Item 1. Business.
Omitted.
Item 1A.
Item 1A. Risk Factors.
Omitted.
Item 1B.
Item 1B. Unresolved Staff Comments.
Not applicable. Registrant is not an accelerated filer, large accelerated filer or well-known seasoned issuer.
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 Operation.
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.
None.
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 DISCLOSURE ITEMS FOR REGULATION AB
Item 1112(b) of Regulation AB, Significant Obligor Financial Information.
No single obligor represents 10% or more of the pool assets held by the issuing entity.
Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial 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 (a) of Regulation AB.
Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information).
The Bank of New York provides an interest rate swap agreement for the benefit of certain classes of certificates as disclosed in the prospectus filed pursuant to Rule 424 of the Securities Act of 1933, as amended, under the same Central Index Key (CIK) as this annual report on Form 10-K. No additional disclosure is necessary because the significance percentage for this derivative instrument is less than 10%.
Bank of America, National Association provides two interest rate swap agreements and three interest rate cap agreements for the benefit of certain classes of certificates as disclosed in the prospectus filed pursuant to Rule 424 of the Securities Act of 1933, as amended, under the same Central Index Key (CIK) as this annual report on Form 10-K. No additional disclosure is necessary because the aggregate significance percentage for these derivative instruments is less than 10%.
Item 1117 of Regulation AB, Legal Proceedings.
On August 6, 2007, American Home Mortgage Corp., the originator of certain of the mortgage loans in the Banc of America Funding 2007-2 Trust, and certain related entities, filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Honorable Christopher S. Sontchi is presiding over this filing under case number 07-11047. At this time, American Home Mortgage Corp. is operating its business as a "debtor-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the United States Bankruptcy Code and orders of the United States Bankruptcy Court.
The registrant knows of no other material pending legal proceedings involving the issuing entity and all parties related to such issuing entity, other than routine litigation incidental to the duties of those respective parties.
Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions.
There are no changes to the information provided in the prospectus filed pursuant to Rule 424 of the Securities Act of 1933, as amended, under the same Central Index Key (CIK) as this annual report on Form 10-K.
Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria.
The reports on assessment of compliance with the servicing criteria for asset-backed securities and the related attestation reports on such assessments of compliance are attached hereto under Item 15.
Item 15. Exhibits, Financial Statement Schedules.
(a) Exhibits.
(4.1) Pooling and Servicing Agreement, dated February 27, 2007, by and among Banc of America Funding Corporation, Wells Fargo Bank, N.A. and U.S. Bank National Association (including exhibits), incorporated by reference from Exhibit 4.1 of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(4.2) Mortgage Loan Purchase Agreement, dated February 27, 2007, between Banc of America Funding Corporation and Bank of America, National Association (including exhibits), incorporated by reference from Exhibit 4.2 of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.1) Servicing Agreement, dated February 27, 2007, between Banc of America Funding Corporation and Bank of America, National Association (including exhibits), incorporated by reference from Exhibit 10.1 of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (A) Master Seller's Warranties and Servicing Agreement, dated as of September 1, 2003, by and between Bank of America, National Association (as successor in interest to Banc of America Mortgage Capital Corporation) and National City Mortgage Co., incorporated by reference from Exhibit 10.2(A) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (B) Amendment No. 1, dated as of July 1, 2004, by and among Banc of America Mortgage Capital Corporation, National City Mortgage Co. and Bank of America, National Association, incorporated by reference from Exhibit 10.2(B) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (C) Master Assignment, Assumption and Recognition Agreement, dated July 1, 2004, by and among of Banc of America Mortgage Capital Corporation, National City Mortgage Co., Bank of America, National Association and Wachovia Bank, National Association, incorporated by reference from Exhibit 10.2(C) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (D) Amendment No. 2, dated as of October 1, 2004, by and between National City Mortgage Co. and Bank of America, National Association, incorporated by reference from Exhibit 10.2(D) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (E) Amendment