Friday, September 13, 2013

So The Trusts Were “Naked”

So The Trusts Were “Naked” (Phoenix Lighting v. JPMorgan Chase.) Now Let’s Dig A Little Deeper, Shall We?

Posted by on Sep 4, 2013 in Uncategorized | 0 comments
So let’s say your home was foreclosed by Bank of New York Mellon as Trustee for the BALTA 2005-7 Trust, and according to Phoenix Lighting v. JPMorgan Chase (attached below), the BALTA 2005-7 Trust never received the assets and never had title to your loan. This is pretty serious, right? Well, I’ve been suspecting (and showing the supporting evidence) for quite some time that this is not an isolated incident.
Clients ask me all the time if I can prove which insurance carrier, or credit default swap provider, paid off their specific loan. This is difficult to prove outside of good discovery. But those of us who investigate securitization can often find clues that the subject loans were indeed layered with default insurance or pledged and sold to additional CDO trusts, and that there were unknown and undisclosed “obligors” that benefited from these insurance policies.
In this BALTA 2005-7 example, a company called “Coldwater CDO, Ltd.” Set up a CDO to insure losses on the collateral that was to support  certificates in the BALTA 2005-7 Trust. Coldwater apparently got crushed in the deal, and obviously paid out massive funds to the “protected parties.” As you will see below, The Bank of New York Mellon as Trustee of numerous trusts, held a liquidation auction in June of 2013 on a long list of certificates (some of which belonged to the BALTA 2005-7 Trust) that were held by Coldwater CDO, Ltd which was being foreclosed upon.
So let’s look at a snippet from the Phoenix Lighting v. Chase complaint, followed by the representation made by BofNY Mellon prior to the auction.
From the complaint:
e. Transfer of Title
199. The BALTA 2005-7 Offering Documents also represented that the loans underlying the BALTA 2005-7 Certificates would be timely transferred to the issuing trust, so that the trust would obtain good title to the mortgage loans comprising the pool for the offering. Specifically, the BALTA 2005-7 Offering Documents stated “[a]t the time of issuance of the Certificates, the Depositor will cause the mortgage loans, together with all principal and interest due on or with respect to such mortgage loans after the Cut-off Date, to be sold to the trust.” See BALTA 2005-7 Pros. Supp. at S-106. This statement was false and misleading. Defendants failed to legally and properly transfer the promissory notes and security instruments to the trusts. See §VI.E, infra.
Representation prior to the sale:
 r.    The Collateral will be offered and sold by the Trustee without recourse, representations, warranties or covenants, express or implied, being made by the Trustee with respect to the Collateral (except as to title to the Collateral) or with respect to any other information then in the Trustee’s possession, including without limitation any Offering Document or other financial information.
——
So not only was this toxic sludge completely worthless and unsupported by any homeowners’ loans, the so-called obligations for the homeowners’ loans were paid off, extinguished, or greatly reduced by firms such as Coldwater CDO, Ltd. But of course, this is NEVER disclosed. This is the sham, folks. The Sponsors and Depositors of these “naked trusts” sold horses to the investors and then never delivered the horses as promised. Now the investors have gone out to the barn to inspect their stallions after all these years only to discover that the barn is empty. You see, the Sponsors and Depositors kept the ponies as their own assets to create an insurable interest, and  then proceeded to take out massive amounts of insurance on them, or hedge them into CDO’s created by the likes of Coldwater CDO, Ltd. So now the barns are discovered to be empty (“the emperor has no clothes” so to speak.) I think it’s time to bring in an army of forensic accountants, don’t you think?
Here’s the announcement from “The Irish Stock Exchange”:
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange
REG – Coldwater CDO Ltd – Notification of Public Disposition of Collateral
* Reuters is not responsible for the content in this press release.
Mon Jun 13, 2011 4:14am EDT
RNS Number : 3110I
Coldwater CDO Ltd
13 June 2011


The Bank of New York Mellon Trust Company, National Association
 NOTIFICATION OF PUBLIC DISPOSITION OF COLLATERAL
 June 10, 2011

To:       Coldwater CDO, Ltd., as Issuer
c/o Maples Finance Limited
P.O. Box 1093
Boundary Hall, Cricket Square
George Town, Grand Cayman KY1-1102
Cayman Islands
Attn:  Directors
Fax:  (345) 945-7100

Coldwater CDO, Inc., as Co-Issuer
c/o Puglisi & Associates
850 Library Avenue, Suite 204
Newark, Delaware 19711
Attn:  Donald Puglisi
Fax:  (302) 738-7210
E-mail:  dpuglisi@puglisiassoc.com

From:   The Bank of New York Mellon Trust Company, National Association,
as Trustee (the “Trustee”)
            601 Travis Street, 16th Floor
            Houston, Texas 77002
            Attn: Global Corporate Trust-Coldwater CDO, Ltd.
            Telephone:  (713) 483-6169

Name of Debtors:         Coldwater CDO, Ltd., as Issuer (the “Issuer”)
                                     Coldwater CDO, Inc., as Co-Issuer (the “Co-Issuer”)
            We will sell the property described on Exhibit A attached hereto (the “Collateral”) to the best bidder or bidders who is or are also a qualified bidder or qualified bidders (subject to a reserve level, if any) in five public sales as set forth below (the “Sales”).  The Trustee has retained Stone Tower Debt Advisors LLC (“Stone Tower”) to act as its liquidation agent for the Collateral.  To request more information from Stone Tower about the Sales or the Collateral, including how to participate in the Sales, contact Tom Nash by telephone at (212) 584-5608 or by e-mail at tnash@stonetowercapital.com, or Dan Castaline by telephone at (212) 584-5606 or by e-mail at dcastaline@stonetowercapital.com.

  DAY AND DATE TIME
Sale Nos. 1-5 Tuesday, June 21, 2011 10:00 A.M., Eastern Time

PLACE
The Sales will be held at 152 West 57th Street, New York, New York 10019.

