EXHIBIT A-1

[FORM OF THE CLASS A-1 CERTIFICATE]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND CERTAIN OTHER PROPERTY.

FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

A-1-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS A-1

evidencing a beneficial ownership interest in a portion of a Trust Fund consisting primarily of a pool of fixed-rate and adjustable-rate one- to four-family first and second lien mortgage loans formed and sold by

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class A-1		Original Class Certificate Principal Balance of the Class A-1 Certificates as of the Closing Date: $164,951,000
Pass-Through Rate: Floating

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007		Initial Certificate Principal Balance: $164,951,000

First Distribution Date: June 25, 2007		Servicer: Litton Loan Servicing LP

No.		Trustee: LaSalle Bank National Association

CUSIP: 12464Y AA7		Closing Date: May 31, 2007

ISIN: US12464YAA73

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES. THIS CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

This certifies that _______________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class A-1 Certificates) in that certain beneficial ownership interest evidenced by all the Class A-1 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-1-2

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class A-1 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class A-1 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of $5,000,000, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, each distribution (other than the final distribution) with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures and the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

The Class A-1 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class A-1 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class A-1 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

This Certificate is one of a duly authorized issue of Certificates designated as C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing a Percentage Interest in the Class A-1 Certificates.

The Class A-1 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor, the Servicer, the Trustee, the Seller and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Servicer, the Seller and the Trustee with the consent of the Holders of Certificates entitled to the Voting Rights identified in the agreement. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

A-1-3

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies appointed by the Trustee as provided in the Agreement, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying Agent or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying Agent nor any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby shall terminate upon payment to the Certificateholders of all amounts held by or on behalf of the Trustee and required to be paid to them pursuant to the Agreement following the earliest of (i) the Distribution Date on which the Certificate Principal Balance of each Class of Certificates has been reduced to zero, (ii) the final payment or other liquidation of the last Mortgage Loan in the Trust Fund, and (iii) the optional purchase by the Servicer of the Mortgage Loans.

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

Unless the certificate of authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

A-1-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
			LASALLE BANK NATIONAL ASSOCIATION, as Trustee


			By:
			Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.


			LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar


			By:
			Authorized Signatory

Date of authentication:

A-1-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right

of survivorship and not as

tenants in common

UNIF GIFT MIN ACT - Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

A-1-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _______________________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) ____________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

I (we) further direct the Certificate Registrar to issue a new Certificate of a like Percentage Interest and Class to the above named assignee and deliver such Certificate to the following address: ___________________________________.

Dated:

			Signature by or on behalf of assignor


			Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to __________________________________________________ for the account of __________________________, account number ___________, or, if mailed by check, to _____________________________. Applicable statements should be mailed to ______________________________________. This information is provided by ______________________, the assignee named above, or ________________________________________, as its agent.

A-1-7

EXHIBIT A-2

[FORM OF THE CLASS A-2 CERTIFICATE]

A-2-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS A-2

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class A-2

Pass-Through Rate: Floating

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

CUSIP: 12464Y AB5

ISIN: US12464YAB56

Original Class Certificate Principal Balance of the Class A-2 Certificates as of the Closing

Date: $91,350,000

Initial Certificate Principal Balance: $91,350,000

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that _______________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class A-2 Certificates) in that certain beneficial ownership interest evidenced by all the Class A-2 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-2-2

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class A-2 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class A-2 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of $5,000,000, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, each distribution (other than the final distribution) with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures and the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

The Class A-2 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class A-2 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class A-2 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class A-2 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

A-2-3

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

A-2-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
			LASALLE BANK NATIONAL ASSOCIATION, as Trustee


			By:
			Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.

			LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar


			By:
			Authorized Signatory

Date of authentication:

A-2-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right

of survivorship and not as

tenants in common

UNIF GIFT MIN ACT - Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

A-2-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _______________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) ___________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

			Signature by or on behalf of assignor


			Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to ___________________________________ for the account of __________________________, account number ____________, or, if mailed by check, to _________________________. Applicable statements should be mailed to _________________________________. This information is provided by _______________________, the assignee named above, or __________________________________, as its agent.

A-2-7

EXHIBIT A-3

[FORM OF THE CLASS A-3 CERTIFICATE]

A-3-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS A-3

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class A-3

Pass-Through Rate: Floating

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

CUSIP: 12464Y AC3

ISIN: US12464YAC30

Original Class Certificate Principal Balance of the Class A-3 Certificates as of the Closing

Date: $22,851,000

Initial Certificate Principal Balance: $22,851,000

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that _______________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class A-3 Certificates) in that certain beneficial ownership interest evidenced by all the Class A-3 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

A-3-2

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class A-3 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class A-3 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of $5,000,000, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, each distribution (other than the final distribution) with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures and the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

The Class A-3 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class A-3 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class A-3 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class A-3 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

A-3-3

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

A-3-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
			LASALLE BANK NATIONAL ASSOCIATION, as Trustee


			By:
			Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.

			LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar


			By:
			Authorized Signatory

Date of authentication:

A-3-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right

of survivorship and not as

tenants in common

UNIF GIFT MIN ACT - Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

A-3-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _____________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) _______________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:
			Signature by or on behalf of assignor


			Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to ______________________________________________ for the account of ___________________________, account number _________________, or, if mailed by check, to ___________________________. Applicable statements should be mailed to ____________________________. This information is provided by _______________________, the assignee named above, or ____________________, as its agent.

A-3-7

EXHIBIT B-1

[FORM OF CLASS M-1 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

FOR SO LONG AS THE SUPPLEMENTAL TRUST IS IN EXISTENCE, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

IN THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB-OR ITS EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN.

B-1-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS M-1

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class M-1

Pass-Through Rate: Floating

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

CUSIP: 12464Y AD1

ISIN: US12464YAD13

Original Class Certificate Principal Balance of the Class M-1 Certificates as of the Closing

Date: $12,963,000

Initial Certificate Principal Balance: $12,963,000

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that _________________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class M-1 Certificates) in that certain beneficial ownership interest evidenced by all the Class M-1 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

B-1-2

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-1 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class M-1 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of $5,000,000, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, each distribution (other than the final distribution) with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures and the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

The Class M-1 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class M-1 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class M-1 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class M-1 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Class A Certificates as described in the Agreement.

B-1-3

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

B-1-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
			LASALLE BANK NATIONAL ASSOCIATION, as Trustee


			By:
			Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.

			LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar


			By:
			Authorized Signatory

Date of authentication:

B-1-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM -as tenants in common

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right

of survivorship and not as

tenants in common

UNIF GIFT MIN ACT - Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

B-1-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ____________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) ______________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

			Signature by or on behalf of assignor


			Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to ____________________________________________ for the account of ____________________________, account number _______________, or, if mailed by check, to _________________________. Applicable statements should be mailed to ____________________________. This information is provided by ______________________, the assignee named above, or ____________________, as its agent.

B-1-7

EXHIBIT B-2

[FORM OF CLASS M-2 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A AND CLASS M-1 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

B-2-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS M-2

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class M-2

Pass-Through Rate: Floating

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

CUSIP: 12464Y AE9

ISIN: US12464YAE95

Original Class Certificate Principal Balance of the Class M-2 Certificates as of the Closing

Date: $12,253,000

Initial Certificate Principal Balance: $12,253,000

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that ___________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class M-2 Certificates) in that certain beneficial ownership interest evidenced by all the Class M-2 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-2 Certificates on such Distribution Date pursuant to the Agreement.

B-2-2

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class M-2 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of $5,000,000, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, each distribution (other than the final distribution) with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures and the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

The Class M-2 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class M-2 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class M-2 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class M-2 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Class A and Class M-1 Certificates as described in the Agreement.

B-2-3

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

B-2-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
			LASALLE BANK NATIONAL ASSOCIATION, as Trustee


			By:
			Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.

			LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar


			By:
			Authorized Signatory

Date of authentication:

B-2-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right

of survivorship and not as

tenants in common

UNIF GIFT MIN ACT - Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

B-2-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _____________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) _____________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:
			Signature by or on behalf of assignor


			Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to ___________________________________________ for the account of _________________, account number _____________, or, if mailed by check, to __________________. Applicable statements should be mailed to ___________________________. This information is provided by _____________________, the assignee named above, or ____________________, as its agent.

B-2-7

EXHIBIT B-3

[FORM OF CLASS M-3 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1 AND CLASS M-2 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

B-3-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS M-3

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class M-3

Pass-Through Rate: Floating

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

CUSIP: 12464Y AF6

ISIN: US12464YAF60

Original Class Certificate Principal Balance of the Class M-3 Certificates as of the Closing

Date: $6,926,000

Initial Certificate Principal Balance: $6,926,000

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that ___________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class M-3 Certificates) in that certain beneficial ownership interest evidenced by all the Class M-3 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-3 Certificates on such Distribution Date pursuant to the Agreement.

B-3-2

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class M-3 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of $5,000,000, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, each distribution (other than the final distribution) with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures and the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

The Class M-3 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class M-3 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class M-3 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class M-3 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Class A, Class M-1 and Class M-2 Certificates as described in the Agreement.

B-3-3

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

B-3-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
			LASALLE BANK NATIONAL ASSOCIATION, as Trustee


			By:
			Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.

			LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar


			By:
			Authorized Signatory

Date of authentication:

B-3-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right

of survivorship and not as

tenants in common

UNIF GIFT MIN ACT - Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

B-3-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _________________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) ___________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

			Signature by or on behalf of assignor


			Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to ______________________________________ for the account of ______________________, account number ________________, or, if mailed by check, to _________________. Applicable statements should be mailed to ______________________. This information is provided by _______________, the assignee named above, or ____________________, as its agent.

