EXECUTION VERSION



                        RECONSTITUTED SERVICING AGREEMENT



                         Luminent Mortgage Trust 2007-2



     This  Reconstituted  Servicing  Agreement,  dated as of May 1,  2007  (this

"Agreement"), is by and among WASHINGTON MUTUAL BANK ("Washington Mutual" 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 April 1, 2007 (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 the Servicer

for the Seller pursuant to a Servicing  Agreement,  dated as of November 1, 2006

(the "Servicing Agreement"),  among Washington Mutual, as servicer, and Luminent

Mortgage Capital, Inc., the Seller and Mercury Mortgage Finance Statutory Trust,

as  Owner,  a copy of which is  annexed  hereto as  Exhibit  Three and a Special

Foreclosure Rights Provisions letter agreement among, Luminent Mortgage Capital,

Inc., the Seller and Mercury Mortgage  Finance  Statutory Trust and agreed to by

the Servicer,  dated of November 30, 2006, a copy of which is attached hereto as

Exhibit Six;



     WHEREAS,  the Seller  desires  that the  Servicer  continue  to service the

Serviced  Loans and the Servicer  has agreed to do so,  subject to the rights of

the Master  Servicer to  terminate  the rights and  obligations  of the Servicer

hereunder as set forth herein and to the other conditions set forth herein;



     WHEREAS,  Section 5.6 of the  Servicing  Agreement  ("Transfer  of Mortgage

Loans")  provides that,  subject to certain  conditions  set forth therein,  the

Owner may  assign the  Servicing  Agreement  with  respect to some or all of the

Mortgage Loans, and without  limiting the foregoing,  the Servicer has agreed in

Article  8  of  the  Servicing   Agreement   ("Reconstitutions;   Regulation  AB

Compliance")  to execute such  Reconstitution  Agreements  as may be  reasonably

necessary  in  connection  with any  Permitted  Reconstitution  pursuant  to the

Servicing Agreement;



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

Serviced  Loans from the Seller to the  Depositor  and from the Depositor to the

Trustee pursuant to the Pooling Agreement constitutes a Permitted Reconstitution

and (b) this Agreement  shall  constitute a  Reconstitution  Agreement  (each as



{PAGE}



defined  in  the  Servicing   Agreement)  in  connection   with  such  Permitted

Reconstitution 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

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

terminate the rights and  obligations  of the Servicer upon the  occurrence  and

continuance of an Event of Default under the Servicing Agreement with respect to

the Serviced Loans;



     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



     The Servicer  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 Servicer  under the provisions of the Servicing

Agreement,  except as otherwise  provided herein, and that the provisions of the

Servicing   Agreement   (including  any  provisions  therein  modified  by  this

Agreement),  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 3.1 to the

Servicing Agreement ("Distributions"), the remittance on May 18, 2007 to be made

to the Luminent Mortgage Trust 2007-2 Trust (the "Trust Fund") is to include all

principal and interest  collections  due after April 1, 2007 (the "Trust Cut-off

Date"), and for the Due Period immediately preceding May 18, 2007, but exclusive

of any portion  thereof  allocable to a period  prior to the Trust  Cut-off Date

with respect to the  Serviced  Loans,  and taking into  account the  adjustments

specified in the first  paragraph of Section 3.1 to the Servicing  Agreement (as

modified by this Agreement).



                                       2



{PAGE}

                                   ARTICLE IV



                                  SERVICING FEE



     The  Servicing  Fee Rate  for the  Serviced  Loans  is as set  forth on the

related  Mortgage Loan Schedule (the  "Servicing  Fee Rate").  The Servicing Fee

shall be  payable  monthly  from the  interest  portion of the  related  Monthly

Payment  collected  by the Servicer or as  otherwise  provided in the  Servicing

Agreement.



                                    ARTICLE V



              RECOGNITION OF THE MASTER SERVICER AND THE TRUST FUND



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

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

which Master Servicer shall be obligated to enforce the Servicer's obligation to

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

The Servicer shall  recognize the Trust Fund as the owner of the Serviced Loans,

and the Servicer  will  service the Serviced  Loans for the Trust Fund as if the

Trust Fund and the Servicer had entered into a separate servicing  agreement for

the servicing of the Serviced  Loans in the form of this  Agreement.  The Master

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

to the extent  expressly set forth in the Pooling  Agreement) as the Owner under

the Servicing  Agreement to enforce the obligations of the Servicer with respect

to the  Serviced  Loans,  including,  without  limitation,  in the  case  of the

Trustee, the enforcement of (i) the document delivery  requirements set forth in

Section 2.1  ("Identification  of Mortgage Loans;  Servicer to Act as Servicer")

and Section 4.2 ("Satisfaction of Mortgages and Release of Collateral Files") of

the Servicing  Agreement and (ii) remedies with respect to  representations  and

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