You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell.  You may request an accounting by calling us at (713) 483-6169.
THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION,
as Trustee
cc:
Collateral Manager:
Metropolitan West Asset Management, LLC
11766 Wilshire Blvd., Suite 1580
Los Angeles, California  90025
Attn:  Erik Cuellar
Fax:  (310) 966-8964

CIFG:
CIFG
825 Third Avenue, 6th Floor
New York, New York 10022
Attn:  Paul Kwiatkoski, Head of Surveillance
Fax:  (212) 909-3958

Citigroup:
Citigroup Global Markets, Inc.
390 Greenwich Street, 4th Floor
New York, New York 10013
Attn:  Global Structured Products
Fax:  (212) 723-8671

Rating Agencies:
Moody’s Investors Service
7 World Trade Center
250 Greenwich Street
New York, New York  10007
E-mail:  cdomonitoring@moodys.com
Attn:  CDO Monitoring
Fax:  (212) 553-0355

Standard & Poor’s Ratings Services
55 Water Street, 41st Floor
New York, New York  10041-0003
E-mail:  cdo_surveillance@sandp.com
E-mail:  stephen.anderberg@sandp.com
Attn:  CDO Surveillance
Fax:  (212) 438-2655

Company Announcements Office, Irish Stock Exchange:
The Company Announcements Office
The Irish Stock Exchange
28 Anglesea Street
Dublin 2, Ireland
Fax: + 353 1 677 6045
E-mail (in Microsoft Word format): announcements@ise.ie

Synthetic Security Counterparty:
Citigroup Global Markets Inc.
390 Greenwich Street, 4th Floor
New York, NY 10013
Attn:  Art Valdes
Fax:  1-212-723-8649

Citibank N.A.
250 West Street, 10th Floor
New York, New York 10013
Attn:  Director Derivatives Operations
Fax:  (212) 723 2956

Legal Department
77 Water Street, 9th Floor
New York, New York  10004
Attn:  Department Head
Fax:  (212) 657 1452

Hedge Counterparty:
Citibank, N.A.
c/o Citigroup Financial Products, Inc.
333 West 34th Street, 2nd Floor
New York, New York  10001
Attn:  Daniel G Nelson
Fax:  (212) 615 8276

Legal Department
Office of the General Counsel
Fixed Income and Derivatives Sales and Trading
Citigroup Financial Products Inc.
250 West Street, 10th Floor
New York, New York  10013
Attn:  Donald Bendernagel
Fax:  (212) 801-4109

Cashflow Swap Counterparty:
Citigroup Financial Products Inc.
250 West Street, 10th Floor
New York, New York  10013
Attn:  Director, Derivatives Administration
Fax:  (212) 723-2956

Legal Department
77 Water Street, 9th Floor
New York, New York  10004
Attn:  Department Head
Fax:  (212) 657-1452

DTC:
lensnotices@dtcc.com
reorgannouncements@dtcc.com
Holders:
Class Designation CUSIP* Rule 144A Common* Codes CUSIP* Reg. S ISIN* Reg. S CUSIP* Accredited Investors
Class A-1 Notes 193067AA3 026292255 G22573AA0 USG22573AA01 193067AF2
Class A-2 Notes 193067AB1 026292280 G22573AB8 USG22573AB83 193067AG0
Class A-3 Notes 193067AC9 026292310 G22573AC6 USG22573AC66 193067AH8
Class B Notes 193067AD7 026292328 G22573AD4 USG22573AD40 193067AJ4
Class C Notes 193067AE5 026292344 G22573AE2 USG22573AE23 193067AK1
Income Notes 19306QAA1 026292379 G22571AA4 USG22571AA45 19306QAB9
EXHIBIT A