B-3-7

EXHIBIT B-4

[FORM OF CLASS M-4 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1, CLASS M-2 AND CLASS M-3 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

B-4-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS M-4

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class M-4

Pass-Through Rate: Floating

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

CUSIP: 12464Y AG4

ISIN: US12464YAG44

Original Class Certificate Principal Balance of the Class M-4 Certificates as of the Closing

Date: $6,215,000

Initial Certificate Principal Balance: $6,215,000

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that _________________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class M-4 Certificates) in that certain beneficial ownership interest evidenced by all the Class M-4 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-4 Certificates on such Distribution Date pursuant to the Agreement.

B-4-2

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class M-4 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of $5,000,000, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, each distribution (other than the final distribution) with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures and the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

The Class M-4 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class M-4 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class M-4 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class M-4 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Class A, Class M-1, Class M-2 and Class M-3 Certificates as described in the Agreement.

B-4-3

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

B-4-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
			LASALLE BANK NATIONAL ASSOCIATION, as Trustee


			By:
			Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.

			LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar


			By:
			Authorized Signatory

Date of authentication:

B-4-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right

of survivorship and not as

tenants in common

UNIF GIFT MIN ACT - Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

B-4-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _____________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) _____________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

			Signature by or on behalf of assignor


			Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________________________ for the account of ____________________________, account number ______________, or, if mailed by check, to __________________. Applicable statements should be mailed to _________________________. This information is provided by ___________________, the assignee named above, or __________________, as its agent.

B-4-7

EXHIBIT B-5

[FORM OF CLASS M-5 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1, CLASS M-2, CLASS M-3 AND CLASS M-4 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

B-5-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS M-5

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class M-5

Pass-Through Rate: Floating

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

CUSIP: 12464Y AH2

ISIN: US12464YAH27

Original Class Certificate Principal Balance of the Class M-5 Certificates as of the Closing

Date: $5,860,000

Initial Certificate Principal Balance: $5,860,000

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that _________________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class M-5 Certificates) in that certain beneficial ownership interest evidenced by all the Class M-5 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-5 Certificates on such Distribution Date pursuant to the Agreement.

B-5-2

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class M-5 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of $5,000,000, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, each distribution (other than the final distribution) with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures and the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

The Class M-5 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class M-5 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class M-5 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class M-5 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Class A, Class M-1, Class M-2, Class M-3 and Class M-4 Certificates as described in the Agreement.

B-5-3

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

B-5-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
			LASALLE BANK NATIONAL ASSOCIATION, as Trustee


			By:
			Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.

			LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar


			By:
			Authorized Signatory

Date of authentication:

B-5-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right

of survivorship and not as

tenants in common

UNIF GIFT MIN ACT - Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

B-5-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _______________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) ___________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

			Signature by or on behalf of assignor


			Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to ____________________________________ for the account of ___________________, account number ____________, or, if mailed by check, to _______________. Applicable statements should be mailed to _____________________. This information is provided by __________________, the assignee named above, or _______________, as its agent.

B-5-7

EXHIBIT B-6

[FORM OF CLASS M-6 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1, CLASS M-2, CLASS M-3, CLASS M-4 AND CLASS M-5 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

B-6-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS M-6

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class M-6

Pass-Through Rate: Floating

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

CUSIP: 12464Y AJ8

ISIN: US12464YAJ82

Original Class Certificate Principal Balance of the Class M-6 Certificates as of the Closing

Date: $5,505,000

Initial Certificate Principal Balance: $5,505,000

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that _________________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class M-6 Certificates) in that certain beneficial ownership interest evidenced by all the Class M-6 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-6 Certificates on such Distribution Date pursuant to the Agreement.

B-6-2

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class M-6 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of $5,000,000, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, each distribution (other than the final distribution) with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures and the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

The Class M-6 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class M-6 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class M-6 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class M-6 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Class A, Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates as described in the Agreement.

B-6-3

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

B-6-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
			LASALLE BANK NATIONAL ASSOCIATION, as Trustee


			By:
			Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.


			LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar


			By:
			Authorized Signatory

Date of authentication:

B-6-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right

of survivorship and not as

tenants in common

UNIF GIFT MIN ACT - Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

B-6-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto __________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) ___________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

			Signature by or on behalf of assignor


			Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________________ for the account of _________________, account number ________________, or, if mailed by check, to __________________. Applicable statements should be mailed to ________________________. This information is provided by _____________________, the assignee named above, or ____________________, as its agent.

B-6-7

EXHIBIT B-7

[FORM OF CLASS M-7 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1, CLASS M-2, CLASS M-3, CLASS M-4, CLASS M-5 AND CLASS M-6 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

B-7-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS M-7

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class M-7		Original Class Certificate Principal Balance of the Class M-7 Certificates as of the Closing

Pass-Through Rate: Floating		Date: $5,327,000

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007		Initial Certificate Principal Balance: $5,327,000

First Distribution Date: June 25, 2007		Servicer: Litton Loan Servicing LP

No.		Trustee: LaSalle Bank National Association

CUSIP: 12464Y AK5		Closing Date: May 31, 2007

ISIN: US12464YAK55

This certifies that _________________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class M-7 Certificates) in that certain beneficial ownership interest evidenced by all the Class M-7 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-7 Certificates on such Distribution Date pursuant to the Agreement.

B-7-2

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class M-7 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of $5,000,000, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, each distribution (other than the final distribution) with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures and the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

The Class M-7 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class M-7 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class M-7 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class M-7 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Certificates as described in the Agreement.

B-7-3

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

B-7-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
	LASALLE BANK NATIONAL ASSOCIATION, as Trustee

	By:
		Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.


	LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar

	By:
		Authorized Signatory

Date of authentication:

B-7-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM

TEN ENT

JT TEN

as tenants in common

as tenants by the entireties

as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT

Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

B-7-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto __________________________________________________________________(Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) ___________________________________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.


Dated:
		Signature by or on behalf of assignor


		Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________________________ for the account of ______________________________, account number ____________, or, if mailed by check, to _______________________________. Applicable statements should be mailed to ____________________________. This information is provided by _______________________, the assignee named above, or _____________________, as its agent.

B-7-7

EXHIBIT B-8

[FORM OF CLASS M-8 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1, CLASS M-2, CLASS M-3, CLASS M-4, CLASS M-5, CLASS M-6 AND CLASS M-7 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

B-8-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS M-8

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class M-8		Original Class Certificate Principal Balance of the Class M-8 Certificates as of the Closing

Pass-Through Rate: Floating		Date: $3,729,000

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007		Initial Certificate Principal Balance: $3,729,000

First Distribution Date: June 25, 2007		Servicer: Litton Loan Servicing LP

No.		Trustee: LaSalle Bank National Association

CUSIP: 12464Y AL3		Closing Date: May 31, 2007

ISIN: US12464YAL39

This certifies that _________________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class M-8 Certificates) in that certain beneficial ownership interest evidenced by all the Class M-8 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-8 Certificates on such Distribution Date pursuant to the Agreement.

B-8-2

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, each distribution (other than the final distribution) with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures and the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

The Class M-8 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class M-8 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class M-8 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class M-8 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates as described in the Agreement.

B-8-3

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

B-8-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
	LASALLE BANK NATIONAL ASSOCIATION, as Trustee

	By:
		Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.


	LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar

	By:
		Authorized Signatory

Date of authentication:

B-8-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM

TEN ENT

JT TEN

as tenants in common

as tenants by the entireties

as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT

Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

B-8-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto __________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) ______________________________a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

		Signature by or on behalf of assignor


		Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________________________ for the account of ________________________, account number _____________, or, if mailed by check, to ____________________________. Applicable statements should be mailed to ________________________. This information is provided by _____________________, the assignee named above, or _____________________, as its agent.

B-8-7

EXHIBIT B-9

[FORM OF CLASS M-9 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1, CLASS M-2, CLASS M-3, CLASS M-4, CLASS M-5, CLASS M-6 CLASS M-7 AND CLASS M-8 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

B-9-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS M-9

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class M-9		Original Class Certificate Principal Balance of the Class M-9 Certificates as of the Closing

Pass-Through Rate: Floating		Date: $4,084,000

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007		Initial Certificate Principal Balance: $4,084,000

First Distribution Date: June 25, 2007		Servicer: Litton Loan Servicing LP

No.		Trustee: LaSalle Bank National Association

CUSIP: 12464Y AM1		Closing Date: May 31, 2007

ISIN: US12464YAM12

This certifies that _________________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class M-9 Certificates) in that certain beneficial ownership interest evidenced by all the Class M-9 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-9 Certificates on such Distribution Date pursuant to the Agreement.

B-9-2

The Class M-9 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class M-9 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class M-9 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class M-9 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 Class M-7 and Class M-8 Certificates as described in the Agreement.

B-9-3

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

B-9-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
	LASALLE BANK NATIONAL ASSOCIATION, as Trustee

	By:
		Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.


	LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar

	By:
		Authorized Signatory

Date of authentication:

B-9-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM

TEN ENT

JT TEN

as tenants in common

as tenants by the entireties

as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT

Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

B-9-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) _____________________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.


Dated:
		Signature by or on behalf of assignor


		Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to ___________________________________________ for the account of ______________________________, account number _______________, or, if mailed by check, to ________________________. Applicable statements should be mailed to ______________________________. This information is provided by _______________________, the assignee named above, or ____________________, as its agent.

B-9-7

EXHIBIT B-10

[FORM OF CLASS B-1 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A AND CLASS M CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT REQUIRE SUCH REGISTRATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN.

