10-D 1 mna07or5_10d-200712.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from: November 27, 2007 to December 26, 2007 Commission File Number of issuing entity: 333-140436-27 Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR5 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-140436 Merrill Lynch Mortgage Investors, Inc. (Exact name of depositor as specified in its charter) Merrill Lynch Mortgage Lending, Inc. (Exact name of sponsor as specified in its charter) New York (State or other jurisdiction of incorporation or organization of the issuing entity) 54-2201048 54-2201049 54-6760604 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices of the issuing entity) (Zip Code) (410) 884-2000 (Telephone number, including area code) Not Applicable (Former name, former address, if changed since last report) Registered/reporting pursuant to (check one) Title of Section Section Section Name of Exchange Class 12(b) 12(g) 15(d) (If Section 12(b)) A-1 _____ _____ __X___ ____________ A-2 _____ _____ __X___ ____________ X-IO _____ _____ __X___ ____________ X-PO _____ _____ __X___ ____________ A-R _____ _____ __X___ ____________ M-1 _____ _____ __X___ ____________ M-2 _____ _____ __X___ ____________ M-3 _____ _____ __X___ ____________ B-1 _____ _____ __X___ ____________ B-2 _____ _____ __X___ ____________ B-3 _____ _____ __X___ ____________ P _____ _____ __X___ ____________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No ____ Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On December 26, 2007 a distribution was made to holders of Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR5. The distribution report is attached as an Exhibit to this Form 10-D. Please see Item 9(b), Exhibit 99.1 for the related information. Part II - OTHER INFORMATION Item 9. Exhibits. (a) The following is a list of documents filed as part of this Report on Form 10-D: (99.1) Monthly report distributed to holders of Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR5, relating to the December 26, 2007 distribution. (b) The exhibits required to be filed by the Registrant pursuant to this Form are listed above and in the Exhibit Index that immediately follows the signature page hereof. 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 thereunto duly authorized. Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR5 (Issuing Entity) Wells Fargo Bank, N.A. (Master Servicer) /s/ Julie Eichler Julie Eichler, Officer Date: January 4, 2008 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR5, relating to the December 26, 2007 distribution. EX-99.1 Merrill Lynch Alternative Note Asset Trust Mortgage Pass-Through Certificates Distribution Date: 12/26/2007 Merrill Lynch Alternative Note Asset Trust Mortgage Pass-Through Certificates Series 2007-OAR5 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 8480 Stagecoach Circle Frederick, MD 21701-4747 www.ctslink.com Telephone: 1-866-846-4526 Fax: 240-586-8675

Certificateholder Distribution Summary Class CUSIP Record Certificate Beginning Interest Date Pass-Through Certificate Distribution Rate Balance A-1 590227AA2 1011/3130/2007 5.~~96570~~96592% ~~410~~409,~~922~~141,~~800~~272.0057 2,~~042~~034,~~869~~086.0621 A-2 590227AB0 1011/3130/2007 5.~~96570~~96592% 102,~~731~~285,~~000~~616.0084 ~~510~~508,~~718~~523.7604 X-IO MANA07OR5XIO 1011/3130/2007 0.80000% 0.00 ~~376~~375,~~510~~025.4779 X-PO MANA07OR5XPO 1011/3130/2007 5.~~96570~~96592% 100.00 0.50 A-R 590227AK0 1011/3130/2007 5.~~96570~~97781% ~~100~~0.00 0.5000 M-1 590227AD6 1011/3130/2007 5.~~96570~~96592% 18,355,000.00 91,~~250~~253.3869 M-2 590227AE4 1011/3130/2007 5.~~96570~~96592% 11,013,000.00 54,~~750~~752.2322 M-3 590227AF1 1011/3130/2007 5.~~96570~~96592% 4,518,000.00 22,~~460~~461.8768 B-1 590227AG9 1011/3130/2007 5.~~96570~~96592% 5,648,000.00 28,~~078~~079.5759 B-2 590227AH7 1011/3130/2007 5.~~96570~~96592% 5,365,000.00 26,~~671~~672.6663 B-3 590227AJ3 1011/3130/2007 5.~~96570~~96592% 6,212,703.01 30,~~885~~887.9407 P 590227AL8 1011/3130/2007 0.00000% 0.00 0.00 Totals ~~564~~562,~~765~~538,~~703~~692.0142 3,~~184~~171,~~196~~742.9442

