<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Thursday, August 23, 2012 3:16 PM</td></tr><tr><td>To:</td><td>Epstein, Jeffrey (jeevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Ens, Amanda</td></tr><tr><td>Subject:</td><td>Rplacement for the mortgage we sold last week - NEW PRIME RMBS SUB - $3.325mm
of CWHL 03-26 B1 @ S80-16 (7.56% yield / 3.16 dum)</td></tr></table>

=body lang="EN-US" link="blue" vlink="purple">

Hi J=ffrey

This is a good replacement for the mortga=e we sold last week. Spending around $1.3MM. Let me know.

&nbsp;; 741 FICO

=0A

CWHL 2003-26 B1Offere= @ 80-16

=0A
=0D
=/td>
=td width="183" nowrap="" valign="bottom" style="width:137.1pt;pa=ding:0in 5.4pt 0in 5.4pt;height:6.75pt">
=0A

BOND DESCRIPTION

=0D

<=td>

Prepay Rate

18 ramp 18 22 CPR

</=d> =0D

<=pan style="font-size:8.0pt;font-family:"Arial","sans-se=if";color:black">20 ramp 18 24 CPR

=0D
Cusip:

=0D 12669ERR9

Default Rate

=span style="font-size:8.0pt;font-family:"Arial","sans-s=rif";color:black">4 ramp 30 2.5 1 ramp 24 0.5 CDR 4 ramp 24 2.5 0.5 CDR<=span>

=td width="333" nowrap="" valign="bottom" style="width:250.05pt;p=dding:0in 5.4pt 0in 5.4pt;height:12.75pt">
Original Face:
3,325,000
Default Severity<=p> 40 ramp 18 35
=0A 35
Current Face:
1,626,664=o:p>
=0D =0D
Bond Type:
Prime Fix Sub
Price @ 80-16
=0A Stress Case
Base Case
Recovery Case
Ratings (S&P/Moodys/Fitch):
=0A -/-/B/*-
Yield
=0D =0D
<=pan style="font-size:8.0pt;font-family:"Arial","sans-se=if";color:black">7.562
Current Coupon:
=0D 5.337%
Spread over Tsy
=span style="font-size:8.0pt;font-family:"Arial","sans-s=rif";color:black">-149
684

=0D

<=pan style="font-size:8.0pt;font-family:"Arial","sans-se-if";color:black">1137

<=pan style="font-size:8.0pt;font-family:"Arial","sans-se=if";color:black">1
=0A
Yield @ Base Case
7.562%
=0A    =0ADuration
3.52
3.16
2.97
WA= @ Base Case
4.09=o:p>
WAL
4.62
=0D 4=2E18
Principal Window @ Base Case
<=td> Principal Window
=td width="196" nowrap="" valign="bottom" style="width:147.1pt;padding
Sep12 to Jul33</=pan>
=0D
<=pan style="font-size:8.0pt;font-family:"Arial","sans-se=if";color:black">Se
=0A
Writedown %<=span>
17.00%
=0A    Principal Writedown
=td width="196" nowrap="" valign="bottom" style="width:147.1pt;padding
17.00%
=0A 2.32%

Principal Window @ Base Case

<=td> Principal Window
=td width="196" nowrap="" valign="bottom" style="width:147.1pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
Sep12 to Jul33</=pan>
=0D
<=pan style="font-size:8.0pt;font-family:"Arial","sans-se-if";color:black">Sep12 to Jun33
=0A
Writedown %<=span>
17.00%
=0A Principal Writedown
=td width="196" nowrap="" valign="bottom" style="width:147.1pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
17.00%
=0A 2.32%

Total C=llat Loss

0.35%</=>     0.25%=/span>

=0A60+ Delinqu=ncies

7.47 <=p>     Total Liquidation

=0D 7.01%

6.45%</=pan>

=0D

<=pan style="font-size:8.0pt;font-family:"Arial","sans-se=if";color:black">5.38%

=0D
60+ Delinquency Coverage

=0D 0.31x

=0A
HISTORICAL PERFORMANCE

## UNDERLY=NG COLLATERAL DESCRIPTION

UNDERLY=NG COLLATERAL DESCRIPTION
<=span>
1 MOS
6 MOS=/b>
Average Loan Balance=($,000s)
=0D CPR
<=d width="196" nowrap="" valign="bottom" style="width:147.1pt;pad=ing:0in 5.4pt 0in 5.4pt;height:12.75pt">
15=2E76
18.19
=0A Loan Count
365

4

## UNDERLY=NG COLLATERAL DESCRIPTION (cont.)

=0D CDR
<=td> 0.00=/p> =0A
0.00
=0A
Mortgage Type
<=d width="151" nowrap="" valign="bottom" style="width:112.95pt;pa=ding:0in 5.4pt 0in 5.4pt;height:12.75pt">
SEV
NA
=0D NA
NA
Wtd Avg Mortgage Coupon=o:p>
5.570%
<=td> <=d width="184" nowrap="" valign="bottom" style="width:138.0pt;pad=ing:0in 5.4pt 0in 5.4pt;height:12.75pt">
741
=0D =0D
Wt= Avg Orig Loan-to-Value
49.68%=/o:p>
=0A =0D
HPI Adj LTV
46.68%<=:p>
<=d width="200" nowrap="" valign="bottom" style="width:150.0pt;pad=ing:0in 5.4pt 0in 5.4pt;height:12.75pt"> =tr style="height:12.75pt"> Weighted Avg Loan Age
=0D 109
=0D <=tr>
Top 1 Geo Concentration</=pan>
=0D
<=pan style="font-size:8.0pt;font-family:"Arial","sans-se=if";color:#1F497D">CA 37%

Top 2 Geo Concentration

## UNDERLY=NG COLLATERAL DESCRIPTION (cont.)

<=d width="184" nowrap="" valign="bottom" style="width:138.0pt;pad=ing:0in 5.4pt 0in 5.4pt;height:12.75pt">

FL 5%<=span>

=0D            <=d width="183" nowrap="" valign="bottom" style="width:137.1pt;pad=ing:0in 5.4pt 0in
5.4pt;height:12.75pt">
=9.77%

                 =0D                     <=tr>

<=span>

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=0A

=0AIMPORTANT DISCLAIMER:=0D

Non-agency R=BS is a complex fixed income product and is not suitable for all investors=2E Please note that while desk assumptions are driven by a number of=collateral and macro factors, the historical performance of a dea= is not indicative of its future performance. Additionally, th=s message is a product of sales and trading and is not a research report=2E Other key risks to consider are outlined below:=/p>

- All investments are =ubject to possible loss of principal

This emai= is confidential and subject to important disclaimers and conditions inclu=ing on offers for the purchase or sale of securities, accuracy and complet=ness of information, viruses, confidentiality, legal privilege, and legal =ntity disclaimers, available at http://www.jpmorgan.com/pages/disclosu=es/email.