ACE Securities Corp. Home Equity Loan Trust, Series 2007-ASAP2 Inactive
Filed: 18 May 07, 12:00am
Registration Statement No. 333-141008
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ACE Securities Corp. Deutsche Bank [LOGO]
Home Equity Loan Trust, Series 2007-ASAP2 TERM SHEET
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The following material is "ABS informational and computational material" used in reliance on Rule 167 under the
Securities Act of 1933, as amended. The information in this term sheet is preliminary and is subject to
completion or change.
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TERM SHEET SUPPLEMENT
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ACE Securities Corp.
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$555,678,000 (Approximate)
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Home Equity Loan Trust
Series 2007-ASAP2
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ACE Securities Corp.
(Depositor)
ACE Securities Corp. Home Equity Loan Trust, Series 2007-ASAP2
(Issuing Entity)
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Deutsche Bank [LOGO]
May 17, 2007
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The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this term sheet
relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has
filed with the SEC for more complete information about the issuing entity and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus if you request it by calling DBSI's trading desk at 212-250-7730. This term sheet
is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement. The
information in this term sheet is preliminary and is subject to completion or change. The information in this term sheet, if
conveyed prior to the time of your commitment to purchase, supersedes information contained in any prior similar term sheet relating
to these securities. THIS TERM SHEET IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE
WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED. The information in this term sheet may be based on preliminary assumptions
about the pool assets and the structure. Any such assumptions are subject to change
1
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ACE Securities Corp. Deutsche Bank [LOGO]
Home Equity Loan Trust, Series 2007-ASAP2
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The analysis in this report is based on information provided by ACE Securities Corp. (the "Depositor") and is ABS informational and
computational material used in reliance on Securities Act Rule 167 (230.167). Investors are urged to read the base prospectus and
the prospectus supplement and other relevant documents filed or to be filed with the Securities and Exchange Commission because they
contain important information. Such documents may be obtained without charge at the Securities and Exchange Commission's website.
The Commission file number for the related registration statement is 333-141008. Once available, the base prospectus and prospectus
supplement may be obtained without charge by contacting Deutsche Bank Securities, Inc.'s ("DBSI") trading desk at (212) 250-7730.
This term sheet is not required to contain all information that is required to be included in the base prospectus and the prospectus
supplement (collectively, the "Prospectus"). The information in this term sheet is preliminary and is subject to completion or
change. The information in this term sheet, if conveyed prior to the time of your commitment to purchase, supersedes information
contained in any prior similar term sheet relating to these securities. This term sheet is not an offer to sell or a solicitation of
an offer to buy these securities in any state where such offer, solicitation or sale is not permitted. You should consult your own
counsel, accountant, and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these
securities.
The attached information contains certain tables and other statistical analyses (the "Computational Materials") which have been
prepared by DBSI in reliance upon information furnished by the Depositor. Numerous assumptions were used in preparing the
Computational Materials that may or may not be reflected herein. As such, no assurance can be given as to whether the Computational
Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These
Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting
advice. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on
prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and
principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or
faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational
Materials assume no losses on the underlying assets and no interest shortfalls. The specific characteristics of the securities may
differ from those shown in the Computational Materials by a permitted variance of +/- 5% prior to issuance. Neither DBSI nor any of
its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or
the payments or yield on the securities.
An investor or potential investor in the certificates (and each employee, representative, or other agent of such person or entity)
may disclose to any and all persons, without limitation, the tax treatment and tax structure of the transaction (as defined in
United States Treasury Regulation Section 1.6011-4) and all related materials of any kind, including opinions or other tax analyses,
that are provided to such person or entity. However, such person or entity may not disclose any other information relating to this
transaction unless such information is related to such tax treatment and tax structure.
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY DBSI AND NOT BY THE ISSUER OF THE SECURITIES OR ANY OF ITS AFFILIATES. DBSI IS ACTING
AS UNDERWRITER AND NOT ACTING AS AGENT FOR THE ISSUER IN CONNECTION WITH THE PROPOSED TRANSACTION.
