8-K 1 bsp07r06_8k-20071101.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 November 1, 2007 Date of report (Date of earliest event reported): Bear Stearns Structured Products Inc. Trust 2007-R6 (Exact name of issuing entity as specified in its charter) Structured Asset Mortgage Investments II Inc. (Exact name of depositor as specified in its charter) EMC Mortgage Corporation (Exact name of sponsor as specified in its charter) New York 333-140247-17 54-6756568 (State or other jurisdiction of (Commission File Number (IRS Employer incorporation of issuing entity) of issuing entity) Identification No. of issuing entity) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) (410) 884-2000 Issuing Entity's telephone number, including area code N/A Former name or former address, if changed since last report:) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 6 - Asset-Backed Securities Item 6.02. Change of Servicer or Trustee. On November 1, 2007, EverHome Mortgage Company ("EverHome") was terminated as a servicer pursuant to a contractual provision allowing for their termination without cause at the option of EMC Mortgage Corporation ("EMC") on the Bear Stearns ALT-A Trust 2006-3, Mortgage Pass-Through Certificates, Series 2006-3, Bear Stearns ALT-A Trust 2005-8, Mortgage Pass-Through Certificates, Series 2005-8, Bear Stearns ALT-A Trust 2005-9, Mortgage Pass-Through Certificates, Series 2005-9 and Bear Stearns ALT-A Trust 2005-10, Mortgage Pass-Through Certificates, Series 2005-10 transactions (the "Transactions"). Prior to November 1, 2007, EverHome was servicing under the Subservicing Agreement, dated as of August 1, 2002 (the "Servicing Agreement"), between EMC and EverHome, formerly known as Alliance Mortgage Company, as amended by Amendment No. 1, dated as of January 31, 2006, between EMC and EverHome, formerly known as Alliance Mortgage Company, as assigned to the related Transaction by the following agreements (the "Assignment, Assumption and Recognition Agreements"): 1. Assignment, Assumption and Recognition Agreement, dated as of August 31, 2005, among EMC Mortgage Corporation, The Bank of New York, as successor to JPMorgan Chase Bank, National Association, as trustee for the holders of Bear Stearns ALT-A Trust 2005-8, Mortgage Pass-Through Certificates, Series 2005-8 and EverHome Mortgage Company, formerly known as Alliance Mortgage Company. 2. Assignment, Assumption and Recognition Agreement, dated as of September 30, 2005, among EMC Mortgage Corporation, The Bank of New York, as successor to JPMorgan Chase Bank, National Association, as trustee for the holders of Bear Stearns ALT-A Trust 2005-9, Mortgage Pass-Through Certificates, Series 2005-9 and EverHome Mortgage Company, formerly known as Alliance Mortgage Company. 3. Assignment, Assumption and Recognition Agreement, dated as of December 30, 2005, among EMC Mortgage Corporation, The Bank of New York, as successor to JPMorgan Chase Bank, National Association, not in its individual capacity but solely as trustee for the holders of Bear Stearns ALT-A Trust 2005-10, Mortgage Pass-Through Certificates, Series 2005-10 and EverHome Mortgage Company, formerly known as Alliance Mortgage Company. 4. Recognition Agreement, dated as of December 1, 2005, between EMC Mortgage Corporation and EverHome Mortgage Company, formerly known as Alliance Mortgage Company. 5. Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006, among EMC Mortgage Corporation, U.S. Bank National Association, not in its individual capacity but solely as trustee for the holders of Bear Stearns ALT-A Trust 2006-3, Mortgage Pass-Through Certificates, Series 2006-3 and EverHome Mortgage Company, formerly known as Alliance Mortgage Company. 