Certificateholder Distribution Summary (continued) Class Principal Current Ending Total Cumulative Distribution Realized Certificate Distribution Realized Loss Balance Losses A-1 12,~~781~~075,~~527~~146.4378 0.00 ~~409~~407,~~141~~066,~~272~~125.5779 34,~~824~~109,~~396~~232.4999 0.00 A-2 ~~445~~518,~~383~~788.1621 0.00 ~~102~~101,~~285~~766,~~616~~828.8463 ~~956~~1,~~101~~027,311.9225 0.00 X-IO 0.00 0.00 0.00 ~~376~~375,~~510~~025.4779 0.00 X-PO 0.00 0.00 100.00 0.50 0.00 A-R ~~100~~0.00 0.00 0.00 ~~100~~0.5000 0.00 M-1 0.00 0.00 18,355,000.00 91,~~250~~253.3869 0.00 M-2 0.00 0.00 11,013,000.00 54,~~750~~752.2322 0.00 M-3 0.00 0.00 4,518,000.00 22,~~460~~461.8768 0.00 B-1 0.00 0.00 5,648,000.00 28,~~078~~079.5759 0.00 B-2 0.00 0.00 5,365,000.00 26,~~671~~672.6663 0.00 B-3 0.00 0.00 6,212,703.01 30,~~885~~887.9407 0.00 P 0.00 0.00 0.00 0.00 0.00 Totals 2,~~227~~593,~~010~~934.5999 0.00 ~~562~~559,~~538~~944,~~692~~757.4243 5,~~411~~765,~~207~~677.5341 0.00 As Master Servicer, Wells Fargo Bank, N.A. has independently calculated collateral information based on loan level data received from external parties, which may include the Servicers, Issuer and other parties to the transaction. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished to it by those third parties. All Record Dates are based upon the governing documents and logic set forth as of closing. NOTE: Both the X-IO and X-PO tranches are components making up the Class X Certificate.

Principal Distribution Statement Class Original Beginning Scheduled UnScheduled Accretion Face Certificate Principal Principal Amount Balance Distribution Distribution A-1 410,922,800.00 ~~410~~409,~~922~~141,~~800~~272.0057 0.00 12,~~781~~075,~~527~~146.4378 0.00 A-2 102,731,000.00 102,~~731~~285,~~000~~616.0084 0.00 ~~445~~518,~~383~~788.1621 0.00 X-IO 0.00 0.00 0.00 0.00 0.00 X-PO 100.00 100.00 0.00 0.00 0.00 A-R 100.00 ~~100~~0.00 0.00 ~~100~~0.00 0.00 M-1 18,355,000.00 18,355,000.00 0.00 0.00 0.00 M-2 11,013,000.00 11,013,000.00 0.00 0.00 0.00 M-3 4,518,000.00 4,518,000.00 0.00 0.00 0.00 B-1 5,648,000.00 5,648,000.00 0.00 0.00 0.00 B-2 5,365,000.00 5,365,000.00 0.00 0.00 0.00 B-3 6,212,703.01 6,212,703.01 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 Totals 564,765,703.01 ~~564~~562,~~765~~538,~~703~~692.0142 0.00 2,~~227~~593,~~010~~934.5999 0.00

Principal Distribution Statement (continued) Class Realized Total Ending Ending Total Loss Principal Certificate Certificate Principal Reduction Balance Percentage Distribution A-1 0.00 12,~~781~~075,~~527~~146.4378 ~~409~~407,~~141~~066,~~272~~125.5779 0.~~99566457~~99061460 12,~~781~~075,~~527~~146.4378 A-2 0.00 ~~445~~518,~~383~~788.1621 ~~102~~101,~~285~~766,~~616~~828.8463 0.~~99566457~~99061460 ~~445~~518,~~383~~788.1621 X-IO 0.00 0.00 0.00 0.00000000 0.00 X-PO 0.00 0.00 100.00 1.00000000 0.00 A-R 0.00 ~~100~~0.00 0.00 0.00000000 ~~100~~0.00 M-1 0.00 0.00 18,355,000.00 1.00000000 0.00 M-2 0.00 0.00 11,013,000.00 1.00000000 0.00 M-3 0.00 0.00 4,518,000.00 1.00000000 0.00 B-1 0.00 0.00 5,648,000.00 1.00000000 0.00 B-2 0.00 0.00 5,365,000.00 1.00000000 0.00 B-3 0.00 0.00 6,212,703.01 1.00000000 0.00 P 0.00 0.00 0.00 0.00000000 0.00 Totals 0.00 2,~~227~~593,~~010~~934.5999 ~~562~~559,~~538~~944,~~692~~757.4243 0.~~99605675~~99146381 2,~~227~~593,~~010~~934.5999 NOTE: Accretion amount also includes Net Negative Amortization, if applicable.

