chase mortgage finance trust 2007-s6 prospectus

8/6/2019 Chase Mortgage Finance Trust 2007-S6 Prospectus

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424B5 1 w43213b5e424b5.htm 424(B)(5) CHASE MORTGAGE FINANCE TRUST

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$1,233,072,328 (Approximate)

Chase Mortgage Finance Trust Series2007-S6Issuing Entity

Chase Mortgage Finance CorporationDepositor

JPMorgan Chase Bank, N.A.Servicer

Chase Home Finance LLCSponsor and Seller

Multi-ClassMortgage Pass-Through CertificatesInvesting in these certificates involves risks. You should not purchase these certificates unless you fully understand their risks and structure. See Risk Factors beginning on page S-14 of this prospectus supplement and page 4 of the prospectu

These certificates represent interests of the issuing entity only. Neither these certificates nor the underlying mortgage loans are obligations of Chase Mortgage Finance Corporation, JPMorgan Chase Bank, N.A., Chase Home Finance LLC oany of their affiliates. These certificates are not insured or guaranteed by any governmental agency or other entity.

Chase Mortgage Finance Trust Series2007-S6 will issue sixteen classes of certificates of which thirteen classes are offered by this prospectus supplement and the accompanying prospectus. The table on page S-5 identifies the various classes and specifiescertain characteristics of each class, including each classs initial principal balance (or notional amount), interest rate and rating.

The assets of the issuing entity will consist primarily of a pool of fixed rate fully amortizing one- to four-family first lien residential mortgage loans with original terms to stated maturity of not more than 30years. We will divide the m ortgage pool into twogroups.

Principal and interest will be payable monthly, as described in this prospectus supplement. The first expected distribution date will be December26, 2007. Credit enhancement for the offered certificates includes subordination, shifting interest and lossallocation features.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the offered certificates or passed upon the adequacy or accuracy of this prospectus supplement or the prospectus. Anyrepresentation to the contrary is a criminal offense.

The underwriter, J.P. Morgan Securities Inc., will purchase the ClassA Certificates ( other than the Class1-AX and Class2-AX Certificates ) from Chase Mortgage Finance Corporation as described in Plan of Distribution on page S-118 of this prospectusupplement. The underwriter will offer the offered certificates at varying prices to be determined at the time of sa le It is expected that at closing the Class1 -AX Certificates, the Class2-AX Certificates and the subordinated certificates will be sold to anaffiliate of the Depositor. The proceeds to Chase Mortgage Finance Corporation from the sale of the offered certificates will be approximately 99.28% of the principal balance of the offered certificates plus accrued interest, before deducting expenses. Theunderwriters commission will be the difference between the price it pays to Chase Mortgage Finance Corporation for the offered certificates and the amount it receives from the sale of the offered certificates to the public.

JPMorgan

The date of this Prospectus Supplement is November27, 2007

PROSPECTUS SUPPLEMENT(To Prospectus dated November27, 2007)

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Limitations Relating to the European Economic Area

In relation to each Member State of the European Union and Iceland, Norway and Liechtenstein which has implemented the Prospectus Directive (each, a Relevant Member State), each Underwriter has represented and agreedthat with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the Relevant Implementation Date) it has not made and will not make an offer of certificates to thepublic in that Relevant Member State prior to the publication of a prospectus in relation to the certificates which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved inanother Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant ImplementatioDate, make an offer of certificates to the public in that Relevant Member State at any time:

For the purposes of this provision, the expression an offer of certificates to the public in relation to any certificates in any Relevant Member State means the communication in any form and by any means of sufficientinformation on the terms of the offer and the certificates to be offered so as to enable an investor to decide to purchase or subscribe the certificates, as the same may be varied in that Relevant Member State by any measureimplementing the Prospectus Directive in that Relevant Member State and the expression Prospectus Directive means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

United Kingdom

Each Underwriter has represented and agreed that:

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(a) to legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

(b) to any legal entity which has two or more of (1)an average of at least 250 employees during the last financial year; (2)a total balance sheet of more than 43,000,000 and (3)an annual net turnover of more than 50,000,000, shown in its last annual or consolidated accounts; or

(c) in any other circumstances which do not require the publication by the Issuing Entity of a prospectus pursuant to Article3 of the Prospectus Directive.

(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section21 of the FSMA)received by it in connection with the issue or sale of the certificates in circumstances in which Section21(1) of the FSMA does not apply to the Issuing Entity; and

(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the certificates in, from or otherwise involving the United Kingdom.

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Important Notice about the Information in thisProspectus Supplement and the Accompanying Prospectus

Information about the offered certificates is contained in (a)the accompanying prospectus, which provides general information, some of which may not apply to the offered certificates, and (b)this prospectus supplement, whichdescribes the specific terms of the offered certificates.

This prospectus supplement and the accompanying prospectus include cross references to sections in these materials where you can find further related discussions. The tables of contents in this prospectus supplement and theaccompanying prospectus identify the pages where those sections are located. In addition, an index of defined terms can be found beginning on page S-120 of this prospectus supplement and on page 76 of the prospectus.

In this prospectus supplement, the terms Depositor, we, us and our refer to Chase Mortgage Finance Corporation.

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TABLE OF CONTENTS S-3THE SERIES 2007-S6 CERTIFICATES S-5

SUMMARY INFORMATION S-8The Issuing Entity S-8Principal Parties S-8Affiliations S-8Legal Proceedings S-9Cut-off Date S-9Closing Date S-9The Certificates S-9Description of the Certificates S-9Exchangeable Certificates S-9The Mortgage Loans S-10Distributions on the Certificates S-10The Yield Maintenance Agreement S-Mortgage Loan Representations and Warranties S-11Fees and Expenses S-11Credit Enhancement S-11Optional Termination S-12Final Scheduled Distribution Date S-12Legal Investment S-13Federal Income Tax Consequences S-13ERISA Considerations S-13Ratings S-13

RISK FACTORS S-14

Forward-Looking Statements S-14Prepayments May Adversely Affect Yield S-14Attempted Recharacterization of the Transfers from Chase Home Finance LLC to Chase Mortgage Finance Corporation and from Chase Mortgage Finance Corporation to the Issuing Entity Could

Delay or Reduce Payments to You S-15Failure of the Servicer to Perform or the Insolvency of the Servicer May Adversely Affect Distributions on Certificates S-15Subordination of Subordinated Certificates and the Class1-A7 and 1-A21 Certificates Increases Risk of Loss to Such Classes S-15T he Class1-A1 , Clas s1-A5 and Class 1 -A19 Cer ti fi ca tes a re Subjec t to Counterparty R isk S -The Class1-A1 and 1-A19 Certificates May Not Receive Amounts Expected from the Yield Maintenance Agreements S-Risks Related to the Exchangeable Certificates S-16Geographic Concentration of the Mortgaged Properties May Increase Risk of Loss S-16Violations of Predatory Lending Laws/Risks Related to High Cost Loans S-17Limited Obligations S-17Mortgage Loans With Interest-Only Payments May Experience Higher Default and Prepayment Rates S-17Recent Developments in the Residential Mortgage Market Adversely Affect the Yields of the Offered Certificates S-17Value of the Mortgage Loans May be Affected By, Among Other things, A Decline in Real Estate Values, Which May Result in Losses on the Offered Certificates or Notes S-19The ClassA-R Certificate Has Tax Implications that are Different than Those of the Other Certificates S-19Military Action and Terrorist Attackes May Increase Risk of Loss on the Mortgage Loans S-20The Lack of Physical Certificates for Some Certificates May Cause Delays in Payment and Cause Difficulties in Pledging or Selling Your Certificates S-21Simultaneous Second Lien Risk S-21Combination or Layering of Multiple Risk Factors May Significantly Increase Your Risk of Loss S-23FICO Scores Are Not an Indicator of Future Performance of Borrowers S-23Certificates May Not Be Appropriate for Individual Investors S-22

THE MORTGAGE LOANS S-23General S-23

Representations and Warranties S-23Mortgage Loans S-23

PREPAYMENT AND YIELD CONSIDERATIONS S-57Yield Considerations with Respect to the Class1-AX Certificates S-70Yield Considerations with Respect to the Class2-AX Certificates S-88Y iel d Consi de ra tions wi th Re spe ct to the Cl ass1-A2 Certif icates S- 89Yield Considerations with Respect to the ClassA-P Certificates S-72Yield Considerations with Respect to the Exchangeable Certificates S-73

