The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates with a file number of 333-127230.  Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.   Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-221-1037.

This free writing prospectus is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement that will be prepared for the securities offering to which this free writing prospectus relates.  This free writing prospectus is not an offer to sell or a solicitation of an offer to buy these securities in any state where such offer, solicitation or sale is not permitted.

The information in this free writing prospectus is preliminary, and may be superseded by an additional free writing prospectus provided to you prior to the time you enter into a contract of sale.  This preliminary free writing prospectus is being delivered to you solely to provide you with information about the offering of the securities referred to herein.  The securities are being offered when, as and if issued.  In particular, you are advised that these securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus.  As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials.  Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials.

A contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of securities to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.  You may withdraw your offer to purchase securities at any time prior to our acceptance of your offer.

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential are not applicable to these materials and should be disregarded.  Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

		6 Month ARMs, 1/29's and 2/28  Prepay Curve		3/27 Prepay Curve		15/15, 10/30, and Fixed Prepay Curve		Loss Curve
Assumptions:		Period	Value	Period	Value	Period	Value	Period	Value
Severity	100%	1	7.25	1	7.25	1	4	1	4
Advances	100%	2	8.5	2	8.17	2	6.27	2	0
Lag	12 months	3	9.75	3	9.1	3	8.55	3	0
Libor	Forward	4	11.06	4	10.08	4	10.82	4	0
Losses	SP default assumptions(on original pool)	5	13.02	5	11.65	5	13.09	5	0
Prepays	SP prepays for nim bonds	6	16.32	6	14.37	6	15.36	6	5.75
To Maturity		7	18.16	7	15.79	7	17.64	7	0
		8	20.05	8	17.24	8	19.91	8	0
		9	23.16	9	19.72	9	22.18	9	0
		10	25.05	10	21.15	10	24.45	10	0
		11	30.15	11	25.28	11	26.73	11	0
		12	32.5	12	27.07	12	29	12	6.25
		13	33.79	13	27.99	13	29	13	0
		14	34.22	14	28.2	14	29	14	0
		15	34.92	15	28.55	15	29	15	0
		16	35.06	16	28.75	16	29	16	0
		17	34.19	17	28.94	17	29	17	0
		18	37.49	18	29.14	18	29	18	13
		19	40	19	30	19	29	19	0
		20	55	20	30	20	29	20	0
		21	55	21	30	21	29	21	0
		22	55	22	30	22	29	22	0
		23	55	23	30.93	23	29	23	0
		24	55	24	33	24	29	24	10.25
		25	55	25	40	25	29	25	0
		26	55	26	40	26	29	26	0
		27	55	27	40	27	29	27	0
		28	55	28	40	28	29	28	0
		29	55	29	40	29	29	29	0
		30	55	30	55	30	29	30	10
		31	35	31	55	31	29	31	0
		32	35	32	55	32	29	32	0
		33	35	33	55	33	29	33	0
		34	35	34	55	34	29	34	0
		35	35	35	55	35	29	35	0
		36	35	36	55	36	29	36	9.5
		37	35	37	55	37	29	37	0
		38	35	38	55	38	29	38	0
		39	35	39	55	39	29	39	0
		40	35	40	55	40	29	40	0
		41	35	41	35	41	29	41	0
		42	35	42	35	42	29	42	9
		43	35	43	35	43	29	43	0
		44	35	44	35	44	29	44	0
		45	35	45	35	45	29	45	0
		46	35	46	35	46	29	46	0
		47	35	47	35	47	29	47	0
		48	35	48	35	48	29	48	9
		49	35	49	35	49	29	49	0
		50	35	50	35	50	29	50	0
		51	35	51	35	51	29	51	0
		52	35	52	35	52	29	52	0
		53	35	53	35	53	29	53	0
		54	35	54	35	54	29	54	7.75
		55	35	55	35	55	29	55	0
		56	35	56	35	56	29	56	0
		57	35	57	35	57	29	57	0
		58	35	58	35	58	29	58	0
		59	35	59	35	59	29	59	0
		60	35	60	35	60	29	60	5.75
		61	35	61	35	61	29	61	0
		62	35	62	35	62	29	62	0
		63	35	63	35	63	29	63	0
		64	35	64	35	64	29	64	0
		65	35	65	35	65	29	65	0
		66	35	66	35	66	29	66	5.5
		67	35	67	35	67	29	67	0
		68	35	68	35	68	29	68	0
		69	35	69	35	69	29	69	0
		70	35	70	35	70	29	70	0
		71	35	71	35	71	29	71	0