No. 3, dated as of August 11, 2005, by and between National City Mortgage Co. and Bank of America, National Association, incorporated by reference from Exhibit 10.2(E) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (F) Regulation AB Compliance Addendum to the Master Seller's Warranties and Servicing Agreement, dated as of January 1, 2006, by and between Bank of America, National Association and National City Mortgage Co., incorporated by reference from Exhibit 10.2(F) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (G) Assignment, Assumption and Recognition Agreement, dated February 27, 2007, among Bank of America, National Association, Banc of America Funding Corporation, U.S. Bank National Association and National City Mortgage Co., incorporated by reference from Exhibit 10.2(G) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (A) Flow Sale and Servicing Agreement, dated as of February 1, 2004, by and between Bank of America, National Association (as successor in interest to Banc of America Mortgage Capital Corporation) and SunTrust Mortgage, Inc., incorporated by reference from Exhibit 10.3(A) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (B) Amendment No. 1, dated as of June 1, 2004, by and between Bank of America, National Association and SunTrust Mortgage, Inc., incorporated by reference from Exhibit 10.3(B) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (C) Master Assignment, Assumption and Recognition Agreement, dated September 1, 2004, by and among of Banc of America Mortgage Capital Corporation, SunTrust Mortgage, Inc., Bank of America, National Association and Wachovia Bank, National Association, incorporated by reference from Exhibit 10.3(C) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (D) Amendment No. 2, dated as of November 1, 2004, by and between Bank of America, National Association and SunTrust Mortgage, Inc., incorporated by reference from Exhibit 10.3(D) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (E) Regulation AB Compliance Addendum to the Flow Sale and Servicing Agreement, dated as of January 1, 2006, by and between Bank of America, National Association and SunTrust Mortgage, Inc., incorporated by reference from Exhibit 10.3(E) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (F) Assignment, Assumption and Recognition Agreement, dated February 27, 2007, among Bank of America, National Association, Banc of America Funding Corporation, U.S. Bank National Association and SunTrust Mortgage, Inc., incorporated by reference from Exhibit 10.3(F) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.4) (A) Second Amended and Restated Master Seller's Warranties and Servicing Agreement, dated as of May 1, 2006, by and between Bank of America, National Association and Wells Fargo Bank, N.A., incorporated by reference from Exhibit 10.4(A) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.4) (B) Second Amended and Restated Master Mortgage Loan Purchase Agreement, dated as of May 1, 2006, by and between Bank of America, National Association and Wells Fargo Bank, N.A., incorporated by reference from Exhibit 10.4(B) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.4) (C) Assignment, Assumption and Recognition Agreement, dated February 27, 2007, among Bank of America, National Association, Banc of America Funding Corporation, U.S. Bank National Association and Wells Fargo Bank, N.A., incorporated by reference from Exhibit 10.4(C) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.5) (A) Servicing Agreement, dated as of July 1, 2006, by and between Bank of America, National Association and Wells Fargo Bank, N.A., incorporated by reference from Exhibit 10.5(A) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.5) (B) Assignment, Assumption and Recognition Agreement, dated February 27, 2007, among Bank of America, National Association, Banc of America Funding Corporation, U.S. Bank National Association and Wells Fargo Bank, N.A., incorporated by reference from Exhibit 10.5(B) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.6) (A) Class 1-A-16 Interest Rate Cap Agreement, dated February 27, 2007, between Wells Fargo Bank, N.A. on behalf of Banc of America Funding 2007-2 Trust and Bank of America, National Association, incorporated by reference from Exhibit 10.6(A) of the issuing entity's Current Report on Form 8-K/A filed on December 28, 2007.
(10.6) (B) Class 1-A-18 Interest Rate Cap Agreement, dated February 27, 2007, between Wells Fargo Bank, N.A. on behalf of Banc of America Funding 2007-2 Trust and Bank of America, National Association, incorporated by reference from Exhibit 10.6(B) of the issuing entity's Current Report on Form 8-K/A filed on December 28, 2007.
(10.7) Class T-A-4 Interest Rate Cap Agreement, dated February 27, 2007, between Wells Fargo Bank, N.A. as supplemental interest trust trustee on behalf of the Banc of America Funding 2007-2 Supplemental Interest Trust and Bank of America, National Association, incorporated by reference from Exhibit 10.7 of the issuing entity's Current Report on Form 8-K/A filed on December 28, 2007.