THE SERVICER S-74JPMorgan Chase Bank, N.A S-74

ADMINISTRATION OF THE ISSUING ENTITY S-77Servicing and Administrative Responsibilities S-77Trust Accounts S-78

UNDERWRITING GUIDELINES S-81THE POOLING AND SERVICING AGREEMENT S-83

The Issuing Entity S-83Assignment of Mortgage Loans S-83Servicing S-84Servicing Compensation and Payment of Expenses S-84Adjustment to Servicing Fee in Connection with Prepaid Mortgage Loans S-84Payments on Mortgage Loans; Collection Account; Certificate Account S-85Advances S-85Servicer Default S-86

Resignation of Servicer; Assignment and Merger S-86Evidence as to Compliance S-87The Trustee S-87Resignation of the Trustee; Assignment and Merger S-88The Originator S-88The Paying Agent S-89The Custodian S-89The Sponsor S-89Reports to Certificateholders S-90Optional Termination S-91Special Servicing Agreements S-92

DESCRIPTION OF THE CERTIFICATES S-93General S-93Book-Entry Registration S-94Definitive Certificates S-97Restrictions on Transfer of the ClassA-R Certificate S-98Exchangeable Certificates S-99

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Distributions to Certificateholders S-100Example of Distributions S-104Fees and Expenses of the Issuing Entity S-123Interest S-105The Yield Maintenance Agreements S-The Yie ld Maintenance Agr ee ment Counte rpar ty S- 129The Reserve Fund S-Principal (Including Prepayments) S-Additional Rights of the ClassA-R Certificateholder S-110Subordinated Certificates and Shifting Interests S-110Allocation of Losses S-111

FEDERAL INCOME TAX CONSIDERATIONS S-113Additional Considerations for the Exchangeable Certificates S-140Add it ional Considera tions for the C lass 1 -A1 and Class 1 -A5 Cert if icates S -ClassA-R Certificate S-114

ERISA CONSIDERATIONS S-115LEGAL INVESTMENT MATTERS S-118USE OF PROCEEDS S-118PLAN OF DISTRIBUTION S-118LEGAL MATTERS S-119RATINGS S-119Index of Defined Terms S-120Annex A: Global Clearance, Settlement and Tax Documentation A-1

Initial Settlement A-1Secondary Market Trading A-1Certain U.S. Federal Income Tax Documentation Requirements A-3

Annex B: Permitted Exchangeable Certificate Combinations B-1

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Certificates are principal-only certificates and are not entitled to payments of interest. See Description of the Certificates.

(8) The certificate rate on the ClassM and ClassB Certificates will be approximately 5.95664% per annum for the distribution date in December2007 and will vary for each distribution date thereafter. See Description of thCertificatesInterestSubordinated Certificates and Shifting Interests.

(9) The information presented for the non-offered certificates is provided solely to assist your understanding of the offered certificates.

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The certificates will also have the following characteristics:

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Delay/ Interest Record Accrual Accrual Final Scheduled Expected Final Minimum Incremental CUSIP

Class Date (1) Period(2) Convention Distribution Date Distribution Date(3) Denominations Denominations NumberClass1-A1 CM 24day 30/360 December25, 2037 November25, 2037 $ 100,000 $ 1 161636 AA3Class1-A2 CM 24day 30/360 December25, 2037 November25, 2037 $ 100,000 $ 1 161636 AB1Class1-A3 CM 24day 30/360 December25, 2037 November25, 2037 $ 100,000 $ 1 161636 AC9Class1-AX CM 24day 30/360 December25, 2037 November25, 2037 $ 100,000 $ 1 161636 AD7Class2-A1 CM 24day 30/360 December25, 2022 November25, 2022 $ 100,000 $ 1 161636 AE5Class2-A2 CM 24day 30/360 December25, 2022 November25, 2022 $ 100,000 $ 1 161636 AF2Class2-A3 CM 24day 30/360 December25, 2022 November25, 2022 $ 100,000 $ 1 161636 AG0Class2-AX CM 24day 30/360 December25, 2022 November25, 2022 $ 100,000 $ 1 161636 AH8ClassA-P CM N/A N/A December25, 2037 October25, 2037 $ 100,000 $ 1 161636 AJ4ClassA-R CM 24day 30/360 December25, 2037 December25, 2007 $ 100 N/A 161636 AK1ClassM CM 24day 30/360 December25, 2037 November25, 2037 $ 100,000 $ 1 161636 AL9

ClassB-1 CM 24day 30/360 December25, 2037 November25, 2037 $ 100,000 $ 1 161636 AM7ClassB-2 CM 24day 30/360 December25, 2037 November25, 2037 $ 100,000 $ 1 161636 AN5ClassB-3 CM 24day 30/360 December25, 2037 November25, 2037 $ 100,000 $ 1 161636 AP0ClassB-4 CM 24day 30/360 December25, 2037 November25, 2037 $ 100,000 $ 1 161636 AQ8

ClassB-5 CM 24day 30/360 December25, 2037 November25, 2037 $ 100,000 $ 1 161636 AR6

(1) CM = For any distribution date, the close of business on the last business day of the calendar month preceding the month of the related distribution date.

(2) 24day = For any distribution date, the interest accrual period will be the calendar month immediately preceding the month in which the related distribution date occurs.

(3) The expected final distribution date is based upon (a)an assumed rate of prepayments on the mortgage loans equal to 300% PSA to maturity and (b)the modeling assumptions used in this prospectus supplement, asdescribed under Prepayment and Yield Considerations.

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SUMMARY INFORMATION

This section briefly summarizes certain major characteristics of the certificates and the mortgage loans. The information in this section is supplemented by the information elsewhere in this prospectus supplement and inthe prospectus. To fully understand the terms of the certificates, you should read both this prospectus supplement and the accompanying prospectus in their entirety.

The Issuing Entity

The name of the issuing entity is Chase Mortgage Finance Trust Series2007-S6. We are forming a trust to own a pool of fixed rate fully amortizing one- to four-family first lien residential mortgage loans. The certificatesrepresent beneficial ownership interests in the underlying assets of the issuing entity. All payments to you will come only from the amounts received in connection with those assets. The certificates only represent interests inthe trust and do not represent obligations of its depositor, the sponsor, the seller, or the servicer or the trustee. The certificates will have the original certificate principal balance (or notional amount), certificate rate and otherfeatures set forth in the table beginning on page S-5. The issuing entity will issue the certificates under a pooling and servicing agreement dated as of November1, 2007 among Chase Mortgage Finance Corporation, asdepositor, JPMorgan Chase Bank, N.A., as servicer , JPMorgan Chase Bank, N.A., as custodian and The Bank of New York Trust Company, N.A., as trustee and paying agent. See The Pooling and Servicing Agreement andDescription of the Certificates in this prospectus supplement.

Principal Parties

Issuing Entity : Chase Mortgage Finance Trust Series2007-S6. See The Pooling and Servicing AgreementThe Issuing Entity in this prospectus supplement. Depositor: Chase Mortgage Finance Corporation, a Delaware corporation whose address is 194 Wood Avenue South, Iselin, New Jersey 08830 and whose telephone number is (732)452-8000. See Chase MortgageFinance Corporation in the prospectus.

Sponsor, Seller and Subservicer: Chase Home Finance LLC, a Delaware limited liability company whose address is 194 Wood Avenue South, Iselin, New Jersey 08830 and whose telephone number is (732)452-8000.See The Pooling and Servicing AgreementThe Sponsor and The Pooling and Servicing Agreement Servicing in this prospectus supplement.

Servicer and Originator: JPMorgan Chase Bank, N.A., a national banking association whose address is 1111 Polaris Parkway Columbus, Ohio 43240 and whose telephone number is (614)422-5748. See JPMorganChase Bank, N.A. and The Pooling and Servicing AgreementServicing in this prospectus supplement.

Trustee: The Bank of New York Trust Company, N.A., a national banking association whose address is 601 Travis, 16 th Floor, Houston, Texas 77002 and whose telephone number is (713)483-6216. See The Poolingand Servicing AgreementThe Trustee in this prospectus supplement.

The Paying Agent: The Bank of New York Trust Company, N.A., a national banking association whose address is 601 Travis, 16 th Floor, Houston, Texas 77002 and whose telephone number is (713)483-6216. SeeThe Pooling and Servicing AgreementThe Paying Agent in this prospectus supplement.