		72	35	72	35	72	29	72	4.25
		73	35	73	35	73	29	73	0
		74	35	74	35	74	29	74
		75	35	75	35	75	29	75
		76	35	76	35	76	29	76
		77	35	77	35	77	29	77
		78	35	78	35	78	29	78
		79	35	79	35	79	29	79
		80	35	80	35	80	29	80
		81	35	81	35	81	29	81
		82	35	82	35	82	29	82
		83	35	83	35	83	29	83
		84	35	84	35	84	29	84
		85	35	85	35	85	29	85
		86	35	86	35	86	29	86
		87	35	87	35	87	29	87
		88	35	88	35	88	29	88
		89	35	89	35	89	29	89
		90	35	90	35	90	29	90
		91	35	91	35	91	29	91
		92	35	92	35	92	29	92
		93	35	93	35	93	29	93
		94	35	94	35	94	29	94
		95	35	95	35	95	29	95
		96	35	96	35	96	29	96
		97	35	97	35	97	29	97
		98	35	98	35	98	29	98
		99	35	99	35	99	29	99
		100	35	100	35	100	29	100
		101	35	101	35	101	29	101
		102	35	102	35	102	29	102
		103	35	103	35	103	29	103
		104	35	104	35	104	29	104
		105	35	105	35	105	29	105
		106	35	106	35	106	29	106
		107	35	107	35	107	29	107
		108	35	108	35	108	29	108
		109	35	109	35	109	29	109
		110	35	110	35	110	29	110
		111	35	111	35	111	29	111
		112	35	112	35	112	29	112
		113	35	113	35	113	29	113
		114	35	114	35	114	29	114
		115	35	115	35	115	29	115
		116	35	116	35	116	29	116
		117	35	117	35	117	29	117
		118	35	118	35	118	29	118
		119	35	119	35	119	29	119
		120	35	120	35	120	29	120
		121	35	121	35	121	29	121
		122	35	122	35	122	29	122
		123	35	123	35	123	29	123
		124	35	124	35	124	29	124
		125	35	125	35	125	29	125
		126	35	126	35	126	29	126
		127	35	127	35	127	29	127
		128	35	128	35	128	29	128
		129	35	129	35	129	29	129
		130	35	130	35	130	29	130
		131	35	131	35	131	29	131
		132	35	132	35	132	29	132
		133	35	133	35	133	29	133
		134	35	134	35	134	29	134
		135	35	135	35	135	29	135
		136	35	136	35	136	29	136
		137	35	137	35	137	29	137
		138	35	138	35	138	29	138
		139	35	139	35	139	29	139
		140	35	140	35	140	29	140
		141	35	141	35	141	29	141
		142	35	142	35	142	29	142
		143	35	143	35	143	29	143
		144	35	144	35	144	29	144
		145	35	145	35	145	29	145
		146	35	146	35	146	29	146
		147	35	147	35	147	29	147
		148	35	148	35	148	29	148
		149	35	149	35	149	29	149
		150	35	150	35	150	29	150
		151	35	151	35	151	29	151
		152	35	152	35	152	29	152
		153	35	153	35	153	29	153
		154	35	154	35	154	29	154
		155	35	155	35	155	29	155
		156	35	156	35	156	29	156
		157	35	157	35	157	29	157
		158	35	158	35	158	29	158
		159	35	159	35	159	29	159
		160	35	160	35	160	29	160
		161	35	161	35	161	29	161
		162	35	162	35	162	29	162
		163	35	163	35	163	29	163
		164	35	164	35	164	29	164
		165	35	165	35	165	29	165
		166	35	166	35	166	29	166
		167	35	167	35	167	29	167
		168	35	168	35	168	29	168
		169	35	169	35	169	29	169
		170	35	170	35	170	29	170
		171	35	171	35	171	29	171
		172	35	172	35	172	29	172
		173	35	173	35	173	29	173
		174	35	174	35	174	29	174
		175	35	175	35	175	29	175
		176	35	176	35	176	29	176
		177	35	177	35	177	29	177
		178	35	178	35	178	29	178
		179	35	179	35	179	29	179
		180	35	180	35	180	29	180
		181	35	181	35	181	29	181
		182	35	182	35	182	29	182
		183	35	183	35	183	29	183
		184	35	184	35	184	29	184
		185	35	185	35	185	29	185
		186	35	186	35	186	29	186
		187	35	187	35	187	29	187
		188	35	188	35	188	29	188
		189	35	189	35	189	29	189
		190	35	190	35	190	29	190
		191	35	191	35	191	29	191
		192	35	192	35	192	29	192
		193	35	193	35	193	29	193
		194	35	194	35	194	29	194
		195	35	195	35	195	29	195
		196	35	196	35	196	29	196
		197	35	197	35	197	29	197
		198	35	198	35	198	29	198
		199	35	199	35	199	29	199
		200	35	200	35	200	29	200
		201	35	201	35	201	29	201
		202	35	202	35	202	29	202
		203	35	203	35	203	29	203
		204	35	204	35	204	29	204
		205	35	205	35	205	29	205
		206	35	206	35	206	29	206
		207	35	207	35	207	29	207
		208	35	208	35	208	29	208
		209	35	209	35	209	29	209
		210	35	210	35	210	29	210
		211	35	211	35	211	29	211
		212	35	212	35	212	29	212
		213	35	213	35	213	29	213
		214	35	214	35	214	29	214
		215	35	215	35	215	29	215
		216	35	216	35	216	29	216
		217	35	217	35	217	29	217