6. Recognition Agreement, dated as of April 1, 2006, between EMC Mortgage Corporation and EverHome Mortgage Company, formerly known as Alliance Mortgage Company. Pursuant to Section 11.01(i) of the Servicing Agreement, EMC has succeeded to and assumed all of EverHome's responsibilities, rights, duties and obligations under the Servicing Agreement and will service and administer the Mortgage Loans previously serviced by EverHome pursuant to the Servicing Agreement and the related Assignment, Assumption and Recognition Agreement for each of the Transactions, listed above and attached hereto. The principal business of EMC since inception has been specializing in the acquisition, securitization, servicing and disposition of mortgage loans. EMC's portfolio consists primarily of two categories: (1) "performing loans," or performing investment-quality loans serviced for the sponsor's own account or the account of Fannie Mae, Freddie Mac, private mortgage conduits and various institutional investors; and (2) "non-performing loans," or non-investment quality, sub-performing loans, non-performing loans and REO properties serviced for EMC's own account and for the account of investors in securitized performing and non-performing collateral transactions. EMC has been servicing residential mortgage loans since 1990. From year end 2004 to June 30, 2007, the loan count of EMC's servicing portfolio grew by approximately 102.3% and the unpaid principal balance of EMC's servicing portfolio grew by approximately 190.3%. As of June 30, 2007, EMC was acting as servicer for approximately 312 series of residential mortgage-backed securities and other mortgage loans with an outstanding principal balance of approximately $80.6 billion. The following table describes size, composition and growth of EMC's total residential mortgage loan servicing portfolio as of the dates indicated. AS OF DECEMBER 31, 2004 PERCENT BY PERCENT BY DOLLAR LOAN TYPE NO. OF LOANS DOLLAR AMOUNT NO. OF LOANS AMOUNT ALT-A ARM. 19,498 $4,427,820,708 7.96% 15.94% ALT-A FIXED 25,539 4,578,725,473 10.43 16.48 PRIMEARM.. 8,311 1,045,610,015 3.39 3.76 PRIMEFIXED 14,560 1,573,271,574 5.95 5.66 SECONDS... 39,486 1,381,961,155 16.13 4.98 SUBPRIME.. 114,436 13,706,363,250 46.74 49.34 OTHER..... 23,010 1,063,682,459 9.40 3.83 TOTAL..... 244,840 $27,777,434,635 100.00% 100.00% AS OF DECEMBER 31, 2005 PERCENT BY PERCENT BY DOLLAR LOAN TYPE NO. OF LOANS DOLLAR AMOUNT NO. OF LOANS AMOUNT ALT-A ARM. 57,510 $13,625,934,322 12.69% 23.00% ALT-A FIXED 17,680 3,569,563,859 3.90 6.03 PRIMEARM.. 7,428 1,010,068,679 1.64 1.71 PRIMEFIXED 15,975 2,140,487,566 3.52 3.61 SECONDS... 155,510 7,164,515,426 34.31 12.10 SUBPRIME.. 142,890 20,373,550,691 31.53 34.40 OTHER..... 56,216 11,347,144,056 12.40 19.16 TOTAL..... 453,209 $59,231,264,599 100.00% 100.00% AS OF DECEMBER 31, 2006 PERCENT BY PERCENT BY DOLLAR LOAN TYPE NO. OF LOANS DOLLAR AMOUNT NO. OF LOANS AMOUNT ALTA-A ARM 52,563 $13,691,917,206 10.87% 19.03% ALT-A FIXED 24,841 5,066,670,855 5.14 7.04 PRIME ARM. 6,374 879,656,182 1.32 1.22 PRIME FIXED 14,872 2,152,608,940 3.08 2.99 SECONDS... 169,022 8,428,612,513 34.97 11.71 SUBPRIME.. 132,808 20,106,000,306 27.47 27.94 OTHER..... 82,918 21,636,703,709 17.15 30.07 TOTAL..... 483,398 $71,962,169,710 100.00% 100.00% AS OF JUNE 30, 2007 PERCENT BY PERCENT BY DOLLAR LOAN TYPE NO. OF LOANS DOLLAR AMOUNT NO. OF LOANS AMOUNT ALTA-A ARM 52,729 $13,832,608,749 10.65% 17.15% ALT-A FIXED 31,561 6,871,224,020 6.37 8.52 PRIME ARM. 6,260 929,778,835 1.26 1.15 PRIME FIXED 15,078 2,409,083,088 3.04 2.99 SECONDS... 168,229 8,554,440,442 33.97 10.61 SUBPRIME.. 137,526 22,509,787,024 27.77 27.91 OTHER..... 83,874 25,542,370,332 16.94 31.67 TOTAL..... 495,257 $80,649,292,489 100.00% 100.00% Due to an industry wide increase in the number of delinquencies and foreclosures, EMC recently initiated an expanded loss mitigation program to assist borrowers in avoiding foreclosure and benefit investors by reducing the loss typically associated with foreclosure. As part of the program, this team is implementing various strategies to contact and assist borrowers that are in default or are having difficulties making their mortgage payments. EMC is engaging in one-on-one meetings with borrowers, working with local community groups and holding educational workshops in an effort to reach out to these homeowners. Various financial restructuring alternatives are being offered, including different types of loan modifications. There have been no other appreciable changes to EMC's servicing procedures outside of the normal changes warranted by regulatory and product type changes in the portfolio. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Structured Asset Mortgage Investments II Inc. (Depositor) /s/ Joseph T. Jurkowski Joseph T. Jurkowski, Vice President Date: November 6, 2007

