00

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

End of Month Balance Reporting

F/C Quick Sale Value

Total

Page 11 of 28

21-Dec-2007 08:12

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

26-Dec-07

1,319

275,328,318

22,441,775

11,286,411

4,181,907

1,602,024

17,768,239

1,372,535

26-Nov-07

1,366

287,580,314

20,908,566

7,827,665

4,362,805

785,428

16,247,403

436,715

25-Oct-07

1,419

301,213,769

16,784,538

9,226,154

4,263,215

367,502

10,197,777

25-Sep-07

1,467

313,694,297

14,196,888

7,095,638

2,274,614

367,675

6,355,358

27-Aug-07

1,528

325,768,328

11,914,699

6,562,475

2,214,845

779,100

25-Jul-07

1,590

337,461,818

10,277,662

3,255,661

25-Jun-07

1,628

348,294,489

5,409,378

26-Dec-07

84.71%

82.44%

5.91%

6.72%

3.08%

3.38%

1.86%

1.25%

0.45%

0.48%

3.66%

5.32%

0.32%

0.41%

26-Nov-07

86.57%

85.05%

5.64%

6.18%

2.47%

2.31%

1.65%

1.29%

0.32%

0.23%

3.23%

4.80%

0.13%

25-Oct-07

89.02%

88.06%

4.89%

4.91%

2.70%

1.32%

1.25%

0.13%

0.11%

1.94%

2.98%

0.00%

25-Sep-07

91.46%

91.19%

4.68%

4.13%

2.00%

2.06%

0.69%

0.66%

0.12%

0.11%

1.06%

1.85%

0.00%

27-Aug-07

94.32%

93.82%

3.58%

3.43%

1.42%

1.89%

0.56%

0.64%

0.00%

0.12%

0.22%

0.00%

25-Jul-07

96.89%

96.14%

2.38%

2.93%

0.73%

0.93%

0.00%

25-Jun-07

98.49%

98.47%

1.51%

1.53%

0.00%

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

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

Distribution

Date

Current

Delinq 1 Month

Delinq 2 Months

Delinq 3+ Months

Bankruptcy

Foreclosure

REO

Total (All Loans)

Delinquency Balances are Exclusive of REO, Foreclosures and Bankruptcies.

Page 12 of 28

21-Dec-2007 08:12

Balance

26-Dec-07

17,768,239

1,372,535

554,914

1,047,109

26-Nov-07

16,247,403

436,715

51,130

734,298

25-Oct-07

10,197,777

367,502

25-Sep-07

6,355,358

367,675

27-Aug-07

779,100

25-Jul-07

25-Jun-07

26-Dec-07

0.00%

3.66%

5.32%

0.00%

0.32%

0.41%

0.00%

0.19%

0.17%

0.00%

0.26%

0.31%

26-Nov-07

0.00%

3.23%

4.80%

0.00%

0.13%

0.00%

0.06%

0.02%

0.00%

0.25%

0.22%

25-Oct-07

0.00%

1.94%

2.98%

0.00%

0.13%

0.11%

0.00%

25-Sep-07

0.00%

1.06%

1.85%

0.00%

0.12%

0.11%

0.00%

27-Aug-07

0.00%

0.12%

0.22%

0.00%

25-Jul-07

0.00%

25-Jun-07

0.00%

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

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

- - - - - - - - - - - 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

61-90 Days

90 + Days

Total (All Loans)

61-90 Days

90 + Days

Current

31-60 Days

Page 13 of 28

21-Dec-2007 08:12

Insurance

Substitution

Liquidation

Remaining Term

Balance

Proceeds

Amount

Life

Coupon

Remit

26-Dec-07

1,557

333,981,208

3,690,629

0.00

(26,817.70)

395,798

348

8.20%

8.04%

26-Nov-07

1,578

338,148,897

3,564,461

0.00

216,173.49

349

8.21%

8.05%

25-Oct-07

1,594

342,052,956

1,721,974

0.00

350

8.22%

8.06%

25-Sep-07

1,604

343,984,470

3,106,846

0.00

351

8.22%

8.06%

27-Aug-07

1,620

347,239,448

3,610,858

0.00

352

8.22%

8.07%

25-Jul-07

1,641

350,995,140

2,570,161

0.00

353

8.22%

8.07%

25-Jun-07

1,653

353,703,867

1,292,653

0.00

354

8.23%

8.07%

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

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

Curr Weighted Avg.