		218	35	218	35	218	29	218
		219	35	219	35	219	29	219
		220	35	220	35	220	29	220
		221	35	221	35	221	29	221
		222	35	222	35	222	29	222
		223	35	223	35	223	29	223
		224	35	224	35	224	29	224
		225	35	225	35	225	29	225
		226	35	226	35	226	29	226
		227	35	227	35	227	29	227
		228	35	228	35	228	29	228
		229	35	229	35	229	29	229
		230	35	230	35	230	29	230
		231	35	231	35	231	29	231
		232	35	232	35	232	29	232
		233	35	233	35	233	29	233
		234	35	234	35	234	29	234
		235	35	235	35	235	29	235
		236	35	236	35	236	29	236
		237	35	237	35	237	29	237
		238	35	238	35	238	29	238
		239	35	239	35	239	29	239
		240	35	240	35	240	29	240
		241	35	241	35	241	29	241
		242	35	242	35	242	29	242
		243	35	243	35	243	29	243
		244	35	244	35	244	29	244
		245	35	245	35	245	29	245
		246	35	246	35	246	29	246
		247	35	247	35	247	29	247
		248	35	248	35	248	29	248
		249	35	249	35	249	29	249
		250	35	250	35	250	29	250
		251	35	251	35	251	29	251
		252	35	252	35	252	29	252
		253	35	253	35	253	29	253
		254	35	254	35	254	29	254
		255	35	255	35	255	29	255
		256	35	256	35	256	29	256
		257	35	257	35	257	29	257
		258	35	258	35	258	29	258
		259	35	259	35	259	29	259
		260	35	260	35	260	29	260
		261	35	261	35	261	29	261
		262	35	262	35	262	29	262
		263	35	263	35	263	29	263
		264	35	264	35	264	29	264
		265	35	265	35	265	29	265
		266	35	266	35	266	29	266
		267	35	267	35	267	29	267
		268	35	268	35	268	29	268
		269	35	269	35	269	29	269
		270	35	270	35	270	29	270
		271	35	271	35	271	29	271
		272	35	272	35	272	29	272
		273	35	273	35	273	29	273
		274	35	274	35	274	29	274
		275	35	275	35	275	29	275
		276	35	276	35	276	29	276
		277	35	277	35	277	29	277
		278	35	278	35	278	29	278
		279	35	279	35	279	29	279
		280	35	280	35	280	29	280
		281	35	281	35	281	29	281
		282	35	282	35	282	29	282
		283	35	283	35	283	29	283
		284	35	284	35	284	29	284
		285	35	285	35	285	29	285
		286	35	286	35	286	29	286
		287	35	287	35	287	29	287
		288	35	288	35	288	29	288
		289	35	289	35	289	29	289
		290	35	290	35	290	29	290
		291	35	291	35	291	29	291
		292	35	292	35	292	29	292
		293	35	293	35	293	29	293
		294	35	294	35	294	29	294
		295	35	295	35	295	29	295
		296	35	296	35	296	29	296
		297	35	297	35	297	29	297
		298	35	298	35	298	29	298
		299	35	299	35	299	29	299
		300	35	300	35	300	29	300
		301	35	301	35	301	29	301
		302	35	302	35	302	29	302
		303	35	303	35	303	29	303
		304	35	304	35	304	29	304
		305	35	305	35	305	29	305
		306	35	306	35	306	29	306
		307	35	307	35	307	29	307
		308	35	308	35	308	29	308
		309	35	309	35	309	29	309
		310	35	310	35	310	29	310
		311	35	311	35	311	29	311
		312	35	312	35	312	29	312
		313	35	313	35	313	29	313
		314	35	314	35	314	29	314
		315	35	315	35	315	29	315
		316	35	316	35	316	29	316
		317	35	317	35	317	29	317
		318	35	318	35	318	29	318
		319	35	319	35	319	29	319
		320	35	320	35	320	29	320
		321	35	321	35	321	29	321
		322	35	322	35	322	29	322
		323	35	323	35	323	29	323
		324	35	324	35	324	29	324
		325	35	325	35	325	29	325
		326	35	326	35	326	29	326
		327	35	327	35	327	29	327
		328	35	328	35	328	29	328
		329	35	329	35	329	29	329
		330	35	330	35	330	29	330
		331	35	331	35	331	29	331
		332	35	332	35	332	29	332
		333	35	333	35	333	29	333
		334	35	334	35	334	29	334
		335	35	335	35	335	29	335
		336	35	336	35	336	29	336
		337	35	337	35	337	29	337
		338	35	338	35	338	29	338
		339	35	339	35	339	29	339
		340	35	340	35	340	29	340
		341	35	341	35	341	29	341
		342	35	342	35	342	29	342
		343	35	343	35	343	29	343
		344	35	344	35	344	29	344
		345	35	345	35	345	29	345
		346	35	346	35	346	29	346
		347	35	347	35	347	29	347
		348	35	348	35	348	29	348
		349	35	349	35	349	29	349
		350	35	350	35	350	29	350
		351	35	351	35	351	29	351
		352	35	352	35	352	29	352
		353	35	353	35	353	29	353
		354	35	354	35	354	29	354
		355	35	355	35	355	29	355
		356	35	356	35	356	29	356
		357	35	357	35	357	29	357
		358	35	358	35	358	29	358
		359	35	359	35	359	29	359
		360	35	360	35	360	29	360