Sale No.1: Tuesday June 21, 2011 @ 10:00 am Eastern Time
RMBS
Lot # CUSIP Issuer Type Original Face
1 61748HLP4 MSM 2005-5AR 1B1 Alt-A 3,555,000
2 16678RDX2 CCMFC 2005-3A B3 Option Arm 4,000,000
3 22541SK31 HEMT 2004-5 B1 Second Lien 2,000,000
4 004421QW6 ACE 2005-WF1 M8 Subprime 2,000,000
5 04541GTR3 ABSHE 2005-HE6 M7 Subprime 2,000,000
6 04541GTT9 ABSHE 2005-HE6 M9 Subprime 3,000,000
7 126670LX4 CWL 2005-14 B Subprime 3,000,000
8 14454EAT8 CARR 2007-HE1 M9 Subprime 2,000,000
9 152314PC8 CXHE 2005-C B2 Subprime 3,500,000
10 17307G2S6 CMLTI 2006-WFH1 M5 Subprime 1,385,000
11 17307G2U1 CMLTI 2006-WFH1 M7 Subprime 950,000
12 17307G2V9 CMLTI 2006-WFH1 M8 Subprime 669,000
13 17307GSS8 CMLTI 2005-OPT3 M9 Subprime 1,500,000
14 17307GVA3 CMLTI 2005-OPT4 M10 Subprime 750,000
15 17309NAP6 CRMSI 2006-1 M8 Subprime 1,500,000
16 17309NAQ4 CRMSI 2006-1 M9 Subprime 1,802,000
17 17312BAL6 CMLTI 2007-WFH2 M7 Subprime 1,937,000
18 225458JE9 HEMT 2005-2 M7 Subprime 1,500,000
19 31659TEA9 FMIC 2005-2 M7 Subprime 2,000,000
20 32027NKQ3 FFML 2004-FF6 B4 Subprime 2,500,000
21 32027NUS8 FFML 2005-FF7 M7 Subprime 2,000,000
22 32027NUT6 FFML 2005-FF7 M8 Subprime 1,731,000
23 45071KCC6 IXIS 2005-HE3 M6 Subprime 3,000,000
24 46626LAM2 JPMAC 2005-OPT1 M8 Subprime 2,000,000
25 46626LAN0 JPMAC 2005-OPT1 M9 Subprime 3,000,000
26 46626LEU0 JPMAC 2005-OPT2 M9 Subprime 1,000,000
27 57643LKC9 MABS 2005-WF1 M7 Subprime 975,000
28 57643LKE5 MABS 2005-WF1 M9 Subprime 2,291,000
29 61744CSM9 MSAC 2005-HE3 B1 Subprime 2,000,000
30 61744CSP2 MSAC 2005-HE3 B3 Subprime 2,000,000
31 61756YAF0 MSAC 2007-HE7 M2 Subprime 1,600,000
32 61756YAG8 MSAC 2007-HE7 M3 Subprime 800,000
33 63860FAL7 NSTR 2006-B M7 Subprime 2,000,000
34 73316PDX5 POPLR 2005-3 M6 Subprime 1,792,500
35 73316PEP1 POPLR 2005-B M4 Subprime 1,663,000
36 73316PEQ9 POPLR 2005-B M5 Subprime 750,000
37 73316PER7 POPLR 2005-B M6 Subprime 1,000,000
38 73316PFH8 POPLR 2005-4 M6 Subprime 1,000,000
39 73316PFY1 POPLR 2005-C M6 Subprime 2,025,000
40 73316PGR5 POPLR 2005-5 MF6 Subprime 1,855,000
41 73316PJZ4 POPLR 2006-A M4 Subprime 1,500,000
42 73316PKA7 POPLR 2006-A M5 Subprime 1,000,000
43 81375WGX8 SABR 2005-OP2 B1 Subprime 2,000,000
44 81375WGZ3 SABR 2005-OP2 B3 Subprime 2,000,000
45 84751PJN0 SURF 2005-AB3 M6 Subprime 1,575,000
46 863576DQ4 SASC 2005-WF4 B1 Subprime 2,000,000
47 9497ERAJ3 WFHET 2005-1 M9 Subprime 3,000,000
Sale No. 5: Tuesday June 21, 2011 @ 10:00 am Eastern Time
Zero Factor Positions
Lot # CUSIP Issuer Type Original Face
67 00075QAP7 ABFC 2006-OPT1 B Zero Factor 500,000
68 00441YAQ5 ACE 2006-OP2 M10 Zero Factor 1,300,000
69 004423AJ8 ACE 2006-SL3 M7 Zero Factor 3,327,000
70 007036NL6 ARMT 2005-7 7M4 Zero Factor 1,000,000
71 007036PN0 ARMT 2005-6A 1B3 Zero Factor 1,940,000
72 007036QZ2 ARMT 2005-8 7M3 Zero Factor 3,040,000
73 04541GXK3 ABSHE 2006-HE3 M7 Zero Factor 3,000,000
74 07386HVQ1 BALTA 2005-7 1B2 Zero Factor 4,000,000
75 12498NAL7 CBASS 2006-CB2 M7 Zero Factor 2,000,000
76 15231AAM8 CXHE 2006-A M8 Zero Factor 4,000,000
77 16678RDP9 CCMFC 2005-2A B3 Zero Factor 3,656,000
78 16678REF0 CCMFC 2005-BA B3 Zero Factor 4,389,000
79 16678RFF9 CCMFC 2006-1A B3 Zero Factor 3,000,000
80 16678YAE2 CCMFC 2006-3A B3 Zero Factor 2,500,000
81 17307G2Y3 CMLTI 2006-WFH1 M11 Zero Factor 2,115,000
82 17307GVS4 CMLTI 2005-WF2 MF4 Zero Factor 2,928,000
83 17309MAN3 CMLTI 2006-WFH2 M9 Zero Factor 1,000,000
84 17309QAN4 CMLTI 2006-WFH3 M9 Zero Factor 1,000,000
85 17309QAP9 CMLTI 2006-WFH3 M10 Zero Factor 1,500,000
86 17311CAM3 CMLTI 2007-WFH1 M9 Zero Factor 750,000
87 22237JAN7 CWL 2006-BC2 M8 Zero Factor 3,000,000
88 225470XW8 HEMT 2006-1 M8 Zero Factor 750,000
89 2254W0LP8 HEMT 2005-HF1 M7 Zero Factor 1,000,000
90 23242FAM8 CWL 2006-16 M8 Zero Factor 2,000,000
91 30247DAP6 FFML 2006-FF13 M9 Zero Factor 3,000,000
92 320277AP1 FFML 2006-FF7 M8 Zero Factor 1,900,000
93 320278AM6 FFML 2006-FF8 M8 Zero Factor 1,500,000
94 320278AP9 FFML 2006-FF8 M10 Zero Factor 1,000,000
95 32027AAH2 FFML 2007-FFA B1 Zero Factor 1,000,000
96 32027LAQ8 FFML 2006-FF14 M9 Zero Factor 4,000,000
97 32028TAS6 FFML 2007-FF1 B3 Zero Factor 2,000,000
98 32029AAP2 FFML 2006-FF18 B3 Zero Factor 2,000,000
99 362334BC7 FFML 2006-FF3 M7 Zero Factor 2,000,000
100 362334BD5 FFML 2006-FF3 M8 Zero Factor 1,900,000
101 362341H36 GSAMP 2005-HE6 M8 Zero Factor 3,000,000
102 362341P37 GSR 2005-HEL1 M6 Zero Factor 2,000,000
103 362341P45 GSR 2005-HEL1 B1 Zero Factor 2,000,000
104 362341QX0 FFML 2005-FF8 B3 Zero Factor 4,000,000
105 40430KAN1 HASC 2006-OPT4 M6 Zero Factor 2,000,000
106 40430KAP6 HASC 2006-OPT4 M7 Zero Factor 4,000,000
107 437084VY9 HEAT 2006-4 M8 Zero Factor 3,000,000
108 46628RAN5 JPMAC 2006-ACC1 M8 Zero Factor 3,000,000
109 46628UAQ1 JPALT 2006-A3 1B1 Zero Factor 1,847,000
110 57643LNN2 MABS 2006-NC1 M7 Zero Factor 3,925,000
111 59020U4F9 MLMI 2006-WMC1 B1A Zero Factor 2,000,000
112 59024VAW9 FFMER 2007-3 B3 Zero Factor 3,000,000
113 61744CUE4 MSHEL 2005-3 B2 Zero Factor 1,000,000
114 617451DZ9 MSAC 2006-HE1 B2 Zero Factor 4,000,000
115 61749GAM4 MSHEL 2006-3 B2 Zero Factor 1,750,000
116 61749HAM2 MSAC 2006-HE3 B1 Zero Factor 1,000,000
117 61749TAE4 MSM 2006-10SL B1 Zero Factor 2,567,000
118 617526AP3 MSAC 2007-HE1 B2 Zero Factor 1,000,000
119 63860HAN9 NSTR 2007-A M9 Zero Factor 2,000,000
120 63860KAP7 NSTR 2007-C M9 Zero Factor 4,000,000
121 65536RAM8 NHELI 2006-WF1 M8 Zero Factor 2,000,000
122 65536RAN6 NHELI 2006-WF1 M9 Zero Factor 1,000,000
123 65536RAP1 NHELI 2006-WF1 B1 Zero Factor 1,500,000
124 65536WAL9 NAA 2006-S3 B1 Zero Factor 3,804,000
125 66987XHF5 NHEL 2005-3 M9 Zero Factor 2,000,000
126 68389FJC9 OOMLT 2005-3 M11 Zero Factor 2,000,000
127 73316NAL9 POPLR 2007-A M8 Zero Factor 2,300,000
128 73316PJL5 POPLR 2005-6 M5 Zero Factor 500,000
129 73316PJM3 POPLR 2005-6 M6 Zero Factor 1,500,000
130 74919QAG2 RAAC 2006-SP3 M4 Zero Factor 1,750,000
131 74919QAH0 RAAC 2006-SP3 M5 Zero Factor 1,284,000
132 75406EAM3 RASC 2006-KS4 M8 Zero Factor 2,305,000
133 759676AQ2 RAMC 2006-2 M6 Zero Factor 2,000,000
134 76110VUF3 RFMS2 2006-HI1 M9 Zero Factor 3,350,000
135 76110WZ74 RASC 2005-KS6 M10 Zero Factor 1,000,000
136 76113ABT7 RASC 2006-KS3 M8 Zero Factor 4,000,000
137 76113RAC8 RESIF 2006-B B5 Zero Factor 4,000,000
138 785778GT2 SACO 2005-5 2M9 Zero Factor 1,634,000
139 785778PL9 SACO 2006-2 1B2 Zero Factor 1,627,000
140 785778PM7 SACO 2006-2 1B3 Zero Factor 1,241,000
141 785778QD6 SACO 2006-1 M3 Zero Factor 1,241,000
142 81375HAG4 SABR 2006-NC1 B1 Zero Factor 2,144,000
143 83611MMG0 SVHE 2006-OPT1 M8 Zero Factor 500,000
144 83612MAN7 SVHE 2006-WF2 M8 Zero Factor 2,000,000
145 84751PKP3 SURF 2006-BC1 B3B Zero Factor 4,000,000
146 86360LAM8 SASC 2006-WF2 M8 Zero Factor 2,000,000
147 86361EAP6 SASC 2006-WF3 M9 Zero Factor 3,000,000
148 86362PAQ8 SASC 2007-BC1 M9 Zero Factor 1,506,000
149 881561U77 TMTS 2006-3 1M7 Zero Factor 4,133,000
150 88156PAL5 TMTS 2006-7 1M7 Zero Factor 2,450,000
The Bank of New York Mellon Trust Company, National Association