B-9-8

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS B-1

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class B-1		Original Class Certificate Principal Balance of the Class B-1 Certificates as of the Closing

Pass-Through Rate: Floating		Date: $3,552,000

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007		Initial Certificate Principal Balance: $3,552,000

First Distribution Date: June 25, 2007		Servicer: Litton Loan Servicing LP

No.		Trustee: LaSalle Bank National Association

CUSIP:		Closing Date: May 31, 2007

ISIN:

This certifies that ______________ is the registered owner of a Percentage Interest (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the Original Class Certificate Principal Balance of the Class B-1 Certificates) in that certain beneficial ownership interest evidenced by all the Class B-1 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

B-9-9

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class B-1 Certificates on such Distribution Date pursuant to the Agreement.

The Class B-1 Pass-Through Rate on each Distribution Date will be as determined in accordance with the Agreement. Interest will accrue on the Class B-1 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class B-1 Pass-Through Rate and (ii) the Rate Cap for such Distribution Date.

The Class B-1 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Class A and Class M Certificates as described in the Agreement.

B-9-10

No transfer of this Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the 1933 Act and effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification. If a transfer of this Certificate is to be made without registration under the 1933 Act, then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) certain certificate(s) and opinions, as applicable, required pursuant to Section 5.02 of the Agreement (as to which, so long as this Certificate is a Book-Entry Certificate, the representations and agreements made therein will be deemed to have been made by the prospective transferor and/or the prospective transferee, as applicable). None of the Depositor, the Certificate Registrar or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any such Certificateholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor, the Certificate Registrar and the Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

B-9-11

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

B-9-12

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
	LASALLE BANK NATIONAL ASSOCIATION, as Trustee

	By:
		Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.


	LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar

	By:
		Authorized Signatory

Date of authentication:

B-9-13

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM

TEN ENT

JT TEN

as tenants in common

as tenants by the entireties

as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT

Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

B-9-14

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto __________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) __________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

		Signature by or on behalf of assignor


		Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to ______________________________________________ for the account of ____________________________, account number ________________, or, if mailed by check, to __________________________. Applicable statements should be mailed to _____________________________. This information is provided by ______________________, the assignee named above, or __________________, as its agent.

B-9-15

EXHIBIT C-1

[FORM OF CLASS CE-1 CERTIFICATES]

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A DIRECT OR INDIRECT BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND IN CERTAIN OTHER PROPERTY.

THIS CLASS CE-1 CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES AND THE CLASS B CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE AGREEMENT REFERRED TO HEREIN.

THIS CLASS CE-1 CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

THIS CLASS CE-1 CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

C-1-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS CE-1

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class CE-1

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

Percentage Interest: 100%

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that __________________________________ is the registered owner of the Percentage Interest set forth above in that certain beneficial ownership interest evidenced by all the Class CE-1 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class CE-1 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class CE-1 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of a 66% Percentage Interest of the Class CE-1 Certificates, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

C-1-2

This Certificate is one of a duly authorized issue of Certificates designated as C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified on the face hereof.

The Class CE-1 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

C-1-3

No transfer of this Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the 1933 Act and effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification. If a transfer of this Certificate is to be made without registration under the 1933 Act, then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) certain certificate(s) and opinions, as applicable, required pursuant to Section 5.02 of the Agreement. None of the Depositor, the Certificate Registrar or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any such Certificateholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor, the Certificate Registrar and the Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate to a Plan (as defined in the Agreement) or any person acting on behalf of, or using assets of, a Plan shall be made except in accordance with Section 5.02 of the Agreement referenced herein.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

C-1-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
	LASALLE BANK NATIONAL ASSOCIATION, as Trustee

	By:
		Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.


	LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar

	By:
		Authorized Signatory

Date of authentication:

C-1-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM

TEN ENT

JT TEN

as tenants in common

as tenants by the entireties

as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT

Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

C-1-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _________________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) ____________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

		Signature by or on behalf of assignor


		Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to ___________________________________________ for the account of _______________________, account number _____________, or, if mailed by check, to ______________________. Applicable statements should be mailed to ______________________________. This information is provided by ____________________, the assignee named above, or ____________________, as its agent.

C-1-7

EXHIBIT C-2

[FORM OF CLASS CE-2 CERTIFICATES]

THIS CLASS CE-2 CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

THIS CLASS CE-2 CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

C-1-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS CE-1

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class CE-2

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

Percentage Interest: 100%

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that __________________________________ is the registered owner of the Percentage Interest set forth above in that certain beneficial ownership interest evidenced by all the Class CE-2 Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class CE-2 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class CE-2 Certificates the aggregate Initial Certificate Principal Balance of which is in excess of a 66% Percentage Interest of the Class CE-2 Certificates, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

C-2-2

This Certificate is one of a duly authorized issue of Certificates designated as C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified on the face hereof.

The Class CE-2 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

C-2-3

No transfer of this Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the 1933 Act and effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification. If a transfer of this Certificate is to be made without registration under the 1933 Act, then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) certain certificate(s) and opinions, as applicable, required pursuant to Section 5.02 of the Agreement. None of the Depositor, the Certificate Registrar or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any such Certificateholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor, the Certificate Registrar and the Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

C-2-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
	LASALLE BANK NATIONAL ASSOCIATION, as Trustee

	By:
		Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.


	LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar

	By:
		Authorized Signatory

Date of authentication:

C-2-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM

TEN ENT

JT TEN

as tenants in common

as tenants by the entireties

as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT

Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

C-2-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto ________________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) _________________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

		Signature by or on behalf of assignor


		Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________________________ for the account of _______________________, account number ____________, or, if mailed by check, to _____________________. Applicable statements should be mailed to _______________________. This information is provided by _________________, the assignee named above, or _____________, as its agent.

C-2-7

EXHIBIT C-3

[FORM OF CLASS P CERTIFICATE]

THIS CLASS P CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

C-3-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS P

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class P

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

Original Class Certificate Principal Balance as of the Closing Date: $100

Initial Certificate Principal Balance: $100

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that __________________________________ is the registered owner of the Percentage Interest set forth above in that certain beneficial ownership interest evidenced by all the Class P Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class P Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class P Certificates the aggregate Initial Certificate Principal Balance of which is in excess of a 66% Percentage Interest of the Class P Certificates, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

C-3-2

This Certificate is one of a duly authorized issue of Certificates designated as C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified on the face hereof.

The Class P Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

C-3-3

No transfer of this Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the 1933 Act and effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification. If a transfer of this Certificate is to be made without registration under the 1933 Act, then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) certain certificate(s) and opinions, as applicable, required pursuant to Section 5.02 of the Agreement. None of the Depositor, the Certificate Registrar or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any such Certificateholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor, the Certificate Registrar and the Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

C-3-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
	LASALLE BANK NATIONAL ASSOCIATION, as Trustee

	By:
		Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.


	LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar

	By:
		Authorized Signatory

Date of authentication:

C-3-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM

TEN ENT

JT TEN

as tenants in common

as tenants by the entireties

as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT

Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

C-3-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _____________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) ___________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

		Signature by or on behalf of assignor


		Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________________ for the account of ______________________, account number ________________, or, if mailed by check, to ______________________. Applicable statements should be mailed to ________________________. This information is provided by __________________________, the assignee named above, or ___________________, as its agent.

C-3-7

EXHIBIT C-4

[FORM OF CLASS R CERTIFICATE]

THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE “RESIDUAL INTEREST” IN MULTIPLE SEPARATE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

THIS CLASS R CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS CE CERTIFICATES AND THE CLASS P CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE AGREEMENT REFERRED TO HEREIN.

THIS CLASS R CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

THIS CLASS R CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE SHALL NOT BE TRANSFERRED TO OR HELD BY A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN.

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES (1) AN AFFIDAVIT TO THE CERTIFICATE REGISTRAR THAT SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX, AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF A CLASS R CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(d) OF THE AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CLASS R CERTIFICATE.

C-4-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS R

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class R

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

Percentage Interest: 100%

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that _______________________ is the registered owner of the Percentage Interest set forth above in that certain beneficial ownership interest evidenced by all the Class R Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class R Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class R Certificates the aggregate Percentage Interest of which is in excess of a 66% Percentage Interest of the Class R Certificates, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

C-4-2

This Certificate is one of a duly authorized issue of Certificates designated as C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified on the face hereof.

The Class R Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Offered Certificates, the Class B Certificates, the Class CE Certificates and the Class P Certificates as described in the Agreement.

C-4-3

No transfer of this Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the 1933 Act and effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification. If a transfer of this Certificate is to be made without registration under the 1933 Act, then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) certain certificate(s) and opinions, as applicable, required pursuant to Section 5.02 of the Agreement. None of the Depositor, the Certificate Registrar or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any such Certificateholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor, the Certificate Registrar and the Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

This Certificate shall not be transferred to or held by a Plan (as defined in the Agreement) or any person acting on behalf of, or using assets of, a Plan.

The Holder of this Certificate, by its acceptance hereof, shall be deemed for all purposes to have consented to the provisions of Section 5.02 of the Agreement and to any amendment of the Agreement deemed necessary by counsel of the Depositor to ensure that the transfer of this Certificate to any Person other than a Permitted Transferee or any other Person will not cause the Trust to cease to qualify as multiple separate REMICs or cause the imposition of a tax upon the Trust.

C-4-4

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

C-4-5

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
	LASALLE BANK NATIONAL ASSOCIATION, as Trustee

	By:
		Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.


	LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar

	By:
		Authorized Signatory

Date of authentication:

C-4-6

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM

TEN ENT

JT TEN

as tenants in common

as tenants by the entireties

as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT

Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

C-4-7

ASSIGNMENT

Dated:

		Signature by or on behalf of assignor

		Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________ for the account of ____________________, account number ________, or, if mailed by check, to ___________________. Applicable statements should be mailed to ____________________. This information is provided by ___________, the assignee named above, or ______________, as its agent.