Total (All Loans)

Distribution

Date

Ending Pool

Payoffs

Realized Losses

Page 14 of 28

21-Dec-2007 08:12

SMM (Single Monthly Mortality)

Total

Current Period

1.19%

3-Month Average

0.94%

6-Month Average

0.91%

12-Month Average

0.83%

Average Since Cut-Off

0.83%

CPR (Conditional Prepayment Rate)

Total

Current Period

13.39%

3-Month Average

10.64%

6-Month Average

10.37%

12-Month Average

9.51%

Average Since Cut-Off

9.51%

PSA (Public Securities Association)

Total

Current Period

223%

3-Month Average

177%

6-Month Average

173%

12-Month Average

159%

Average Since Cut-Off

159%

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)

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Total (All Loans)

Distribution Date: 26-Dec-07

Prepayment Summary

0.00%

2.43%

4.86%

7.29%

9.71%

12.14%

14.57%

17.00%

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-07

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

0.00%

14.29%

28.57%

42.86%

57.14%

71.43%

85.71%

100.00%

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-07

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

229%

457%

686%

914%

1143%

1371%

1600%

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-07

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Page 15 of 28

21-Dec-2007 08:12

Min

Max

Count

% of Total

Balance

% of Total

Min

Max

Count

% of Total

Balance

% of Total

12,000

67,000

156

10.02%

7,021,698

2.10%

12,000

66,000

166

9.99%

7,467,477

2.10%

67,000

90,000

102

6.55%

7,906,717

2.37%

66,000

89,000

104

6.26%

7,991,043

2.25%

90,000

113,000

128

8.22%

12,955,202

3.88%

89,000

112,000

131

7.89%

13,185,255

3.71%

113,000

136,000

131

8.41%

16,282,119

4.88%

112,000

135,000

147

8.85%

18,170,590

5.12%

136,000

159,000

123

7.90%

18,232,877

5.46%

135,000

158,000

131

7.89%

19,338,210

5.45%

159,000

183,000

140

8.99%

23,895,107

7.15%

158,000

181,000

151

9.09%

25,685,181

7.23%

183,000

226,000

214

13.74%

43,657,376

13.07%

181,000

225,000

230

13.85%

46,766,808

13.17%

226,000

269,000

145

9.31%

35,778,600

10.71%

225,000

269,000

158

9.51%

39,003,326

10.98%

269,000

312,000

105

6.74%

30,419,241

9.11%

269,000

313,000

118

7.10%

34,221,405

9.64%

312,000

355,000

5.72%

29,477,027

8.83%

313,000

357,000

5.60%

30,911,809

8.70%

355,000

400,000

4.43%

26,095,025

7.81%

357,000

400,000

4.21%

26,562,590

7.48%

400,000

996,000

155

9.96%

82,260,218

24.63%

400,000

998,000

162

9.75%

85,851,120

24.17%

1,557

100.00%

333,981,208

100.00%

1,661

100.00%

355,154,812

100.00%

Min

Max

Count

% of Total

Balance

% of Total

Min

Max

Count

% of Total

Balance

% of Total

0.75%

6.81%

156

10.02%

43,614,721

13.06%

5.63%

6.83%

166

9.99%

47,317,349

13.32%

6.81%

7.13%

135

8.67%

36,008,200

10.78%

6.83%

7.16%

145

8.73%

39,396,772

11.09%

7.13%

7.44%

102

6.55%

28,400,869

8.50%

7.16%

7.48%

108

6.50%

29,276,112

8.24%

7.44%

7.75%

132

8.48%

35,574,761

10.65%

7.48%

7.81%

152

9.15%

39,642,520

11.16%

7.75%

8.06%

143

9.18%

36,730,978

11.00%

7.81%

8.14%

136

8.19%

35,299,903

9.94%

8.06%

8.45%

114

7.32%

27,011,846

8.09%

8.14%

8.50%

143

8.61%

33,905,254

9.55%

8.45%

8.94%

189

12.14%

38,929,346

11.66%

8.50%

8.98%

194

11.68%

39,791,079

11.20%

8.94%

9.42%

157

10.08%

30,246,611

9.06%

8.98%