1		S&P Model BB+ exp loss?
2		% Loss of "BB+" Class Princ
TRIGGERS FAIL				Libor forward - 50			Libor forward			Libor forward +200			Libor forward + 400
% Writedown			100%	125%	150%	100%	125%	150%	100%	125%	150%	100%	125%	150%
		Coll Loss %		Prepay Ramp			Prepay Ramp			Prepay Ramp			Prepay Ramp
		1	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
		2	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
S&P Loss Ramp*
		3	0.00%	0.00%	10.07%	0.00%	0.00%	4.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
		4	0.00%	27.41%	82.37%	0.00%	23.58%	77.88%	0.00%	11.36%	59.99%	0.00%	23.58%	51.75%
3		% Loss of "BB+" Class Princ
TRIGGERS PASS				Libor forward - 50			Libor forward			Libor forward +200			Libor forward + 400
% Writedown			100%	125%	150%	100%	125%	150%	100%	125%	150%	100%	125%	150%
		Coll Loss %		Prepay Ramp			Prepay Ramp			Prepay Ramp			Prepay Ramp
		1	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
		2	0.00%	0.00%	9.21%	0.00%	0.00%	6.41%	0.00%	0.00%	3.51%	0.00%	2.63%	3.23%
S&P Loss Ramp*
		3	0.00%	15.29%	22.26%	0.00%	14.58%	19.48%	0.00%	11.87%	11.20%	5.88%	14.49%	5.52%
		4	0.00%	24.32%	26.47%	0.00%	24.32%	26.47%	0.00%	22.87%	24.32%	28.58%	24.34%	18.74%
4		Breakeven Runs
TRIGGERS FAIL				Libor forward - 50			Libor forward			Libor forward +200			Libor forward + 400
			100%	125%	150%	100%	125%	150%	100%	125%	150%	100%	125%	150%
				Prepay Ramp			Prepay Ramp			Prepay Ramp			Prepay Ramp
	1st $ Loss CDR		2.76 CDR	2.52 CDR	2.32 CDR	2.77 CDR	2.56 CDR	2.4 CDR	2.73 CDR	2.63 CDR	2.71 CDR	2.49 CDR	2.58 CDR	2.96 CDR
	Cumulative Loss to Pool		6.41%	4.62%	3.47%	6.43%	4.69%	3.59%	6.35%	4.82%	4.04%	5.82%	4.73%	4.41%
	WAL for Princ Pmts		12.41	9.56	7.49	12.39	9.57	7.47	12.42	9.54	7.42	12.49	9.55	7.41
	Period of 1st $ Loss		170	153	109	177	130	131	174	147	142	206	181	106
	Princ Window		121 - 357	93 - 357	72 - 357	121 - 357	93 - 357	71 - 357	121 - 357	92 - 357	71 - 357	122 - 357	92 - 357	71 - 357
	Gap in Princ(Y/N)		N	N	N	N	N	N	N	N	N	N	N	N

* SP default assmuptions are in tab "SP Defaults"(Seasoned)

  SP prepayment ramps-nim (Seasoned)

S&P Subprime Default Assumptions
Month	% when WA seasoning <12mo	% when WA seasoning >12mo
1	4.00%	4.00% & 5.75%
6	5.75%	6.25%
12	6.25%	13.00%
18	13.00%	10.25%
24	10.25%	10.00%
30	10.00%	9.50%
36	9.50%	9.00%
42	9.00%	9.00%
48	9.00%	7.75%
54	7.75%	5.75%
60	5.75%	5.50%
66	5.50%	4.25%
72	4.25%	0.00%