HSI ASSET SECURITIZATION CORPORATION, Depositor, CITIMORTGAGE, INC., Master Servicer, CITIBANK, N.A., Securities Administrator and DEUTSCHE BANK NATIONAL TRUST COMPANY, Trustee FIRST AMENDMENT TO POOLING AND SERVICING AGREEMENT Dated as of September 12, 2007 HSI ASSET LOAN OBLIGATION TRUST 2007-1 MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-1

UFIRST AMENDMENT TO POOLING

UAND SERVICING AGREEMENT

THIS FIRST AMENDMENT TO POOLING AND SERVICING AGREEMENT is dated as of September 12, 2007 (herein referred to as this “First Amendment”) and is made by and among HSI ASSET SECURITIZATION CORPORATION, as depositor (the “Depositor”), CITIMORTGAGE, INC., a New York corporation (the “Master Servicer”), CITIBANK, N.A., a national banking association ( the “Securities Administrator”) and DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association, as trustee (the “Trustee”).

 

URECITALSU

WHEREAS, the Depositor, the Master Servicer, the Securities Administrator, Wells Fargo Bank, N.A., as custodian and the Trustee entered into a Pooling and Servicing Agreement dated as of May 1, 2007 (the “Agreement”), pursuant to which (i) the Depositor sold, conveyed and assigned certain Mortgage Loans to the Trustee in trust for the benefit of the Certificateholders of HSI Asset Loan Obligation Trust 2007-1, Mortgage Pass Through Certificates, Series 2007-1 (ii) the Master Servicer agreed to master service such Mortgage Loans in accordance with the terms thereof, and (iii) the Certificates were issued pursuant thereto;

 

WHEREAS, this First Amendment is being delivered pursuant to Section 13.01(a)(i) and (vii) of the Agreement.

 

NOW, THEREFORE, in consideration of the preceding premises and assumptions and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Depositor, the Master Servicer, the Securities Administrator and the Trustee agree as follows:

 

Section 1.

UDefinitionsU. All capitalized terms used in this First Amendment which are not specifically defined herein shall have the meanings assigned to them in the Agreement.

 

Section 2.

UAmendments to AgreementU.

 

(a)	The definition of Option to Purchase shall be amended and restated in its entirety to read as follows:

 

Option to Purchase: On the initial or any subsequent Optional Termination Date, the Master Servicer at its own option may purchase the Mortgage Loans.

 

(b)	Section 4.03(b) shall be amended and restated in its entirety to read as follows:

 

“(b) For purposes of preparing the Monthly Statement, delinquencies shall be determined and reported by the Master Servicer based on the so-called “MBA” methodology irrespective of the method for determining delinquencies utilized by the applicable Servicer on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the day immediately preceding the Mortgage Loan’s next succeeding Due Date, and a Mortgage Loan would be more than 30-days delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the day immediately preceding the Mortgage Loan’s second succeeding Due Date.”

 

Section 3.

UAgreement to Remain in Full Force and EffectU. Except as modified and amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect and are hereby ratified and confirmed by the parties hereto.

 

Section 4.

UCounterpartsU. This First Amendment may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed an original, and such counterparts shall constitute one and the same instrument.

 

Section 5.

UGoverning LawU. The First Amendment shall be constructed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in said State, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.

 

[Signature Pages Follow]

 

IN WITNESS WHEREOF, the Depositor, the Master Servicer, the Securities Administrator and the Trustee have caused their names to be signed hereto by their respective officers thereunto duly authorized, all as of the day and year first above written.

 

HSI ASSET SECURITIZATION

CORPORATION,

as Depositor

By Andrea Lenox        

Its Vice President        

CITIMORTGAGE, INC.,

as Master Servicer

 

By Thomas Harris        

Its Senior Vice President    

CITIBANK, N.A.,

as Securities Administrator

 

By Cirino Emanuele        

Its Vice President        

 

DEUTSCHE BANK NATIONAL TRUST

COMPANY,

as Trustee

 

By Manuel Rivas        

Its Authorized Signer