9.47%

152

9.15%

28,639,675

8.06%

9.42%

9.91%

131

8.41%

22,934,545

6.87%

9.47%

9.95%

143

8.61%

23,953,220

6.74%

9.91%

10.39%

5.39%

11,973,692

3.59%

9.95%

10.44%

5.36%

12,685,833

3.57%

10.39%

10.94%

3.47%

7,436,041

2.23%

10.44%

10.98%

3.85%

9,211,405

2.59%

10.94%

14.50%

160

10.28%

15,119,599

4.53%

10.98%

14.50%

169

10.17%

16,035,691

4.52%

1,557

100.00%

333,981,208

100.00%

1,661

100.00%

355,154,812

100.00%

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Mortgage Loan Characteristics Part I

Total (All Loans)

Distribution by Current Ending Principal Balance

Distribution by Cut-off Principal Balance

Distribution by Current Mortgage Rate

Distribution by Original Mortgage Rate

Page 16 of 28

21-Dec-2007 08:12

987

239,898,231

71.83%

353.98

8.25%

1,056

255,877,271

72.05%

365.46

8.28%

422

85,766,777

25.68%

343.78

7.75%

443

90,076,379

25.36%

354.93

7.77%

148

8,316,199

2.49%

209.73

11.20%

162

9,201,162

2.59%

227.76

11.22%

1,557

333,981,208

100.00%

1,661

355,154,812

100.00%

1,095

224,935,875

67.35%

347.12

8.22%

1,180

241,282,256

67.94%

358.71

8.26%

254

59,852,858

17.92%

351.59

8.08%

264

62,414,276

17.57%

362.49

8.11%

119

24,544,666

7.35%

346.13

8.25%

126

25,862,893

7.28%

357.54

8.27%

24,436,849

7.32%

345.96

8.17%

25,384,044

7.15%

357.69

8.13%

210,959

0.06%

350.00

8.50%

211,342

0.06%

360.00

8.50%

1,557

333,981,208

100.00%

1,661

355,154,812

100.00%

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Total (All Loans)

Distribution Date: 26-Dec-07

Mortgage Loan Characteristics Part II

Distribution by Product Characteristics (Current)

Product Type

# of

Loans

Ending Balance

% of

Balance

WAMM

WAC

Adjustable

Fixed 1st Lien

Fixed 2nd Lien

Total

Distribution by Product Characteristics (Cut-off)

Product Type

# of Loans

Original Principal

Balance

% of

Balance

WAMM

WAC

Adjustable

Fixed 1st Lien

Fixed 2nd Lien

Total

Condo - Low Facility

Multifamily

Distribution by Property Types (Current)

Property Type

# of

Loans

Ending Balance

% of

Balance

WAMM

WAC

SF Unattached Dwelling

PUD

Condo - High Facility

SF Unattached Dwelling

PUD

Distribution by Property Types (Cut-off)

Property Type

# of Loans

Ending Balance

% of

Balance

WAMM

WAC

Condo - Low Facility

Multifamily

Condo - High Facility

Total

Page 17 of 28

21-Dec-2007 08:12

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Mortgage Loan Characteristics Part II

1,399

302,670,664

90.63%

347.88

8.17%

1,492

321,828,950

90.62%

359.33

8.20%

136

27,386,515

8.20%

346.42

8.37%

146

29,023,728

8.17%

357.90

8.38%

3,924,029

1.17%

348.01

8.83%

4,302,135

1.21%

360.00

8.78%

1,557

333,981,208

100.00%

1,661

355,154,812

100.00%

881

199,927,938

59.86%

346.04

8.16%

955

215,786,861

60.76%

357.65

8.20%

561

109,796,229

32.87%

352.18

8.32%

583

113,236,482

31.88%

363.49

8.36%

115

24,257,041

7.26%

341.95

7.88%

123

26,131,469

7.36%

353.66

7.86%

1,557

333,981,208

100.00%

1,661

355,154,812

100.00%

Owner Occupied - Primary Residence

Occupancy Type

# of

Loans

Ending Balance

% of

Balance

WAMM

WAC

Non-Owner Occupied

Owner Occupied - Secondary Residence

% of

Balance

WAMM

WAC

Refinance/Equity Takeout

# of Loans

Ending Balance

Purchase

Refinance/No Cash Out

Total

Distribution by Occupancy Type (Current)

