Pooling and Servicing Agreement (2007)Full Document 

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                                                                      EXECUTION

                                                                        COPY


                     MERRILL LYNCH MORTGAGE INVESTORS, INC.,
                                    Depositor

                            HOME LOAN SERVICES, INC.,
                                    Servicer

                                       and

                       LASALLE BANK NATIONAL ASSOCIATION,
                                     Trustee

                                   ----------

                         POOLING AND SERVICING AGREEMENT
                            Dated as of March 1, 2007

                                   ----------

                MERRILL LYNCH FIRST FRANKLIN MORTGAGE LOAN TRUST,
             MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2007-1



                                TABLE OF CONTENTS



                                                                            PAGE
                                                                            ----
                                                                         
ARTICLE I DEFINITIONS....................................................     13

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES..     66
   SECTION 2.01.  Conveyance of Mortgage Loans...........................     66
   SECTION 2.02.  Acceptance by the Trustee of the Mortgage Loans........     68
   SECTION 2.03.  Representations, Warranties and Covenants of the
                     Depositor...........................................     70
   SECTION 2.04.  Representations and Warranties of the Servicer.........     73
   SECTION 2.05.  Substitutions and Repurchases of Mortgage Loans that
                     are not "Qualified Mortgages".......................     75
   SECTION 2.06.  Authentication and Delivery of Certificates............     75
   SECTION 2.07.  REMIC Elections........................................     75
   SECTION 2.08.  [RESERVED].............................................     80
   SECTION 2.09.  Covenants of the Servicer..............................     81
   SECTION 2.10.  [RESERVED].............................................     81
   SECTION 2.11.  Permitted Activities of the Issuing Entity.............     81
   SECTION 2.12.  Qualifying Special Purpose Entity......................     81
   SECTION 2.13   Depositor Notification of NIM Notes....................     81

ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...............     82
   SECTION 3.01.  Servicer to Service Mortgage Loans.....................     82
   SECTION 3.02.  Servicing and Subservicing; Enforcement of the
                     Obligations of Servicer.............................     83
   SECTION 3.03.  Rights of the Depositor and the Trustee in Respect of
                     the Servicer........................................     84
   SECTION 3.04.  Trustee to Act as Servicer.............................     84
   SECTION 3.05.  Collection of Mortgage Loan Payments; Collection
                     Account; Certificate Account........................     85
   SECTION 3.06.  Collection of Taxes, Assessments and Similar Items;
                     Escrow Accounts.....................................     89
   SECTION 3.07.  Access to Certain Documentation and Information
                     Regarding the Mortgage Loans........................     89
   SECTION 3.08.  Permitted Withdrawals from the Collection Account and
                     Certificate Account.................................     89
   SECTION 3.09.  [RESERVED].............................................     92
   SECTION 3.10.  Maintenance of Hazard Insurance........................     92
   SECTION 3.11.  Enforcement of Due-On-Sale Clauses; Assumption
                     Agreements..........................................     93



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   SECTION 3.12.  Realization Upon Defaulted Mortgage Loans;
                     Determination of Excess Proceeds; Special Loss
                     Mitigation..........................................     93
   SECTION 3.13.  Trustee to Cooperate; Release of Mortgage Files........     97
   SECTION 3.14.  Documents, Records and Funds in Possession of Servicer
                     to be Held for the Trustee..........................     99
   SECTION 3.15.  Servicing Compensation.................................     99
   SECTION 3.16.  Access to Certain Documentation........................     99
   SECTION 3.17.  Annual Statement as to Compliance......................    100
   SECTION 3.18.  Annual Independent Public Accountants' Servicing
                     Statement; Financial Statements.....................    100
   SECTION 3.19.  Subordination of Liens.................................    103
   SECTION 3.20.  Periodic Filings.......................................    103
   SECTION 3.21.  Indemnification by Trustee.............................    107
   SECTION 3.22.  Indemnification by Servicer............................    107
   SECTION 3.23.  Prepayment Charge Reporting Requirements...............    107
   SECTION 3.24.  Information to the Trustee.............................    108
   SECTION 3.25.  Indemnification........................................    108
   SECTION 3.26.  Solicitation...........................................    109
   SECTION 3.27.  High Cost Mortgage Loans...............................    109

