EX-33.7
GreenPoint Mortgage Funding, Inc.
Certification Regarding Compliance with Applicable Servicing Criteria
1. GreenPoint Mortgage Funding, Inc, ("GreenPoint") is responsible for
assessing compliance with the servicing criteria applicable to it under
paragraph (d) of Item 1122 of Regulation AB, as of and for the 12-month
period ending December 31, 2007 (the "Reporting Period"), as set forth in
Appendix A hereto. The transactions covered by this report include
asset-backed securities transactions for which GreenPoint acted as servicer
involving residential mortgage loans (the "Platform");
2. GreenPoint has engaged certain vendors, which are not deemed to be
servicers as defined in Item 1101(j) of Regulation AB (the "Vendors"), to
perform specific, limited or scripted activities, and GreenPoint elects to
take responsibility for assessing compliance with the servicing criteria or
portion of the servicing criteria applicable to such Vendors' activities as
set forth in Appendix A hereto;
3. Except as set forth in paragraph 4 below, GreenPoint used the criteria set
forth in paragraph (d) of Item 1122 of Regulation AB to assess the
compliance with the applicable servicing criteria;
4. The criteria listed in the column titled "Inapplicable Servicing Criteria"
on Appendix A hereto are inapplicable to GreenPoint based on the activities
it performs, directly or through its Vendors, with respect to the Platform;
5. GreenPoint has complied, in all material respects, with the applicable
servicing criteria as of December 31, 2007 and for the Reporting Period
with respect to the Platform taken as a whole;
6. GreenPoint has not identified and is not aware of any material instance of
noncompliance by the Vendors with the applicable servicing criteria as of
December 31, 2007 and for the Reporting Period with respect to the Platform
taken as a whole;
7. GreenPoint has not identified any material deficiency in its policies and
procedures to monitor the compliance by the Vendors with the applicable
servicing criteria as of December 31, 2007 and for the Reporting Period
with respect to the Platform taken as a whole; and
8. Ernst & Young, a registered public accounting firm, has issued an
attestation report on GreenPoint's assessment of compliance with the
applicable servicing criteria for the Reporting Period.
February 29, 2008
GreenPoint Mortgage Funding, Inc.
By: /s/ Michael Gathright
Name: Michael Gathright
Title: Senior Vice President, Loan Administration
(page)
APPENDIX A
INAPPLICABLE
APPLICABLE SERVICING
SERVICING CRITERIA SERVICING CRITERIA CRITERIA
Performed
by
Vendor(s)
for which
Performed GreenPoint
Directly is the
by Responsible
Reference Criteria GreenPoint Party
General Servicing Considerations
1122(d)(1)(i) Policies and procedures are instituted X
to monitor any performance or other
triggers and events of default in
accordance with the transaction
agreements.
1122(d)(1)(ii) If any material servicing activities X
are outsourced to third parties, policies
and procedures are instituted to monitor
the third party's performance and
compliance with such servicing
activities.
1122(d)(1)(iii) Any requirements in the transaction X
agreements to maintain a back-up servicer
for the mortgage loans are maintained.
1122(d)(1)(iv) A fidelity bond and errors and X
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.
INAPPLICABLE
APPLICABLE SERVICING
SERVICING CRITERIA SERVICING CRITERIA CRITERIA
Performed
by
Vendor(s)
for which
Performed GreenPoint
Directly is the
by Responsible
Reference Criteria GreenPoint Party
Cash Collection and Administration
1122(d)(2)(i) Payments on mortgage loans are deposited X X^1
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.
1122(d)(2)(ii) Disbursements made via wire transfer on X
behalf of an obligor or to an investor are
made only by authorized personnel.
1122(d)(2)(iii) Advances of funds or guarantees X
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.
1122(d)(2)(iv) The related accounts for the X
transaction, such as cash reserve
accounts or accounts established as a
form of overcollateralization, are
separately maintained (e.g., with respect
to commingling of cash) as set forth in
the transaction agreements.
1122(d)(2)(v) Each custodial account is maintained at X
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.