Principal Distribution Factors Statement Class Original Beginning Scheduled UnScheduled Accretion Face Certificate Principal Principal Amount Balance Distribution Distribution A-1 410,922,800.00 ~~1000~~995.~~00000000~~66456904 0.00000000 45.~~33543096~~04996749 0.00000000 A-2 102,731,000.00 ~~1000~~995.~~00000000~~66456902 0.00000000 45.~~33543098~~04996749 0.00000000 X-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X-PO 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 ~~1000~~0.00000000 0.00000000 ~~1000~~0.00000000 0.00000000 M-1 18,355,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 11,013,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 4,518,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 5,648,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 5,365,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 6,212,703.01 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Class Realized Total Ending Ending Total Loss Principal Certificate Certificate Principal Reduction Balance Percentage Distribution A-1 0.00000000 45.~~33543096~~04996749 ~~995~~990.~~66456904~~61460155 0.~~99566457~~99061460 45.~~33543096~~04996749 A-2 0.00000000 45.~~33543098~~04996749 ~~995~~990.~~66456902~~61460153 0.~~99566457~~99061460 45.~~33543098~~04996749 X-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-PO 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 A-R 0.00000000 ~~1000~~0.00000000 0.00000000 0.00000000 ~~1000~~0.00000000 M-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 NOTE: Accretion amount also includes Net Negative Amortization, if applicable. NOTE: All classes per $1,000 denomination.

Interest Distribution Statement Class Accrual Accrual Current Beginning Current Payment of Dates Days Certificate Certificate/ Accrued Unpaid Interest Rate Notional Interest Shortfall (1) Balance A-1 1011/01/07 - 1011/30/07 30 5.~~96570~~96592% ~~410~~409,~~922~~141,~~800~~272.0057 2,~~042~~034,~~869~~086.0621 0.00 A-2 1011/01/07 - 1011/30/07 30 5.~~96570~~96592% 102,~~731~~285,~~000~~616.0084 ~~510~~508,~~718~~523.7604 0.00 X-IO 1011/01/07 - 1011/30/07 30 0.80000% ~~564~~562,~~765~~538,~~703~~692.0142 ~~376~~375,~~510~~025.4779 0.00 X-PO 1011/01/07 - 1011/30/07 30 5.~~96570~~96592% 100.00 0.50 0.00 A-R 10N/~~01/07~~A ~~- 10~~N/~~30/07~~A 30 5.~~96570~~97781% ~~100~~0.00 0.5000 0.00 M-1 1011/01/07 - 1011/30/07 30 5.~~96570~~96592% 18,355,000.00 91,~~250~~253.3869 0.00 M-2 1011/01/07 - 1011/30/07 30 5.~~96570~~96592% 11,013,000.00 54,~~750~~752.2322 0.00 M-3 1011/01/07 - 1011/30/07 30 5.~~96570~~96592% 4,518,000.00 22,~~460~~461.8768 0.00 B-1 1011/01/07 - 1011/30/07 30 5.~~96570~~96592% 5,648,000.00 28,~~078~~079.5759 0.00 B-2 1011/01/07 - 1011/30/07 30 5.~~96570~~96592% 5,365,000.00 26,~~671~~672.6663 0.00 B-3 1011/01/07 - 1011/30/07 30 5.~~96570~~96592% 6,212,703.01 30,~~885~~887.9407 0.00 P N/A N/A 0.00000% 0.00 0.00 0.00 Totals 3,~~184~~171,~~196~~742.9442 0.00