Custodian : JPMorgan Chase Bank, N.A., a national banking association whose address is 780 Delta Drive, Monroe, Louisiana 71201 and whose telephone number is (318)699-2510. See The Pooling and ServicingAgreementThe Custodian in this prospectus supplement.

Affiliations

Chase Home Finance LLC, JPMorgan Chase Bank, N.A., Chase Mortgage Finance Corporation and J.P. Morgan Securities Inc. are all affiliated. There are no relationships, agreements or arrangements outside of thistransaction among the affiliated parties that are material to an understanding of the offered certificates.

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Legal Proceedings

There are no legal proceedings pending and no legal proceedings known to be contemplated against any of the Trustee, Sponsor, Depositor, Seller, Servicer or Subservicer that are material to certificateholders.

Cut-off Date

The cut-off date will be November1, 2007.

Closing Date

The closing date will be on or about November28, 2007.

The Certificates

The certificates offered by this prospectus supplement will be issued with the initial approximate characteristics set forth under The Offered Certificates in the table on page S-5.

The offered certificates, except for any residual certificates, the Class1-AX and the Class2-AX Certificates and the subordinated certificates until such subordinated certificates are issued as book-entry certificates, will be

issued in book-entry form. Any residual certificates, the Class 1-AX and the Class2-AX Certificates and the subordinated certificates until such subordinated certificates are issued as book-entry certificates will be issued infully registered definitive form. The minimum denominations and the incremental denominations of each class of offered certificates are set forth in the table on page S-7.

Description of the Certificates

The certificates will have an approximate aggregate initial principal balance of $1,245,527,882, subject to a permitted variance of plus or minus five percent.

The certificates will consist of:

Only the ClassA, ClassM, ClassB-1 and ClassB-2 Certificates are being offered by this prospectus supplement and the accompanying prospectus. The underwriter will act as placement agent for the ClassB-3, ClassB-4and ClassB-5 Certificates to a limited number of accredited investors (which may include one or more of our affiliates) in a privately placed offering. The Issuing Entity will not issue additional certificates after the closingdate.

Generally, with certain limited exceptions discussed at Description of the CertificatesDistributions to CertificateholdersCross-Collateralization Provisions, the Class 1-A1, Class1-A2, Class1-A3, Class1-AX andClassA-R Certificates (the Class1-A Certificates) will receive distributions from collections on mortgage group one and the Class2-A1, Class2-A2, Class2-A3 and Class2-AX Certificates (the Class2-A Certificates)will receive distributions from collections on mortgage group two. The ClassA-P, ClassM and ClassB Certificates will receive distributions of principal from both mortgage group one and mortgage group two.

The certificates represent ownership interests in the issuing entity, the assets of which will primarily consist of a pool of mortgage loans.

Exchangeable Certificates

The classes of certificates identified in this prospectus supplement as the exchangeable initial certificates will be exchangeable for certain other classes of certificates, identified herein as the exchangeable certificates, orfor other exchangeable certificates in combinations referred to as the exchangeable combinations. The exchangeable initial certificates, exchangeable certificates and related exchangeable combinations are identified inAnnex B to this prospectus supplement. See Description of the CertificatesExchangeable Certificates.

In the event that any initial exchangeable certificate in an exchangeable combination is exchanged for any related exchangeable certificates, such exchangeable certificates will, in the aggregate, be entitled to a proportionateshare of the aggregate principal and interest distributable to all the classes of exchangeable initial certificates in the related

Ten classes of ClassA Certificates, which initially will have an approximate aggregate principal balance of $1,196,328,328 and evidence an approximate undivided beneficial interest of 96.05% of the assetsof the issuing entity;

One class of ClassM Certificates, which initially will have an approximate principal balance of $18,061,000 and evidence an approximate undivided beneficial interest of 1.45% of the assets of the issuingentity; and

Five classes of ClassB Certificates, which initially will have an approximate aggregate principal balance of $31,138,554 and evidence an approximate undivided beneficial interest of 2.50% of the assets ofthe issuing entity.

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exchangeable combination. In addition, the exchangeable certificates will, in the aggregate, bear a proportionate share of the aggregate losses and interest shortfalls allocable to all the classes of exchangeable initial certificatesin the related exchangeable combination. See Description of the CertificatesExchangeable Certificates.

The Mortgage Loans

The mortgage loans will consist of fixed rate fully amortizing one- to four-family first lien residential mortgage loans with original terms to stated maturity of not more than 30years.

The mortgage loans will be secured by mortgages, deeds of trust or other security instruments, all of which are referred to in this prospectus supplement as mortgages.

We will divide the mortgage pool into two separate groups referred to as mortgage group one and mortgage group two.

We expect the mortgage loans to have the following approximate characteristics as of November1, 2007:

The Mortgage Pool

Mortgage Group One

Mortgage Group Two

Before we issue the certificates, we may remove some mortgage loans from the mortgage pool. We also may substitute other mortgage loans for some mortgage loans. This may result in changes in the mortgage poolcharacteristics shown above and could affect the weighted average lives and yields of the certificates. See The Mortgage Loans.

Distributions on the Certificates

The first distribution date will be December26, 2007. Thereafter, distributions will be made on the 25th day of each month, or on the next business day if the 25th day is not a business day. In general, amounts available fordistribution each month net of certain

Number of Mortgage Loans 1,846Aggregate Unpaid Principal Balance $1,245,527,883

Range of Unpaid Principal Balances $71,292 to $2,911,084Average Unpaid Principal Balance $674,717Range of Mortgage Rates 5.500% to 8.000%Weighted Average Mortgage Rate 6.549%Range of Remaining Terms to Stated Maturity 114 months to 360 monthsWeighted Average Remaining Term to Stated Maturity 340 monthsWeighted Average Loan Age (1) 3 monthsRange of Original Loan-to-Value Ratios 14.28% to 95.00%Weighted Average Original Loan-to-Value Ratio 71.04%Weighted Average Credit Score 748Percentage of Interest-Only Loans 29.06%

(1) Based on the number of months from and including the first monthly payment to and including the cut-off date.

Number of Mortgage Loans 1,680Aggregate Unpaid Principal Balance $1,137,522,155Range of Unpaid Principal Balances $75,000 to $2,911,084Average Unpaid Principal Balance $677,097Range of Mortgage Rates 5.500% to 8.000%Weighted Average Mortgage Rate 6.587%

Range of Remaining Terms to Stated Maturity 234 months to 360 monthsWeighted Average Remaining Term to Stated Maturity 356 monthsWeighted Average Loan Age (1) 3 monthsRange of Original Loan-to-Value Ratios 15.37% to 95.00%Weighted Average Original Loan- to-Value Ratio 71.68%Weighted Average Credit Score 747Percentage of Interest-Only Loans 31.82%


Number of Mortgage Loans 166Aggregate Unpaid Principal Balance 108,005,728Range of Unpaid Principal Balances $71,292 to $1,966,215Average Unpaid Principal Balance $650,637Range of Mortgage Rates 5.625% to 7.250%Weighted Average Mortgage Rate 6.153%Range of Remaining Terms to Stated Maturity 114 months to 180 monthsWeighted Average Remaining Term to Stated Maturity 175 monthsWeighted Average Loan Age (1) 3 monthsRange of Original Loan-to-Value Ratios 14.28% to 95.00%Weighted Average Original Loan- to-Value Ratio 64.27%Weighted Average Credit Score 752


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unreimbursed expenses to the trustee, the servicer and the paying agent will be distributed by the paying agent in the following order of priority:

First, the holders of the ClassA Certificates will receive, on a pro rata basis, the interest distributions to which they are entitled on that distribution date;

Second, the holders of the ClassA Certificates will receive, from payments in respect of principal with respect to the related mortgage group, the payments of principal to which they are entitled on that distribution date.Principal is allocated as described under Description of the CertificatesDistributions to CertificateholdersPrincipal (Including Prepayments), and, consequently, on any given distribution date, some class or classes ofClassA Certificates may not receive a principal distribution;

Third, the holders of the ClassM Certificates will receive the payments of interest and then principal to which they are entitled on that distribution date; and

Fourth, the holders of the ClassB Certificates will receive, in numerical order (that is, first to the ClassB-1 Certificates, then to the ClassB-2 Certificates, etc.) the payments of interest and then principal to which they areentitled on that distribution date.