C-4-8

EXHIBIT C-5

[FORM OF CLASS R-X CERTIFICATE]

THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

THIS CLASS R-X CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS CE CERTIFICATES AND THE CLASS P CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE AGREEMENT REFERRED TO HEREIN.

THIS CLASS R-X CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

THIS CLASS R-X CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE SHALL NOT BE TRANSFERRED TO OR HELD BY A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN.

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R-X CERTIFICATE MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES (1) AN AFFIDAVIT TO THE CERTIFICATE REGISTRAR THAT SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX, AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CLASS R-X CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF A CLASS R-X CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(d) OF THE AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CLASS R-X CERTIFICATE.

C-5-1

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES

SERIES 2007-CB5, CLASS R-X

ASSET BACKED FUNDING CORPORATION

Series 2007-CB5, Class R-X

Date of Pooling and Servicing Agreement and Cut-off Date: May 1, 2007

First Distribution Date: June 25, 2007

No.

Percentage Interest: 100%

Servicer: Litton Loan Servicing LP

Trustee: LaSalle Bank National Association

Closing Date: May 31, 2007

This certifies that _______________________ is the registered owner of the Percentage Interest set forth above in that certain beneficial ownership interest evidenced by all the Class R-X Certificates in the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Asset Backed Funding Corporation (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record Date, from funds in the Distribution Account in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class R-X Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Certificate Registrar in writing at least five Business Days prior to the Record Date for such Distribution Date and is the registered owner of Class R-X Certificates the aggregate Percentage Interest of which is in excess of a 66% Percentage Interest of the Class R-X Certificates, or by check mailed by first class mail to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, provided that the Certificate Registrar may deduct a reasonable wire transfer fee from any payment made by wire transfer. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose as provided in the Agreement.

C-5-2

This Certificate is one of a duly authorized issue of Certificates designated as C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing the Percentage Interest specified on the face hereof.

The Class R-X Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the Collection Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans.

This Certificate is subordinated in right of payment to the Offered Certificates, the Class B Certificates, the Class CE Certificates and the Class P Certificates as described in the Agreement.

C-5-3

No transfer of this Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the 1933 Act and effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification. If a transfer of this Certificate is to be made without registration under the 1933 Act, then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) certain certificate(s) and opinions, as applicable, required pursuant to Section 5.02 of the Agreement. None of the Depositor, the Certificate Registrar or the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any such Certificateholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor, the Certificate Registrar and the Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

This Certificate shall not be transferred to or held by a Plan (as defined in the Agreement) or any person acting on behalf of, or using assets of, a Plan,

The recitals contained herein shall be taken as statements of the Depositor and the Trustee assumes no responsibility for their correctness.

C-5-4

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated:
			LASALLE BANK NATIONAL ASSOCIATION, as Trustee


			By:
			Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Agreement.

			LASALLE BANK NATIONAL ASSOCIATION, as Certificate Registrar


			By:
			Authorized Signatory

Date of authentication:

C-5-5

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right

of survivorship and not as

tenants in common

UNIF GIFT MIN ACT - Custodian

(Cust) (Minor)

under Uniform Gifts

to Minors Act

________________

(State)

Additional abbreviations may also be used though not in the above list.

C-5-6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _______________________________________________ (Please print or typewrite name, address including postal zip code, and Taxpayer Identification Number of assignee) _________________________ a Percentage Interest equal to ____% evidenced by the within asset-backed Certificate and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

Dated:

			Signature by or on behalf of assignor


			Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________________ for the account of _______________________, account number _____________, or, if mailed by check, to _____________________. Applicable statements should be mailed to ______________________. This information is provided by ___________________, the assignee named above, or _____________, as its agent.

C-5-7

EXHIBIT D

MORTGAGE LOAN SCHEDULE

[Please see the Free Writing Prospectus filed and accepted by the

Securities and Exchange Commission on May 31, 2007, with a filing

date of May 31, 2007 and accession number

0001393401-07-000014.]

D-1

EXHIBIT E

FORM OF REQUEST FOR RELEASE OF DOCUMENTS

To:	The Bank of New York

101 Barclay Street, 4W

New York, New York 10286

Cc:	LaSalle Bank National Association

135 S. LaSalle Street, Suite 1511,

Chicago, IL 60603

Re:

Pooling and Servicing Agreement dated as of May 1, 2007 among Asset Backed Funding Corporation, as depositor, Credit-Based Asset Servicing and Securitization LLC, as seller, Litton Loan Servicing LP, as servicer and LaSalle Bank National Association, as trustee.

All capitalized terms used herein shall have the means ascribed to them in the Pooling and Servicing Agreement (the “Agreement”) referenced above.

In connection with the administration of the Mortgage Loans held by you as Custodian pursuant to the Agreement, we request the release, and hereby acknowledge receipt, of the Mortgage File for the Mortgage Loan described below, for the reason indicated.

Mortgage Loan Number:

Mortgagor Name, Address & Zip Code:

Reason for Requesting Documents (check one):

_____ 1. Mortgage Paid in Full

_____ 2. Foreclosure

_____ 3. Substitution

_____ 4. Other Liquidation (Repurchases, etc.)

E-1

_____ 5. Nonliquidation			Reason:

			By:
			(authorized signer)

			Issuer:
			Address:
			Date:

Custodian

The Bank of New York

Please acknowledge the execution of the above request by your signature and date below:


Signature			Date

Documents returned to Custodian:


Custodian			Date

E-2

EXHIBIT F-1

FORM OF INITIAL CERTIFICATION

Date

Asset Backed Funding Corporation

214 North Tryon Street

Charlotte, North Carolina 28255

Litton Loan Servicing LP

4828 Loop Central Drive

Houston, Texas 77081

LaSalle Bank National Association

135 South LaSalle Street, Suite 1511

Chicago, Illinois 60603

Attn: Global Securities and Trust Services Group - C-BASS 2007-CB5

Re:

Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of May 1, 2007, among Asset Backed Funding Corporation, as depositor, Credit-Based Asset Servicing and Securitization LLC, as seller, Litton Loan Servicing LP, as servicer, and LaSalle Bank National Association, as trustee (the “Trustee”), with respect to C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5.

Ladies and Gentlemen:

In accordance with Section 2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby certifies that it has received the documents listed in Section 2.01 of the Pooling and Servicing Agreement for each Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the Pooling and Servicing Agreement, subject to any exceptions noted on Schedule I hereto.

Capitalized words and phrases used herein and not otherwise defined herein shall have the respective meanings assigned to them in the Pooling and Servicing Agreement. This Certificate is subject in all respects to the terms of Section 2.02 of the Pooling and Servicing Agreement and the Pooling and Servicing Agreement sections cross-referenced therein.

			[____________]


			By:
			Name:
			Title:

F-1-1

EXHIBIT F-2

FORM OF FINAL CERTIFICATION

[Date]

Asset Backed Funding Corporation

214 North Tryon Street

Charlotte, North Carolina 28255

Litton Loan Servicing LP

4828 Loop Central Drive

Houston, Texas 77081

LaSalle Bank National Association

135 South LaSalle Street, Suite 1511

Chicago, Illinois 60603

Attn: Global Securities and Trust Services Group - C-BASS 2007-CB5

Re:

Ladies and Gentlemen:

In accordance with Section 2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule I hereto), it has received the applicable documents listed in Section 2.01 of the Pooling and Servicing Agreement.

The undersigned hereby certifies that as to each Mortgage Loan identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I hereto, it has reviewed the documents listed above and has determined that each such document appears to be complete and, based on an examination of such documents, the information set forth in the Mortgage Loan Schedule is correct.

Capitalized words and phrases used herein shall have the respective meanings assigned to them in the Pooling and Servicing Agreement. This Certificate is qualified in all respects by the terms of said Pooling and Servicing Agreement.

			[_________________]


			By:
			Name:
			Title:

F-2-1

EXHIBIT F-3

FORM OF RECEIPT OF MORTGAGE NOTE

Asset Backed Funding Corporation

214 North Tryon Street

Charlotte, North Carolina 28255

Re: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

Ladies and Gentlemen:

Pursuant to Section 2.01 of the Pooling and Servicing Agreement, dated as of May 1, 2007, among Asset Backed Funding Corporation, as depositor, Credit-Based Asset Servicing and Securitization LLC, as seller, Litton Loan Servicing LP, as servicer, and LaSalle Bank National Association, as trustee, we have received the original Mortgage Note with any exceptions thereto listed on Exhibit 1.

			THE BANK OF NEW YORK, as Custodian


			By:
			Name:
			Title:

F-3-1

EXHIBIT G

MORTGAGE LOAN PURCHASE AGREEMENT

[Please see the 8-K filed and accepted by the

Securities and Exchange Commission on June 15, 2007, with a filing

date of June 15, 2007 and accession number

0001393401-07-000020.]

G-1

EXHIBIT H

FORM OF LOST NOTE AFFIDAVIT

Personally appeared before me the undersigned authority to administer oaths, ______________________ who first being duly sworn deposes and says: Deponent is ______________________ of ___________________________________________ (“Seller”) and who has personal knowledge of the facts set out in this affidavit.

On ___________________, _________________________ did execute and deliver a promissory note in the principal amount of $__________.

That said note has been misplaced or lost through causes unknown and is presently lost and unavailable after diligent search has been made. Seller’s records show that an amount of principal and interest on said note is still presently outstanding, due, and unpaid, and Seller is still owner and holder in due course of said lost note.

Seller executes this Affidavit for the purpose of inducing LaSalle Bank National Association, as trustee on behalf of C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5, to accept the transfer of the above described loan from Seller.

