EMF-UK 2008-1 PLC

Almost a replica of Mortgage Funding 2008-1 PLC which closed the same day. Both deals have come from
arranger/book-runner Lehman International, and both deals have originated the residential mortgages (3,358
in this instance) from the same sources, namely, Preferred Mortgages Ltd, Southern Pacific Mortgage Ltd,
Matlock London, & Alliance & Leicester.

The slight differences are that for this transaction there are no officially described “sub-prime” loans, and
the % of self-certified is lower (in this case 41.36% of total loans, 48.68% of initial pool balance vs 56.22%
and 53.32% respectively). Also, the number of borrowers with CCJ history is a lot lower (6.37% vs 12.67%).

Average original balance Stg112,028. Weighted average seasoning 5.46mnths. Loans for purchases, 47.32%
of total (47.87% of initial balance). Interest-only loans, 49.96% of total loans (59.91% of initial pool balance).
Geographically, Greater London & the South East account for 29.90% of total loans (41.76% of initial pool
balance).

The issue was fully retained by Lehmans, with the intention being to sell in the secondary market as and
when.


Compare/contrast: Mortgage Funding 2008-1, Eurosail Prime UK 2007-A
Mortgage Funding 2008-1 PLCEurosail Prime UK 2007-A