Mortgage Loan Representations and Warranties

The seller has made certain representations and warranties concerning the mortgage loans. The benefit of those representations and warranties will be assigned by the depositor to the trustee for the benefit of certificateholdersunder the pooling and servicing agreement. Such representations and warranties will include that none of the mortgage loans held by the issuing entity will be high cost loans under applicable federal, state or local anti-

predatory or anti-abusive lending laws.Following the discovery of a breach of any representation or warranty that materially and adversely affects the value of a related mortgage loan, or receipt of notice of that breach, the seller will be required either to (1)curethat breach, (2)repurchase the affected mortgage loan from the issuing entity or (3)in certain circumstances, substitute another mortgage loan.

Pursuant to the pooling and servicing agreement, in order to substitute a new mortgage loan for a mortgage loan that has been removed from the assets of the issuing entity because of a breach of a representation or warranty,(a)substitution must take place within two years from the closing date and (b)a mortgage loan that is materially similar to the deleted mortgage loan must be available for substitution. See The Pooling and Servicing

AgreementRepresentations and Warranties in this prospectus supplement.

Fees and Expenses

Before payments are made on the certificates, the servicer will be paid a monthly fee calculated as 0.250% per annum on the total principal balance of the mortgage loans (subject to reduction as described in this prospectussupplement). The servicer will deduct this fee from the collection account prior to distributions of any amounts to c ertificateholders. The servicer will also be entitled to any investment earnings on amounts on deposit in thecollection account and any investment earnings on amounts on deposit in the certificate account in excess of one calendar days earnings.

The servicer will pay the fees of the custodian. The paying agent will be entitled to one calendar day of investment earnings on amounts on deposit in the certificate account each month. The paying agent will pay the fees ofthe trustee. Certain nominal set-up fees of the trustee will be paid by the depositor.

Expenses of the servicer and the trustee will be reimbursed before distributions are made on the certificates. See Fees and Expenses of the Issuing Entity in this prospectus supplement.

Credit Enhancement

Credit enhancement reduces the harm caused to holders of the certificates as a result of shortfalls in payments received and losses realized on the mortgage loans. The credit enhancement for the offered certificates will consistof subordination utilizing a shifting interest structure.

Subordination . The rights of the holders of each class of ClassB Certificates to receive distributions will be subordinated to the rights of the holders of the ClassA and ClassM Certificates and the holders of the classes ofClassB Certificates with lower numerical designations, if any, to receive distributions. The rights of the holders of the ClassM Certificates to receive distributions will be

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subordinated to the rights of the holders of the ClassA Certificates to receive distributions.

In general, the protection afforded the holders of more senior classes of certificates by means of this subordination will be effected in two ways:

Priority of Distributions. By the preferential right of the holders of such classes to receive, prior to any distribution being made on any distribution date to the holders of the more junior classes of certificates, the amount ofinterest and principal due on the more senior classes of certificates and, if necessary, by the right of such more senior holders to receive future distributions on the mortgage loans that would otherwise have been allocated tothe holders of the more junior classes of certificates.

Allocation of Losses. By the allocation to the more junior classes of certificates (in inverse order of seniority), until their respective certificate principal balances have been reduced to zero, of losses resulting from theliquidation of defaulted mortgage loans or the bankruptcy of mortgagors prior to the allocation of such losses to the more senior classes of certificates (other than certain excess losses arising from special hazards, mortgagorfraud or mortgagor bankruptcy). In addition, on any distribution date after the aggregate principal balance of the ClassM and ClassB Certificates has been reduced to zero, so long as the principal balance of the Class1-A2Certificates is greater than zero, any losses (other than excess losses) that would otherwise be allocated to the Class1-A1 Certificates will instead be allocated to the Class1-A2 Certificates. In addition, on any distributiondate after the aggregate principal balance of the ClassM and ClassB Certificates has been reduced to zero, so long as the principal balance of the Class2-A2 Certificates is greater than zero, any losses (other than excesslosses) that would otherwise be allocated to the Class2-A1 Certificates will instead be allocated to the Class2-A2 Certificates.

The chart below summarizes the relative seniority of the various classes of certificates and indicates the initial level of credit enhancement provided to the various classes of offered certificates:

Shifting of Interests. In order to increase the period during which the ClassM and ClassB Certificates remain available as credit enhancement to the ClassA Certificates, during the first nine years, the ClassA Certificateswill generally receive a disproportionately large, but decreasing, share of principal prepayments and other unscheduled recoveries as described in this prospectus supplement. This will result in an accelerated distribution ofprincipal to the ClassA Certificates and, in the absence of realized losses on the mortgage loans, an increase in the percentage interest evidenced by the ClassM and ClassB Certificates in the principal balance of themortgage loans, thereby increasing the likelihood that holders of the ClassA Certificates will be paid the full amount of principal to which they are entitled.

Optional Termination

Subject to certain restrictions, the servicer will have the option (but not the obligation) to purchase all of the mortgage loans in the mortgage pool after the aggregate unpaid principal balance of such mortgage loans is reducedto less than 10% of the aggregate unpaid principal balance of such mortgage loans as of the cut-off date. See The Pooling and Servicing AgreementOptional Termination in this prospectus supplement.

Final Scheduled Distribution Date

The final scheduled distribution date for all classes of offered certificates (other than the Class 2-A1, Class2-A2, Class2-A3 and Class2-AX Certificates) will be the distribution date in December 2037 and the finalscheduled distribution date for the Class2-A1, Class2 -A2, Class2-A3 and Class 2-AX Cer tificates will be t he distribution date in December2022. The final scheduled distribution date has been determined by adding onemonth to the month of scheduled maturity of the latest maturing mortgage loan in the related mortgage group. The actual final distribution date for each class of offered certificates may be earlier or later, and could besubstantially earlier than the applicable final scheduled distribution date. See

Initial Credit Enhancement

Class Credit Enhancement Percentage

A ClassM and ClassB 3.95%M ClassB 2 .50%B-1 ClassB-2, ClassB-3, ClassB-4 and ClassB-5 1.60%B-2 ClassB-3, ClassB-4 and ClassB-5 1.00%

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Prepayment and Yield Considerations in this prospectus supplement.

Legal Investment

As of the closing date, the ClassA and ClassM Certificates will constitute mortgage related securities under the Secondary Mortgage Market Enhancement Act of 1984, as amended. The ClassB-1 and ClassB-2Certificates will not constitute mortgage related securities. You should consult with your legal advisor in determining whether and to what extent the certificates constitute legal investments for you. See Legal Investment

Matters in this prospectus supplement and in the prospectus.

There are other restrictions on the ability of certain types of investors to purchase the certificates that prospective investors should consider. See Legal Investment Matters in this prospectus supplement and in theprospectus.

Federal Income Tax Consequences

For federal income tax purposes, the issuing entity will elect to be treated as including one or more real estate mortgage investment conduits in a tiered structure. The certificates (other than the ClassA-R Certificate, theexchangeable initial certificates and the exchangeable certificates) will represent ownership of regular interests in a real estate mortgage investment conduit and will generally be treated as debt instruments for federal incometax purposes. You will be required to include in income all interest and original issue discount, if any, on the portion of your certificates that represents a regular interest in a REMIC in accordance with the accrual method of

accounting regardless of your usual method of accounting. The ClassA-R Certificate will represent ownership of the residual interest in each of the real estate mortgage investment conduits. The exchangeable initialcertificates and the exchangeable certificates will represent beneficial ownership of interests in the underlying REMIC regular interests corresponding to those certificates. See Federal Income Tax Considerations in thisprospectus supplement and Federal Income Tax Consequences in the prospectus.

ERISA Considerations

In general, subject to important considerations described under ERISA Considerations in this prospectus supplement and the accompanying prospectus, the offered certificates (other than the ClassA-R Certificate) will beeligible for purchase by retirement or other employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended. You should consult with your own counsel with respect to the legalconsequences of an ERISA plans acquisition and ownership of the certificates. See ERISA Considerations in this prospectus supplement and in the prospectus.

Ratings

The issuance of the offered certificates is conditioned on the certificates receiving the ratings from Moodys and Fitch indicated under the heading Expected Ratings in the chart shown on page S-5 of this prospectussupplement. The ratings on the offered certificates address the likelihood of the receipt by holders of offered certificates of all distributions on the underlying mortgage loans to which they are entitled. They do not address thelikely actual rate of prepayments. Such rate of prepayments, if different than you originally anticipated, could adversely affect your yield. See Ratings in this prospectus supplement.