Interest Distribution Statement (continued) Class Current Non-Supported Total Remaining Ending Interest Interest Interest Unpaid Interest Certificate/ Shortfall(1) Shortfall Distribution Shortfall(1) Notional Balance A-1 0.00 0.00 2,~~042~~034,~~869~~086.0621 0.00 ~~409~~407,~~141~~066,~~272~~125.5779 A-2 0.00 0.00 ~~510~~508,~~718~~523.7604 0.00 ~~102~~101,~~285~~766,~~616~~828.8463 X-IO 0.00 0.00 ~~376~~375,~~510~~025.4779 0.00 ~~562~~559,~~538~~944,~~692~~757.4243 X-PO 0.00 0.00 0.50 0.00 100.00 A-R 0.00 0.00 0.5000 0.00 0.00 M-1 0.00 0.00 91,~~250~~253.3869 0.00 18,355,000.00 M-2 0.00 0.00 54,~~750~~752.2322 0.00 11,013,000.00 M-3 0.00 0.00 22,~~460~~461.8768 0.00 4,518,000.00 B-1 0.00 0.00 28,~~078~~079.5759 0.00 5,648,000.00 B-2 0.00 0.00 26,~~671~~672.6663 0.00 5,365,000.00 B-3 0.00 0.00 30,~~885~~887.9407 0.00 6,212,703.01 P 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 3,~~184~~171,~~196~~742.9442 0.00 (1) Amount also includes Coupon Cap or Basis Risk Shortfalls, if applicable.

Interest Distribution Factors Statement Class Original Current Beginning Current Payment of Face Certificate Certificate/ Accrued Unpaid Interest Amount Rate Notional Interest Shortfall (1) Balance A-1 410,922,800.00 5.~~96570~~96592% ~~1000~~995.~~00000000~~66456904 4.~~97141813~~95004466 0.00000000 A-2 102,731,000.00 5.~~96570~~96592% ~~1000~~995.~~00000000~~66456902 4.~~97141817~~95004468 0.00000000 X-IO 0.00 0.80000% ~~1000~~996.~~00000000~~05675313 0.~~66666667~~66403783 0.00000000 X-PO 100.00 5.~~96570~~96592% 1000.00000000 5.00000000 0.00000000 A-R 100.00 5.~~96570~~97781% ~~1000~~0.00000000 50.00000000 0.00000000 M-1 18,355,000.00 5.~~96570~~96592% 1000.00000000 4.~~97141814~~97159847 0.00000000 M-2 11,013,000.00 5.~~96570~~96592% 1000.00000000 4.~~97141832~~97159902 0.00000000 M-3 4,518,000.00 5.~~96570~~96592% 1000.00000000 4.~~97141877~~97159805 0.00000000 B-1 5,648,000.00 5.~~96570~~96592% 1000.00000000 4.~~97141820~~97159880 0.00000000 B-2 5,365,000.00 5.~~96570~~96592% 1000.00000000 4.~~97141845~~97159925 0.00000000 B-3 6,212,703.01 5.~~96570~~96592% 1000.00000000 4.~~97141742~~97159931 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000

Interest Distribution Factors Statement (continued) Class Current Non-Supported Total Remaining Unpaid Ending Interest Interest Interest Interest Certificate/ Shortfall(1) Shortfall Distribution Shortfall(1) Notional Balance A-1 0.00000000 0.00000000 4.~~97141813~~95004466 0.00000000 ~~995~~990.~~66456904~~61460155 A-2 0.00000000 0.00000000 4.~~97141817~~95004468 0.00000000 ~~995~~990.~~66456902~~61460153 X-IO 0.00000000 0.00000000 0.~~66666667~~66403783 0.00000000 ~~996~~991.~~05675313~~46381313 X-PO 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 A-R 0.00000000 0.00000000 50.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 4.~~97141814~~97159847 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 4.~~97141832~~97159902 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 4.~~97141877~~97159805 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 4.~~97141820~~97159880 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 4.~~97141845~~97159925 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 4.~~97141742~~97159931 0.00000000 1000.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (1) Amount also includes Coupon Cap or Basis Risk Shortfalls, if applicable. NOTE: All classes per $1,000 denomination.

