Amendment: Fitch Rates PHHMC Mortgage Pass-Through Ctfs, Series 2007-1.

NEW YORK -- (This is an amended version of a press release sent out earlier today. The series name has been corrected in the headline.)

PHH Mortgage Capital LLC (PHHMC) mortgage pass-through certificates, series 2007-1, are rated by Fitch as follows:

--$141,048,360 classes A-1, A-2, A-5, R-I, and R-II (publicly offered senior certificates) and A-3, A-4, A-6, and A-7 (privately offered senior certificates) 'AAA';

--$6,752,315 privately offered class B-1 'AA';

--$900,309 publicly offered class B-2 'A';

--$525,180 publicly offered class B-3 'BBB';

--$300,103 privately offered class B-4 'BB';

--$300,103 privately offered class B-5 'B'.

The 'AAA' rating on the senior certificates reflects the 6.00% subordination provided by the 4.50% privately offered class B-1, 0.60% publicly offered class B-2, 0.35% publicly offered class B-3, 0.20% privately offered class B-4, 0.20% privately offered class B-5, and 0.15% privately offered class B-6 (which is not rated by Fitch). Fitch believes the above credit enhancement will be adequate to support mortgagor defaults as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings also reflect the quality of the underlying mortgage collateral, strength of the legal and financial structures, and the servicing capabilities of PHH Mortgage Corporation, which is rated 'RPS1-' by Fitch.

The certificates represent ownership in a trust fund, which consists primarily of 252 one- to four-family conventional, fixed-rate mortgage loans secured by first liens on residential mortgage properties. As of the cut-off date (Jan. 1, 2007), the mortgage pool has an aggregate principal balance of approximately $150,051,447, a weighted average original loan-to-value ratio (OLTV) of 71.68%, a weighted average coupon (WAC) of 6.310%, a weighted average remaining term (WAM) of 358 months, and an average balance of $595,442. The loans are primarily located in California (15.35%), New Jersey (7.41%) and Florida (5.95%).

None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' available on the Fitch Ratings web site at www.fitchratings.com.

Citibank N.A. will serve as Trustee. For federal income tax purposes, an election will be made to treat the trust fund as two real estate mortgage investment conduits (REMICs).

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.