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 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).
JP Morgan Chase Bank, National Association provides a swap agreement derivative instrument for the trust as disclosed in the 424 Prospectus. No additional disclosure is necessary because the significance percentage for the swap agreement is less than 10%.
Item 1117 of Regulation AB, Legal Proceedings.
On November 23, 2007, Fieldstone Mortgage Company, a Maryland corporation and successor sponsor to Fieldstone Investment Corporation, filed a petition under Chapter 11 of the Bankruptcy Code, 11 U.S.C. section 101 et seq., in the United States Bankruptcy Court for the District of Maryland, Baltimore Division. This proceeding is being administered under Case No.07-21814-JS (Chapter 11). Fieldstone Mortgage Company originated all the mortgage loans in the Fieldstone Mortgage Investment Trust 2007-1 transaction. Fieldstone Mortgage Company is the successor in interest to the sponsor and the seller of the pool assets for the transaction.
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 April 12, 2007 and in a Form 8-K filed on December 13, 2007.
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) Indenture dated as of April 1, 2007 between Fieldstone Mortgage Investment Trust, Series 2007-1, as Issuing Entity, and Wells Fargo Bank, N.A. as Trust Administrator and Indenture Trustee (incorporated by reference from Exhibit 4.1 of the Current Report on Form 8-K of the registrant, as filed with the Commission on April 27, 2007)
(4.2) Amended and Restated Trust Agreement dated as of April 12, 2007 among Fieldstone Mortgage Investment Corporation, as Depositor, U.S. Bank Trust National Association, as Owner Trustee and Wells Fargo Bank, N.A., as Trust Administrator (incorporated by reference from Exhibit 4.2 of the Current Report on Form 8-K of the registrant, as filed with the Commission on April 27, 2007)
(4.3) Transfer and Servicing Agreement dated as of April 1, 2007 among Fieldstone Mortgage Investment Trust, Series 2007-1, as Issuing Entity, Fieldstone Mortgage Investment Corporation, as Depositor, Wells Fargo Bank, N.A. as Trust Administrator and Indenture Trustee and Litton Loan Servicing LP, as Servicer (incorporated by reference from Exhibit 4.3 of the Current Report on Form 8-K of the registrant, as filed with the Commission on April 27, 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.
Fieldstone Mortgage Investment Corporation (Depositor)
/s/ Robert Weinstein Robert Weinstein, Chief Financial Officer (senior officer in charge of securitization of the depositor)
Date: March 26, 2008
Exhibit Index
Exhibit No.
(4.1) Indenture dated as of April 1, 2007 between Fieldstone Mortgage Investment Trust, Series 2007-1, as Issuing Entity, and Wells Fargo Bank, N.A. as Trust Administrator and Indenture Trustee (incorporated by reference from Exhibit 4.1 of the Current Report on Form 8-K of the registrant, as filed with the Commission on April 27, 2007)
(4.2) Amended and Restated Trust Agreement dated as of April 12, 2007 among Fieldstone Mortgage Investment Corporation, as Depositor, U.S. Bank Trust National Association, as Owner Trustee and Wells Fargo Bank, N.A., as Trust Administrator (incorporated by reference from Exhibit 4.2 of the Current Report on Form 8-K of the registrant, as filed with the Commission on April 27, 2007)
(4.3) Transfer and Servicing Agreement dated as of April 1, 2007 among Fieldstone Mortgage Investment Trust, Series 2007-1, as Issuing Entity, Fieldstone Mortgage Investment Corporation, as Depositor, Wells Fargo Bank, N.A. as Trust Administrator and Indenture Trustee and Litton Loan Servicing LP, as Servicer (incorporated by reference from Exhibit 4.3 of the Current Report on Form 8-K of the registrant, as filed with the Commission on April 27, 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.