RMBS Securities Tendered as of April 28, 2009 into Offer for RMBS Securities Insured...

RMBS Securities Tendered as of April 28, 2009 into Offer for RMBS Securities
Insured by Syncora Guarantee Inc.

NEW YORK, April 29 /PRNewswire-FirstCall/ -- The BCP Voyager Master Funds SPC,
Ltd., acting on behalf of and for the account of, the Distressed Opportunities
Master Segregated Portfolio (the "Fund"), today announced that in its offer
for 56 classes of residential mortgage backed securities ("RMBS") insured by
Syncora Guarantee Inc. ("Syncora Guarantee") as of April 28, 2009, RMBS
securities have been tendered into the offer in the amounts stated in the
table below.

Aggregate Principal
Balance in US$
Tendered as of April
CUSIP No. Security Description 28, 2009

39539BAA1 Greenpoint Mortgage
Funding Trust 22,412,634
2006-HE1

126685DT0 Countrywide Home
Equity Loan Trust 76,912,620
2006D

39539JAA4 GreenPoint Mortgage
Funding Trust -
2007-HE1

86801CAA1 STICS 2007-1 333,234

45664UAA3 Indymac Home Equity
Mortgage Loan Asset
Backed Trust Series -
2006-H3

126685DS2 Countrywide Home
Equity Loan Trust -
2006D

65538BAA7 Nomura NAAC 2007-S2 -

12668VAC3 Countrywide Home 34,712,000
Equity Loan Trust
2006-S7

07401UAB9 Bear Stearns Second 10,000,000
Lien Trust 2007-SV1

126673QB1 Countrywide Home
Equity Loan Trust 16,937,201
2004R

126685AT3 CWABS, Home Equity
Revolving Loan Trust -
2005-K

126685AU0 CWABS, Home Equity
Revolving Loan Trust 2,084,189
2005-K

1248MKAB1 C-BASS Mortgage Loan
Asset-Backed
Certificates, Series 30,369,037
2007-SL1

12668VAF6 Countrywide Home
Equity Loan Trust -
2006-S7

12668VAB5 Countrywide Home
Equity Loan Trust 10,000,000
2006-S7

12668VAE9 Countrywide Home
Equity Loan Trust -
2006-S7

30248EAA6 First Franklin
Mortgage Loan Trust 87,235,390
Series 2007-FFB-SS

12668VAA7 Countrywide Home
Equity Loan Trust 14,864,044
2006-S7

12587PEM8 BSSP 2007-R5 (Bear
Stearns) -

41161MAB6 Harborview Mortgage
Pass-Through
Certificates Series -
2006-5

41161PL35 Harborview Mortgage
Pass-Through 94,469,790
Certificates 2006-4

12668VAD1 Countrywide Home
Equity Loan Trust -
2006-S7

126685AX4 CWABS, Home Equity
Revolving Loan Trust -
2005-K

41161PP72 Harborview Mortgage
Pass-Through -
Certificates 2006-4

456612AB6 Indymac Indx Mortgage
Loan Trust 2006-AR6 -

52524TAS3 Lehman XS Trust,
Series 2007-8H 57,125,696

785778QA2 SACO I Trust 2006-1 2,861,942

52524PBT8 Lehman XS Trust,
Series 2007-6 3,214,431

68402SAE9 Option One Mortgage
Loan Trust 2007-HL1 -

68402SAD1 Option One Mortgage
Loan Trust 2007-HL1 -

41161PL68 Harborview Mortgage
Pass-Through
Certificates 2006-4 -

68402SAB5 Option One Mortgage
Loan Trust 2007-HL1 169,220

41161PQ22 Harborview Mortgage
Pass-Through -
Certificates 2006-4

41161PE41 Harborview Mortgage
Pass-Through
Certificates 2006-CB1 -

41161PG98 Harborview Mortgage
Loan Trust 2006-BU1 -

41161PG64 Harborview Mortgage
Loan Trust 2006-BU1 -

75114GAB5 RALI 2006-QO4 Trust -

1248MKAA3 C-BASS Mortgage Loan
Asset-Backed
Certificates, Series -
2007-SL1

68402SAA7 Option One Mortgage
Loan Trust 2007-HL1 -

41161PXG3 Harborview Mortgage
Loan Trust 2005-15 -

68402SAC3 Option One Mortgage
Loan Trust 2007-HL1 -

75114GAE9 RALI 2006-QO4 Trust -

126685AW6 CWABS, Home Equity
Revolving Loan Trust 101,904
2005-K

23332UGL2 Downey Savings and
Loan Mortgage Trust
Series 2006-AR1 -

41161PUJ0 Harborview Mortgage
Pass-Through
Certificates 2005-11 -

41161PUM3 Harborview Mortgage
Pass-Through
Certificates 2005-11 -

525248BK5 Lehman XS Trust,
Series 2007-5H -

456612AE0 Indymac Indx Mortgage
Loan Trust 2006-AR6 37,176,301

23332UGP3 Downey Savings and
Loan Mortgage Trust
Series 2006-AR1 -

525245CP9 Lehman XS Trust,
Series 2007-3 -

86363GBS2 Structured Adjustable
Rate Mortgage Loan
Trust, Series 2007-3 -

525248BL3 Lehman XS Trust,
Series 2007-5H -

126673QA3 Countrywide Home
Equity Loan Trust -
2004R

126673MY5 Countrywide Home
Equity Loan Trust 14,992,650
2004Q

07401UAU7 Bear Stearns Second
Lien Trust 2007-SV1 -

126673MX7 Countrywide Home
Equity Loan Trust -
2004Q

The offer is being conducted only with qualified institutional buyers and is
exempt from registration under Section 4(2) of the Securities Act of 1933, as
amended. The certificates that may be issued pursuant to the consent option
in the offer have not been and, at the time of the closing of the transaction,
will not be registered under the Securities Act or any state securities laws.
The certificates may not be offered or sold in the United States absent
registration under, or an applicable exemption from, the registration
requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to purchase any securities or
a solicitation of an offer to sell any securities. The offers are being made
only pursuant to an offer to purchase and related letter of transmittal and
only to such persons and in such jurisdictions as is permitted under
applicable law.