Total (All Loans)

Total

Distribution by Occupancy Type (Cut-off)

Occupancy Type

# of Loans

Ending Balance

% of

Balance

WAMM

WAC

Total

Distribution by Loan Purpose (Current)

Loan Purpose

# of

Loans

Ending Balance

% of

Balance

WAMM

WAC

Distribution by Loan Purpose (Cut-off)

Loan Purpose

Page 18 of 28

21-Dec-2007 08:12

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Mortgage Loan Characteristics Part II

1,557

333,981,208

100.00%

347.76

8.19%

1,661

355,154,812

100.00%

359.22

8.22%

WAMM

WAC

Originator

Distribution by Originator Concentration > 10% (Current)

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

Originator

# of

Loans

Ending Balance

% of

Balance

Unknown

Total (All Loans)

WAC

# of Loans

Ending Balance

% of

Balance

WAMM

Page 19 of 28

21-Dec-2007 08:12

WAMM

WAC

California

272

88,757,543

26.58%

348

7.93%

Florida

253

55,445,635

16.60%

346

8.18%

Texas

139

18,656,279

5.59%

354

8.67%

Washington

18,537,822

5.55%

354

8.00%

Arizona

14,234,234

4.26%

354

8.22%

Maryland

12,373,828

3.70%

347

7.70%

New York

12,082,270

3.62%

332

8.16%

Illinois

8,663,548

2.59%

341

8.62%

New Jersey

7,167,435

2.15%

344

8.96%

Hawaii

7,032,761

2.11%

348

7.12%

Remaining

553

91,029,854

27.26%

348

8.45%

WAMM

WAC

California

291

93,749,078

26.40%

360

7.93%

Florida

268

58,396,384

16.44%

357

8.19%

Washington

20,386,340

5.74%

365

8.01%

Texas

140

18,797,476

5.29%

365

8.74%

Maryland

14,930,412

4.20%

362

7.90%

Arizona

14,675,177

4.13%

365

8.24%

New York

12,114,354

3.41%

344

8.17%

Illinois

9,696,037

2.73%

354

8.73%

New Jersey

9,182,271

2.59%

358

8.89%

Hawaii

7,319,052

2.06%

360

7.23%

Remaining

585

95,908,231

27.00%

359

8.50%

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Geographic Concentration

Total (All Loans)

Top 10 Current State Concentration

Geographic Distribution

# of

Loans

Balance

(1)

% of

Balance

(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

California

Washington

Texas

Florida

Hawaii

New Jersey

Illinois

New York

Maryland

Arizona

Remaining

Page 20 of 28

21-Dec-2007 08:12

30235063

200712

197,228.85

(14,193.55)

197,228.85

211,422.40

30369367

200712

171,751.13

(12,624.15)

171,751.13

184,375.28

Current Total

368,979.98

(26,817.70)

368,979.98

395,797.68

Cumulative

368,979.98

(26,817.70)

368,979.98

395,797.68

C
M
N
O
P

REO
Short Pay
Third Party
Write-off
Assigned

R
S
T
W
A

1
2
3
4
5

6
7
8
9

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Current Period Realized Loss Detail

Total (All Loans)

Disclosure Control #

Period

Original Liquidation

Balance

Net Liquidation

Proceeds

Loss-Loan Non-

adjusted

Loss to Trust

Loss-Certs Non-

adjusted

Subsequent
Recov/(Exp)

Loss-Loan

Adjusted

Loss-Certs

Adjusted

Liq Type

Adj Type

14,193.55

211,422.40

0.00

12,624.15

184,375.28

0.00

26,817.70

395,797.68

0.00

26,817.70

395,797.68

0.00

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

Third Party
Charged Off/Matured
Side Note
Manual

Page 21 of 28

21-Dec-2007 08:12

Distribution Date

Beginning Scheduled

Balance

Net Liquidation

Proceeds

Realized Loss

Loan Count

Realized Loss

Adjusted

Cumulative

Realized Loss

Amount

Count

Amount

Count

Amount

Count

26-Dec-07

368,979.98

(26,817.70)