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RISK FACTORS

Forward-Looking Statements

In this prospectus supplement and the accompanying prospectus, we use certain forward-looking statements. Such forward-looking statements are found in the material, including each of the tables, set forth under Risk Factorsand Prepayment and Yield Considerations. Forward-looking statements are also found elsewhere in this prospectus supplement and the accompanying prospectus and include words like expects, intends, anticipates,estimates and other similar words. Such statements are inherently subject to a variety of risks and uncertainties. Actual results may differ materially from those we anticipate due to changes in, among other things:

We will not update or revise any forward-looking statements to reflect changes in our expectations or changes in the conditions or circumstances on which such statements were originally based.

Prepayments May Adversely Affect Yield

The rate of distributions in reduction of the principal balance of any class of offered certificates, the aggregate amount of distributions of principal and interest on any class of offered certificates and the yield to maturity of anyclass of offered certificates will be directly related to the rate of payments of principal on the mortgage loans and to the amount and timing of mortgagor defaults resulting in realized losses. The rate of principal payments on themortgage loans will in turn be affected by, among other things:

See Prepayment and Yield Considerations and The Pooling and Servicing AgreementOptional Termination in this prospectus supplement and The Pooling and Servicing AgreementAssignment of Mortgage Loans;Warranties, Repurchase or Substitution and Termination; Purchase of Mortgage Loans in the prospectus.

Mortgagors are permitted to prepay the mortgage loans, in whole or in part, at any time without penalty.

The rate of payments (including prepayments, liquidations and defaults) on pools of mortgage loans is influenced by a variety of economic, geographic, social and other factors.

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economic conditions and industry competition;

political, social and economic conditions;

the law and government regulatory initiatives; and

interest rate fluctuations.

the amortization schedules of the mortgage loans;

the rate of principal prepayments (including partial prepayments and prepayments resulting from refinancing) thereon by mortgagors;

liquidations of defaulted mortgage loans;

repurchases of mortgage loans by us as a result of defective documentation or breaches of representations and warranties; and

optional purchase by the servicer of all of the mortgage loans in connection with the termination of the issuing entity.

If prevailing rates for similar mortgage loans fall below the mortgage interest rates on the mortgage loans, the rate of prepayments generally would be expected to increase.

Conversely, if interest rates on similar mortgage loans rise above the mortgage interest rates on the mortgage loans, the rate of prepayments generally would be expected to decrease.

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If you purchase any offered certificates (other than the Class1-AX or Class2-AX Certificates) at a discount, particularly the ClassA-P Certificates, you should consider the risk that a slower than anticipated rate of principalpayments (including prepayments, liquidations, repurchases and defaults) on the mortgage loans in the related mortgage group(s) will result in an actual yield that is lower than your expected yield. See Prepayment and YieldConsiderations . In particular, the yield to maturity of the ClassA-P Certificates will be extremely sensitive to the rate and timing of principal prepayments on the mortgage loans in mortgage group one with net mortgage rates lesthan 6.00% per annum and the mortgage loans in mortgage group two with net mortgage rates less than 5.50% per annum. See Prepayment and Yield ConsiderationsYield Considerations with Respect to the ClassA-PCertificates.

If you purchase any offered certificates at a premium or the Class1-AX or Class2-AX Certificates, you should consider the risk that a faster than anticipated rate of principal payments (including prepayments, liquidations,repurchases and defaults) on the mortgage loans in the related mortgage group(s) will result in an actual yield that is lower than your expected yield. See Prepayment and Yield Considerations . Such classes of Certificates will behighly sensitive to the rate and timing of principal payments on the mortgage loans in the related mortgage group(s). If you purchase the Class1-AX or Class2-AX Certificates, you should fully consider the risk that a rapid rate ofprincipal payments on the related group(s) of mortgage loans will have a negative effect on your expected yield and, under certain circumstances, you might not recoup your initial investment. The yield to maturity of the Class1-Aand Class2-AX Certificates will be extremely sensitive to the rate and timing of principal prepayments on the mortgage loans in mortgage group one with net mortgage rates higher than 6.00% per annum and the mortgage loans inmortgage group two with net mortgage rates higher than 5.50% per annum, respectively. See Prepayment and Yield ConsiderationsYield Considerations with Respect to the Class1- AX Certificates and Yield Considerationwith Respect to the Class2-AX Certificates.

Attempted Recharacterization of the Transfers from Chase Home Finance LLC to Chase Mortgage Finance Corporation and from Chase Mortgage Finance Corporation to the Issuing Entity Could Delay or ReducePayments to You

We expect that the transfer of the mortgage loans from Chase Home Finance LLC to Chase Mortgage Finance Corporation and the transfer from Chase Mortgage Finance Corporation to the issuing entity will each becharacterized as a sale. Each of Chase Home Finance LLC and Chase Mortgage Finance Corporation has documented its respective transfer as a sale. However, a bankruptcy trustee or creditor of Chase Home Finance LLC may takthe position that the transfer of the mortgage loans to Chase Mortgage Finance Corporation should be recharacterized as a pledge of the mortgage loans to secure a loan. If so, Chase Mortgage Finance Corporation would be requireto go through court proceedings to establish its rights to collections on the mortgage loans. Similarly, a bankruptcy trustee or creditor of Chase Mortgage Finance Corporation may take the position that the transfer of the mortgageloans to the issuing entity should be recharacterized as a pledge of the mortgage loans to secure a loan. If so, the trustee would be required to go through court proceedings to establish its rights to collections on the mortgage loans.any or all of these events occur, payments on your certificates could be delayed or reduced.

Failure of the Servicer to Perform or the Insolvency of the Servicer May Adversely Affect Distributions on Certificates

The amount and timing of distributions on the certificates generally will be dependent on the servicer performing its servicing obligations in an adequate and timely manner. See The Pooling and Servicing Agreement. If theservicer fails to perform its servicing obligations, this failure may result in the termination of the servicer. That termination, with its corresponding transfer of daily collection activities, will likely increase the rates of delinquenciesdefaults and losses on the mortgage loans. As a result, shortfalls in the distributions due on the certificates could occur.

If the servicer becomes the subject of bankruptcy or similar proceedings, the trustees claim to collections in the servicers possession at the time of the bankruptcy filing or other similar filing may not be perfected. In this eventfunds available to pay principal and interest on the certificates may be delayed or reduced.

Subordination of Subordinated Certificates and the Class1-A2 and Class2-A2 Certificates Increases Risk of Loss to Such Classes

The rights of the holders of the ClassM Certificates to receive distributions with respect to the mortgage loans will be subordinated to such rights of the holders of the ClassA Certificates. The rights of the holders of a

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class of ClassB Certificates to receive distributions with respect to the mortgage loans will be subordinated to such rights of the holders of the ClassA Certificates, the ClassM Certificates and the classes of ClassB Certificateswith lower numerical designations, all to the extent described in this prospectus supplement under Description of the CertificatesSubordinated Certificates and Shifting Interests.

If you purchase the Class1-A2 Certificates, you should consider the risk that after the date on which the aggregate principal balance of the ClassM and ClassB Certificates has been reduced to zero,so long as the principalbalance of the Class1-A2 Certificates is greater than zero, any portion of any realized loss (other than excess losses) that would otherwise be allocated to the Class1-A1 Certificates in accordance with this prospectus supplementwill instead be allocated to the Class1-A2 Certificates. Similarly, if you purchase the Class2-A2 Certificates, you should consider the risk that after the date on which the aggregate principal balance of the ClassM and ClassBCertificates has been reduced to zero, so long as the principal balance of the Class2-A2 Certificates is greater than zero, any portion of any realized loss (other than excess losses) that would otherwise be allocable to the Class2-A1Certificates in accordance with this prospectus supplement will instead be allocated to the Class2-A2 Certificates.

Risks Related to the Exchangeable Certificates

The characteristics of the exchangeable certificates will reflect the characteristics of the related exchangeable initial certificates. Investors should consider a number of factors that will limit a certificateholders ability to exchangany exchangeable initial certificates for any related exchangeable certificates and vice versa:

See Description of the CertificatesExchangeable Certificates and ANNEX B: PERMITTED EXCHANGEABLE CERTIFICATE COMBINATIONS in this prospectus supplement.

