ASSET BACKED FUNDING CORPORATION



                                 $1,421,335,000

                                  (Approximate)



           Asset Backed Funding Corporation Asset-Backed Certificates,

                                Series 2007-WMC1



                                November 2, 2007



                             UNDERWRITING AGREEMENT



Banc of America Securities LLC

214 North Tryon Street

Charlotte, North Carolina 28255

Ladies and Gentlemen:



      SECTION 1. Introductory. Asset Backed Funding Corporation, a Delaware

corporation (the "Company"), proposes to sell to Banc of America Securities LLC

(the "Underwriter"), $1,421,335,000 aggregate Certificate Principal Balance of

its Asset-Backed Certificates identified in Schedule I hereto (the "Offered

Certificates") having the Original Certificate Principal Balances set forth in

Schedule I (subject to an upward or downward variance, not to exceed 5%, of the

precise Original Certificate Principal Balances within such range to be

determined by the Company in its sole discretion). The Offered Certificates,

together with the Class B-1, Class CE, Class P, Class R and Class R-X

Certificates are collectively referred to herein as the "Certificates" and

evidence the entire ownership interest in the assets of a trust fund consisting

primarily of two pools of fixed and adjustable-rate mortgage loans, as described

in Schedule I (the "Mortgage Loans") to be acquired by the Company pursuant to a

mortgage loan purchase agreement (the "Mortgage Loan Purchase Agreement"), to be

dated as of October 1, 2007, between the Company and Bank of America, National

Association. As of the close of business on the date specified in Schedule I as

the cut-off date (the "Cut-off Date"), the Mortgage Loans will have the

aggregate principal balance set forth in Schedule I. This Underwriting Agreement

shall hereinafter be referred to as the "Agreement." Elections will be made to

treat the segregated pool of assets consisting of the Mortgage Loans and certain

other related assets (exclusive of the arrangements intended to protect against

basis risk for certain of the certificates, the interest rate swap agreement,

the swap account, the cap carryover reserve account and prepayment charges) as

multiple separate real estate mortgage investment conduits (each, a "REMIC").

The Certificates are to be issued pursuant to a pooling and servicing agreement,

to be dated as of October 1, 2007 (the "Pooling Agreement"), among the Company,

as depositor, Saxon Mortgage Services, Inc., as servicer (the "Servicer"), Wells

Fargo Bank, N.A. ("Wells Fargo"), as master servicer and securities

administrator, and U.S. Bank National Association, as trustee (the "Trustee").

The Offered Certificates will be issued in the denominations specified in

Schedule I. The Pooling Agreement, this Agreement, the Mortgage Loan Purchase

Agreement and the purchase agreement, to be dated November 5, 2007, among Banc

of America Securities LLC, as Initial Purchaser and the Company (the "Purchase

Agreement") are collectively referred to herein as the "Basic Documents."



      Capitalized terms used herein that are not otherwise defined herein have

the meanings assigned thereto in the Pooling Agreement.



      SECTION 2.    Representations and Warranties of the Company. The

Company represents and warrants to the Underwriter as follows:



            (a) The Company meets the requirements for use of Form S-3 under the

      Securities Act of 1933, as amended (the "Act"), and has filed with the

      Securities and Exchange Commission (the "Commission") a registration

      statement on such Form (the file number of which is set forth in Schedule

      I hereto), which has become effective, for the registration under the Act

      of the Offered Certificates. Such registration statement, as amended to

      the date of this Agreement, meets the requirements set forth in Rule

      415(a)(1) under the Act and complies in all other material respects with

      said Rule. The Company proposes to file with the Commission pursuant to

      Rule 424 under the Act a supplement to the form of prospectus included in

      such registration statement relating to the Offered Certificates and the

      plan of distribution thereof and has previously advised the Underwriter of

      all further information (financial and other) with respect to the Company

      to be set forth therein. Such registration statement, including the

      exhibits thereto, as amended to the date of this Agreement, is hereinafter

      called the "Registration Statement"; the prospectus first required to be

      filed to satisfy the condition set forth in Rule 172(c) and pursuant to

      Rule 424(b) under the Act is hereinafter called the "Basic Prospectus";

      and such supplement to the Basic Prospectus, in the form required to be

      filed to satisfy the condition set forth in Rule 172(c) and pursuant to

      Rule 424(b) under the Act, is hereinafter called the "Prospectus

      Supplement" and, collectively with the Basic Prospectus, the "Final

      Prospectus." Any reference herein to the Registration Statement, the Basic

      Prospectus or the Final Prospectus shall be deemed to refer to and include

      the documents incorporated by reference therein pursuant to Item 12 of

      Form S-3 which were filed under the Securities Exchange Act of 1934, as

      amended (the "Exchange Act"), on or before the date of this Agreement, or

      the issue date of the Basic Prospectus or the Final Prospectus, as the

      case may be; and any reference herein to the terms "amend," "amendment" or

      "supplement" with respect to the Registration Statement, the Basic

      Prospectus or the Final Prospectus shall be deemed to refer to and include

      the filing of any document under the Exchange Act after the date of this

      Agreement, or the issue date of the Basic Prospectus or the Final

      Prospectus, as the case may be, and deemed to be incorporated therein by

      reference.



            (b) At or prior to the time when sales to investors of the Offered

      Certificates were first made (the "Time of Sale"), the Company had

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