395,797.68

0.00

395,797.68

26-Nov-07

0.00

25-Oct-07

0.00

25-Sep-07

0.00

27-Aug-07

0.00

25-Jul-07

0.00

25-Jun-07

0.00

Total

368,979.98

(26,817.70)

395,797.68

0.00

395,797.68

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Historical Realized Loss Summary

Total (All Loans)

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

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

Claims on Prior

Liquidations

Recovery on Prior

Liquidations

(Claims)/Recoveries on

Prior Payoffs

Page 22 of 28

21-Dec-2007 08:12

MDR (monthly Default Rate)

Total

Current Period

0.11%

3-Month Average

0.06%

6-Month Average

0.03%

12-Month Average

0.01%

Average Since Cut-Off

0.02%

CDR (Conditional Default Rate)

Total

Current Period

1.30%

3-Month Average

0.69%

6-Month Average

0.34%

12-Month Average

0.17%

Average Since Cut-Off

0.29%

SDA (Standard Default Assumption)

Total

Current Period

43.39%

3-Month Average

22.86%

6-Month Average

11.43%

12-Month Average

5.72%

Average Since Cut-Off

9.80%

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)

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Total (All Loans)

Distribution Date: 26-Dec-07

Realized Loss Summary

0.00%

0.86%

1.71%

2.57%

3.43%

4.29%

5.14%

6.00%

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-07

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

0.00%

7.14%

14.29%

21.43%

28.57%

35.71%

42.86%

50.00%

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-07

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

286%

571%

857%

1143%

1429%

1714%

2000%

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-07

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Page 23 of 28

21-Dec-2007 08:12

Total

0.00

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Historical Collateral Level REO Report

Total (All Loans)

Disclosure

Control #

REO Date

City

State

Property Type

Actual Balance

Scheduled

Balance

Recent

Appraisal Value

Appraisal

Date

Realized Loss

No Historical REO Reported

Appraisal

Reduction

Amount

Date

Liquidated

Liquidation

Proceeds

Liquidation

Expenses

Page 24 of 28

21-Dec-2007 08:12

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Material Breaches Detail

Material Breach Description

No Material Breaches Reported

Disclosure Control

Loan Group #

Ending Principal

Balance

Material Breach

Date

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

Page 25 of 28

21-Dec-2007 08:12

30331565

N/A

1-Sep-21

30332332

N/A

1-Oct-21

15954712

N/A

1-May-36

30295109

N/A

1-Oct-36

30324149

N/A

1-Aug-36

30372999

N/A

1-Jan-37

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Distribution Date: 26-Dec-07

Modified Loan Detail

Total (All Loans)

Disclosure Control

Loan Group #

Modified Maturity

Date

Cutoff Maturity

Date

Modification Description

Modified Ending Balance

Modified Interest Rate; Scheduled P&I; and Ending Balance

Modified Ending Balance

Modified Interest Rate; Scheduled P&I; and Ending Balance

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.

Page 26 of 28

21-Dec-2007 08:12

Substitution Code

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Beginning Principal

Balance

Adjusted for Principal

Distribution Date: 26-Dec-07

Substitution Detail History

No Substituted Loans Reported

- - - Loans Substituted Into Pool - - -

- - - - - - - - - - Loans Substituted Out of Pool - - - - - - - - - -

Investor #

Period

Beginning Principal Balance

Investor #

Period

Page 27 of 28

21-Dec-2007 08:12

C-BASS 2007-CB5 TRUST

C-BASS Mortgage Loan Asset-Backed Certificates

Adjusted for Principal

Difference Into vs. Out

Distribution Date: 26-Dec-07

Substitution Detail History Summary

No History of Substituted Loans Reported

- - - Loans Substituted Into Pool - - -

- - - Loans Substituted Out of Pool - - -

Period

Count

Beginning Principal Balance

Count

Beginning Principal Balance

Page 28 of 28

21-Dec-2007 08:12

C-BASS 2007-CB5 Trust 10-D