Seller agrees to indemnify and hold harmless LaSalle Bank National Association and Asset Backed Funding Corporation for any losses incurred by such parties resulting from the above described promissory note has been lost or misplaced.


			By:

STATE OF	)
	) SS:
COUNTY OF	)

On this ____ day of _______ 20__, before me, a Notary Public, in and for said County and State, appeared ________________________, who acknowledged the extension of the foregoing and who, having been duly sworn, states that any representations therein contained are true.

Witness my hand and Notarial Seal this ____ day of _______ 20__.





My commission expires _________.

H-1

EXHIBIT I

FORM OF ERISA REPRESENTATION

LaSalle Bank National Association

135 S. LaSalle Street, Suite 1511

Chicago, IL 60603

Attn: Global Securities and Trust Services Group - C-BASS 2007-CB5

Asset Backed Funding Corporation

214 North Tryon Street

Charlotte, North Carolina 28255

Re: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

Ladies and Gentlemen:

1. [The undersigned is the ______________________ of (the “Transferee”) a [corporation duly organized] and existing under the laws of __________, on behalf of which he makes this affidavit.] [The undersigned, ___________________, is the transferee (the “Transferee”).]

2. The Transferee hereby acknowledges that under the terms of the Pooling and Servicing Agreement (the “Agreement”) among Asset Backed Funding Corporation, as depositor (the “Depositor”), Credit-Based Asset Servicing and Securitization LLC, as seller, Litton Loan Servicing LP, as servicer, and LaSalle Bank National Association, as trustee (the “Trustee”), no transfer of the ERISA-Restricted Certificates shall be permitted to be made to any person unless the Depositor and the Trustee (as defined in the Agreement) have received a certificate from such transferee in the form hereof.

3. The Transferee either (i) is not an employee benefit plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (each, a “Plan”)or a person acting on behalf of any such Plan or a person using the assets of any such plan or (ii) (except in the case of the Class R, Class R-X, Class P, Class CE-1 or N Class CE-2 Certificates) is an insurance company which is using funds from an “insurance company general account” (as such term is defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 (60 Fed. Reg. 35925 (July 20, 1995)) (“PTCE 95-60”) to purchase such Certificates and the purchase and holding of such Certificates are covered under Sections I and III of PTCE 95-60.

Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Agreement.

IN WITNESS WHEREOF, the Transferee has executed this certificate.

			[Transferee]


			By:
			Name:
			Title:

I-1

EXHIBIT J-1

FORM OF INVESTMENT LETTER [NON-RULE 144A]

[DATE]

Asset Backed Funding Corporation

214 North Tryon Street

Charlotte, North Carolina 28255

LaSalle Bank National Association

135 S. LaSalle Street, Suite 1511

Chicago, IL 60603

Attn: Global Securities and Trust Services Group - C-BASS 2007-CB5

Re: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

Ladies and Gentlemen:

In connection with our acquisition of the C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5 (the “Certificates”), we certify that (a) we understand that the Certificates are not being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we are an “accredited investor,” as defined in Regulation D under the Act, and have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of investments in the Certificates, (c) we have had the opportunity to ask questions of and receive answers from the Depositor concerning the purchase of the Certificates and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Certificates, (d) we are acquiring the Certificates for investment for our own account and not with a view to any distribution of such Certificates (but without prejudice to our right at all times to sell or otherwise dispose of the Certificates in accordance with clause (g) below), (e) we agree that the Certificates must be held indefinitely by us and we acknowledge that we are able to bear the economic risk of investment in the Certificates, (f) we have not offered or sold any Certificates to, or solicited offers to buy any Certificates from, any person, or otherwise approached or negotiated with any person with respect thereto, or taken any other action which would result in a violation of Section 5 of the Act, (g) we will not sell, transfer or otherwise dispose of any Certificates unless (1) such sale, transfer or other disposition is made pursuant to an effective registration statement under the Act or is exempt from such registration requirements, and if requested, we will at our expense provide an opinion of counsel satisfactory to the addressees of this Certificate that such sale, transfer or other disposition may be made pursuant to an exemption from the Act, (2) the purchaser or transferee of such Certificate has executed and delivered to you a certificate to substantially the same effect as this certificate, and (3) the purchaser or transferee has otherwise complied with any conditions for transfer set forth in the Pooling and Servicing Agreement, (h) in the case of the Class CE-1 Certificates only, we will provide to the Trustee a duly executed IRS Form W-9, W-8BEN, W-8IMY orW-8ECI (or applicable successor form) and agree to update any such form (i) upon expiration of any such form, (ii) as required under then applicable U.S. Treasury regulations and (ii) promptly upon learning than any such form has become obsolete or incorrect and (i) we acknowledge that the Certificates will bear a legend setting forth the applicable restrictions on transfer.

			Very truly yours,
			[NAME OF TRANSFEREE]


			By:
			Authorized Officer

J-1

EXHIBIT J-2

FORM OF RULE 144A INVESTMENT LETTER

[DATE]

Asset Backed Funding Corporation

214 North Tryon Street

Charlotte, North Carolina 28255

LaSalle Bank National Association

135 S. LaSalle Street, Suite 1511

Chicago, IL 60603

Attn: Global Securities and Trust Services Group - C-BASS 2007-CB5

Re: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

Ladies and Gentlemen:

In connection with our acquisition of the C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5 (the “Certificates”), we certify that (a) we understand that the Certificates are not being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we have had the opportunity to ask questions of and receive answers from the Depositor concerning the purchase of the Certificates and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Certificates, (c) we have not, nor has anyone acting on our behalf offered, transferred, pledged, sold or otherwise disposed of the Certificates, any interest in the Certificates or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Certificates, any interest in the Certificates or any other similar security from, or otherwise approached or negotiated with respect to the Certificates, any interest in the Certificates or any other similar security with, any person in any manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other action, that would constitute a distribution of the Certificates under the Securities Act or that would render the disposition of the Certificates a violation of Section 5 of the Securities Act or require registration pursuant thereto, nor will act, nor has authorized or will authorize any person to act, in such manner with respect to the Certificates, (d) we are a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act and have completed either of the forms of certification to that effect attached hereto as Annex 1 or Annex 2. We are aware that the sale to us is being made in reliance on Rule 144A. We are acquiring the Certificates for our own account or for resale pursuant to Rule 144A and further, understand that such Certificates may be resold, pledged or transferred only (i) to a person reasonably believed to be a qualified institutional buyer that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant to another exemption from registration under the Securities Act. If we are acquiring the Class CE-1 Certificates, we will provide to the Trustee a duly executed IRS Form W-9, W-8BEN, W-8IMY orW-8ECI (or applicable successor form) and agree to update any such form (i) upon expiration of any such form, (ii) as required under then applicable U.S. Treasury regulations.

			Very truly yours,
			[NAME OF TRANSFEREE]


			By:
			Authorized Officer

J-2

ANNEX 1 TO EXHIBIT J-2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees Other Than Registered Investment Companies]

The undersigned (the “Buyer”) hereby certifies as follows to the parties listed in the Rule 144A Transferee Certificate to which this certification relates with respect to the Certificates described therein:

i. As indicated below, the undersigned is the President, Chief Financial Officer, Senior Vice President or other executive officer of the Buyer.

ii. In connection with purchases by the Buyer, the Buyer is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a discretionary basis $ ¹ in securities (except for the excluded securities referred to below) as of the end of the Buyer’s most recent fiscal year (such amount being calculated in accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the category marked below.

___ Corporation, etc. The Buyer is a corporation (other than a bank, savings and loan association or similar institution), Massachusetts or similar business trust, partnership, or charitable organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.

___ Bank. The Buyer (a) is a national bank or banking institution organized under the laws of any State, territory or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto.

___ Savings and Loan. The Buyer (a) is a savings and loan association, building and loan association, cooperative bank, homestead association or similar institution, which is supervised and examined by a State or Federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto.

___ Broker-dealer. The Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934.

¹ Buyer must own and/or invest on a discretionary basis at least $_______ in securities unless Buyer is a dealer, and, in that case, Buyer must own and/or invest on a discretionary basis at least $__________ in securities.

J-3

___ Insurance Company. The Buyer is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, territory or the District of Columbia.

___ State or Local Plan. The Buyer is a plan established and maintained by a State, its political subdivisions, or any agency or instrumentality of the State or its political subdivisions, for the benefit of its employees.

___ ERISA Plan. The Buyer is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974.

___ Investment Advisor. The Buyer is an investment advisor registered under the Investment Advisors Act of 1940.

___ Small Business Investment Company. Buyer is a small business investment company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.

___ Business Development Company. Buyer is a business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940.

iii. The term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Buyer, (ii) securities that are part of an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank deposit notes and certificates of deposit, (v) loan participations, (vi) repurchase agreements, (vii) securities owned but subject to a repurchase agreement and (viii) currency, interest rate and commodity swaps.

iv. For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Buyer, the Buyer used the cost of such securities to the Buyer and did not include any of the securities referred to in the preceding paragraph, except (i) where the Buyer reports its securities holdings in its financial statements on the basis of their market value, and (ii) no current information with respect to the cost of those securities has been published. If clause (ii) in the preceding sentence applies, the securities may be valued at market. Further, in determining such aggregate amount, the Buyer may have included securities owned by subsidiaries of the Buyer, but only if such subsidiaries are consolidated with the Buyer in its financial statements prepared in accordance with generally accepted accounting principles and if the investments of such subsidiaries are managed under the Buyer’s direction. However, such securities were not included if the Buyer is a majority-owned, consolidated subsidiary of another enterprise and the Buyer is not itself a reporting company under the Securities Exchange Act of 1934, as amended.

v. The Buyer acknowledges that it is familiar with Rule 144A and understands that the seller to it and other parties related to the Certificates are relying and will continue to rely on the statements made herein because one or more sales to the Buyer may be in reliance on Rule 144A.