NOTICE OF PUBLIC SALE AND INVITATION TO BID

COLDWATER CDO, LTD.
COLDWATER CDO, INC.

June 10, 2011

            You are officially invited to bid on the collateral described below (the “Collateral“), which will be sold at five public sales, as indicated below (the “Sales“).  The Sales will be held by THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION (successor in trust to JPMorgan Chase Bank, National Association), as trustee (the “Trustee“), under that certain Indenture dated as of August 17, 2006 (as supplemented, amended or modified from time to time, the “Indenture“) among COLDWATER CDO, LTD., as Issuer (the “Issuer“), COLDWATER CDO, INC., as Co-Issuer (the “Co-Issuer“, and together with the Issuer, the “Co-Issuers“) and the Trustee.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Indenture.

            The Trustee has retained Stone Tower Debt Advisors LLC (“Stone Tower“) to act as its liquidation agent for the Collateral.  To request more information from Stone Tower about the Sales or the Collateral, including how to participate in the Sales, contact Tom Nash by telephone at (212) 584-5608 or by e-mail at tnash@stonetowercapital.com, or Dan Castaline by telephone at (212) 584-5606 or by e-mail at dcastaline@stonetowercapital.com.
The Conditions of the Sales are as Follows:

1.         Collateral.  The Collateral that will be sold at each Sale is listed on the Description of Collateral and Bid Response Spreadsheet (the “Bid Response Spreadsheet“) attached hereto as Exhibit B.

2.         Day, Times and Place of Sales.  The day, times and place of the Sales will be as follows:

  DAY AND DATE TIME
Sale Nos. 1-5 Tuesday, June 21, 2011 10:00 A.M., Eastern Time

PLACE
The Sales will be held at 152 West 57th Street, New York, New York 10019.
ONLY PERSONS WHO SATISFY THE FOLLOWING REQUIREMENTS WILL BE PERMITTED TO BID AT THE AUCTION
3.         Conditions of Sales.  The conditions of the Sales are as follows:

a.   Each item of Collateral will be awarded only to the best bidder who is also a qualified bidder (the “Best Bidder“).  The Trustee reserves the right to reject any bid which it deems to have been made by a bidder which is unable to satisfy the requirements imposed by the Trustee upon prospective bidders in connection with the auction or to whom in the Trustee’s sole judgment a sale may not lawfully be made. The Trustee shall not be obligated to make any sale and reserves the right to sell all or a part of the Collateral at a subsequent public or private sale.

b.   In order to obtain additional information on the Collateral, each prospective bidder must execute and return to Stone Tower, prior to receiving such information, the Investor Representations and Confidentiality Agreement in the form of Exhibit A attached hereto.

c.   Some or all of the securities constituting the Collateral may not have been and will not be registered under the Securities Act of 1933, as amended (the “Act“), or any applicable state securities laws and may not be sold or transferred without registration under such Act and applicable state securities law or the availability of valid exemptions from such registration requirements.  In addition to such securities laws transfer restrictions on resale, some or all of the Collateral may be subject to additional transfer restrictions, including but not limited to Investment Company Act restrictions and the Employee Retirement Income Security Act of 1974, as amended, restrictions.  Upon signing and returning the executed Investor Representations and Confidentiality Agreement, a bidder may request copies of the offering memorandum or circular (the “Offering Document“) for each such item of Collateral (in which all such transfer restrictions are described), as well as certain other financial information in the possession of the Trustee.

d.   Each Best Bidder for which a security constituting part of the Collateral is awarded, by submission of its bid, is deemed to represent and warrant that such bidder is qualified to become a transferee of such security under all transfer restrictions applicable to such security.

e.   The Trustee will accept bids only from such of those persons to whom in its sole judgment a sale may lawfully be made.  Any person submitting a bid is hereby notified that (i) the Collateral must be acquired for the account of such bidder and not with a view to resale or distribution, and (ii) the bidder may not resell the Collateral without compliance with the registration requirements of the Act, and the regulations of the Securities and Exchange Commission thereunder and applicable state securities laws or pursuant to valid exemptions therefrom.

f.    A bid by any person will be deemed to be a representation that such bidder (i) has sufficient knowledge and experience in business and financial matters to evaluate properly the merits and risks of investment in the Collateral, (ii) has had such access to information concerning the Collateral as such bidder deems necessary to make an informed investment decision and has taken advice from those advisors as such bidder has deemed necessary and that neither the Trustee nor any other party connected with the sale of the Collateral is a fiduciary or investment advisor to such bidder and (iii) acknowledges that no representation, express or implied, is made with respect to the accuracy, adequacy or completeness for its purposes of any information that such bidder may receive in connection with the bid on the Collateral.  Further, such bidder may be required to establish that such bidder is able to bear the economic risks involved in investment in the Collateral.
g.   Bids may be made by e-mail to Tom Nash or Dan Castaline at one of the following e-mail addresses: tnash@stonetowercapital.com or dcastaline@stonetowercapital.com.  Be sure to include your name, company name, address, and phone number.