(10.8) BoNY Interest Rate Swap Agreement, dated as of February 27, 2007, between Wells Fargo Bank, N.A. as supplemental interest trust trustee on behalf of the Banc of America Funding 2007-2 Supplemental Interest Trust and The Bank of New York, incorporated by reference from Exhibit 10.8 of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.9) BANA Interest Rate Swap Agreements, dated February 27, 2007, between Wells Fargo Bank, N.A. as supplemental interest trust trustee on behalf of the Banc of America Funding 2007-2 Supplemental Interest Trust and Bank of America, National Association, incorporated by reference from Exhibit 10.9 of the issuing entity's Current Report on Form 8-K/A filed on December 28, 2007.
(31) Rule 13a-14(d)/15d-14(d) Certification.
(33) Reports on assessment of compliance with servicing criteria for asset-backed securities.
(34) Attestation reports on assessment of compliance with servicing criteria for asset-backed securities.
(35) Servicer compliance statement.
(b) Not applicable.
(c) Omitted.
SIGNATURES
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.
Banc of America Funding 2007-2 Trust (Issuing Entity)
Wells Fargo Bank, N.A. (Master Servicer)
/s/ Kelly Rentz Kelly Rentz, Vice President (senior officer in charge of the servicing function of the master servicer)
Date: March 27, 2008
Exhibit Index
Exhibit No.
(4.1) Pooling and Servicing Agreement, dated February 27, 2007, by and among Banc of America Funding Corporation, Wells Fargo Bank, N.A. and U.S. Bank National Association (including exhibits), incorporated by reference from Exhibit 4.1 of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(4.2) Mortgage Loan Purchase Agreement, dated February 27, 2007, between Banc of America Funding Corporation and Bank of America, National Association (including exhibits), incorporated by reference from Exhibit 4.2 of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.1) Servicing Agreement, dated February 27, 2007, between Banc of America Funding Corporation and Bank of America, National Association (including exhibits), incorporated by reference from Exhibit 10.1 of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (A) Master Seller's Warranties and Servicing Agreement, dated as of September 1, 2003, by and between Bank of America, National Association (as successor in interest to Banc of America Mortgage Capital Corporation) and National City Mortgage Co., incorporated by reference from Exhibit 10.2(A) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (B) Amendment No. 1, dated as of July 1, 2004, by and among Banc of America Mortgage Capital Corporation, National City Mortgage Co. and Bank of America, National Association, incorporated by reference from Exhibit 10.2(B) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (C) Master Assignment, Assumption and Recognition Agreement, dated July 1, 2004, by and among of Banc of America Mortgage Capital Corporation, National City Mortgage Co., Bank of America, National Association and Wachovia Bank, National Association, incorporated by reference from Exhibit 10.2(C) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (D) Amendment No. 2, dated as of October 1, 2004, by and between National City Mortgage Co. and Bank of America, National Association, incorporated by reference from Exhibit 10.2(D) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (E) Amendment No. 3, dated as of August 11, 2005, by and between National City Mortgage Co. and Bank of America, National Association, incorporated by reference from Exhibit 10.2(E) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (F) Regulation AB Compliance Addendum to the Master Seller's Warranties and Servicing Agreement, dated as of January 1, 2006, by and between Bank of America, National Association and National City Mortgage Co., incorporated by reference from Exhibit 10.2(F) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.2) (G) Assignment, Assumption and Recognition Agreement, dated February 27, 2007, among Bank of America, National Association, Banc of America Funding Corporation, U.S. Bank National Association and National City Mortgage Co., incorporated by reference from Exhibit 10.2(G) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (A) Flow Sale and Servicing Agreement, dated as of February 1, 2004, by and between Bank of America, National Association (as successor in interest to Banc of America Mortgage Capital Corporation) and SunTrust Mortgage, Inc., incorporated by reference from Exhibit 10.3(A) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (B) Amendment No. 1, dated as of June 1, 2004, by and between Bank of America, National Association and SunTrust Mortgage, Inc., incorporated by reference from Exhibit 