Certificateholder Account Statement CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 5,~~581~~955,~~368~~263.4451 Reserve Funds and Credit Enhancements 0.00 Proceeds from Repurchased Loans 0.00 Servicer Advances 20,~~144~~195.8206 Gains & Subsequent Recoveries (Realized Losses) 0.00 Prepayment Penalties 0.00 Total Deposits 5,~~601~~975,~~513~~458.2657 Withdrawals Reserve Funds and Credit Enhancements 0.00 Reimbursement for Servicer Advances 020,144.0082 Total Administration Fees ~~190~~189,~~305~~636.7334 Payment of Interest and Principal 5,~~411~~765,~~207~~677.5341 Total Withdrawals (Pool Distribution Amount) 5,~~601~~975,~~513~~458.2657 Ending Balance 0.00 Servicer Advances are calculated as delinquent scheduled principal and interest.

ADMINISTRATION FEES Gross Servicing Fee* ~~176~~175,~~489~~793.2834 LPMI Fees - Servicer Paid 13,~~816~~843.4500 Supported Prepayment/Curtailment Interest Shortfall 0.00 Total Administration Fees ~~190~~189,~~305~~636.7334 *Servicer Payees include: CENTRAL MORTGAGE; COUNTRYWIDE HOME LOANS SERVICING LP; HOME LOAN SERVICES, INC.; WILSHIRE CREDIT CORP NOTE: LPMI Insurers include United Guaranty Insurance, Republic Mortgage Insurance Company, PMI, Mortgage Guaranty Insurance Corp., General Electric, and Commonwealth Mortgage Assurance.

Collateral Statement Total Collateral Description Mixed ARM Weighted Average Coupon Rate 7.~~170059~~170448 Weighted Average Net Rate 6.~~795059~~795448 Weighted Average Pass-Through Rate 6.~~765702~~765918 Weighted Average Remaining Term ~~361~~360 Principal And Interest Constant 2,~~119~~108,~~658~~272.5160 Beginning Loan Count 1,~~359~~354 Loans Paid in Full 56 Ending Loan Count 1,~~354~~348 Beginning Scheduled Balance ~~564~~562,~~765~~538,~~703~~692.0142 Ending Scheduled Balance ~~562~~559,~~538~~944,~~692~~757.4243 Actual Ending Collateral Balance ~~561~~558,~~544~~935,~~228~~628.5213 Scheduled Principal 0.00 Unscheduled Principal 3,~~481~~847,~~854~~041.7916 Negative Amortized Principal (1,~~254~~253,~~844~~106.2017) Scheduled Interest 3,~~374~~361,~~502~~378.7177 Servicing Fees ~~176~~175,~~489~~793.2834 Master Servicing Fees 0.00 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 13,~~816~~843.4500 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 3,~~184~~171,~~196~~742.9843 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Prepayment Penalty Waived Amount 0.00 Prepayment Penalty Waived Count 0 Prepayment Penalty Paid Amount 0.00 Prepayment Penalty Paid Count 0 Special Servicing Fee 0.00

Additional Reporting - Deal Level Informational Reporting Available Funds 5,~~411~~765,~~207~~677.5241 Senior Percentage for Next Month 90.~~914100~~872010% Subordinate Percentage for Next Month 9.~~050072~~085900% One-Month LIBOR Index Loan Balance ~~230~~231,~~294~~131.3094 One-Year LIBOR Index Loan Balance ~~525~~523,~~279~~016,~~658~~618.0405 Six-Month LIBOR Index Loan Balance 33,~~414~~067,~~651~~935.0482 One-Month MTA Index Loan Balance 3,~~614~~629,~~089~~071.0462 Extraordinary Trust Fund Expenses 0.00 Prepayment Interest Shortfall 0.00 Structural Reporting Senior Percentage 90.~~949928~~914100% Senior Prepayment Percentage 100.000000% Subordinate Percentage 9.~~050072~~085900% Subordinate Prepayment Percentage 0.000000% Trigger Event Reporting 6-Month Average Subordinate Delinquency Test Trigger Result Pass Threshold Value 50.000000% Calculated Value 0.~~000000~~764732% 2% 6-Month Average Delinquency Test Trigger Result Pass Threshold Value 2.000000% Calculated Value 0.~~000000~~069483% 4% 6-Month Average Delinquency Test Trigger Result Pass Threshold Value 4.000000% Calculated Value 0.~~000000~~069483% 50% Cumulative Loss Test Trigger Result Pass Threshold Value 30.000000% Calculated Value 0.000000% 30% Cumulative Loss Test Trigger Result Pass Threshold Value 10.000000% Calculated Value 0.000000% Shifting Interest Delinquency/Loss Test Trigger Result Pass Senior Two Times Delinquency Test Trigger Result Pass Threshold Value 50.000000% Calculated Value 0.~~000000~~764732% Two Times Cumulative Loss Test Trigger Result Pass Threshold Value 20.000000% Calculated Value 0.000000% Sub Two Times Delinquency/Loss Test Trigger Result Pass