1122(d)(2)(vi) Unissued checks are safeguarded so as X
to prevent unauthorized access.
1122(d)(2)(vii) Reconciliations are prepared on a X
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.
INAPPLICABLE
APPLICABLE SERVICING
SERVICING CRITERIA SERVICING CRITERIA CRITERIA
Performed
by
Vendor(s)
for which
Performed GreenPoint
Directly is the
by Responsible
Reference Criteria GreenPoint Party
Investor Remittances and Reporting
1122(d)(3)(i) Reports to investors, including those X
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 the investors' or
trustee's records as to the total unpaid
principal balance and number of mortgage
loans serviced by the Servicer.
1122(d)(3)(ii) Amounts due to investors are allocated X
and remitted in accordance with
timeframes, distribution priority and
other terms set forth in the transaction
agreements.
1122(d)(3)(iii) Disbursements made to an investor are X
posted within two business days to the
Servicer's investor records, or such other
number of days specified in the transaction
agreements.
1122(d)(3)(iv) Amounts remitted to investors per the X
investor reports agree with cancelled
checks, or other form of payment, or
custodial bank statements.
INAPPLICABLE
APPLICABLE SERVICING
SERVICING CRITERIA SERVICING CRITERIA CRITERIA
Performed
by
Vendor(s)
for which
Performed GreenPoint
Directly is the
by Responsible
Reference Criteria GreenPoint Party
Pool Asset Administration
1122(d)(4)(i) Collateral or security on mortgage loans X
is maintained as required by the
transaction agreements or related mortgage
loan documents.
1122(d)(4)(ii) Mortgage loan and related documents are X
safeguarded as required by the
transaction agreements.
1122(d)(4)(iii) Any additions, removals, or X
substitutions to the asset pool are made,
reviewed, and approved in accordance with
any conditions or requirements in the
transaction agreements.
1122(d)(4)(iv) Payments on mortgage loans, including any X X^1
payoffs, made in accordance with related
mortgage loan 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 mortgage loan documents.
1122(d)(4)(v) The Servicer's records regarding the X
mortgage loans agree with the servicer's
records with respect to an obligor's
unpaid principal balance.
1122(d)(4)(vi) Changes with respect to the terms or X
status of an obligor's mortgage loans (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.
1122(d)(4)(vii) Loss mitigation or recovery actions X
(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.
1122(d)(4)(viii) Records documenting collection efforts X
are maintained during the period a mortgage
loan 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 mortgage loans including, for
example, phone calls, letters, and
payment rescheduling plans in cases where
delinquency is deemed temporary (e.g.,
illness or unemployment).
1122(d)(4)(ix) Adjustments to interest rates or rates X
of return for mortgage loans with variable
rates are computed based on the related
mortgage loan documents.
1122(d)(4)(x) Regarding any funds held in trust for X
an obligor (such as escrow accounts): (A)
such funds are analyzed, in accordance
with the obligor's mortgage loan 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 mortgage loan
documents and state laws; and (C) such
funds are returned to the obligor within
30 calendar days of full repayment of the
related mortgage loans, or such other number
of days specified in the transaction
agreements.
1122(d)(4)(xi) Payments made on behalf of an obligor X^2
(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.
1122(d)(4)(xii) Any late payment penalties in X^2
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.
1122(d)(4)(xiii) Disbursements made on behalf of an X
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.
1122(d)(4)(xiv) Delinquencies, charge-offs, and X
uncollectible accounts are recognized and
recorded in accordance with the
transaction agreements.
1122(d)(4)(xv) Any external enhancement or other X
support identified in Item
1114(a)(1) through (3) or Item 1115 of
Regulation AB, is maintained as set
forth in the transaction agreements.
<FN>
(1) The servicer has elected to take responsibility for assessing compliance
with such servicing criteria as permitted by the Interpretation 17.06 of
the SEC Division of Finance telephone interpretation with respect to the
initial processing of cash receipts at the lockbox
(2) The servicer will obtain an assertion of management and an accompanying
1122 attestation report from the vendor performing such activities.
</FN>