10.3(B) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (C) Master Assignment, Assumption and Recognition Agreement, dated September 1, 2004, by and among of Banc of America Mortgage Capital Corporation, SunTrust Mortgage, Inc., Bank of America, National Association and Wachovia Bank, National Association, incorporated by reference from Exhibit 10.3(C) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (D) Amendment No. 2, dated as of November 1, 2004, by and between Bank of America, National Association and SunTrust Mortgage, Inc., incorporated by reference from Exhibit 10.3(D) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (E) Regulation AB Compliance Addendum to the Flow Sale and Servicing Agreement, dated as of January 1, 2006, by and between Bank of America, National Association and SunTrust Mortgage, Inc., incorporated by reference from Exhibit 10.3(E) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.3) (F) Assignment, Assumption and Recognition Agreement, dated February 27, 2007, among Bank of America, National Association, Banc of America Funding Corporation, U.S. Bank National Association and SunTrust Mortgage, Inc., incorporated by reference from Exhibit 10.3(F) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.4) (A) Second Amended and Restated Master Seller's Warranties and Servicing Agreement, dated as of May 1, 2006, by and between Bank of America, National Association and Wells Fargo Bank, N.A., incorporated by reference from Exhibit 10.4(A) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.4) (B) Second Amended and Restated Master Mortgage Loan Purchase Agreement, dated as of May 1, 2006, by and between Bank of America, National Association and Wells Fargo Bank, N.A., incorporated by reference from Exhibit 10.4(B) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.4) (C) Assignment, Assumption and Recognition Agreement, dated February 27, 2007, among Bank of America, National Association, Banc of America Funding Corporation, U.S. Bank National Association and Wells Fargo Bank, N.A., incorporated by reference from Exhibit 10.4(C) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.5) (A) Servicing Agreement, dated as of July 1, 2006, by and between Bank of America, National Association and Wells Fargo Bank, N.A., incorporated by reference from Exhibit 10.5(A) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.5) (B) Assignment, Assumption and Recognition Agreement, dated February 27, 2007, among Bank of America, National Association, Banc of America Funding Corporation, U.S. Bank National Association and Wells Fargo Bank, N.A., incorporated by reference from Exhibit 10.5(B) of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.6) (A) Class 1-A-16 Interest Rate Cap Agreement, dated February 27, 2007, between Wells Fargo Bank, N.A. on behalf of Banc of America Funding 2007-2 Trust and Bank of America, National Association, incorporated by reference from Exhibit 10.6(A) of the issuing entity's Current Report on Form 8-K/A filed on December 28, 2007.
(10.6) (B) Class 1-A-18 Interest Rate Cap Agreement, dated February 27, 2007, between Wells Fargo Bank, N.A. on behalf of Banc of America Funding 2007-2 Trust and Bank of America, National Association, incorporated by reference from Exhibit 10.6(B) of the issuing entity's Current Report on Form 8-K/A filed on December 28, 2007.
(10.7) Class T-A-4 Interest Rate Cap Agreement, dated February 27, 2007, between Wells Fargo Bank, N.A. as supplemental interest trust trustee on behalf of the Banc of America Funding 2007-2 Supplemental Interest Trust and Bank of America, National Association, incorporated by reference from Exhibit 10.7 of the issuing entity's Current Report on Form 8-K/A filed on December 28, 2007.
(10.8) BoNY Interest Rate Swap Agreement, dated as of February 27, 2007, between Wells Fargo Bank, N.A. as supplemental interest trust trustee on behalf of the Banc of America Funding 2007-2 Supplemental Interest Trust and The Bank of New York, incorporated by reference from Exhibit 10.8 of the issuing entity's Current Report on Form 8-K filed on March 14, 2007.
(10.9) BANA Interest Rate Swap Agreements, dated February 27, 2007, between Wells Fargo Bank, N.A. as supplemental interest trust trustee on behalf of the Banc of America Funding 2007-2 Supplemental Interest Trust and Bank of America, National Association, incorporated by reference from Exhibit 10.9 of the issuing entity's Current Report on Form 8-K/A filed on December 28, 2007.
(31) Rule 13a-14(d)/15d-14(d) Certification.
(33) Reports on assessment of compliance with servicing criteria for asset-backed securities.
(34) Attestation reports on assessment of compliance with servicing criteria for asset-backed securities.
(35) Servicer compliance statement.