ARTICLE IV DISTRIBUTIONS.................................................    109
   SECTION 4.01.  Advances...............................................    109
   SECTION 4.02.  Reduction of Servicing Compensation in Connection with
                     Prepayment Interest Shortfalls......................    110
   SECTION 4.03.  Distributions on the REMIC Interests...................    111
   SECTION 4.04.  Distributions..........................................    111
   SECTION 4.05.  Monthly Statements to Certificateholders...............    122

ARTICLE V THE CERTIFICATES...............................................    126
   SECTION 5.01.  The Certificates.......................................    126
   SECTION 5.02.  Certificate Register; Registration of Transfer and
                     Exchange of Certificates............................    127
   SECTION 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates......    132
   SECTION 5.04.  Persons Deemed Owners..................................    132
   SECTION 5.05.  Access to List of Certificateholders' Names and
                     Addresses...........................................    132
   SECTION 5.06.  Book-Entry Certificates................................    132



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                                TABLE OF CONTENTS
                                   (Continued)



                                                                            PAGE
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   SECTION 5.07.  Notices to Depository..................................    133
   SECTION 5.08.  Definitive Certificates................................    133
   SECTION 5.09.  Maintenance of Office or Agency........................    134
   SECTION 5.10.  Authenticating Agents..................................    134

ARTICLE VI THE DEPOSITOR AND THE SERVICER................................    135
   SECTION 6.01.  Respective Liabilities of the Depositor and the
                     Servicer............................................    135
   SECTION 6.02.  Merger or Consolidation of the Depositor or the
                     Servicer............................................    135
   SECTION 6.03.  Limitation on Liability of the Depositor, the Servicer
                     and Others..........................................    136
   SECTION 6.04.  Limitation on Resignation of Servicer..................    136
   SECTION 6.05.  Errors and Omissions Insurance; Fidelity Bonds.........    137

ARTICLE VII DEFAULT; TERMINATION OF SERVICER.............................    137
   SECTION 7.01.  Events of Default......................................    137
   SECTION 7.02.  Trustee to Act; Appointment of Successor...............    139
   SECTION 7.03.  Notification to Certificateholders.....................    140

ARTICLE VIII CONCERNING THE TRUSTEE......................................    140
   SECTION 8.01.  Duties of the Trustee..................................    140
   SECTION 8.02.  Certain Matters Affecting the Trustee..................    141
   SECTION 8.03.  Trustee Not Liable for Certificates or Mortgage Loans..    143
   SECTION 8.04.  Trustee May Own Certificates...........................    143
   SECTION 8.05.  Trustee's Fees and Expenses............................    143
   SECTION 8.06.  Indemnification and Expenses of Trustee................    143
   SECTION 8.07.  Eligibility Requirements for Trustee...................    144
   SECTION 8.08.  Resignation and Removal of Trustee.....................    145
   SECTION 8.09.  Successor Trustee......................................    146
   SECTION 8.10.  Merger or Consolidation of Trustee.....................    146
   SECTION 8.11.  Appointment of Co-Trustee or Separate Trustee..........    146
   SECTION 8.12.  Tax Matters............................................    147

ARTICLE IX TERMINATION...................................................    150
   SECTION 9.01.  Termination upon Liquidation or Repurchase of all
                     Mortgage Loans......................................    150
   SECTION 9.02.  Final Distribution on the Certificates.................    151
   SECTION 9.03.  Additional Termination Requirements....................    152

ARTICLE X MISCELLANEOUS PROVISIONS.......................................    153



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                                TABLE OF CONTENTS
                                   (Continued)



                                                                            PAGE
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   SECTION 10.01. Amendment..............................................    153
   SECTION 10.02. Counterparts...........................................    155
   SECTION 10.03. Governing Law..........................................    155
   SECTION 10.04. Intention of Parties...................................    155
   SECTION 10.05. Notices................................................    156
   SECTION 10.06. Severability of Provisions.............................    157
   SECTION 10.07. Assignment; Sales; Advance Facilities..................    157
   SECTION 10.08. Limitation on Rights of Certificateholders.............    158
   SECTION 10.09. Inspection and Audit Rights............................    159
   SECTION 10.10. Certificates Nonassessable and Fully Paid..............    159
   SECTION 10.11. Compliance with Regulation AB..........................    159
   SECTION 10.12. Third Party Rights.....................................    159



