Item 1. Business. Item 1A.
Item 1A. Risk Factors. Item 1B.
Item 1B. Unresolved Staff Comments. Item 2.
Item 2. Properties. Item 3.
Item 3. Legal Proceedings. Item 4.
Item 4. Submission of Matters to a Vote of Security Holders. Omitted. Omitted. Omitted. Omitted. Omitted. None. Item 5.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities. Item 6.
Item 6. Selected Financial Data. Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Item 8.
Item 8. Financial Statements and Supplementary Data. Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Item 9A.
Item 9A. Controls and Procedures. PART II Omitted. Omitted. Omitted. Omitted. Omitted. Omitted. Omitted. No disclosure is required to be provided. Item 9B.
Item 9B. Other Information. Item 10.
Item 10. Directors and Executive Officers and Corporate Governance. Item 11.
Item 11. Executive Compensation. Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Item 13.
Item 13. Certain Relationships and Related Transactions, and Director Independence. Item 14.
Item 14. Principal Accounting Fees and Services. PART III Omitted. Omitted. Omitted. Omitted. 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. The consolidated audited financial statements of Ambac Assurance Corporation and subsidiaries as of December 31,
2007, which appear as Exhibit 99.01 in Ambac Financial Group Inc.'s (Commission CIK No. 0000874501) (the "Company")
Annual Report on Form 10-K of the Company filed with the Securities and Exchange Commission by the Company on
February 29, 2008 (Commission File No. 001-10777), are incorporated by reference herein. No entity or group of affiliated entities provides any derivative instruments or other support for the certificates within
this transaction as described under Item 1115 of Regulation AB. Item 1115(b) of Regulation AB. The information regarding this Item has been previously filed in a 424(b)(5) filing with the Securities and Exchange
Commission on March 13, 2007 as Commission File No. 333-132765-01, Film No. 07690188, CIK No. 0001391788. 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. c) Omitted. PART IV a) Exhibits The Indenture, dated as of March 9, 2007 by and among Home Equity Mortgage Trust 2007-1, as
Issuer and U.S. Bank National Association, as Trustee (incorporated herein by reference from Exhibit
4.3 of the Current Report on Form 8-K of the issuing entity, as filed with the Securities and Exchange
Commission on March 26, 2007 as File No. 333-132765-01, Film No. 07718610, CIK No. 0001391788). Consolidated audited financial statements of Ambac Assurance Corporation and
subsidiaries as of December 31, 2007, which appear as Exhibit 99.01 in Ambac Financial
Group Inc.'s (Commission CIK No. 0000874501) (the "Company") Annual Report on Form
10-K of the Company filed with the Securities and Exchange Commission by the Company
on February 29, 2008 (Commission File No. 001-10777), are incorporated by reference
herein. Exhibit 99.1 Incorporated by reference as Exhibit (4.3). Exhibit 4.1 Exhibit 10.1 Exhibit 33 Reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 34 Attestation reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 35 Servicer compliance statements. Exhibit 31 Rule 13a-14(d)/15d-14(d) Certifications. a) LaSalle Bank National Association, as Custodian
b) PNC Bank, N.A., as Servicer
c) U.S. Bank National Association, as Indenture Trustee a) LaSalle Bank National Association, as Custodian
b) PNC Bank, N.A., as Servicer
c) U.S. Bank National Association, as Indenture Trustee a) PNC Bank, N.A., as Servicer
SIGNATURES March 28, 2008 /s/ Bruce Kaiserman Bruce Kaiserman
Vice President Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated. (Registrant) : Credit Suisse First Boston Mortgage Acceptance Corp. (Senior Officer in Charge of Securitization of the Depositor) Title: By (Signature and Title): Name: Date
EXHIBIT INDEX EXHIBIT DESCRIPTION Consolidated audited financial statements of Ambac Assurance Corporation and subsidiaries as of December
31, 2007, which appear as Exhibit 99.01 in Ambac Financial Group Inc.'s (Commission CIK No. 0000874501)
(the "Company") Annual Report on Form 10-K of the Company filed with the Securities and Exchange
Commission by the Company on February 29, 2008 (Commission File No. 001-10777), are incorporated by
reference herein. Exhibit 99.1 Exhibit 33 Reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 34 Attestation reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 35 Servicer compliance statement. Exhibit 31 Rule 13a-14(d)/15d-14(d) Certifications. a) LaSalle Bank National Association, as Custodian
b) PNC Bank, N.A., as Servicer
c) U.S. Bank National Association, as Indenture Trustee a) LaSalle Bank National Association, as Custodian
b) PNC Bank, N.A., as Servicer
c) U.S. Bank National Association, as Indenture Trustee a) PNC Bank, N.A., as Servicer