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             07:27        PM                 INDEX    NO.   650337/2013
   NYSCEF     DOC.   NO.   2218                                                                               RECEIVED      NYSCEF:     08/04/2022




                                                     Exhibit                               220
   FILED:         NEW     YORK       COUNTY        CLERK        08/04/2022             07:27        PM                 INDEX    NO.   650337/2013
   NYSCEF     DOC.   NO.   2218                                                                               RECEIVED      NYSCEF:     08/04/2022
        From:                      Murphy,   Brian
        To:                        Kim,  Su
        Sent:                      1/30/2007   2:17:21  PM
        Subject:                   FW:  Nomura   October   Boarding  review
        Attachments:               Nomuraoct.Ws




       FYI...




       From:   Petty, Greg
       Sent:  Tuesday,   January  30, 2007  12:40  PM
       To:  Spagna,  Neil; Sabo,  Mendy;  Murphy,  Brian;  McLaughlin,  Timothy;   Katz, Steven;  Craig Lindauer;  'John Mallaber'; 'Tom
                         Herman'
       Przybyla'; 'Anne
       Subject:   FW:  Nomura   October  Boarding   review


       FYI  - AF2 feedback   from Wells.  Please  see email  below  and  columns  CF  and  CN  in thespreadsheet.




       Greg   Petty
       Vice  President
       Nomura    Credit   &  Capital,  inc.
       2 World   Financial   Center
       Bldg.  B, 21st  Floor
       New   York, NY   10281
       Ph:  212-667-9137
       Fax:  646-587-9137




       From:   Janina.M.Vito@wellsfargo.com      [mailto:Janina.M.Vito@wellsfargo.com]
       Sent:  Tuesday,   January  30, 2007  9:38  AM
       To:  DePalma,   James;  Strang, Amie;  Petty, Greg
       Cc:  kristen.harp@wellsfargo.com;    Janina.M.Vito@wellsfargo.com
       Subject:   Nomura   October  Boarding   review




       Hi Amy,  Jim and  Greg,


       Our  clientservices team   here in Rochester,  has embarked    on a new  project. We  have  been  conducting  reviews  of each
                                               risk"
       acquisition in attempt to identify"high       loans or loans which  may  potential be of concern  to you, as our client. We  are
       presenting  our findings to our clientsfor fudher review  and  determination  of potentialbreach  of representation  and  warranty. Our
       process  includes  a loan levelreview  of allloans 60+  delinquent, withinfirst90 days   of boarding.


       <>
       Below  are the 5 main  categories  of concern  and  a briefdescription of what  would  meet  our criteriafor review:

       *
         Occupancy
             *
               Loans  thatare  purchased  as a primary   residence  however  the propedy   and  mailing address  differ
             *
               Loans  thatare  purchased  as a primary   residence, property  and  mailing address  match,  however   mail isbeing
              returned
             *
               Loans  thatare  purchased  as a primary   residence  but propedy  inspections  reflectthat property  is vacant

       *
         Misrepresentations




  CONFIDENTIAL                                                                                                    NOM_AMHERSTI             01570890
   FILED:         NEW     YORK       COUNTY        CLERK        08/04/2022             07:27        PM                 INDEX    NO.   650337/2013
   NYSCEF *DOC.      NO.   2218                                                                               RECEIVED      NYSCEF:     08/04/2022
               Loans  thatare originated  based  on stated  income  wherein  the borrower   iscurrently in Chapter  13 bankruptcy  and


              original stated income  varies from  stated income  on bankruptcy   statements
             *
               Loans  that may  have an indication of possible originations fraud on our servicing  system

       *
         Value
             *
               Current Property  Value  decreased   by 20%   or greater from  originalappraised  value

       *
         Default
             *                        -
               FirstPayment   Default   Any  loan wherein  the borrower  has  not paid the firstpayment  due  on the loan

       *
         Damage
             *
               Any loan wherein  the property  inspections  reflectthat the subject has damages    that exceed  $10,000.


       We  acquired  a total of 2590  loans inOctober  from  GMAC,    of which  152  loansor 5.87%   were  60+  days  delinquent as of month
       end  December.    We  reviewed  the entire 60+  population for potential put back  opportunities.  Of the 152  delinquent loans, we
       identified59 or 39%   that we  feltwarranted  further review  by Nomura.


       I have attached  our loan level findings along with our reviewers  comments.    We  would   be happy  to have  furtherdiscussions  with
       you  and your teams   and would  value  any feedback  you  may  have  as we  get this project offthe ground.  Please  feelfree to
       contact  me  if youhave  any questions.  Thanks!


       Gigi




       Janina Vito (Gigi)
       Assistant Vice President
       Client Services/Portfolio Management
       2300 Buffalo Road, Suite 300 A
       Rochester, New York 14624
       MAC M6529-011
       Phone: 585-429-4817
       Fax : 585-426-4102
       Email: janina.m.vito@wellsfargo.com
        This ntessage n/aycolitaincotifidentialand or restrictedinfi>rntation.
                                                                             Ifyou are not theaddressee  or authorized to receivethisfi>rthe
       addressee. you must  notuse, copy, disclose,or take any actionbased on this message  or any in formationherein.This information should
       only be fi>rwarded or distributedon a "need to know basis".Ifyou  have received this message in error.please advise the sender
                                                                               cooperation."
       immediately  by replye-mail and delete thismessage.  Thank you for your




  CONFIDENTIAL                                                                                                    NOM_AMHERSTI             01570891
   FILED:         NEW     YORK       COUNTY        CLERK        08/04/2022             07:27        PM                 INDEX    NO.   650337/2013
   NYSCEF     DOC.   NO.   2218                                                                               RECEIVED      NYSCEF:     08/04/2022




                                             Document               Produced             Natively




  CONFIDENTIAL                                                                                                    NOM_AMHERSTI             01570892
   FILED:         NEW     YORK       COUNTY        CLERK        08/04/2022             07:27        PM                                                              INDEX    NO.   650337/2013
   NYSCEF     DOC.   NO.   2218                                                                                                                            RECEIVED      NYSCEF:     08/04/2022
   FILED:         NEW     YORK       COUNTY        CLERK        08/04/2022             07:27        PM                                                              INDEX    NO.   650337/2013
   NYSCEF     DOC.   NO.   2218                                                                                                                            RECEIVED      NYSCEF:     08/04/2022



                                                                                                                                                                                   % of Loans
                                                                      Delinquency 60+                                                                                    Total     Referred to
                                                 Review   Portfolio     Count (Loans                   Early                                               Total Issues  Loans    our reviewed
     Client    Seller/servicer  Sale ID          Month     Count         Reviewed)        Review %    Defaults  Valuation  Occupancy    Damage    Misrep    Identified  Referred   population
     Nomura    GMAC             GMA1006NO1       January    2590             152            5.87%         3         23          37          0        9          72         59        38.82%