h.   Alternatively, bids may be submitted on the Bid Response Spreadsheet.  The Bid Response Spreadsheet must be completed in full and either FAXED or E-MAILED according to the directions on the Bid Response Spreadsheet.

i.    Partial bids will be considered at the sole discretion of Stone Tower.  Bids must be on the par amount acceptable to Stone Tower.

j.    Your bid should be your “best and final” bid.  You will not be notified of other bids and will not be given the opportunity to submit a subsequent better bid.

k.   Following the completion of the Sales, the amount of the winning bid for each item (but not the identity of the bidder) will be disclosed on a limited basis only to the Issuer and those persons as determined by the Trustee, in its sole discretion, as having an interest in the Collateral under or in connection with the Indenture.

l.    Reserve levels may apply.

m.  All bids submitted must be irrevocable and unconditional and held open for no less than three hours.  The bid deadlines are the time of each Sale and are firm.
n.   The terms of the Sales shall be: (1) if the security is in book entry form, the Best Bidder shall make available and pay the final monies due on the settlement date in exchange for delivery of the securities via the customary ‘delivery vs. payment’ industry standard for book entry securities, or (2) if the security is in physical form, the Best Bidder shall provide payment of funds in cash or by certified or cashier’s check or wire transfer and such payment must be received by the Trustee within a reasonable period of time after the conclusion of the bidding, as determined by the Trustee, but in any event before the close of business (i.e., 5:00 p.m. (Eastern)) on the specified settlement date.

o.   Settlement will be per the settlement terms on the Bid Response Spreadsheet.

p.   The Trustee reserves the right to offer the Collateral in any other commercially reasonable manner.  The Trustee may adjourn or cancel the auction or cause such auction to be adjourned, recessed and/or reconvened from time to time, without further written notice or further publicity, by announcement at the time and place appointed for such auction or at any adjournment, recess and/or reconvening and, without further written notice or publication, such auction may be held at the time and place to which it may have been so adjourned.

q.   No sale will be completed until the Best Bidder completes its purchase as provided herein and, in the case of any failure to complete a purchase, the Trustee may without further notice accept the next best bid from a qualified bidder.

r.    The Collateral will be offered and sold by the Trustee without recourse, representations, warranties or covenants, express or implied, being made by the Trustee with respect to the Collateral (except as to title to the Collateral) or with respect to any other information then in the Trustee’s possession, including without limitation any Offering Document or other financial information.
s.    The above terms and conditions of the Sales may be subject to additional or amended terms and conditions to be announced at the time of the Sales.
 Additional Information May Be Obtained

            Additional information concerning the Collateral and matters pertaining to the Sales may be obtained by contacting Tom Nash or Dan Castaline with Stone Tower at (212) 584-5608 or (212) 584-5606.  The Indenture and the documents reflecting the Trustee’s security interest in the Collateral are available for inspection prior to the Sales by appointment.  Interested parties may contact Tom Nash or Dan Castaline.
 EXHIBIT A
 INVESTOR REPRESENTATIONS AND CONFIDENTIALITY AGREEMENT
 The undersigned has expressed an interest in participating in a foreclosure sale (the “Foreclosure Sale”) under that certain Indenture dated as of August 17, 2006 (as amended, modified or supplemented from time to time, the “Indenture”) among COLDWATER CDO, LTD., as Issuer (the “Issuer”), COLDWATER CDO, INC., as Co-Issuer (the “Co-Issuer”, and together with the Issuer, the “Co-Issuers”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION (successor in trust to JPMorgan Chase Bank, National Association), as Trustee (the “Trustee”), and has asked that the Trustee provide certain financial information relating to the Collateral (as defined in the Indenture), as further described in Exhibit B attached to the Notice of Public Sale and Invitation to Bid dated June 10, 2011, to be sold at the Foreclosure Sale.  The Trustee is prepared to permit such participation and to provide such financial information to the undersigned so long as the undersigned executes this Investor Representations and Confidentiality Agreement (the “Agreement”).  Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Indenture.

1.         The undersigned hereby represents and warrants to the Trustee that (i) to the extent that the undersigned is the successful bidder at the Foreclosure Sale, the Collateral acquired thereby will be acquired for the account of the bidder and not with a view to resale or distribution except in compliance with applicable securities laws; (ii) the undersigned has reviewed all necessary materials and had access to all information requested, and has sufficient business and investment knowledge and experience to effectively evaluate properly the merits and risks of investment in the Collateral which is the subject of the Foreclosure Sale; (iii) the undersigned has sufficient financial ability and net worth to bear the economic risks involved in investment in such Collateral and has taken advice from those advisors as the undersigned has deemed necessary and neither the Trustee nor any other party connected with the sale of the Collateral is a fiduciary or investment advisor to the undersigned; and (iv) the undersigned is aware of the fact that the items of the Collateral on which it is bidding may not have been registered under the Securities Act of 1933, as amended (the “Act”) or applicable state securities law and will be offered and sold by the Trustee without recourse, representations, warranties or covenants, express or implied, being made by the Trustee with respect to the Collateral (except as to title to the Collateral) or with respect to any other information then in the Trustee’s possession, including without limitation any Offering Document (hereinafter defined) or other documents and financial information.  The undersigned hereby agrees that the undersigned may not resell any Collateral acquired at the Foreclosure Sale without compliance with the registration requirements of the Act, and the regulations of the Securities and Exchange Commission thereunder and applicable state securities laws or pursuant to valid exemptions therefrom.

2.         The undersigned acknowledges and agrees that its participation in the Foreclosure Sale, and any sale of Collateral to the undersigned pursuant to the Foreclosure Sale, will not violate the Act or the laws or regulations of any jurisdiction and is permitted under the undersigned’s governing documents and internal policies.

3.         The undersigned agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its affiliates’ directors, officers, employees and agents, including accountants, legal counsel, sources of funding, other advisors and clients and customers (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential and the undersigned will be responsible if any such person (or persons) fails to keep the Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, or (d) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Agreement or (ii) becomes available to the undersigned on a non-confidential basis from a source other than the Trustee.  Unless it is the successful bidder, the undersigned further agrees to use the Information solely for the purposes of evaluating whether or not it desires to participate in the Foreclosure Sale and for no other purpose whatsoever.  For the purposes of this Agreement, “Information” means all information received by the undersigned relating to the Collateral which is the subject of the Foreclosure Sale, including but not limited to the offering memorandum or offering circular (the “Offering Document”) and any related financial information related to such Collateral.

4.         Should the undersigned be the winning bidder on a security constituting the Collateral, the undersigned, by submission of  its bid, is deemed to represent and warrant that the undersigned is qualified to become a transferee of such security under all transfer restrictions applicable to such security.
5.         The undersigned hereby agrees to indemnify, defend and hold the Trustee harmless of, from and against any and all claims, demands, liabilities, causes of action, losses, damages, costs and expenses (including attorneys’ fees) hereafter suffered or incurred by the Trustee arising out of, directly or indirectly, (i) any breach of the undersigned’s representations and warranties given hereunder, (ii) the undersigned’s failure to observe (and to cause its agents, contractors, employees and consultants to observe) and comply with the terms and provisions hereof and (iii) any liability arising out of any violation of the Act or the law of any jurisdiction by the undersigned in connection with the sale of any Collateral pursuant to the Foreclosure Sale or any resale thereof by the undersigned.  The indemnification obligations of the undersigned contained herein shall bind the undersigned, its successors, trustees and assigns, irrespective of whether or not the undersigned elects to participate in the Foreclosure Sale or acquires any Collateral pursuant to the Foreclosure Sale.
6.         The undersigned agrees to either promptly destroy or return all Information to the Trustee if it does not carry through on its evaluation or is not the successful bidder at the Foreclosure Sale for any item of Collateral for which it received Information.  Notwithstanding the foregoing, to the extent required for legal or compliance purposes, the undersigned may retain copies of the Information to comply with such purposes.
7.         The undersigned may request Information on any of the items of Collateral on Exhibit B by written request to Tom Nash or Dan Castaline with Stone Tower at tnash@stonetowercapital.com or dcastaline@stonetowercapital.com or at (212) 584-5608 or (212) 584-5606, respectively.  Any such request shall set forth the CUSIP number, name of the security and the address to which any such Information should be sent.
8.         Paragraph 3 of this Agreement shall terminate, as it relates to any particular item of Collateral, upon the earlier of (i) the undersigned’s purchase of such item of Collateral or (ii) two years from the date hereof.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of laws provisions thereof.


Executed this _____ day of ______________, 2011.

                                                                        {Insert Name of Bidder}

                                                              By:                                                    
                                                              Name:                                                
                                                              Title:                                                   



Exhibit B
DESCRIPTION OF COLLATERAL AND
Bid Response Spreadsheet

CDO Liquidation – Stone Tower Capital                
Deadline: Tuesday, June 21, 2011 10:00 am Eastern Time              
                     
The information transmitted herewith is strictly confidential and is being provided to you for the sole purpose of evaluating your interest in the securities. The information contained herein is not an offer or solicitation to buy or sell any security. You agree not to use the information for any other purpose, and will not disclose it, or the fact that it has been made available to you or to anyone without the prior consent of Stone Tower Debt Advisors LLC or an affiliate, except as otherwise required by law. No representation is made or warranty given (in either case express or implied) as to the accuracy or completeness of the information provided to you, and no liability whatsoever will arise to Stone Tower Debt Advisors LLC or any of its affiliates or any of their respective officers, directors, employees, members, partners, owners or affiliates resulting from your use of the attached information. None of Stone Tower Debt Advisors LLC or any of its affiliates undertakes to correct, update or supplement any of the information.    
   
   
   
   
   
   
   
Instructions for Bidding:                  
                     
- Submit bids by emailing this form to Tom Nash at: tnash@stonetowercapital.com and Dan Castaline at: dcastaline@stonetowercapital.com or by faxing this form to (212) 974-0202.          
- Enter clean prices below – in terms of percentage of par, please change all ticks to decimals.            
- Partials will be considered                
- No last looks will be allowed                
- Bids must be firm and actionable for three (3) hours after the deadline              
- Reserve levels may apply                  
- Corporate Settle                
                     