Geographic Concentration of the Mortgaged Properties May Increase Risk of Loss

We expect approximately 27.4%, 22.5%, 8.4% and 5.1% of the mortgage loans (by aggregate principal balance as of the cut-off date) to be secured by mortgaged properties located in the states of New York, California, Floridaand New Jersey, respectively. Consequently, losses and prepayments on the mortgage loans and resultant payments on the offered certificates may, both generally and particularly, be affected significantly by changes in the housinmarkets and regional economies of, and the occurrence of natural disasters (such as earthquakes, fires, floods or hurricanes) in, such states. In particular, large areas in southern California have been experiencing severe wildfires,which have damaged or destroyed thousands of residences in those areas. Certain of the mortgage loans in the mortgage pool may be secured by properties located in counties that have been declared federal disaster areas. Any sucproperties may have been damaged or destroyed by these wildfires.

The seller will represent that, as of the closing date, each mortgaged property is undamaged by fire so as not to affect adversely the value of the mortgaged property as security for the mortgage loan or the use for which thepremises was intended. In the event of a breach of such representation with respect to a mortgaged property, which materially and adversely affects the interests of certificateholders in the related mortgage loan, the seller will beobligated to repurchase or substitute for such mortgage loan. Any such repurchases will have the same effect as prepayments of the affected mortgage loans.

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At the time of the proposed exchange, a certificateholder must own certificates of the related class or classes in the proportions necessary to make the desired exchange as described in this prospectus supplement.

A certificateholder that does not own the certificates may be unable to obtain the necessary exchangeable initial certificates or exchangeable certificates.

The certificateholder of needed certificates may refuse to sell them at a reasonable price (or any price) or may be unable to sell them. Certain certificates may have been purchased or placed into other financial structures and thus may be unavailable for exchange.

Principal distributions will decrease the amounts available for exchange over time and may eliminate the possibility of certain exchanges.

Only the combinations described in this prospectus supplement will be permitted.

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part from declining markets for mortgage loans as well as from claims for repurchases of mortgage loans previously sold under provisions that require repurchase in the event of early payment defaults, or for material breaches ofrepresentations and warranties made on the mortgage loans, such as fraud claims. The inability to repurchase these loans in the event of breaches of representations and warranties may also affect the performance of the offeredcertificates.

The inability of the originator to repurchase mortgage loans in the event of breaches of representations and warranties may affect the performance of the offered certificates.

The mortgage loans included in the assets of the issuing entity do not include subprime mortgage loans; however, t he originator of the mortgage loans included i n the assets of the issuing entity does underwrite subprimemortgage loans and consequently does have exposure to the subprime mortgage market. You should consider that the general market conditions discussed above may affect the performance of the mortgage loans and may adverselyaffect the yield on your certificates.

Value of the Mortgage Loans May Be Affected By, Among Other Things, a Decline in Real Estate Values, Which May Result in Losses on the Offered Certificates

No assurance can be given that values of the mortgaged properties have remained or will remain at their levels on the dates of origination of the related mortgage loans. If the residential real estate market should experience anoverall decline in property values so that the outstanding balances of the mortgage loans, and any secondary financing on the mortgaged properties, in the mortgage pool become equal to or greater than the value of the mortgagedroperties, the actual rates of delinquencies, foreclosures and losses could be higher than those now generally experienced in the mortgage lending industry. In some areas of the United States, real estate values have risen at a great

rate in recent years than in the past. In particular, mortgage loans with high principal balances or high loan-to-value ratios will be affected by any decline in real estate values. Real estate values in any area of the country may beaffected by several factors, including population trends, mortgage interest rates, and the economic well-being of that area. Any decrease in the value of the mortgage loans may result in the allocation of losses which are not covered

by credit enhancement to the offered certificates.

Modifications of the Mortgage Loans May Adversely Affect the Yields of the Offered Certificates

Because of recent developments in the housing market, including the decline in the value of homes in many geographic areas, mortgage loans in default and mortgage loans reasonably anticipated to be in default are more likelyto be modified as opposed to foreclosed upon than would otherwise be the case. Such servicing modifications may include reducing the interest rate, forgiving payments of principal, interest or other amounts, such as taxes orinsurance premiums, owed under the mortgage loans, extending the payment due dates and final maturity date on such mortgage loans, capitalizing or deferring delinquent interest and other amounts due under the mortgage loan, orany combination of these or other servicing modifications. Such reductions or delays may cause shortfalls in the distributions due on, may extend the final maturity of, or result in an allocation of a realized loss to, one or moreclasses of the related certificates. Additionally, the servicer may be entitled to receive a fee from the borrower for the costs associated with any such servicing modification of a mortgage loan.

Violations of Federal, State and Local Laws May Result in Shortfalls

Federal, state and local laws regulate the underwriting, origination, servicing and collection of the mortgage loans. These laws have changed over time and have become more restrictive or stringent with respect to specificactivities of the servicer and the originator. Actual or alleged violations of these federal, state and local laws may, among other things:

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limit the ability of the servicer to collect principal, interest and servicing advances on the mortgage loans;

provide the borrowers with a right to rescind the mortgage loans;

entitle the borrowers to refunds of amounts previously paid or to set-off those amounts against their loan obligations;

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As a result, these violations or alleged violations could result in shortfalls in the distributions due on your certificates.

Governmental Action May Affect Foreclosures

In addition to the limitations on foreclosure described in this prospectus supplement and in the prospectus, legislative or regulatory initiatives by federal, state or local legislative bodies or administrative agencies, if enacted oradopted, could delay foreclosure, provide new defenses to foreclosure or otherwise impair the ability of the servicer to foreclose on a defaulted mortgage loan. Various jurisdictions have considered or are currently considering suchactions and we cannot predict the nature or extent of limitations on foreclosure that may be enacted. Any such governmental actions that interfere with the foreclosure process could affect yields on the offered certificates,particularly the subordinate certificates.

It May Be Difficult to Resell Offered Certificates

Due to recent developments in the residential mortgage market in the United States and credit markets generally, there is currently a very limited secondary market for the offered certificates. If a secondary market does developit might not continue or it might not be sufficiently liquid to allow you to resell any of your certificates. Consequently, you may be unable to sell your certificates readily or at prices that will enable you to realize your desired yield

The market values of the certificates are likely to fluctuate. Any of these fluctuations may be significant and could result in significant losses to you.

The secondary markets for mortgage-backed securities have experienced periods of illiquidity and can be expected to do so in the future. Illiquidity can have a severely adverse effect in the prices of securities that are especiallysensitive to prepayment, credit or interest rate risk.

Proposed Bankruptcy Amendments May Delay or Reduce Collections on Mortgage Loans

A proposed amendment to the United States Bankruptcy Code, would, if adopted, give bankruptcy courts increased power to modify the terms of a mortgage loan secured by the borrowers principal residence after the borrowerfiles for relief under Chapter13 of the Bankruptcy Code. If it became law, the proposed amendment would allow courts to, among other things, reduce the principal balance of the mortgage loan that is treated as secured (treating thbalance as unsecured), extend the loans final maturity date, reduce the loans interest rate and delay the effective date of an adjustable rate increase. Such actions could result in losses on the offered certificates. In addition, any ofthe actions set forth above could delay distributions on the offered certificates, which may adversely affect the yield on such certificates.

High Balance Loans

As of the cut-off date, 182 of the mortgage loans, representing approximately 20.35% of the mortgage loans as of t he cut-off date, had principal balances in excess of $1,000,000. You should consider the risk that the loss anddelinquency experience on these high balance loans may have a disproportionate effect on the mortgage pool.

The ClassA-R Certificate Has Tax Implications that are Different than Those of the Other Certificates

The ClassA-R Certificateholder will be required to report on its federal income tax returns as ordinary income the taxable income of each of the real estate mortgage investment conduits included in the issuing entity, regardlessof the amount or timing of its receipt of cash payments. Accordingly, the ClassA-R Certificateholder may have tax liabilities that exceed the distributions received on its ClassA-R Certificate. The requirement that the ClassA-RCertificateholder report the taxable income and net loss of each of the real estate mortgage investment conduits will continue until the class principal balances of all classes of certificates have been reduced to zero, even though theClassA-R Certificateholder has received full payment of its stated interest and principal. It is expected

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result in a litigation proceeding (including class action litigation) being brought against the issuing entity; and

subject the issuing entity to actual or alleged liability for expenses, penalties and damages resulting from the violations.

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that all or a substantial portion of each real estate mortgage investment conduits taxable income will be treated as excess inclusion income to the ClassA-R Certificateholder which:

An individual ClassA-R Certificateholder may be limited in its ability to deduct servicing fees and other non-interest expenses of each real estate mortgage investment conduit. Because of the special tax treatment of real estatemortgage investment conduit residual interests, the taxable income arising in a given year on a real estate mortgage investment conduit residual interest will not be equal to the taxable income associated with investment in acorporate bond or stripped instrument having similar cash flow characteristics and pre-tax yield.

