RMBS Securities Tendered as of May 8, 2009 Into Offer for RMBS Securities Insured...

RMBS Securities Tendered as of May 8, 2009 Into Offer for RMBS Securities
Insured by Syncora Guarantee Inc.

NEW YORK, May 11 /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 May 8, 2009, RMBS
securities have been tendered into the offer in the amounts stated in the
table below.

Aggregate
Principal
Balance in
US$ Tendered as
CUSIP No Security Description of May 8, 2009

39539BAA1 Greenpoint Mortgage Funding Trust 2006-HE1 22,412,634
126685DT0 Countrywide Home Equity Loan Trust 2006D 76,912,620
39539JAA4 GreenPoint Mortgage Funding Trust 2007-HE1 -
86801CAA1 STICS 2007-1 331,860
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 Equity Loan Trust
2006-S7 34,712,000
07401UAB9 Bear Stearns Second Lien Trust 2007-SV1 10,000,000
126673QB1 Countrywide Home Equity Loan Trust 2004R 16,937,201
126685AT3 CWABS, Home Equity Revolving Loan Trust
2005-K -
126685AU0 CWABS, Home Equity Revolving Loan Trust
2005-K 2,084,189
1248MKAB1 C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SL1 30,369,037
12668VAF6 Countrywide Home Equity Loan Trust
2006-S7 -
12668VAB5 Countrywide Home Equity Loan Trust
2006-S7 10,000,000
12668VAE9 Countrywide Home Equity Loan Trust
2006-S7 -
30248EAA6 First Franklin Mortgage Loan Trust
Series 2007-FFB-SS 86,037,468
12668VAA7 Countrywide Home Equity Loan Trust
2006-S7 14,200,689
12587PEM8 BSSP 2007-R5 (Bear Stearns) -
41161MAB6 Harborview Mortgage Pass-Through
Certificates Series 2006-5 -
41161PL35 Harborview Mortgage Pass-Through
Certificates 2006-4 94,469,790
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 56,484,371
785778QA2 SACO I Trust 2006-1 2,800,930
52524PBT8 Lehman XS Trust, Series 2007-6 3,175,334
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 165,703
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
2005-K 101,904
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 36,721,979
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
2004Q 14,992,650
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.

FORWARD-LOOKING STATEMENTS

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