RECONSTITUTED SERVICING AGREEMENT



                         Luminent Mortgage Trust 2006-7



     This Reconstituted Servicing Agreement, dated as of December 27, 2006 (this

"Agreement"),   is  by  and  among  INDYMAC  BANK,  F.S.B.   ("IndyMac"  or  the

"Servicer"), LARES ASSET SECURITIZATION, INC. ("Lares" or the "Depositor"), MAIA

MORTGAGE FINANCE  STATUTORY TRUST ("Maia" or the "Seller") and WELLS FARGO BANK,

N.A.,  as  master  servicer  (in  such  capacity,  the  "Master  Servicer")  and

securities administrator (in such capacity, the "Securities Administrator"), and

is  acknowledged  by HSBC  BANK  USA,  NATIONAL  ASSOCIATION,  as  trustee  (the

"Trustee").



                                    RECITALS



     WHEREAS,  the Seller has conveyed the mortgage  loans listed on Exhibit Two

hereto (the "Serviced  Loans") to the  Depositor,  and the Depositor in turn has

conveyed the Serviced Loans to the Trustee, all pursuant to a pooling agreement,

dated as of December 1, 2006 (the "Pooling  Agreement"),  among the Seller,  the

Depositor, the Master Servicer, the Securities Administrator and the Trustee;



     WHEREAS, the Serviced Loans are currently being serviced by IndyMac for the

Seller  pursuant to a Flow Sale and Servicing  Agreement,  dated as of April 21,

2006 (the "Servicing  Agreement"),  among the Seller,  Mercury  Mortgage Finance

Statutory Trust and IndyMac, a copy of which is annexed hereto as Exhibit Three;



     WHEREAS,  the Seller desires that IndyMac  continue to service the Serviced

Loans and  IndyMac  has  agreed to do so,  subject  to the  rights of the Master

Servicer to terminate  the rights and  obligations  of IndyMac  hereunder as set

forth herein and to the other conditions set forth herein;



     WHEREAS, Section 12.11 of the Servicing Agreement provides that, subject to

certain  conditions  set forth  therein,  the Seller  may  assign the  Servicing

Agreement  with  respect to some or all of the  Mortgage  Loans (as such term is

defined in the Servicing Agreement). Without limiting the foregoing, IndyMac has

agreed, in Section 9.01 and Section 12.13 of the Servicing  Agreement,  to enter

into  additional  documents,  instruments  or  agreements  as may be  reasonably

necessary in connection with any  "Securitization  Transaction" (as such term is

defined in the Servicing  Agreement)  contemplated by the Seller pursuant to the

Servicing Agreement;



     WHEREAS, the Seller and IndyMac agree that (a) the transfer of the Serviced

Loans from Seller to the  Depositor  and from the Depositor to the Trustee to be

accomplished by the Pooling Agreement  constitutes a Securitization  Transaction

and (b) this Agreement shall  constitute a  "Reconstitution  Agreement" (as such

term  is  defined  in  the  Servicing   Agreement)   in  connection   with  such

Securitization  Transaction  that shall govern the Serviced Loans for so long as

such Serviced Loans remain subject to the provisions of the Pooling Agreement;



     WHEREAS,  the Master  Servicer and any successor  master  servicer shall be

obligated,  among other things, to supervise the servicing of the Serviced Loans



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on  behalf  of the  Trustee  and the Trust  Fund,  and  shall  have the right to

terminate  the  rights  and  obligations  of  IndyMac  upon the  occurrence  and

continuance of an Event of Default under this Agreement;



     NOW,  THEREFORE,  in consideration of the mutual promises  contained herein

the parties hereto agree as follows:



                                   ARTICLE I



                                   DEFINITIONS



     Capitalized terms used and not defined in this Agreement (including Exhibit

One hereto) shall have the meanings ascribed to them in the Servicing Agreement.



                                   ARTICLE II



                                    SERVICING



     IndyMac  agrees,  with respect to the servicing of the Serviced  Loans,  to

perform and observe the duties,  responsibilities and obligations that are to be

performed  and observed by the Company  under the  provisions  of the  Servicing

Agreement,  except as otherwise  provided herein and on Exhibit One hereto,  and

that the provisions of the Servicing Agreement, as so modified, are and shall be

a part of this Agreement to the same extent as if set forth herein in full.



                                  ARTICLE III



                               TRUST CUT-OFF DATE



     The parties  hereto  acknowledge  that by  operation of Section 5.01 of the

Servicing  Agreement (as modified by this  Agreement)  the remittance on January

18,  2007 to be made to the Trust Fund is to include all  principal  collections

due after December 1, 2006 (the "Trust Cut-off Date"),  plus interest thereon at

the weighted  average  Mortgage  Interest Rate  collected  during the Due Period

immediately  preceding  January 18, 2007,  but exclusive of any portion  thereof

allocable to a period prior to the Trust Cut-off  Date,  and taking into account

the  adjustments  specified  in the  first  paragraph  of  Section  5.01  of the

Servicing Agreement.



                                   ARTICLE IV



                                  SERVICING FEE



     Notwithstanding  any provision of the Servicing  Agreement to the contrary,

the Servicing Fee rate for the Serviced Loans shall be equal to 0.375% per annum

(the "Servicing Fee Rate").  The Servicing Fee shall be payable monthly from the

interest portion of the related Monthly Payment collected by the Servicer.



                                       2

{PAGE}



                                   ARTICLE V



              RECOGNITION OF THE MASTER SERVICER AND THE TRUST FUND



     (a) From and after the date hereof,  IndyMac,  and any  successor  servicer

hereunder,  shall be subject to the  supervision of the Master  Servicer,  which

Master  Servicer shall be obligated to enforce  IndyMac's  obligation to service

the Serviced Loans in accordance with the provisions of this Agreement.  IndyMac

shall recognize the Luminent Mortgage Trust 2006-7 Trust Fund (the "Trust Fund")

as the owner of the Serviced Loans,  and IndyMac will service the Serviced Loans

for the Trust Fund as if the Trust Fund and IndyMac had entered  into a separate

servicing  agreement for the servicing of the Serviced Loans in the form of this

Agreement.  Pursuant  to the  Pooling  Agreement,  the Master  Servicer  and the

Trustee  shall  have the same  rights  (but not the  obligations,  except to the

extent expressly set forth in the Pooling  Agreement) as the Purchaser under the

Servicing  Agreement to enforce the obligations of IndyMac,  including,  without

limitation,  in the case of the  Trustee,  the  enforcement  of (i) the document

delivery  requirements set forth in Section 2.03 of the Servicing  Agreement and

(ii) remedies with respect to representations  and warranties made by IndyMac in

the  Servicing  Agreement,  and,  in the case of the Master  Servicer,  shall be

entitled to enforce all of the obligations of IndyMac thereunder insofar as they

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