Exhibit,Appendix: Hsbc Bank Usa, National Association, In Its Capacity As Trustee Of Nomura Home Equity Loan, Inc., Asset Backed Certificates, Series 2007-2 v. Nomura Credit & Capital, Inc.

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                                FILED:         NEW     YORK       COUNTY        CLERK        08/04/2022             05:10        PM                 INDEX    NO.   650337/2013
   NYSCEF     DOC.   NO.   2063                                                                               RECEIVED      NYSCEF:     08/04/2022




                                                Exhibit                               195
   FILED:         NEW     YORK       COUNTY        CLERK        08/04/2022             05:10        PM                 INDEX    NO.   650337/2013
   NYSCEF     DOC.   NO.   2063                                                                               RECEIVED      NYSCEF:     08/04/2022




                                                       NOMURA     CREDIT    &  CAPlTAL,   INC.
                                                                           49*
                                                               309  West        Street
                                                         New    York,  New    York   10019




                  May   4, 2015




                  Herawattee    Alli
                  Corporate    Trust and  Loan   Agency
                  HSBC     Bank  USA,    National  Association
                  452  Fifth  Avenue
                  New    York,  New   York   10018




                                    Re:   NAAC     Series  2007-1-Loan      #


                  Dear   Herawattee    Alli:


                           I am  in receipt  of your  Notice  of Repurchase     (including   attachment,   the "Notice"),   dated

                  April  29,  2015,  related to the  referenced   Mortgage    Loan   (the "Subject   Morteace    Loan").   The

                  request  made   to either  cure  a breach  or repurchase    the Subject  Mortgage    Loan   is respectfully
                  denied   because   no  valid breach  that materially   and  adversely   affects the  interests of the

                  Certificateholders    was  identified.  More   specifically,  the Notice   asserts that the representation    in

                   Section  8(xli) of the Mortgage    Loan   Purchase   Agreement     (the "MLPA"),      dated  May   10, 2007,
                  was   allegedly  breached   based   on  thesupport   provided   in the Notice.   The   text of Section  8(xli)
                   (as reproduced   in the  Notice)  reads  as follows:



                  (xli) Each   Mortgage    Loan  is and  will be a mortgage    loan  arising  out of the  originator's  practice
                  in accordance    withthe   originator's   underwriting    guidelines;


                           As  a preliminary   matter,  Nomura     Credit  &  Capital,  Inc. ("NCCI")    is not required  to cure

                        alleged  breach  or repurchase    any  Mortgage   Loan   if itis notified  of an  alleged breach   more
                   any
                   than  six years  after the date of  the representation.   In this case,  since the  Pooling   and  Servicing
                                      "PSA"
                   Agreement     (the         and,  together  with  the MLPA,     the "Aereements")     is dated  April  1, 2007.

                   the Notice  is untimely.   Notwithstanding     the foregoing,   NCCI    reviewed   the Notice,   which

                   included  a copy   of correspondence     from  Wells   Fargo  Bank,   N.A.,  as master   servicer, and

                   Vlortgage   Guaranty   Insurance   Corporation    ("MGlC"),     as insurer  under  the related  mortgage
                   insurance  policy.  The  correspondence     from   MGIC    indicates  that MGIC     rescinded  the  mortgage

                   insurance   policy based   on  the allegation  that the Subject   Mortgage    Loan   was  not originated   in
                   compliance    with  the lender's  underwriting    guidelines.   Notably,   no  documents,    other than  a
                   narrative  from  MGIC.    were  provided    to support  this allegation.


                            Based  upon   a review  of the  documentation     included   with the  Notice,  NCCI    detemlined

                   that no  proper  notice  was  provided   requiring  action  pursuant   to the PSA.    Capitalized   terms  used

                   herein  and  not defined  shall  have  the meaning    assigned   to them  in the  Agreements.




  CONFIDENTIAL                                                                                                              NOM_07-1       02363314
   FILED:         NEW     YORK       COUNTY        CLERK        08/04/2022             05:10        PM                 INDEX    NO.   650337/2013
   NYSCEF     DOC.   NO.   2063                                                                               RECEIVED      NYSCEF:     08/04/2022

                   May  4, 2015
                   Page 2 of 2




                            If yonhave    any  questions  regarding   the  foregoing,  please  feel free  to contact  me  directly
                   at 212-66749368.




                                                          et F. Buck

                   ce;


                   Wells   Fargo  Bank,   N.A.
                   9062   Old  Annapolis   Road

                   Colurnbia,   Maryland    21045
                   Attn:  Client  Manager    NAAC     2007-1


                   Wells   Farge  Bank,   N.A
                   Corporate   Trust  services
                   MACR1204-010
                   9062   Old  Annapolis   Road

                   Columbia,    Maryland    21045
                   Attn:  Alex  Humphries




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  CONFIDENTIAL                                                                                                              NOM_07-1       02363315