Sale No. 1: RMBS – Due Tuesday June 21, 2011 at 10:00 am Eastern Time            
Ref # CUSIP Issue Name Bond Type Original Face Buyer pays accrued? Bid (Clean)      
1 61748HLP4 MSM 2005-5AR 1B1 Alt-A 3,555,000 Yes ________________________      
2 16678RDX2 CCMFC 2005-3A B3 Prime & Alt-A 4,000,000 Yes ________________________      
3 22541SK31 HEMT 2004-5 B1 Second Lien 2,000,000 Yes ________________________      
4 004421QW6 ACE 2005-WF1 M8 Subprime 2,000,000 Yes ________________________      
5 04541GTR3 ABSHE 2005-HE6 M7 Subprime 2,000,000 Yes ________________________      
6 04541GTT9 ABSHE 2005-HE6 M9 Subprime 3,000,000 Yes ________________________      
7 126670LX4 CWL 2005-14 B Subprime 3,000,000 Yes ________________________      
8 14454EAT8 CARR 2007-HE1 M9 Subprime 2,000,000 Yes ________________________      
9 152314PC8 CXHE 2005-C B2 Subprime 3,500,000 Yes ________________________      
10 17307G2S6 CMLTI 2006-WFH1 M5 Subprime 1,385,000 Yes ________________________      
11 17307G2U1 CMLTI 2006-WFH1 M7 Subprime 950,000 Yes ________________________      
12 17307G2V9 CMLTI 2006-WFH1 M8 Subprime 669,000 Yes ________________________      
13 17307GSS8 CMLTI 2005-OPT3 M9 Subprime 1,500,000 Yes ________________________      
14 17307GVA3 CMLTI 2005-OPT4 M10 Subprime 750,000 Yes ________________________      
15 17309NAP6 CRMSI 2006-1 M8 Subprime 1,500,000 Yes ________________________      
16 17309NAQ4 CRMSI 2006-1 M9 Subprime 1,802,000 Yes ________________________      
17 17312BAL6 CMLTI 2007-WFH2 M7 Subprime 1,937,000 Yes ________________________      
18 225458JE9 HEMT 2005-2 M7 Subprime 1,500,000 Yes ________________________      
19 31659TEA9 FMIC 2005-2 M7 Subprime 2,000,000 Yes ________________________      
20 32027NKQ3 FFML 2004-FF6 B4 Subprime 2,500,000 Yes ________________________      
21 32027NUS8 FFML 2005-FF7 M7 Subprime 2,000,000 Yes ________________________      
22 32027NUT6 FFML 2005-FF7 M8 Subprime 1,731,000 Yes ________________________      
23 45071KCC6 IXIS 2005-HE3 M6 Subprime 3,000,000 Yes ________________________      
24 46626LAM2 JPMAC 2005-OPT1 M8 Subprime 2,000,000 Yes ________________________      
25 46626LAN0 JPMAC 2005-OPT1 M9 Subprime 3,000,000 Yes ________________________      
26 46626LEU0 JPMAC 2005-OPT2 M9 Subprime 1,000,000 Yes ________________________      
27 57643LKC9 MABS 2005-WF1 M7 Subprime 975,000 Yes ________________________      
Ref # CUSIP Issue Name Bond Type Original Face Buyer pays accrued? Bid (Clean)   CUSIP  
28 57643LKE5 MABS 2005-WF1 M9 Subprime 2,291,000 Yes ________________________      
29 61744CSM9 MSAC 2005-HE3 B1 Subprime 2,000,000 Yes ________________________      
30 61744CSP2 MSAC 2005-HE3 B3 Subprime 2,000,000 Yes ________________________      
31 61756YAF0 MSAC 2007-HE7 M2 Subprime 1,600,000 Yes ________________________      
32 61756YAG8 MSAC 2007-HE7 M3 Subprime 800,000 Yes ________________________      
33 63860FAL7 NSTR 2006-B M7 Subprime 2,000,000 Yes ________________________      
34 73316PDX5 POPLR 2005-3 M6 Subprime 1,792,500 Yes ________________________      
35 73316PEP1 POPLR 2005-B M4 Subprime 1,663,000 Yes ________________________      
36 73316PEQ9 POPLR 2005-B M5 Subprime 750,000 Yes ________________________      
37 73316PER7 POPLR 2005-B M6 Subprime 1,000,000 Yes ________________________      
38 73316PFH8 POPLR 2005-4 M6 Subprime 1,000,000 Yes ________________________      
39 73316PFY1 POPLR 2005-C M6 Subprime 2,025,000 Yes ________________________      
40 73316PGR5 POPLR 2005-5 MF6 Subprime 1,855,000 Yes ________________________      
41 73316PJZ4 POPLR 2006-A M4 Subprime 1,500,000 Yes ________________________      
42 73316PKA7 POPLR 2006-A M5 Subprime 1,000,000 Yes ________________________      
43 81375WGX8 SABR 2005-OP2 B1 Subprime 2,000,000 Yes ________________________      
44 81375WGZ3 SABR 2005-OP2 B3 Subprime 2,000,000 Yes ________________________      
45 84751PJN0 SURF 2005-AB3 M6 Subprime 1,575,000 Yes ________________________      
46 863576DQ4 SASC 2005-WF4 B1 Subprime 2,000,000 Yes ________________________      
47 9497ERAJ3 WFHET 2005-1 M9 Subprime 3,000,000 Yes ________________________      
                         


