rpt10k

10-K 1 rpt10ksurf2007ab1.htm FORM 10-K rpt10k

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

UNITED STATES

FORM 10-K

[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Specialty Underwriting and Residential Finance Trust, Series 2007-AB1

New York

(I.R.S. Employer Identification No.)

04-3852607, 04-3852608, 04-3852609

(Commission file number of Issuing Entity)

(Address of Principal Executive Offices)

St. Paul, MN

60 Livingston Avenue

(Zip Code)

55107

651-495-3849

Securities registered pursuant to Section 12(b) of the Act:

None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the
Securities Act.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to such filing requirements for the
past 90 days.

For the fiscal year ended December 31, 2007

For the transition period from _____________ to _____________

(Exact name of Issuing Entity)

Securities registered pursuant to Section 12(g) of the Act:

None.

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)
of the Act.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K ( 229.405
of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a
smaller reporting company. See the definitions of "large accelerated filer", "accelerated filer", and "smaller reporting company"
in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

[ Yes]

Documents incorporated by reference:

State the aggregate market value of the voting and non-voting common equity held by non-affiliates
computed by reference to the price at which the common equity was last sold, or the average bid and
asked price of such common equity, as of the last business day of the registrant's most recently completed
second fiscal quarter.

Not Applicable.

[X No]

[ Yes] [X No]

[X Yes] [ No]

[X]

[ Yes] [X No]

Large accelerated filer [ ]

Accelerated filer [ ]

Non-accelerated filer [X]

(Exact Name of Registrant as Specified in its Charter)

(Exact Name of Sponsor as Specified in its Charter)

Merrill Lynch Mortgage Investors, Inc. (Depositor)

Merrill Lynch Mortgage Lending, Inc.

333-130545-50

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by
Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities
under a plan confirmed by a court.

Not Applicable.

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the
last practicable date.

Not Applicable.

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.)
into which the document is incorporated: (1)Any annual report to security holders; (2) Any proxy or information statement;
and (3)Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be
clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).
None.

Smaller reporting company [ ]

c/o U.S. Bank National Association

PART I

Item 1. Business.

Item 1A. Risk Factors.

Item 1B. Unresolved Staff Comments.

Item 2. Properties.

Item 3. Legal Proceedings.

Item 4. Submission of Matters to a Vote of Security Holders.

Omitted.

None.

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities.

Item 6. Selected Financial Data.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Item 8. Financial Statements and Supplementary Data.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Item 9A. Controls and Procedures.

PART II

Omitted.

None

Item 9B. Other Information.

Item 10. Directors and Executive Officers and Corporate Governance.

Item 11. Executive Compensation.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

Item 14. Principal Accounting Fees and Services.

PART III

Omitted.

Item 1112(b) of Regulation AB.

Item 1117 of Regulation AB.

Item 1119 of Regulation AB.

Item 1122 of Regulation AB.

Servicer Compliance Statement.

Significant Obligors of Pool Assets (Financial Information).

Legal Proceedings.

Affiliations and Certain Relationships and Related Transactions.

Compliance with Applicable Servicing Criteria

Item 1123 of Regulation AB.

The registrant knows of no material pending legal proceedings involving the entities contemplated by Item 1117 of
Regulation AB, other than routine litigation incidental to the duties of those respective parties.

No single obligor represents 10% or more of the pool assets held by the issuing entity.

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.

The significance percentages of the derivative transactions entered into on behalf of the issuing entity are less than
10%.

Item 1115(b) of Regulation AB.

The information regarding this item has been previously filed in a 424(b)(5) filing dated March 26, 2007.

See Item 15, exhibits (33) and (34).

Item 1114(b)(2) of Regulation AB.

Significant Enhancement Provider Financial Information.

See Item 15, exhibits (35).

Certain Derivatives Instruments (Financial Information).

SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J(2) TO FORM 10-K.

Item 15. Exhibits, Financial Statement Schedules.

b) See (a) above
c) Not Applicable.

PART IV

a) 1. Not Applicable.
2. Not Applicable.

Pooling and Servicing Agreement, dated as of March 1, 2007, among Merrill Lynch Mortgage
Investors, Inc., as Depositor, Wilshire Credit Corporation, as Servicer, and U.S. Bank National
Association, as Trustee. (filed as an exhibit to Form 8-K on April 10, 2007)

Mortgage Loan Sale and Assignment Agreement, dated as of March 1, 2007, between Merrill Lynch
Mortgage Capital Inc., as Seller, and Merrill Lynch Mortgage Investors, Inc., as Purchaser. (filed as an
exhibit to Form 8-K on April 10, 2007)

Exhibit 4.1

Exhibit 10

Exhibit 33 Item 1122 Compliance with Applicable Servicing Criteria - Assessments

Exhibit 34 Item 1122 Compliance with Applicable Servicing Criteria - Attestations

Exhibit 35 Item 1123 Servicer Compliance Statement

Exhibit 31 302 Sarbanes-Oxley Certification

a) LandAmerica Tax and Flood Services, Inc., as Vendor
b) U.S. Bank National Association, as Trustee and Custodian
c) Wilshire Credit Corporation, as Servicer
d) ZC Sterling Insurance Agency, Inc., as Vendor

a) Wilshire Credit Corporation, as Servicer

SIGNATURES

March 27, 2008

/s/ Ken Frye

Ken Frye
Senior Vice President, Loan Servicing

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.

Wilshire Credit Corporation, as Servicer

Specialty Underwriting and Residential Finance Trust, Series 2007-AB1

(Senior Officer in Charge of the Servicing Function)

Title:

By (Signature and Title):

Name:

Date

EXHIBIT INDEX

EXHIBIT DESCRIPTION

Pooling and Servicing Agreement, dated as of March 1, 2007, among Merrill Lynch Mortgage Investors, Inc.,
as Depositor, Wilshire Credit Corporation, as Servicer, and U.S. Bank National Association, as Trustee. (filed
as an exhibit to Form 8-K on April 10, 2007)

Exhibit 33 Item 1122 Compliance with Applicable Servicing Criteria - Assessments

Exhibit 34 Item 1122 Compliance with Applicable Servicing Criteria - Attestations

Exhibit 35 Item 1123 Servicer Compliance Statement

Exhibit 31 302 Sarbanes-Oxley Certification

Exhibit 4.1

Exhibit 10.1

a) Wilshire Credit Corporation, as Servicer