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                                TABLE OF CONTENTS



                                                                            PAGE
                                                                            ----
                                                                         
EXHIBIT A     FORMS OF CERTIFICATES
EXHIBIT B     MORTGAGE LOAN SCHEDULE
EXHIBIT C     [RESERVED]
EXHIBIT D     FORM OF TRUSTEE CERTIFICATION
EXHIBIT E-1   FORM OF TRANSFEREE'S LETTER AND AFFIDAVIT
EXHIBIT E-2   FORM OF TRANSFEROR'S AFFIDAVIT
EXHIBIT F     FORM OF TRANSFEROR CERTIFICATE
EXHIBIT G     FORM OF INVESTMENT LETTER (ACCREDITED INVESTOR)
EXHIBIT H     FORM OF RULE 144A INVESTMENT LETTER (QUALIFIED
              INSTITUTIONAL BUYER)
EXHIBIT I     FORM OF REQUEST FOR RELEASE
EXHIBIT J     [RESERVED]
EXHIBIT K     FORM OF BACK-UP CERTIFICATION OF TRUSTEE
EXHIBIT L     FORM OF OFFICER'S CERTIFICATE OF SERVICER
EXHIBIT M-1   FORM OF CLASS A-1 CAP CORRIDOR CONTRACT
EXHIBIT M-2   FORM OF CLASS A-2 CAP CORRIDOR CONTRACT
EXHIBIT M-3   FORM OF SUBORDINATE CERTIFICATE CAP CORRIDOR CONTRACT
EXHIBIT M-4   FORM OF CREDIT SUPPORT ANNEX RELATED TO THE CAP CORRIDOR
              CONTRACTS
EXHIBIT N     [RESERVED]
EXHIBIT O     FORM OF TRANSFEROR REPRESENTATION LETTER FOR TRANSFER TO
              REGULATION S BOOK-ENTRY CERTIFICATE FROM A HOLDER
              OF A RULE 144A BOOK-ENTRY CERTIFICATE OR DEFINITIVE
              CERTIFICATE
EXHIBIT P     FORM OF TRANSFEROR REPRESENTATION LETTER FOR TRANSFER
              PURSUANT TO RULE 144A FROM A HOLDER OF A REGULATION S
              BOOK-ENTRY
              CERTIFICATE OR DEFINITIVE CERTIFICATE
EXHIBIT Q-1   FORM OF CAP CONTRACT
EXHIBIT Q-2   FORM OF SWAP AGREEMENT
EXHIBIT Q-3   FORM OF CREDIT SUPPORT ANNEX RELATED TO THE CAP CONTRACT
              AND SWAP AGREEMENT
EXHIBIT R     FORM OF ASSESSMENT OF COMPLIANCE
EXHIBIT S     SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF
              COMPLIANCE
EXHIBIT T     FORM OF SARBANES-OXLEY CERTIFICATIONS
EXHIBIT U     FORM OF ITEM 1123 CERTIFICATION OF SERVICER
EXHIBIT V     FORM OF DELINQUENCY REPORT
EXHIBIT W     [RESERVED]
SCHEDULE X
SCHEDULE Y
SCHEDULE Z



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     POOLING AND SERVICING AGREEMENT, dated as of March 1, 2007 (the
"Agreement"), among MERRILL LYNCH MORTGAGE INVESTORS, INC., a Delaware
corporation, as depositor (the "Depositor"), HOME LOAN SERVICES, INC., a Nevada
corporation, as servicer (the "Servicer"), and LASALLE BANK NATIONAL
ASSOCIATION, a national banking association, as trustee (the "Trustee").

     The Depositor is the owner of the Trust Fund that is hereby conveyed to the
Trustee in return for the Certificates. The Trust Fund for federal income tax

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