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The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this term sheet
relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has
filed with the SEC for more complete information about the issuing entity and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus if you request it by calling DBSI's trading desk at 212-250-7730. This term sheet
is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement. The
information in this term sheet is preliminary and is subject to completion or change. The information in this term sheet, if
conveyed prior to the time of your commitment to purchase, supersedes information contained in any prior similar term sheet relating
to these securities. THIS TERM SHEET IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE
WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED. The information in this term sheet may be based on preliminary assumptions
about the pool assets and the structure. Any such assumptions are subject to change
2
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ACE Securities Corp. Deutsche Bank [LOGO]
Home Equity Loan Trust, Series 2007-ASAP2
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TERM SHEET SUPPLEMENT DATED May 17, 2007
ACE Securities Corp.
Home Equity Loan Trust, Series 2007-ASAP2
$555,678,000 (Approximate)
All dollar amounts and percentages contained herein are subject to a permitted variance of +/- 5%
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Structure Overview
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To 10% Optional Termination
Class Approximate Initial CE %* Targeted CE % On/After Expected Ratings
Size ($) Step Down Date* S / M
Offered Certificates:
A-1 $196,819,000 } AAA / Aaa
A-2A $121,892,000 } AAA / Aaa
A-2B $38,458,000 } 24.95% 49.90% AAA / Aaa
A-2C $47,807,000 } AAA / Aaa
A-2D $34,705,000 } AAA / Aaa
M-1 $23,141,000 21.00% 42.00% AA+ / Aa1
M-2 $21,676,000 17.30% 34.60% AA+ / Aa2
M-3 $12,889,000 15.10% 30.20% AA / Aa3
M-4 $11,131,000 13.20% 26.40% AA / A1
M-5 $10,545,000 11.40% 22.80% AA- / A2
M-6 $9,666,000 9.75% 19.50% AA- / A3
M-7 $9,666,000 8.10% 16.20% A+ / Baa1
M-8 $9,081,000 6.55% 13.10% A- / Baa2
M-9 $8,202,000 5.15% 10.30% BBB+ / Baa3
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Total Offered $555,678,000
* Approximate
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Transaction Overview
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Delinquency Test: The determination on any Distribution Date that the percentage obtained by dividing (x) the principal
amount of (1) Mortgage Loans delinquent 60 days or more, (2) Mortgage Loans in foreclosure, (3) REO
Properties and (4) Mortgage Loans discharged due to bankruptcy by (y) the aggregate principal balance of
the Mortgage Loans, in each case, as of the last day of the previous calendar month, exceeds 32.00% of
the Credit Enhancement Percentage of the Class A Certificates.
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The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this term sheet
relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has
filed with the SEC for more complete information about the issuing entity and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus if you request it by calling DBSI's trading desk at 212-250-7730. This term sheet
is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement. The
information in this term sheet is preliminary and is subject to completion or change. The information in this term sheet, if
conveyed prior to the time of your commitment to purchase, supersedes information contained in any prior similar term sheet relating
to these securities. THIS TERM SHEET IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE
WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED. The information in this term sheet may be based on preliminary assumptions
about the pool assets and the structure. Any such assumptions are subject to change
3
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ACE Securities Corp. Deutsche Bank [LOGO]
Home Equity Loan Trust, Series 2007-ASAP2
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FOR ADDITIONAL INFORMATION PLEASE CALL:
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Deutsche Bank Securities
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Whole Loan Trading
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Michael Commaroto 212-250-3114
Paul Mangione 212-250-5786
ABS Banking
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Sue Valenti 212-250-3455
Ernest Calabrese 212-250-5859
Patrick Lachanski 212-250-2259
ABS Structuring
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Bill Yeung 212-250-6893
Chris Sudol 212-250-0507
ABS Collateral
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Reta Chandra 212-250-2729
Jhoana Pajarillo 212-250-8387
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Standard & Poor's Rating Service
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Mark Goldenberg 212-438-1641
Mike Dougherty 212-438-6891
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Moody's Investors Service, Inc.
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Karen Ramallo 212-553-0370
Rachel Peng 212-553-3831
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The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this term sheet
relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has
filed with the SEC for more complete information about the issuing entity and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus if you request it by calling DBSI's trading desk at 212-250-7730. This term sheet
is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement. The
information in this term sheet is preliminary and is subject to completion or change. The information in this term sheet, if
conveyed prior to the time of your commitment to purchase, supersedes information contained in any prior similar term sheet relating
to these securities. THIS TERM SHEET IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE
WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED. The information in this term sheet may be based on preliminary assumptions
about the pool assets and the structure. Any such assumptions are subject to change
4