Item 1. Business.
Not Applicable.
Item 1A.
Item 1A. Risk Factors.
Not Applicable.
Item 1B.
Item 1B. Unresolved Staff Comments.
None.
Item 2.
Item 2. Properties.
Not Applicable.
Item 3.
Item 3. Legal Proceedings.
Not Applicable.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
Not Applicable.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Not Applicable.
Item 6.
Item 6. Selected Financial Data.
Not Applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation.
Not Applicable.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Not Applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
Not Applicable.
Item 9A.
Item 9A. Controls and Procedures.
Not Applicable.
Item 9A(T). Controls and Procedures.
Not Applicable.
Item 9B.
Item 9B. Other Information.
None.
PART III
Item 10.
Item 10. Directors, Executive Officers and Corporate Governance.
Not Applicable.
Item 11.
Item 11. Executive Compensation.
Not Applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Not Applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
Not Applicable.
Item 14.
Item 14. Principal Accounting Fees and Services.
Not Applicable.
ADDITIONAL DISCLOSURE ITEMS PURSUANT TO GENERAL INSTRUCTION J
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. Credit Enhancement and Other Support, Except for Certain Derivative Instruments (Information Regarding Significant Enhancement Providers).
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 Derivative Instruments (Financial Information).
Bear Stearns Financial Products Inc. provides an interest rate cap derivative instrument for the trust as disclosed in a 424(b)(5) filing dated January 26, 2007, Commission File Number 333-131607-12, CIK Number 0001387299. No additional disclosure is necessary because the significance percentage for the interest rate cap is less than 10% as of December 31, 2007.
Item 1117 of Regulation AB. Legal Proceedings.
Certain information regarding this Item has been previously filed in a 424(b) (5) filing dated January 26, 2007, Commission File Number 333-131607-12, CIK Number 0001387299.
Item 1119 of Regulation AB. Affiliation and Certain Relationships and Related Transactions.
Certain information regarding this Item has been previously filed in a 424(b) (5) filing with the Commission on February 6, 2007, Commission File Number 333-131607-12, CIK Number 0001387299.
In addition, 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 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 the interest rate cap derivative instrument. A copy of the Guaranty is filed as Exhibit 99 to this Form 10-K. Except with respect to the addition of this Guaranty, the terms and conditions of the interest rate cap derivative instrument 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 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) Pooling and Servicing Agreement, dated as of January 1, 2007, among HSI Asset Securitization Corporation, as depositor, CitiMortgage Inc., as master servicer, Citibank, N.A., as securities administrator, Wells Fargo Bank, N.A, as originator, custodian and servicer, Office Tiger Global Real Estate Services Inc., as credit risk manager, and Deutsche Bank National Trust Company as trustee (incorporated by reference from Exhibit 4.1 to the Issuing Entity's Current Report on Form 8-K dated February 6, 2007, and filed with the Securities and Exchange Commission on Feburary 21, 2007, Commission File Number 333-131607 -12, CIK Number 0001384299).
(10) Incorporated by reference as Exhibit (4).
(31) Rule 13a-14(d)/15d-14(d) Certifications.
(33) Reports on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities. (a) Citibank, N.A., as Securities Administrator (b) Citimortgage, Inc., as Master Servicer (c) Wells Fargo Bank, N.A., as Servicer (d) Wells Fargo Bank, N.A., as Custodian
(34) Attestation Report on Assessment of Compliance with Servicing Criteria for Asset Backed Securities. (a) Citibank, N.A., as Securities Administrator (b) Citimortgage, Inc., as Master Servicer (c) Wells Fargo Bank, N.A., as Servicer (d) Wells Fargo Bank, N.A., as Custodian
(35) Servicer Compliance Statement. (a) Citimortgage, Inc., as Master Servicer (b) Wells Fargo Bank, N.A., as Servicer
(99) Amended and Restated Guaranty Agreement, effective as of March 16, 2008, by JPMorgan Chase & Co.
(b) Exhibits identified in paragraph (a) above.
(c) Not Applicable.
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.
(Registrant) HSI Asset Loan Obligation Trust 2007-WF1 -----------------------------------------------------------------
Signed:
By /s/ Tommy Harris ----------------------------------------------------- Tommy Harris Senior Vice President (Senior Officer in Charge of the Servicing Function of the Master Servicer) CitiMortgage Inc., as Master Servicer
Date March 28, 2008 -----------------------------------------------------
Exhibit Index
Exhibit No.
(a) Exhibits (4) Pooling and Servicing Agreement, dated as of January 1, 2007, among HSI Asset Securitization Corporation, as depositor, CitiMortgage Inc., as master servicer, Citibank, N.A., as securities administrator, Wells Fargo Bank, N.A, as originator, custodian and servicer, Office Tiger Global Real Estate Services Inc., as credit risk manager, and Deutsche Bank National Trust Company as trustee (incorporated by reference from Exhibit 4.1 to the Issuing Entity's Current Report on Form 8-K dated February 6, 2007, and filed with the Securities and Exchange Commission on Feburary 21, 2007, Commission File Number 333-131607 -12, CIK Number 0001387299).
(31) Rule 13a-14(d)/15d-14(d) Certifications.
(33) Reports on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities. (a) Citibank, N.A., as Securities Administrator (b) Citimortgage, Inc., as Master Servicer (c) Wells Fargo Bank, N.A., as Servicer (d) Wells Fargo Bank, N.A., as Custodian
(34) Attestation Report on Assessment of Compliance with Servicing Criteria for Asset Backed Securities. (a) Citibank, N.A., as Securities Administrator (b) Citimortgage, Inc., as Master Servicer (c) Wells Fargo Bank, N.A., as Servicer (d) Wells Fargo Bank, N.A., as Custodian
(35) Servicer Compliance Statement. (a) Citimortgage, Inc., as Master Servicer (d) Wells Fargo Bank, N.A., as Servicer
(99) Amended and Restated Guaranty Agreement, effective as of March 16, 2008, by JPMorgan Chase & Co.
(b) Exhibits identified in paragraph (a) above.
(c) Not Applicable.