J-4

vi. Until the date of purchase of the Rule 144A Securities, the Buyer will notify each of the parties to which this certification is made of any changes in the information and conclusions herein. Until such notice is given, the Buyer’s purchase of the Certificates will constitute a reaffirmation of this certification as of the date of such purchase. In addition, if the Buyer is a bank or savings and loan is provided above, the Buyer agrees that it will furnish to such parties updated annual financial statements promptly after they become available.

			Print Name of Buyer


			By:
			Name:
			Title:

			Date:

J-5

ANNEX 2 TO EXHIBIT J-2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees That are Registered Investment Companies]

1. As indicated below, the undersigned is the President, Chief Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of Investment Companies (as defined below), is such an officer of the Adviser.

2. In connection with purchases by Buyer, the Buyer is a “qualified institutional buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment company registered under the Investment Company Act of 1940, as amended and (ii) as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies, owned at least $100,000,000 in securities (other than the excluded securities referred to below) as of the end of the Buyer’s most recent fiscal year. For purposes of determining the amount of securities owned by the Buyer or the Buyer’s Family of Investment Companies, the cost of such securities was used, except (i) where the Buyer or the Buyer’s Family of Investment Companies reports its securities holdings in its financial statements on the basis of their market value, and (ii) no current information with respect to the cost of those securities has been published. If clause (ii) in the preceding sentence applies, the securities may be valued at market.

___ The Buyer owned $ in securities (other than the excluded securities referred to below) as of the end of the Buyer’s most recent fiscal year (such amount being calculated in accordance with Rule 144A).

___ The Buyer is part of a Family of Investment Companies which owned in the aggregate $ in securities (other than the excluded securities referred to below) as of the end of the Buyer’s most recent fiscal year (such amount being calculated in accordance with Rule 144A).

3. The term “Family of Investment Companies” as used herein means two or more registered investment companies (or series thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser is a majority owned subsidiary of the other).

4. The term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Buyer or are part of the Buyer’s Family of Investment Companies, (ii) securities issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities owned but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps.

J-6

5. The Buyer is familiar with Rule 144A and understands that the parties listed in the Rule 144A Transferee Certificate to which this certification relates are relying and will continue to rely on the statements made herein because one or more sales to the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only purchase for the Buyer’s own account.

6. Until the date of purchase of the Certificates, the undersigned will notify the parties listed in the Rule 144A Transferee Certificate to which this certification relates of any changes in the information and conclusions herein. Until such notice is given, the Buyer’s purchase of the Certificates will constitute a reaffirmation of this certification by the undersigned as of the date of such purchase.

			Print Name of Buyer or Adviser


			By:
			Name:
			Title:


			IF AN ADVISER:

			Print Name of Buyer

			Date:

J-7

EXHIBIT K

FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT

C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2007-CB5

STATE OF	)
	) ss.:
COUNTY OF	)

The undersigned, being first duly sworn, deposes and says as follows:

1. The undersigned is [an officer of] , the proposed Transferee of an Ownership Interest in a [Class R and/or Class R-X Certificates] (the “Residual Certificate”) issued pursuant to the Pooling and Servicing Agreement, (the “Agreement”), relating to the above-referenced Certificates, among Asset Backed Funding Corporation, as depositor, Credit-Based Asset Servicing and Securitization LLC, as seller, Litton Loan Servicing LP, as servicer, and LaSalle Bank National Association, as trustee (the “Trustee”). Capitalized terms used, but not defined herein shall have the meanings ascribed to such terms in the Agreement. The Transferee has authorized the undersigned to make this affidavit on behalf of the Transferee.

2. The Transferee is, as of the date hereof, and will be, as of the date of the transfer, a Permitted Transferee. The Transferee is acquiring the Residual Certificate either (i) for its own account or (ii) as nominee, trustee or agent for another Person who is a Permitted Transferee and has attached hereto an affidavit from such Person in substantially the same form as this affidavit. The Transferee has no knowledge that any such affidavit is false.

3. The Transferee has been advised of, and understands that (i) a tax will be imposed on Transfers of the Residual Certificate to Persons that are not Permitted Transferees; (ii) such tax will be imposed on the transferor, or, if such transfer is through an agent (which includes a broker, nominee or middleman) for a Person that is not a Permitted Transferee, on the agent; and (iii) the Person otherwise liable for the tax shall be relieved of liability for the tax if the subsequent Transferee furnished to such Person an affidavit that such subsequent Transferee is a Permitted Transferee and, at the time of transfer, such Person does not have actual knowledge that the affidavit is false.

4. The Transferee has been advised of, and understands that a tax will be imposed on a “pass-through entity” holding the Certificate if at any time during the taxable year of the pass-through entity a Person that is not a Permitted Transferee is the record Holder of an interest in such entity. The Transferee understands that, other than in the case of an “electing large partnership” under Section 775 of the Code, such tax will not be imposed for any period with respect to which the record Holder furnishes to the pass-through entity an affidavit that such record Holder is a Permitted Transferee and the pass-through entity does not have actual knowledge that such affidavit is false. (For this purpose, a “pass-through entity” includes a regulated investment company, a real estate investment trust or common trust fund, a partnership, trust or estate, and certain cooperatives and, except as may be provided in Treasury Regulations, persons holding interests in pass-through entities as a nominee for another Person.)

K-1

5. The Transferee has reviewed the provisions of Section 5.02 of the Agreement and understands the legal consequences of the acquisition of the Residual Certificate including, without limitation, the restrictions on subsequent Transfers and the provisions regarding voiding the transfer and mandatory sales. The Transferee expressly agrees to be bound by and to abide by the provisions of Section 5.02 of the Agreement and the restrictions noted on the face of the Certificate. The Transferee understands and agrees that any breach of any of the representations included herein shall render the transfer to the Transferee contemplated hereby null and void.

6. The Transferee agrees to require a transfer affidavit in the form of this Affidavit from any Person to whom the Transferee attempts to transfer the Residual Certificate, and in connection with any transfer by a Person for whom the Transferee is acting as nominee, trustee or agent, and the Transferee will not transfer the Residual Certificate or cause the Residual Certificate to be transferred to any Person that the Transferee knows is not a Permitted Transferee.

7. The Transferee historically has paid its debts as they have become due.

8. The Transferee does not have the intention to impede the assessment or collection of any tax legally required to be paid with respect to the Residual Certificate.

9. The taxpayer identification number of the Transferee (or the Transferee’s nominee, if applicable) is ___________.

10. The Transferee is a U.S. Person as defined in Code Section 7701(a)(30).

11. The Transferee is aware that the Residual Certificate may be a “noneconomic residual interest” within the meaning of Treasury Regulations promulgated pursuant to the Code and that the transferor of a noneconomic residual interest will remain liable for any taxes due with respect to the income on such residual interest, unless no significant purpose of the transfer was to impede the assessment or collection of tax.

12. The Transferee will not cause income from the Residual Certificate to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of the Transferee or any other person.

13. If the Transferee is purchasing the Residual Certificate in a transfer intended to meet the safe harbor provisions of Treasury Regulations Sections 1.860E-1(c), the Transferee has executed and attached Attachment A hereto.

K-2

14. The Transferee is not an employee benefit plan or arrangement, subject to Title I of ERISA, or a plan subject to Section 4975 of the Code (each, a “Plan”), and the Transferee is not acting on behalf of, or using assets of, such a Plan.

* * *

K-3

IN WITNESS WHEREOF, the Transferee has caused this instrument to be executed on its behalf, pursuant to authority of its Board of Directors, by its duly authorized officer this _____ day of ________________, ____.

			Print Name of Transferee


			By:
			Name:
			Title:

Personally appeared before me the above-named ______________________________, known or proved to me to be the same person who executed the foregoing instrument and to be the _______________________ of the Transferee, and acknowledged that he executed the same as his free act and deed and the free act and deed of the Transferee.

Subscribed and sworn before me this _____ day of _______________________, ____

			NOTARY PUBLIC

			My Commission expires the ____ day of ______________, ____

K-4

ATTACHMENT A

AFFIDAVIT PURSUANT TO SECTION 860E(e)(4) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND FOR NON-ERISA INVESTORS

Check the appropriate box:

The consideration paid to the Transferee to acquire the Residual Certificate equals or exceeds the excess of (a) the present value of the anticipated tax liabilities over (b) the present value of the anticipated savings associated with holding such Residual Certificate, in each case calculated in accordance with U.S. Treasury Regulations Sections 1.860E-1(c)(7) and (8), computing present values using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code and the compounding period used by the Transferee.

·	The transfer of the Residual Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly:

(i)

the Transferee is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income from Residual Certificate will only be taxed in the United States;

(ii)

at the time of the transfer, and at the close of the Transferee’s two fiscal years preceding the year of the transfer, the Transferee had gross assets for financial reporting purposes (excluding any obligation of a person related to the Transferee within the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

(iii)

the Transferee will transfer the Residual Certificate only to another “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations;

(iv)

the Transferee has determined the consideration paid to it to acquire the Residual Certificate based on reasonable market assumptions (including, but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax rates and other factors specific to the Transferee) that it has determined in good faith; and

(v)

in the event of any transfer of the Residual Certificate by the Transferee, the Transferee will require its transferee to complete a representation in the form of this Attachment A as a condition of such transferee’s purchase of the Residual Certificate.