_____________________________________________________________________________________________________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 31, 2007

BEAR STEARNS STRUCTURED PRODUCTS INC. TRUST 2007-R6

(Exact name of issuing entity as specified in its charter)

STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.

(Exact name of depositor as specified in its charter)

EMC MORTGAGE CORPORATION

(Exact name of sponsor as specified in its charter)

Delaware	333-140247-17	30-0183252
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
383 Madison Avenue New York, New York		10l79
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code, is (212) 272-2000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable

(b) Not applicable

(d) Exhibits:

1. Grantor Trust Agreement, dated as of August 31, 2007 among Structured Asset Mortgage Investments II Inc., as depositor and Wells Fargo Bank, N.A., as grantor trust trustee, EMC Mortgage Corporation, as sponsor and company and U.S. Bank National Association, as trustee.

	Exhibit No.	Description
	1.1	Terms Agreement, dated August 31, 2007, between Structured Asset Mortgage Investments II Inc., as depositor and Bear, Stearns & Co. Inc., as underwriter, relating to the Underwriting Agreement, dated February 26, 2007, between Structured Asset Mortgage Investments II Inc., as depositor and Bear, Stearns & Co. Inc., as underwriter.

	Exhibit No.	Description
	4.1	Grantor Trust Agreement, dated as of August 31, 2007 between Structured Asset Mortgage Investments II Inc., as depositor and Wells Fargo Bank, N.A., as grantor trust trustee.

	Exhibit No.	Description
	99.1	Purchase Agreement, dated as of August 31, 2007, between EMC Mortgage Corporation, as sponsor, and Structured Asset Mortgage Investments II Inc., as depositor.

SIGNATURE

Pursuant to the requirements 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.

STRUCTURED ASSET MORTGAGE INVESTMENTS II INC. By: /s/ Joseph T. Jurkowski, Jr. Name: Joseph T. Jurkowski, Jr. Title: Vice President

Dated: October 2, 2007

EXHIBIT INDEX

Item 601 (a) of Regulation S-K Exhibit No.	Sequentially Numbered Description
1.1	Terms Agreement, dated August 31, 2007, between Structured Asset Mortgage Investments II Inc., as depositor and Bear, Stearns & Co. Inc., as underwriter, relating to the Underwriting Agreement, dated February 26, 2007, between Structured Asset Mortgage Investments II Inc., as depositor and Bear, Stearns & Co. Inc., as underwriter.
4.1	Grantor Trust Agreement, dated as of August 31, 2007 between Structured Asset Mortgage Investments II Inc., as depositor and Wells Fargo Bank, N.A., as grantor trust trustee.
99.1	Purchase Agreement, dated as of August 31, 2007, between EMC Mortgage Corporation, as sponsor, and Structured Asset Mortgage Investments II Inc., as depositor.

EXHIBIT 1

Filing Compare · Bear Stearns Structured Products Inc. Trust 2007-R6