Delinquency Status - MBA Delinquency Calculation Method DELINQUENT BANKRUPTCY FORECLOSURE REO Total No. of Loans No. of Loans No. of Loans No. of Loans No. of Loans Scheduled Balance Scheduled Balance Scheduled Balance Scheduled Balance Scheduled Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 1513 0 0 0 1513 5,~~844~~148,~~984~~872.8040 0.00 0.00 0.00 5,~~844~~148,~~984~~872.8040 60 Days 03 0 0 0 03 0781,735.0036 0.00 0.00 0.00 0781,735.0036 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1516 0 0 0 1516 5,~~844~~930,~~984~~607.8076 0.00 0.00 0.00 5,~~844~~930,~~984~~607.8076 No. of Loans No. of Loans No. of Loans No. of Loans No. of Loans Scheduled Balance Scheduled Balance Scheduled Balance Scheduled Balance Scheduled Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~107829~~964392% 0.000000% 0.000000% 0.000000% 10.~~107829~~964392% 10.~~039037~~919532% 0.000000% 0.000000% 0.000000% 10.~~039037~~919532% 60 Days 0.~~000000~~222552% 0.000000% 0.000000% 0.000000% 0.~~000000~~222552% 0.~~000000~~139609% 0.000000% 0.000000% 0.000000% 0.~~000000~~139609% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~107829~~186944% 0.000000% 0.000000% 0.000000% 1.~~107829~~186944% 1.~~039037~~059142% 0.000000% 0.000000% 0.000000% 1.~~039037~~059142% Please refer to CTSLink.com for a list of delinquency code descriptions.

Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 20,~~144~~195.8206

Realized Loss Report - Collateral Summary - No Realized Loss Information to report this period. Calculation Methodology: Monthly Default Rate (MDR): ~~sum~~Sum(Beg Scheduled Balance of Liquidated Loans) / ~~sum~~Sum(Beg Scheduled Balance). Conditional Default Rate (CDR): 1-((1-MDR)^12) SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR / (WAS * 0.02) else if WAS is greater than 30 and less than or equal to 60 then CDR / 0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR / (0.6 - ((WAS - 60) * 0.0095)) else if WAS is greater than 120 then CDR / 0.03 Cumulative Loss Severity: Sum (All Realized Losses) / Sum (~~Ending~~ Actual Liquidated Balance for loans that have experienced a loss). 3 Month Average and 12 Month Average will not have values until the 3rd and 12th month respectively.

Prepayment Detail - Prepayments during Current Period Summary Loans Paid In Full Repurchased Loans Original Current Original Current Principal Scheduled Principal Scheduled Group Count Balance Balance Count Balance Balance Total 56 3,~~065~~653,~~400~~500.00 3,~~076~~538,~~274~~755.5890 0 0.00 0.00

Prepayment Detail - Prepayments during Current Period (continued) Summary Substitution Loans Liquidated Loans Curtailments Original Current Original Current Principal Scheduled Principal Scheduled Curtailment Group Count Balance Balance Count Balance Balance Amount Total 0 0.00 0.00 0 0.00 0.00 ~~398~~300,~~889~~685.9625

Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount Summary ~~0162599456~~0008429605 CA 60.1700 01-~~Aug~~Sep-2007 ~~287~~642,000.00 ~~289~~644,~~571~~531.6865 Summary ~~0163184922~~0166922616 NJCA 8070.00 01-Sep-2007 ~~304~~1,~~000~~522,500.00 ~~306~~1,~~206~~403,323.4981 Summary ~~0171207052~~0168303435 CA 7759.5570 01-~~Sep~~Jul-2007 ~~380~~200,000.00 ~~382~~201,~~681~~798.9170 Summary ~~0171566757~~0176948293 IDCA 7780.6000 01-Sep-2007 1880,~~940,~~000.00 1883,~~948,979~~552.4174 Summary ~~0176603033~~3211200948 KYMD 80.00 01-~~Sep~~Aug-2007 ~~154~~200,~~400~~000.00 ~~155~~201,~~525~~508.3404 Summary 3211689224 NY 57.26 01-Aug-2007 209,000.00 211,640.97

Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning Summary ~~0162599456~~0008429605 Loan Paid in Full 0 6.~~875~~500% ~~480~~360 3 Summary ~~0163184922~~0166922616 Loan Paid in Full 0(2) 87.~~000~~375% 360 23 Summary ~~0171207052~~0168303435 Loan Paid in Full 0 7.~~625~~000% 360 25 Summary ~~0171566757~~0176948293 Loan Paid in Full 0 8.000% 360 3 Summary 3211200948 Loan Paid in Full (1) 6.~~750~~500% 360 24 Summary ~~0176603033~~3211689224 Loan Paid in Full 0 76.~~875~~500% 360 24

Prepayment Rates

Summary SMM CPR PSA Current Month 0.~~615~~682% Current Month 7.~~137~~888% Current Month 1,~~565~~202.~~912~~650% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs. 12mo Average* PSA: Current vs. 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Dec-2006 N/A N/A Dec-2006 N/A N/A~~ Jan-2007 N/A N/A Jan-2007 N/A N/A Feb-2007 N/A N/A Feb-2007 N/A N/A Mar-2007 N/A N/A Mar-2007 N/A N/A Apr-2007 N/A N/A Apr-2007 N/A N/A May-2007 N/A N/A May-2007 N/A N/A Jun-2007 N/A N/A Jun-2007 N/A N/A Jul-2007 N/A N/A Jul-2007 N/A N/A Aug-2007 N/A N/A Aug-2007 N/A N/A Sep-2007 N/A N/A Sep-2007 N/A N/A Oct-2007 N/A N/A Oct-2007 N/A N/A Nov-2007 7.137% N/A Nov-2007 1,565.912% N/A Dec-2007 7.888% N/A Dec-2007 1,202.650% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled Principal) Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12) PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS)) Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal Balance))

Interest Rate Stratification Summary Current Number of Outstanding Percentage of Interest Rate Loans Scheduled Balance(%) Range(%) Balance($) < 5.000 0 0.00 0.000 5.000 5.249 1 508,~~869~~252.5586 0.~~090~~091 5.250 5.499 1 1,~~808~~810,~~367~~466.7888 0.~~321~~323 5.500 5.749 11 2,~~891~~896,~~578~~945.9662 0.~~514~~517 5.750 5.999 17 5,~~493~~495,~~665~~525.4527 0.~~977~~981 6.000 6.249 19 10,~~912~~925,~~160~~671.3098 1.~~940~~951 6.250 6.499 54 20,~~410~~435,~~752~~118.6357 3.~~628~~649 6.500 6.749 ~~134~~131 6261,~~652~~681,~~307~~624.9276 11.~~137~~016 6.750 6.999 283 125,~~500~~692,~~042~~779.3549 22.~~310~~447 7.000 7.249 ~~188~~187 80,~~270~~202,~~594~~964.9484 14.~~269~~323 7.250 7.499 ~~185~~184 7776,~~558~~294,~~731~~138.9161 13.~~787~~625 7.500 7.749 172 67,~~346~~470,~~417~~817.3549 1112.~~972~~050 7.750 7.999 122 50,~~572~~676,~~886~~931.0361 89.~~990~~050 8.000 8.249 4241 1514,~~731~~876,~~462~~575.1799 2.~~797~~657 8.250 8.499 58 18,~~437~~478,~~567~~736.9700 3.~~278~~300 8.500 8.749 35 10,~~623~~647,~~542~~291.3632 1.~~888~~901 8.750 8.999 1516 67,~~965~~216,~~803~~153.0470 1.~~238~~289 9.000 9.249 9 2,~~828~~835,~~378~~031.7325 0.~~503~~506 9.250 9.499 3 ~~752~~753,~~347~~999.1497 0.~~134~~135 9.500 9.749 21 ~~378~~148,~~747~~885.7227 0.~~067~~027 9.750 9.999 2 ~~726~~727,~~052~~917.8312 0.~~129~~130 10.000 10.249 0 0.00 0.000 10.250 10.499 1 168,~~415~~928.2983 0.030 >= 10.500 0 0.00 0.000 Total 1,~~354~~348 ~~562~~559,~~538~~944,~~692~~757.4243 100.000

Filing Compare · Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR5