ITEM 1. Business.
Omitted.
ITEM 1A.
ITEM 1A. Risk Factors.
Omitted.
ITEM 1B.
ITEM 1B. Unresolved Staff Comments.
None.
ITEM 2.
ITEM 2. Properties.
Omitted.
ITEM 3.
ITEM 3. Legal Proceedings.
Omitted.
ITEM 4.
ITEM 4. Submission of Matters to a Vote of Security Holders.
Omitted.
PART II
ITEM 5.
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Omitted.
ITEM 6.
ITEM 6. Selected Financial Data.
Omitted.
ITEM 7.
ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Omitted.
ITEM 7A.
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk.
Omitted.
ITEM 8.
ITEM 8. Financial Statements and Supplementary Data.
Omitted.
ITEM 9.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Omitted.
ITEM 9A.
ITEM 9A. Controls and Procedures.
Omitted.
ITEM 9A(T). Controls and Procedures.
Omitted.
ITEM 9B.
ITEM 9B. Other Information.
Not Applicable.
PART III
ITEM 10.
ITEM 10. Directors, Executive Officers and Corporate Governance.
Omitted.
ITEM 11.
ITEM 11. Executive Compensation.
Omitted.
ITEM 12.
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Omitted.
ITEM 13.
ITEM 13. Certain Relationships and Related Transactions, and Director Independence.
Omitted.
ITEM 14.
ITEM 14. Principal Accounting Fees and Services.
Omitted.
ADDITIONAL ITEMS REQUIRED BY GENERAL INSTRUCTION J(2)
Item 1112(b) of Regulation AB, Significant Obligor Financial Information.
None.
Item 1114(b)(2) of Regulation AB , Significant Enhancement Provider Information.
No entity or group of affiliated entities provides any external credit enhancement or other support for the certificates within this transaction as described under Item 1114 of Regulation AB.
Item 1115(b) of Regulation AB , Significant Enhancement Provider Information.
Bear Stearns Financial Products Inc. provides a cap contract and swap to the trust as disclosed in a 424(b)(5) filing dated February 23, 2007. No additional disclosure is necessary because the significance percentage for the cap contract and swap is less than 10%.
Item 1117 of Regulation AB, Legal Proceedings.
The information regarding this item has been previously filed in a 424(b)(5) filing dated February 23, 2007. No applicable updates.
Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions.
The information regarding this item has been previously filed in a 424(b)(5) filing dated February 23, 2007.
On March 16, 2008, JPMorgan Chase & Co. ("JPMorgan Chase") announced that it had entered into an Agreement and Plan of Merger, dated March 16, 2008 (the "Agreement and Plan of Merger"), and subsequently amended by Amendment No. 1 to the Agreement and Plan of Merger, dated as of March 24, 2008 (such amendment, together with the Agreement and Plan of Merger, the "Merger Agreement"), with The Bear Stearns Companies Inc., the parent company of the Bear Stearns Financial Products Inc. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in Merger Agreement, a wholly-owned subsidiary of JPMorgan Chase will merge with and into The Bear Stearns Companies Inc. with The Bear Stearns Companies Inc. continuing as the surviving corporation and as a wholly- owned subsidiary of JPMorgan Chase. The Merger Agreement has been approved by the Boards of Directors of The Bear Stearns Companies Inc. and JPMorgan Chase and is subject to customary closing conditions, including stockholder approval. The Federal Reserve, the Office of the Comptroller of the Currency and other federal agencies have given all necessary approvals for the merger. The merger is expected to be completed by the end of the second calendar year quarter of 2008, however there can be no assurance that the merger will close as contemplated.
In connection with the Merger Agreement, JPMorgan Chase issued an Amended and Restated Guaranty Agreement, effective as of March 16, 2008 (the "Guaranty"), guaranteeing the obligations and liabilities of The Bear Stearns Companies Inc. and certain of its affiliates, including Bear Stearns Financial Products Inc.'s obligations under interest rate swap Agreement and cap contracts. A copy of the Guaranty is filed as Exhibit 99.1 to this Form 10-K. Except with respect to the addition of this Guaranty, the terms and conditions of the interest rate swap agreement and cap contract remain unchanged.
JPMorgan Chase is a financial holding company incorporated under Delaware law, whose principal office is located in New York, New York. JPMorgan Chase services include investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's corporate, institutional and government clients under its JPMorgan and Chase brands.
Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria
The Master Servicer has reviewed Item 1122 of Regulation AB and determined that there were two instances of noncompliance by the Master Servicer with respect to the Platform:
a. Item 1122 (d)(1)(i) with respect to monitoring of performance triggers and events of default.
b. Item 1122 (d)(2)(vii) with respect to reconciliations being prepared within 30 calendar days or such other number of days as specified in the transaction agreements.
See Item 15
ITEM 15. Exhibits, Financial Statement Schedules.
(a) List the following documents filed as a part of the report:
(1) Not Applicable.
(2) Not Applicable.
(3) Exhibits.
1.1 Underwriting Agreement, dated February 14, 2007 among Impac Funding Corporation, Impac Secured Assets Corp., Impac Mortgage Holdings Inc., Countrywide Securities Corporation, Bear, Stearns & Co. Inc. and Merrill Lynch & Co. (As previously filed on Form 8-K filed on March 12, 2007 and hereby incorporated by reference into this report on Form 10-K)
4.1 Pooling and Servicing Agreement, dated as of February 1, 2007 among Impac Secured Assets Corp., Impac Funding Corporation and Deutsche Bank National Trust Company. (As previously filed on Form 8-K filed on March 12, 2007 and hereby incorporated by reference into this report on Form 10-K)
Exhibit 33.1 Impac Funding Corporation's Annual Report on Assessment of Compliance for Year End December 31, 2007.
Exhibit 33.2 Countrywide Financial Corporation's Annual Report on Assessment of Compliance for Year End December 31, 2007.
Exhibit 33.3 Deutsche Bank National Trust Company's Annual Report on Assessment of Compliance for Year End December 31, 2007.
Exhibit 34.1 Impac Funding Corporation's Annual Attestation Report on Assessment of Compliance with Servicing Criteria for Year End December 31, 2007.
Exhibit 34.2 Countrywide Financial Corporation's Annual Attestation Report on Assessment of Compliance with Servicing Criteria for Year End December 31, 2007.
Exhibit 34.3 Deutsche Bank National Trust Company's Annual Attestation Report on Assessment of Compliance with Servicing Criteria for Year End December 31, 2007.
Exhibit 35.1 Impac Funding Corporation's Annual Statement of Compliance for Year End December 31, 2007.
Exhibit 35.2 Countrywide Home Loans Servicing LP's Annual Statement of Compliance for Year End December 31, 2007.
(b) See (a) above.
(c) Not Applicable.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By: Impac Funding Corporation, as Master Servicer on behalf of the Registrant
By: /s/ Mario Fegan Mario Fegan (Senior Officer in Charge of the Servicing Function of the Master Servicer)
Date: March 31, 2008
EXHIBIT INDEX
Exhibit Document
1.1 Underwriting Agreement, dated February 14, 2007 among Impac Funding Corporation, Impac Secured Assets Corp., Impac Mortgage Holdings Inc., Countrywide Securities Corporation, Bear, Stearns & Co. Inc. and Merrill Lynch & Co. (As previously filed on Form 8-K filed on March 12, 2007 and hereby incorporated by reference into this report on Form 10-K)
4.1 Pooling and Servicing Agreement, dated as of February 1, 2007 among Impac Secured Assets Corp., Impac Funding Corporation and Deutsche Bank National Trust Company. (As previously filed on Form 8-K filed on March 12, 2007 and hereby incorporated by reference into this report on Form 10-K)
31 Section 302 Certification.
33.1 Impac Funding Corporation's Annual Report on Assessment of Compliance for Year End December 31, 2007.
33.2 Countrywide Financial Corporation's Annual Report on Assessment of Compliance for Year End December 31, 2007.
33.3 Deutsche Bank National Trust Company's Annual Report on Assessment of Compliance for Year End December 31, 2007.
34.1 Attestation Report on Assessment of Compliance with Servicing Criteria for Impac Funding Corporation's Report for Year End December 31, 2007.
34.2 Attestation Report on Assessment of Compliance with Servicing Criteria for Countrywide Financial Corporation's Report for Year End December 31, 2007.
34.3 Attestation Report on Assessment of Compliance with Servicing Criteria for Deutsche Bank National Trust Company's Annual Report for Year End December 31, 2007.
35.1 Impac Funding Corporation's Annual Statement of Compliance for Year End December 31, 2007.
35.2 Countrywide Home Loans Servicing LP's Annual Statement of Compliance for Year End December 31, 2007.