K-5

EXHIBIT L

FORM OF TRANSFEROR CERTIFICATE

[DATE]

LaSalle Bank National Association

135 S. LaSalle Street, Suite 1511

Chicago, IL 60603

Attn: Global Securities and Trust Services Group - C-BASS 2007-CB5

Asset Backed Funding Corporation

214 North Tryon Street

Charlotte, North Carolina 28255

Re: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

Ladies and Gentlemen:

In connection with our disposition of the C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5 (the “Certificates”), we certify that (a) we understand that the Certificates have not been registered under the Securities Act of 1933, as amended (the “Act”), and are being disposed by us in a transaction that is exempt from the registration requirements of the Act, (b) we have not offered or sold any Certificates to, or solicited offers to buy any Certificates from, any person, or otherwise approached or negotiated with any person with respect thereto, in a manner that would be deemed, or taken any other action which would result in, a violation of Section 5 of the Act, (c) to the extent we are disposing of a Class R or Class R-X Certificate, we have no knowledge the Transferee is not a Permitted Transferee and (d) no purpose of the proposed disposition of a Class R or Class R-X Certificate is to impede the assessment or collection of tax.

			Very truly yours,


			[_____________________]

			By:

L-1

EXHIBIT M

FORM OF OFFICER’S CERTIFICATE WITH RESPECT TO PREPAYMENTS

Officer’s Certificate

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

<Date>

Via Facsimile

LaSalle Bank National Association, as Trustee

135 S. LaSalle Street, Suite 1511

Chicago, IL 60603

Attn: Global Securities and Trust Services Group - C-BASS 2007-CB5

Re: Prepayments

Dear Sir or Madam:

__________________ hereby certifies that he/she is an officer of the Servicer, holding the office set forth beneath his/her name and hereby further certifies as follows with respect to the Mortgage Loans set forth in the attached schedule:

1.	A Principal Prepayment in full was received during the related Collection Period;

2.	Any prepayment charge due under the terms of the Mortgage Note with respect to such Principal Prepayment in Full was received from the mortgagor and deposited in the Collection Account; ____ Yes ____ No

As to each Mortgage Loan so noted on the attached schedule, all or part of the prepayment charge required in connection with the Principal Prepayment in Full was waived based upon (Circle one): (i) the related Mortgage Loan being in default or foreseeable default and such waiver (a) was standard and customary in servicing mortgage loans similar to the Mortgage Loans and (b) the Servicer’s determination that such waiver would maximize recovery of Liquidation Proceeds for such Mortgage Loan, taking into account the value of such prepayment penalty, (ii)(A) the enforceability thereof be limited (1) by bankruptcy insolvency, moratorium, receivership, or other similar law relating to creditors’ rights generally or (2) due to acceleration in connection with a foreclosure or other involuntary payment, or (B) the enforceability is otherwise limited or prohibited by applicable law or (iii) the Servicer not being provided with information sufficient to enable it to collect the prepayment charge;

4.	We certify that all amounts due in connection with the waiver of a prepayment charge inconsistent with number 3 above which are required to be deposited by the Servicer pursuant to Section 3.01 of the Pooling and Servicing Agreement, have been or will be so deposited.

Capitalized terms used herein shall have the meanings ascribed to such terms in the Pooling and Servicing Agreement, dated as of May 1, 2007, among Asset Backed Funding Corporation, as depositor, Credit-Based Asset Servicing and Securitization LLC, as seller, Litton Loan Servicing LP, as servicer, and LaSalle Bank National Association.

			By: LITTON LOAN SERVICING LP


			Name:
			Title:

M-1

EXHIBIT N

[RESERVED]

N-1

EXHIBIT O-1

CAP AGREEMENT

[Please see the 8-K filed and accepted by the

Securities and Exchange Commission on June 15, 2007, with a filing

date of June 15, 2007 and accession number

0001393401-07-000020.]

O-1-1

EXHIBIT O-2

SWAP AGREEMENT

[Please see the 8-K filed and accepted by the

Securities and Exchange Commission on June 15, 2007, with a filing

date of June 15, 2007 and accession number

0001393401-07-000020.]

O-2-1

EXHIBIT P-1

FORM OF SARBANES CERTIFICATION

Re:

C-BASS 2007-CB5 Trust (the “Trust”), C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5, issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2007 (the “Pooling and Servicing Agreement”), among Asset Backed Funding Corporation, as depositor (the “Depositor”), Litton Loan Servicing LP, as servicer (the “Servicer”), Credit-Based Asset Servicing and Securitization LLC, as seller (the “Seller”), and LaSalle Bank National Association, as trustee (the “Trustee”)

I, [identify the certifying individual], certify that:

(1) I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of the Trust (the “Exchange Act periodic reports”);

(2) Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

(4) I am responsible for reviewing the activities performed by the servicer(s) and based on my knowledge and the compliance review(s) conducted in preparing the servicer compliance statement(s) required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer(s) [has/have] fulfilled [its/their] obligations under the Pooling and Servicing Agreement [and servicing agreement(s)] in all material respects; and

(5) All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

P-1-1

[In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties [name of servicer, sub-servicer, co-servicer, depositor, trustee or the custodian].]


Date:

			[Signature]
			[Title]

P-1-2

EXHIBIT P-2

FORM OF CERTIFICATE TO BE PROVIDED BY TRUSTEE

Re:

The Trustee hereby certifies to the Servicer, and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

(1) I have reviewed the annual report on Form 10-K for the fiscal year [_] (the “Annual Report”), and all reports on Monthly Statements filed in respect of period covered by the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

(2) Subject to Paragraph 4, based on my knowledge, the Distribution Information in the Monthly Statements prepared by the Trustee, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact required by the Pooling and Servicing Agreement to be included therein and necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Annual Report;

(3) Based on my knowledge, the Distribution Information required to be provided by the Trustee under the Pooling and Servicing Agreement is included in the Reports;

(4) In compiling the Distribution Information and making the foregoing certifications, the Trustee has relied upon information furnished to it by the Servicer under the Pooling and Servicing Agreement. The Trustee shall have no responsibility or liability for any inaccuracy in such Reports resulting from information so provided by the Servicer.

Capitalized terms used but not defined herein have the meanings ascribed to them in the Pooling and Servicing Agreement.

Date:


Name:
Title:

P-2-1

EXHIBIT Q

SCHEDULE OF MORTGAGE LOANS WITHOUT TITLE POLICIES

	Loan Number
1.
2.

Q-1

EXHIBIT R

FORM OF POWER OF ATTORNEY

RECORDING REQUESTED BY

AND WHEN RECORDED MAIL TO

LITTON LOAN SERVICING LP

4828 Loop Central Drive

Houston, Texas 77081

Attn: _________________________________

LIMITED POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that LaSalle Bank National Association, having its principal place of business at 135 S. LaSalle Street, Suite 1511, Chicago, IL 60603, as Trustee (the “Trustee”) pursuant to that Pooling and Servicing Agreement among Asset Backed Funding Corporation (the “Depositor”), Litton Loan Servicing LP (the “Servicer”), Credit-Based Asset Servicing and Securitization LLC (the “Seller”), and the Trustee, dated as of May 1, 2007 (the “Pooling and Servicing Agreement”), hereby constitutes and appoints the Servicer, by and through the Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with all mortgage loans serviced by the Servicer pursuant to the Pooling and Servicing Agreement for the purpose of performing all acts and executing all documents in the name of the Trustee as may be customarily and reasonably necessary and appropriate to effectuate the following enumerated transactions in respect of any of the mortgages or deeds of trust (the “Mortgages” and the “Deeds of Trust,” respectively) and promissory notes secured thereby (the “Mortgage Notes”) for which the undersigned is acting as Trustee for various certificateholders (whether the undersigned is named therein as mortgagee or beneficiary or has become mortgagee by virtue of endorsement of the Mortgage Note secured by any such Mortgage or Deed of Trust) and for which the Servicer is acting as servicer, all subject to the terms of the Pooling and Servicing Agreement.

This appointment shall apply to the following enumerated transactions only:

1. The modification or re-recording of a Mortgage or Deed of Trust, where said modification or re-recordings is for the purpose of correcting the Mortgage or Deed of Trust to conform same to the original intent of the parties thereto or to correct title errors discovered after such title insurance was issued and said modification or re-recording, in either instance, does not adversely affect the lien of the Mortgage or Deed of Trust as insured.

2. The subordination of the lien of a Mortgage or Deed of Trust to an easement in favor of a public utility company of a government agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases, partial reconveyances or the execution or requests to trustees to accomplish same.

R-1

3. The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as real estate owned, or conveyance of title to real estate owned.

4. The completion of loan assumption agreements.

5. The full satisfaction/release of a Mortgage or Deed of Trust or full conveyance upon payment and discharge of all sums secured thereby, including, without limitation, cancellation of the related Mortgage Note.

6. The assignment of any Mortgage or Deed of Trust and the related Mortgage Note, in connection with the repurchase of the mortgage loan secured and evidenced thereby.

7. The full assignment of a Mortgage or Deed of Trust upon payment and discharge of all sums secured thereby in conjunction with the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

8. With respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a deed in lieu of foreclosure, or the completion of judicial or non-judicial foreclosure or termination, cancellation or rescission of any such foreclosure, including, without limitation, any and all of the following acts:

a. the substitution of trustee(s) serving under a Deed of Trust, in accordance with state law and the Deed of Trust;

b. the preparation and issuance of statements of breach or non-performance;

c. the preparation and filing of notices of default and/or notices of sale;

d. the cancellation/rescission of notices of default and/or notices of sale;

e. the taking of a deed in lieu of foreclosure; and

f. the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms of the Mortgage, Deed of Trust or state law to expeditiously complete said transactions in paragraphs 8.a. through 8.e., above.