Therefore, the after-tax yield on the ClassA-R Certificate may be significantly less than that of a corporate bond or stripped instrument having similar cash flow characteristics. See Federal Income Tax ConsiderationsClassA-R Certificate in this prospectus supplement and Federal Income Tax ConsequencesIncome from Residual Certificates in the prospectus .

Military Action and Terrorist Attacks May Increase Risk of Loss on the Mortgage Loans

As a result of the terrorist attacks that occurred in New York City and Washington, D.C. on September11, 2001, President Bush authorized the placement of over 150,000 military reservists and members of the National Guardon active duty status. In addition, in connection with the military action against Iraq commenced in March2003, President Bush ordered the activation of several thousand members of the armed forces reserves. To the extent thatany such person on active duty status is a mortgagor under a mortgage loan, the interest rate limitations and other provisions of the Servicemembers Civil Relief Act, would apply to the mortgage loan during the period of activeduty. Reservists could be called to active duty in Iraq, Afghanistan or other parts of the world. There is no way of knowing whether any additional reservists will be called up and, if so, how many. During the continuation of militaryconflict, additional military reservists and members of the National Guard may be called to active duty. In addition, other mortgagors who enter military service after the origination of their mortgage loans (including mortgagorswho are members of the National Guard at the time of the origination of their mortgage loans and are later called to active duty) would be covered by the terms of the Servicemembers Civil Relief Act. The interest paid to the holdeof the certificates will be reduced by any reductions in the amount of interest collectible as a result of the Servicemembers Civil Relief Act . See Description of the CertificatesSubordinated Certificates and Shifting Interests inthis prospectus supplement and Material Legal Aspects of the Mortgage LoansSoldiers and Sailors Civil Relief Act in the prospectus.

The California Military and Veterans Code was amended on June20, 2002, to provide protection equivalent to that provided by the Servicemembers Civil Relief Act, to California National Guard members called up to activeservice by the Governor, California National Guard members called up to active service by the President and reservists called to active duty. Those eligible under the California Military and Veterans Code must obtain a certificatesigned by an authorized officer of the military department, branch or unit in which the service member is serving to qualify for the relief afforded by the California Military and Veterans Code.

The amendment of the California Military and Veterans Code could result in shortfalls in interest and could affect the ability of the servicer to foreclose on the affected mortgage loan in a timely fashion. In addition, the CalifornMilitary and Veterans Code, like the Servicemembers Civil Relief Act, provides broad discretion for a court to modify a mortgage loan upon application by the mortgagor. The California Military and Veterans Code could have aneffect on the timing of payments on the mortgage loans and therefore on the cash flow available for distribution on the certificates. None of Chase Mortgage Finance Corporation, JPMorgan Chase Bank, N.A., Chase Home FinancLLC or J. P. Morgan Securities Inc. has undertaken a determination as to which mortgage loans, if any, may be affected by the California Code or the Relief Act. See Material Legal Aspects of the Mortgage LoansSoldiers andSailors Civil Relief Act in the prospectus.

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will not be subject to offset by losses from other activities;

for a tax-exempt holder, will be treated as unrelated business taxable income; and

for a foreign holder, will not qualify for tax treaty rate reduction or statutory exemption for withholding tax.

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The Lack of Physical Certificates for Some Certificates May Cause Delays in Payment and Cause Difficulties in Pledging or Selling Your Certificates

You will not have a physical certificate if you own an offered certificate (other than the Class1-AX, Class2-AX or ClassA-R Certificates or a subordinated certificate after such subordinated certificate is issued as a book-entrycertificate). As a result, you will be able to transfer your certificates only through The Depository Trust Company, participating organizations, indirect participants and certain banks. The ability to pledge a certificate of one of thesclasses to a person that does not participate in the DTC system may be limited because of the lack of a physical certificate. In addition, you may experience some delay in receiving distributions on these certificates becausedistributions will not be sent directly to you. Instead, all distributions will be sent to The Depository Trust Company, which will then credit those distributions to the participating organizations. Those organizations will in turn creditthose distributions to the participating organizations. Those organizations wi ll in turn credit acc ounts you have either directly with them or indirectly with them through participants.

Simultaneous Second Lien Risk

With respect to 921 of the mortgage loans, representing approximately 48.32% at the time of origination of the first lien mortgage loan, the originator may have originated a second lien mortgage loan on the same property that not included in the assets of the issuing entity. With respect to mortgage loans that have second lien mortgage loans encumbering the same mortgaged property, foreclosure frequency may be increased relative to mortgage loans thatdo not have subordinate financing behind them since mortgagors have less equity in the mortgaged property. In addition, the servicer may declare a default on the second lien loan even though the first lien loan is current, whichwould constitute a default on the first lien loan. In addition to the mortgage loans discussed above that have simultaneous subordinate financing provided by the originator, with respect to certain other mortgage loans, at the time oforigination of the first lien mortgage loan, the related mortgaged property may also be encumbered by a second lien mortgage to a mortgagee other than the originator. Investors should also note that any mortgagor may obtainsubordinate financing at any time subsequent to the date of origination of their mortgage loan from the originator or from any other lender.

Combination or Layering of Multiple Risk Factors May Significantly Increase Your Risk of Loss

Although the various risks discussed in this prospectus supplement and the accompanying prospectus are generally described separately, prospective investors in the offered certificates should consider the potential effects onthose certificates of the interplay of multiple risk factors. Where more than one significant risk factor is present, the risk of loss to an investor may be significantly increased. For example, a particular mortgage loan pool may includloans that not only have relatively high loan-to-value ratios but also were originate d concurrently with second lien loans not i ncluded in the assets of the issuing enti ty. Many of these loans may also have been ori ginated in regionsthat are experiencing home price depreciation. An investor in subordinated securities may be particularly exposed to such a potential combination of risks. There are many other circumstances in which layering of multiple risks wirespect to an asset pool and the related certificates may magnify the effect of those risks. In considering the potential effects of layered risks, prospective investors should carefully review the descriptions of the mortgage loans andthe offered certificates.

FICO Scores Are Not an Indicator of Future Performance of Borrowers

Investors should be aware that FICO scores are based on past payment history of the borrower. Investors are encouraged not to rely on FICO scores as an indicator of future borrower performance. The FICO Score is a statisticalranking of likely future credit performance developed by Fair, Isaac & Company (Fair, Isaac) and the three national credit repositories-Equifax, Trans Union and First American (formerly Experian, which was formerly TRW).The FICO Scores available from the three national credit repositories are calculated by the assignment of weightings to the most predictive data collected by the credit repositories and range from the 300s to the 900s. AlthoughFICO Scores are based solely on the information at the particular credit repository, FICO Scores have been calibrated to indicate the same level of credit risk regardless of which credit repository is used. FICO Scores are used alongwith, but not limited to, mortgage payment history, seasoning on bankruptcy and/or foreclosure, and is not a substitute for the underwriters judgment.

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Certificates May Not Be Appropriate for Individual Investors

The offered certificates may not be an appropriate investment for individual investors who do not have sufficient resources or expertise to evaluate the particular characteristics of the applicable class of offered certificates. Thismay be the case because, among other things:

You should also carefully consider the f urther risks and other special considerations discussed above and under the headings Pr epayment and Yield Considerations in this pr ospectus supplement and Risk Factors in theprospectus.

See Risk Factors in the prospectus for a description of certain other risks and special considerations applicable to the offered certificates.

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The yield to maturity of offered certificates purchased at a price other than par will be sensitive to the uncertain rate and timing of principal prepayments on the mortgage loans;

The rate of principal distributions on, and the weighted average life of, the offered certificates will be sensitive to the uncertain rate and timing of principal prepayments on the mortgage loans and the priority of principaldistributions among the classes of certificates, and as such the offered certificates may be inappropriate investments for you if you require a distribution of a particular amount of principal on a specific date or an otherwisepredictable stream of distributions;

You may not be able to reinvest amounts distributed in respect of principal on an offered certificate (which, in general, are expected to be greater during periods of relati vely low interest rates) at a rate at least as high as thecertificate rate on the offered certificates; or

It is possible that a secondary market for the offered certificates will not develop or that your investment may not be liquid. Lack of liquidity could result in a substantial decrease in the market value of your certificates. SeeRisk FactorsIt May Be Difficult to Resell Offered Certificates in this prospectus supplement.