Sale No. 5:  Zero Factor Positions – Due Tuesday June 21, 2011 at 10:00 am Eastern Time  
Ref # CUSIP Issue Name Bond Type Original Face Buyer pays accrued? Bid (Clean)
67 00075QAP7 ABFC 2006-OPT1 B Zero Factor RMBS 500,000 No  ________________________
68 00441YAQ5 ACE 2006-OP2 M10 Zero Factor RMBS 1,300,000 No ________________________
69 004423AJ8 ACE 2006-SL3 M7 Zero Factor RMBS 3,327,000 No ________________________
70 007036NL6 ARMT 2005-7 7M4 Zero Factor RMBS 1,000,000 No ________________________
71 007036PN0 ARMT 2005-6A 1B3 Zero Factor RMBS 1,940,000 No ________________________
72 007036QZ2 ARMT 2005-8 7M3 Zero Factor RMBS 3,040,000 No ________________________
73 04541GXK3 ABSHE 2006-HE3 M7 Zero Factor RMBS 3,000,000 No ________________________
74 07386HVQ1 BALTA 2005-7 1B2 Zero Factor RMBS 4,000,000 No ________________________
75 12498NAL7 CBASS 2006-CB2 M7 Zero Factor RMBS 2,000,000 No ________________________
76 15231AAM8 CXHE 2006-A M8 Zero Factor RMBS 4,000,000 No ________________________
77 16678RDP9 CCMFC 2005-2A B3 Zero Factor RMBS 3,656,000 No ________________________
78 16678REF0 CCMFC 2005-BA B3 Zero Factor RMBS 4,389,000 No ________________________
79 16678RFF9 CCMFC 2006-1A B3 Zero Factor RMBS 3,000,000 No ________________________
80 16678YAE2 CCMFC 2006-3A B3 Zero Factor RMBS 2,500,000 No ________________________
81 17307G2Y3 CMLTI 2006-WFH1 M11 Zero Factor RMBS 2,115,000 No ________________________
82 17307GVS4 CMLTI 2005-WF2 MF4 Zero Factor RMBS 2,928,000 No ________________________
83 17309MAN3 CMLTI 2006-WFH2 M9 Zero Factor RMBS 1,000,000 No ________________________
84 17309QAN4 CMLTI 2006-WFH3 M9 Zero Factor RMBS 1,000,000 No ________________________
85 17309QAP9 CMLTI 2006-WFH3 M10 Zero Factor RMBS 1,500,000 No ________________________
86 17311CAM3 CMLTI 2007-WFH1 M9 Zero Factor RMBS 750,000 No ________________________
87 22237JAN7 CWL 2006-BC2 M8 Zero Factor RMBS 3,000,000 No ________________________
88 225470XW8 HEMT 2006-1 M8 Zero Factor RMBS 750,000 No ________________________
89 2254W0LP8 HEMT 2005-HF1 M7 Zero Factor RMBS 1,000,000 No ________________________
90 23242FAM8 CWL 2006-16 M8 Zero Factor RMBS 2,000,000 No ________________________
91 30247DAP6 FFML 2006-FF13 M9 Zero Factor RMBS 3,000,000 No ________________________
92 320277AP1 FFML 2006-FF7 M8 Zero Factor RMBS 1,900,000 No ________________________
93 320278AM6 FFML 2006-FF8 M8 Zero Factor RMBS 1,500,000 No ________________________
94 320278AP9 FFML 2006-FF8 M10 Zero Factor RMBS 1,000,000 No ________________________
95 32027AAH2 FFML 2007-FFA B1 Zero Factor RMBS 1,000,000 No ________________________
96 32027LAQ8 FFML 2006-FF14 M9 Zero Factor RMBS 4,000,000 No ________________________
97 32028TAS6 FFML 2007-FF1 B3 Zero Factor RMBS 2,000,000 No ________________________
98 32029AAP2 FFML 2006-FF18 B3 Zero Factor RMBS 2,000,000 No ________________________
99 362334BC7 FFML 2006-FF3 M7 Zero Factor RMBS 2,000,000 No ________________________
100 362334BD5 FFML 2006-FF3 M8 Zero Factor RMBS 1,900,000 No ________________________
101 362341H36 GSAMP 2005-HE6 M8 Zero Factor RMBS 3,000,000 No ________________________
102 362341P37 GSR 2005-HEL1 M6 Zero Factor RMBS 2,000,000 No ________________________
103 362341P45 GSR 2005-HEL1 B1 Zero Factor RMBS 2,000,000 No ________________________
104 362341QX0 FFML 2005-FF8 B3 Zero Factor RMBS 4,000,000 No ________________________
105 40430KAN1 HASC 2006-OPT4 M6 Zero Factor RMBS 2,000,000 No ________________________
106 40430KAP6 HASC 2006-OPT4 M7 Zero Factor RMBS 4,000,000 No ________________________
107 437084VY9 HEAT 2006-4 M8 Zero Factor RMBS 3,000,000 No ________________________
108 46628RAN5 JPMAC 2006-ACC1 M8 Zero Factor RMBS 3,000,000 No ________________________
109 46628UAQ1 JPALT 2006-A3 1B1 Zero Factor RMBS 1,847,000 No ________________________
110 57643LNN2 MABS 2006-NC1 M7 Zero Factor RMBS 3,925,000 No ________________________
111 59020U4F9 MLMI 2006-WMC1 B1A Zero Factor RMBS 2,000,000 No ________________________
112 59024VAW9 FFMER 2007-3 B3 Zero Factor RMBS 3,000,000 No ________________________
113 61744CUE4 MSHEL 2005-3 B2 Zero Factor RMBS 1,000,000 No ________________________
114 617451DZ9 MSAC 2006-HE1 B2 Zero Factor RMBS 4,000,000 No  ________________________
115 61749GAM4 MSHEL 2006-3 B2 Zero Factor RMBS 1,750,000 No ________________________
116 61749HAM2 MSAC 2006-HE3 B1 Zero Factor RMBS 1,000,000 No ________________________
117 61749TAE4 MSM 2006-10SL B1 Zero Factor RMBS 2,567,000 No ________________________
118 617526AP3 MSAC 2007-HE1 B2 Zero Factor RMBS 1,000,000 No ________________________
Ref # CUSIP Issue Name Bond Type Original Face Buyer pays accrued? Bid (Clean)
119 63860HAN9 NSTR 2007-A M9 Zero Factor RMBS 2,000,000 No ________________________
120 63860KAP7 NSTR 2007-C M9 Zero Factor RMBS 4,000,000 No ________________________
121 65536RAM8 NHELI 2006-WF1 M8 Zero Factor RMBS 2,000,000 No ________________________
122 65536RAN6 NHELI 2006-WF1 M9 Zero Factor RMBS 1,000,000 No ________________________
123 65536RAP1 NHELI 2006-WF1 B1 Zero Factor RMBS 1,500,000 No ________________________
124 65536WAL9 NAA 2006-S3 B1 Zero Factor RMBS 3,804,000 No ________________________
125 66987XHF5 NHEL 2005-3 M9 Zero Factor RMBS 2,000,000 No ________________________
126 68389FJC9 OOMLT 2005-3 M11 Zero Factor RMBS 2,000,000 No ________________________
127 73316NAL9 POPLR 2007-A M8 Zero Factor RMBS 2,300,000 No ________________________
128 73316PJL5 POPLR 2005-6 M5 Zero Factor RMBS 500,000 No ________________________
129 73316PJM3 POPLR 2005-6 M6 Zero Factor RMBS 1,500,000 No ________________________
130 74919QAG2 RAAC 2006-SP3 M4 Zero Factor RMBS 1,750,000 No ________________________
131 74919QAH0 RAAC 2006-SP3 M5 Zero Factor RMBS 1,284,000 No ________________________
132 75406EAM3 RASC 2006-KS4 M8 Zero Factor RMBS 2,305,000 No ________________________
133 759676AQ2 RAMC 2006-2 M6 Zero Factor RMBS 2,000,000 No ________________________
134 76110VUF3 RFMS2 2006-HI1 M9 Zero Factor RMBS 3,350,000 No ________________________
135 76110WZ74 RASC 2005-KS6 M10 Zero Factor RMBS 1,000,000 No ________________________
136 76113ABT7 RASC 2006-KS3 M8 Zero Factor RMBS 4,000,000 No ________________________
137 76113RAC8 RESIF 2006-B B5 Zero Factor RMBS 4,000,000 No ________________________
138 785778GT2 SACO 2005-5 2M9 Zero Factor RMBS 1,634,000 No ________________________
139 785778PL9 SACO 2006-2 1B2 Zero Factor RMBS 1,627,000 No ________________________
140 785778PM7 SACO 2006-2 1B3 Zero Factor RMBS 1,241,000 No ________________________
141 785778QD6 SACO 2006-1 M3 Zero Factor RMBS 1,241,000 No ________________________
142 81375HAG4 SABR 2006-NC1 B1 Zero Factor RMBS 2,144,000 No ________________________
143 83611MMG0 SVHE 2006-OPT1 M8 Zero Factor RMBS 500,000 No ________________________
144 83612MAN7 SVHE 2006-WF2 M8 Zero Factor RMBS 2,000,000 No ________________________
145 84751PKP3 SURF 2006-BC1 B3B Zero Factor RMBS 4,000,000 No ________________________
146 86360LAM8 SASC 2006-WF2 M8 Zero Factor RMBS 2,000,000 No ________________________
147 86361EAP6 SASC 2006-WF3 M9 Zero Factor RMBS 3,000,000 No ________________________
148 86362PAQ8 SASC 2007-BC1 M9 Zero Factor RMBS 1,506,000 No ________________________
149 881561U77 TMTS 2006-3 1M7 Zero Factor RMBS 4,133,000 No ________________________
150 88156PAL5 TMTS 2006-7 1M7 Zero Factor RMBS 2,450,000 No ________________________
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