About Syncora Guarantee Inc.
Syncora Guarantee Inc. is a wholly owned subsidiary of Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC: SYCRF) is a Bermuda-domiciled holding company.
For more information, please visit www.syncora.com.
Investor and Media Contact:
Michael Gormley
+1 212-478-3463
michael.gormley@scafg.com

FORWARD-LOOKING STATEMENTS
This release contains statements about future results, plans and events that
may constitute "forward- This release contains statements about future
results, plans and events that may constitute forward-looking statements. You
are cautioned that these statements are not guarantees of future results,
plans or events and such statements involve risks and uncertainties that may
cause actual results to differ materially from those set forth in these
statements. Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond Syncora Guarantee's control. These
factors include, but are not limited to: Syncora Guarantee's ability to enter
into and close the master transaction agreement with certain counterparties to
Syncora Guarantee's credit default swap ("CDS") contracts (the "2009 Master
Transaction Agreement") and the tender offer for certain residential
mortgage-backed securities ("RMBS") insured by Syncora Guarantee (the "RMBS
Tender Offer"); the suspension of all future claims payments; Syncora
Guarantee's ability to maintain minimum policyholders' surplus even if it
closes the 2009 Master Transaction Agreement and the RMBS Tender Offer; higher
losses on guaranteed obligations due to deterioration in the credit and
mortgage markets; the suspension of writing substantially all new business;
the effect of adverse developments in the credit and mortgage markets on
Syncora Guarantee's in-force business; higher loss reserves estimates and the
adequacy of the loss reserves; uncertainty as to the fair value of CDS
contracts and liabilities thereon; decision by Syncora Guarantee's regulators
to take regulatory action such as rehabilitation or liquidation of Syncora
Guarantee at any time; Syncora Guarantee being required to make mark-to-market
termination payments under its CDS contracts; Syncora Guarantee's ability to
continue as a going concern; the performance of invested assets; payment of
claims on guaranteed obligations, including Jefferson County, Alabama and RMBS
transactions; bankruptcy events involving counterparties to CDS contracts; the
potential loss of certain control rights under certain financial guarantee
insurance; non-payment of premium and makewholes owed or cancellation of
policies; impact of the non-payment of dividends on Syncora Holdings Ltd.'s
series A preference shares on the composition of Syncora Holdings Ltd.'s Board
of Directors; uncertainty in portfolio modeling which makes it difficult to
estimate potential paid claims and loss reserves; unavailability of funds due
to capitalization of a financial guarantee subsidiary of Syncora Guarantee to
be formed ("Drop-Down Company") under the 2009 Master Transaction Agreement;
unavailability of funds due to consideration expected to be paid to certain of
the counterparties under the 2009 Master Transaction Agreement; potential
adverse developments at Drop-Down Company and recapture of business to be
ceded to Drop-Down Company under the 2009 Master Transaction Agreement; the
financial condition of Syncora Guarantee (U.K.) Ltd. and action by the
Financial Services Authority; requirement of Syncora Guarantee to provide
Syncora Guarantee (U.K.) Ltd. with sufficient funds to maintain its minimum
solvency margin; challenges to the Master Commutation, Release and
Restructuring Agreement, dated July 28, 2008, as amended, and related
commutations and releases; ratings downgrades or the withdrawal of ratings;
defaults by counterparties to reinsurance arrangements; the interconnectedness
of risks that affect the Syncora Guarantee's reinsurance and insurance
portfolio and financial guarantee products; termination payments related to
less traditional products, including CDS contracts, possibly in excess of
current resources; changes in accounting policies or practices or the
application thereof; uncertainty with respect to the valuation of CDS
contracts; changes in officers or key employees; delisting from the New York
Stock Exchange and deregistration under the Securities Exchange Act of 1934,
as amended; further deterioration in general economic conditions, including as
a result of the financial crisis as well as inflation, interest rates, foreign
currency exchange rates and other factors and the effects of disruption or
economic contraction due to catastrophic events or terrorist acts; the
commencement of new litigation or the outcome of current and new litigation;
legislative or regulatory developments, including changes in tax laws and
regulation of mortgages; losses from fraudulent conduct due to unconditional
and irrevocable nature of financial guarantee insurance; problems with the
transaction servicers in relation to structured finance transactions;
limitations on the availability of net operating loss carryforwards;
uncertainty as to federal income tax treatment of CDS contracts; liquidity
risks including due to undertakings with the NYID; conflicts of interests with
significant shareholders of Syncora Holdings Ltd.; limitations on the
transferability of the common shares of Syncora Holdings Ltd. and other
additional factors, risks or uncertainties described in Syncora Holdings
Ltd.'s filings with the Securities and Exchange Commission, including in the
Annual Report on Form 10-K for the fiscal year ended December 31, 2008.
Readers are cautioned not to place undue reliance on forward-looking
statements which speak only as of the date they are made. Syncora Guarantee
does not undertake to update forward-looking statements to reflect the impact
of circumstances or events that arise after the date the forward-looking
statements are made.

SOURCE Syncora Guarantee Inc.; Syncora Holdings Ltd.

Michael Gormley, +1-212-478-3463, michael.gormley@scafg.com