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THE MORTGAGE LOANS

General

The mortgage pool with respect to the Certificates (the Mortgage Pool) will consist of approximately 1,846 conventional fully amortizing mortgage loans (the Mortgage Loans) evidenced by fixed interest rate promissorynotes (each, a Mortgage Note) having an aggregate principal balance on November1, 2007 (the Cut-off Date) of approximately $1,245,527,883. Approximately 29.06% of the Mortgage Loans as of the Cut-Off Date providefor payment of interest at the related mortgage rate, but no payment of principal, for a specified period following the origination of the Mortgage Loan. Following the applicable period, the monthly payment with respect to each ofthese Mortgage Loans will be increased to an amount sufficient to amortize the principal balance of the Mortgage Loan over the remaining term and to pay interest at the related mortgage rate. References in this prospectussupplement to percentages of Mortgage Loans refer in each case to the percentage of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date, based on the outstanding principal balances of the Mortgage Loanas of the Cut-off Date, after giving effect to Monthly Payments (defined in this prospectus supplement) due on or prior to the Cut-off Date, whether or not received. References to percentages of Mortgaged Properties (defined in thprospectus supplement) refer, in each case, to the percentages of aggregate principal balances of the related Mortgage Loans (determined as described in the preceding sentence). The Mortgage Notes are secured by mortgages ordeeds of trust or other similar security instruments creating first liens on one- to four-family residential properties (the Mortgaged Properties). The Mortgaged Properties consist of individual dwelling units, individualcooperative apartment dwelling units, individual condominium units, two-family dwelling units, three- or four-family dwelling units and planned unit developments. The issuing entity created by the Pooling and ServicingAgreement (the Issuing Entity) includes, in addition to the Mortgage Pool, (i)the amounts held from time to time in one or more accounts (collectively, the Accounts) maintained by The Bank of New York Trust Company,N.A. in the name of the Trustee pursuant to the Pooling and Servicing Agreement (the Agreement) to be dated as of November1, 2007 by and among Chase Mortgage Finance Corporation (t he Depositor), JPMorgan ChaseBank, N.A. (JPMorgan), as servicer (in such capacity, the Servicer), The Bank of New York Trust Company, N.A., as trustee (the Trustee) and paying agent (in such capacity, the Paying Agent) and JPMorgan Chase

Bank, N.A., as custodian (in such capacity, the Custodian ), (ii)any property which initially secured a Mortgage Loan and which is acquired by foreclosure or deed-in-lieu of foreclosure, (iii)all insurance policies and theproceeds thereof described below and (iv)certain rights to require repurchase of the Mortgage Loans by the Depositor for breach of representation or warranty.

The Depositor will cause the Mortgage Loans to be assigned to the Trustee. The Servicer will service the Mortgage Loans either by itself or through other mortgage servicing institutions (the Subservicers), pursuant to theAgreement. With respect to those Mortgage Loans serviced by the Servicer through a Subservicer, the Servicer will remain liable for its servicing obligations under the Agreement as if the Servicer alone were servicing suchMortgage Loans. JPMorgan will engage Chase Home Finance LLC as its subservicer to perform its Mortgage Loan servicing duties under the Agreement.

Representations and Warranties

The Depositor will make certain representations and warranties for the benefit of the Trustee with respect to the Mortgage Loans as described in the prospectus under The Mortgage Pool and The Pooling and ServicingAgreementAssignment of Mortgage Loans; Warranties and Repurchase or Substitution and will be obligated to repurchase any Mortgage Loan as to which there is a material breach of any such representation or warranty.Such repurchase will constitute the sole remedy available to Certificateholders for a breach of such representations or warranties. The Trustee, upon receipt of written notice of such material breach, will enforce the repurchaseobligations of the Depositor. In lieu of such repurchase obligation, the Depositor may, within two years after the date of initial delivery of the Certificates, substitute for the affected Mortgage Loans substitute mortgage loans, asdescribed under The Pooling and Servicing Agre ementAssignment of Mortgage Loans; Warranties and Repurchase or Substitution in the prospectus.

Mortgage Loans

Statistical data with respect to the Mortgage Loans are set forth below. The Mortgage Loans were originated between July2006 and October2007.

The Mortgage Loans will be divided into two groups: Mortgage Group One and Mortgage Gr oup Two (each, a Mortgage Group). Mortgage Group One, constituting approximately 91.33% of the Mortgage Loans,

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will consist of mortgage loans which had original terms to stated maturity of up to approximately 30years. Mortgage Group Two, constituting approximately 8.67% of the Mortgage loans, will consist of mortgage loans which hadoriginal terms to stated maturity of up to approximately 15years. Mortgage Group One will consist of Mortgage Loans that have net mortgage rates ranging from 5.250% to 7.750%. Mortgage Group Two will consist of MortgageLoans that have net mortgage rates ranging from 5.375% to 7.000%.

The weighted average number of months from and including the first Monthly Payment on the Mortgage Loans in Mortgage Group One (the Group One Mortgage Loans) and on the Mortgage Loans in Mortgage Group Tw(the Group Two Mortgage Loans), to and including the Cut off Date, was approximately 4month and 4months, respectively.

Monthly payments of principal and/or interest on the Mortgage Loans ( Monthly Payments) will be due on the first day of each month (each, a Due Date).

All of the Mortgage Loans having original loan-to-value ratios of greater than 80% are insured under Primary Mortgage Insurance Policies (as defined in the prospectus); provided, however, that in certain states, including NewYork, the calculation of loan-to-value ratios for the purposes of determining whether a Primary Mortgage Insurance Policy will be required for a particular Mortgage Loan is based upon appraisal value, which may cause suchcalculation to produce lower loan-to-value ratios than might otherwise be the case. Not more than approximately 0.3% of the Mortgage Loans are insured by any one Primary Mortgage Insurance Policy insurer. At the time oforigination of the Mortgage Loans, each of the Primary Mortgage Insurance Policy insurers was approved by Fannie Mae or Freddie Mac.

As set forth in the tables below, Credit Scores are statistical scores obtained by many mortgage lenders in connection with the loan application to help assess a borrowers creditworthiness. Credit Scores are generated bymodels developed by a third party and are made available to lenders through three national credit bureaus. The models were derived by analyzing data on consumers in order to establish patterns which are believed to be indicativethe borrowers probability of default. The Credit Score is based on a borrowers historical credit data, including, among other things, payment history, delinquencies on accounts, levels of outstanding indebtedness, length of credithistory, types of credit, and bankruptcy experience. Credit Scores range from approximately 250 to approximately 900, with higher scores indicating an individual with a more favorable credit history compared to an individual wit

a lower score. However, a Credit Score purports only to be a measurement of the relative degree of risk a borrower represents to a lender, i.e., that a borrower with a higher score is statistically expected to be less likely to default inpayment than a borrower with a lower score. In addition, it should be noted that Credit Scores were developed to indicate a level of default probability over a two-year period which does not correspond to the life of a mortgage loaFurthermore, Credit Scores were not developed specifically for use in connection with mortgage loans, but for consumer loans in general. Therefore, a Credit Score does not take into consideration the effect of mortgage loancharacteristics on the probability of repayment by the borrower. None of the Depositor, Chase Home Finance LLC or JPMorgan Chase Bank, N.A. makes any representations or warranties as to the actual performance of anyMortgage Loan or that a particular Credit Score should be relied upon as a basis for an expectation that the borrower will repay the Mortgage Loan according to its terms.

As of the Cut-Off Date, none of the Mortgage Loans were delinquent 30days or more (calculated using the Mortgage Bankers Association (MBA)method). Under the MBA method, a Mortgage Loan will be considered 30daydelinquent if the Monthly Payment is not received by the end of the day immediately preceding the next Due Date for such Mortgage Loan.

No zip code area contains greater than approximately 1.0% of the Mortgaged Properties.

A standard hazard insurance policy is required to be maintained by the Mortgagor with respect to each Mortgage Loan in an amount equal to the maximum insurable value of the improvements securing such Mortgage Loan orthe principal balance of such Mortgage Loan, whichever is less. No mortgage pool insurance policy, special hazard insurance policy or mortgagor bankruptcy insurance will be maintained with respect to the Mortgage Pool, nor wiany Mortgage Loan be insure

chase mortgage finance trust 2007-s6 prospectus

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