Notwithstanding anything contained herein to the contrary, the Servicer shall not, without the Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Trustee's name without indicating the Servicer’s representative capacity; provided that the Servicer shall not be required to sign this Limited Power of Attorney in order to perform the functions enumerated herein or (ii) take any action with the intent to cause, or which actually does cause, the Trustee to be registered to do business in any state.

The undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall lawfully do or cause to be done by authority hereof.

Third parties without actual notice may rely upon the exercise of the power granted under this Limited Power of attorney; and may be satisfied that this Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made in writing by the undersigned.

R-2

IN WITNESS WHEREOF, LaSalle Bank National Association, as Trustee pursuant to that Pooling and Servicing Agreement among the Depositor, the Servicer, the Seller and the Trustee, dated as of May 1, 2007 (C-BASS Mortgage Loan Asset Backed Certificates, Series 2007-CB5), has caused its corporate seal to be hereto affixed and these presents to be signed and acknowledged in its name and behalf by its duly elected and authorized ___________ this ___ day of __________, 2007.

			LASALLE BANK NATIONAL ASSOCIATION, as Trustee


			By:
			Name:
			Title:

Personally appeared before me the above-named ______________________________, known or proved to me to be the same person who executed the foregoing instrument and to be the _______________________ of the Trustee for C-BASS Mortgage Loan Asset Backed Certificates, Series 2007-CB5, and acknowledged that s/he executed the same as her/his free act and deed and the free act and deed of the Trustee.

Subscribed and sworn before me this _____ day of _______________________, ____

			NOTARY PUBLIC

			My Commission expires the ____ day of ______________, ____

R-3

EXHIBIT S

SERVICING CRITERIA

SERVICING CRITERIA TO BE ADDRESSED

IN ASSESSMENT OF COMPLIANCE

Definitions	Key:
Servicer - transaction party having borrower contact	X - obligation
Custodian - safe keeper of pool assets
Trustee - fiduciary of the transaction

Where there are multiple checks for criteria the attesting party will identify in their management assertion that they are attesting only to the portion of the distribution chain they are responsible for in the related transaction agreements. This Exhibit S may be amended by mutual consent between the parties hereto.

Reg AB Reference	Servicing Criteria	Litton Loan Servicing LP (Servicer)	The Bank of New York (Custodian)	LaSalle Bank National Association (Trustee)

	General Servicing Considerations
1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	X		X
1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	If applicable for a transaction participant	If applicable for a transaction participant	If applicable for a transaction participant
1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained.
1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	X
	Cash Collection and Administration
1122(d)(2)(i)	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	X		X*
1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	X		X

S-1

Reg AB Reference	Servicing Criteria	Litton Loan Servicing LP (Servicer)	The Bank of New York (Custodian)	LaSalle Bank National Association (Trustee)
1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	X
1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	X*		X
1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	X		X*
1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	If applicable		If applicable
1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	X		X
	Investor Remittances and Reporting
1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer.	X*		X

S-2

Reg AB Reference

Servicing Criteria

Litton Loan Servicing LP (Servicer)

The Bank of New York (Custodian)

LaSalle Bank National Association (Trustee)

1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.			X
1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	X		X
1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	X		X
	Pool Asset Administration
1122(d)(4)(i)	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.		X	X*
1122(d)(4)(ii)	Pool assets and related documents are safeguarded as required by the transaction agreements		X
1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	X	X	X
1122(d)(4)(iv)	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	X
1122(d)(4)(v)	The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	X
1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	X
1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	X
1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	X

S-3

Reg AB Reference

Servicing Criteria

Litton Loan Servicing LP (Servicer)

The Bank of New York (Custodian)

LaSalle Bank National Association (Trustee)

1122(d)(4)(ix)	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	X
1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements.	X
1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	X
1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	X
1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	X
1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	X
1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.		X

*For (d)(2)(i) and (v) - Trustee needs to provide only if it is deemed that any account maintained by the Trustee is a custodial account for purposes of the these servicing criteria

* For (d)(2)(iv) - Servicer needs to provide only if it is deemed that the collection account is subject to this criteria

*For (d)(3)(i)(C) - Waterfall calculations are a Trustee responsibility under the Pooling Agreement.

*For (d)(3)(ii) - Waterfall calculations are a Trustee responsibility under the Pooling Agreement.

* For (d) (4)(i) - Trustee needs to provide only if it is deemed that the final certification required to be delivered by the Trustee pursuant to Section 2.02, Acceptance by the Trustee of the Mortgage Loans, of the Pooling Agreement is not covered in the (d)(4)(iii) servicing criteria.

S-4

EXHIBIT T-1

FORM 8-K DISCLOSURE

Item on Form 8-K		Party Responsible
Item 1.01- Entry into a Material Definitive Agreement		All parties as to themselves
Item 1.02- Termination of a Material Definitive Agreement		All parties as to themselves
Item 1.03- Bankruptcy or Receivership		All parties as to themselves
Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement		N/A
Item 3.03- Material Modification to Rights of Security Holders		Covered in Item 1.01
Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year		Depositor
Item 6.01 - ABS Informational and Computational Material		N/A
Item 6.02- Change of Servicer or Trustee		Servicer (as to Servicer or each Subservicer it engages), Trustee (as to Trustee or any Subcontractor it engages)
Item 6.03- Change in Credit Enhancement or External Support		Depositor
Item 6.04- Failure to Make a Required Distribution		Trustee
Item 6.05- Securities Act Updating Disclosure		Depositor
Item 7.01- Reg FD Disclosure		Depositor
Item 8.01 - Other Events		All parties as to themselves
Item 9.01 - Financial Statements and Exhibits		All parties as it relates to their own agreements

T-1-1

EXHIBIT T-2

FORM 10-D DISCLOSURE

Item on Form 10-D		Party Responsible
Item 1: Distribution and Pool Performance Information Material breaches of Mortgage Loan Representations Material breaches of covenants under this Agreement		Trustee Servicer Servicer, Trustee and Depositor (each as to itself and with respect to other parties, as to which it obtains actual notice.)
Item 2: Legal Proceedings per Item 1117 of Reg AB		All parties to the Pooling and Servicing Agreement (as to themselves), the depositor as to the issuing entity and any 1100(d)(1) party
Item 3: Sale of Securities and Use of Proceeds		Depositor
Item 4: Defaults Upon Senior Securities		Trustee
Item 5: Submission of Matters to a Vote of Security Holders		Trustee
Item 6: Significant Obligors of Pool Assets 1112(b)		N/A
Item 7: Significant Enhancement Provider Information
Item 1114(b)(2)-Credit Enhancement Provider Financial Information		N/A
Item 1115(b)-Derivative Counterparty Financial Information		Depositor
Item 8: Other Information		Depositor, Sponsor, Trustee and any other party responsible for disclosure items on Form 8-K
Item 9: Exhibits		Depositor, Sponsor, Trustee (as to monthly payment/distribution reports only)

T-2-1

EXHIBIT T-3

FORM 10-K DISCLOSURE

Item on Form 10-K		Party Responsible
Item 9B: Other Information		Depositor, Trustee and any other party responsible for disclosure items on Form 8-K
Item 15: Exhibits, Financial Statement Schedules		Trustee/Servicer/ Depositor
Additional Item: Disclosure per Item 1112(b) of Reg AB		N/A
Additional Item: Disclosure per Item 1114(b)(2) of Reg AB		N/A
Additional Item: Disclosure per Item 1115(b) of Reg AB		Depositor
Additional Item: Disclosure per Item 1117 of Reg AB		All parties to the Pooling and Servicing Agreement (as to themselves), the Depositor as to the issuing entity and any 1100(d)(1) party
Additional Item: Disclosure per Item 1119 of Reg AB		All parties to the Pooling and Servicing Agreement
Additional Item: Disclosure per Item 1122 of Reg AB		Servicer and Subservicer, Trustee and Subcontractor and Custodian
Additional Item: Disclosure per Items 1123 of Reg AB		Servicer and Subservicer, Trustee and Subcontractor and Custodian

T-3-1

EXHIBIT U

ADDITIONAL DISCLOSURE INFORMATION

**SEND TO LASALLE VIA FAX AT 312-904-2084 AND VIA EMAIL TO edgar@abnamro.com AND SEND TO BOTH LASALLE AND THE DEPOSITOR VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

LaSalle Bank, N.A., as Trustee

135 S. LaSalle Street, Suite 1511

Chicago, Illinois 60603

Attention: Global Securities and Trust Services - C-BASS, Series 2007-CB5—SEC REPORT PROCESSING

Asset Backed Funding Corporation

214 North Tryon Street

Charlotte, North Carolina 28255

RE: **Additional Form [__] Disclosure** Required

Ladies and Gentlemen:

In accordance with Section 3.29 of the Pooling and Servicing Agreement, dated as of May 1, 2007, among Asset Backed Funding Corporation, as depositor (the “Depositor”), Credit-Based Asset Servicing and Securitization LLC, as seller (the “Seller”), Litton Loan Servicing LP, as servicer (the “Servicer”), and LaSalle Bank National Association, as trustee (the “Trustee”). The undersigned, as [____], hereby notifies you that certain events have come to our attention that [will][may] need to be disclosed on Form [___].

Description of Additional Form [__ ] Disclosure:

List of Any Attachments hereto to be included in the Additional Form [__] Disclosure:

Any inquiries related to this notification should be directed to [___], phone number: [___]; email address: [___].

			[NAME OF PARTY]
			as [role]


			By:
			Name:
			Title:

U-1

C-BASS 2007-CB5 Trust 8-K/A