Exhibit 33.1


[LOGO] IMPAC(R)

                                                       IMPAC FUNDING CORPORATION
                                        19500 JAMBOREE ROAD | IRVINE, CA | 92612
                                         WWW.IMPACCOMPANIES.COM | 1-800-597-4101

                      MANAGEMENT'S ASSERTION ON COMPLIANCE
                           WITH REGULATION AB CRITERIA

Impac Funding Corporation (the "Asserting Party" or "Master Servicer") is
responsible for assessing compliance as of and for the year ended December 31,
2006 (the "Reporting Period") with the servicing criteria set forth in Title 17,
Section 229.1122(d) of the Code of Federal Regulations (the "CFR"), except for
the criteria set forth below in,

Section 229.1122(d)(1)(ii)       The Master Servicer relies on the annual USAP
                                 from its sub-servicers and the executed PSA for
                                 each deal in order to monitor the
                                 sub-servicers' performance.

Section 229.1122(d)(1)(iii)      No back-up servicer required by transaction
                                 agreements.

Section 229.1122(d)(2)(iv)       No related accounts for the transaction are
                                 required as set forth in the transaction
                                 documents.

Section 229.1122(d)(2)(vi)       All monies are moved via wire transfer.
                                 No checks are issued out of these
                                 accounts.

Section 229.1122(d)(3)(i)        Reports to the Commission are the
                                 responsibility of the Trustee. The Trustee's
                                 1122 management assertion will attest to this
                                 process. The Master Servicer is only
                                 responsible for reporting the monthly loan
                                 level information to the Trustee.

Section 229.1122(d)(3)(iii)      The Trustee's 1122 management assertion will
                                 attest to the applicable servicing criteria of
                                 this section.

Section 229.1122(d)(3)(iv)       The Trustee's 1122 management assertion will
                                 attest to the applicable servicing criteria of
                                 this section.

Section 229.1122(d)(4)(i)        The Document Custodian's 1122 management
                                 assertion will attest to the applicable
                                 servicing criteria of this section.

Section 229.1122(d)(4)(ii)       The Document Custodian's 1122 management
                                 assertion will attest to the applicable
                                 servicing criteria of this section.

Section 229.1122(d)(4)(iv)       The Sub-servicer's management assertion will
                                 attest to the applicable servicing criteria of
                                 this section.

Section 229.1122(d)(4)(v)        The Sub-servicer's management assertion will
                                 attest to the applicable servicing criteria of
                                 this section.

<PAGE>

Section 229.1122(d)(4)(vi)       The Sub-servicer's management assertion will
                                 attest to the applicable servicing criteria of
                                 this section. Master Servicing only monitors
                                 Sub-servicer's compliance with the transaction
                                 agreement and Servicer Guide.

Section 229.1122(d)(4)(vii)      The Sub-servicer's management assertion will
                                 attest to the applicable servicing criteria of
                                 this section. Master Servicing only monitors
                                 Sub-servicer's compliance with the transaction
                                 agreement and Servicer Guide.

Section 229.1122(d)(4)(viii)     The Sub-servicer's management assertion will
                                 attest to the applicable servicing criteria of
                                 this section.

Section 229.1122(d)(4)(ix)       The Sub-servicer's management assertion will
                                 attest to the applicable servicing criteria of
                                 this section. Master Servicing only monitors
                                 Sub-servicer's compliance with the transaction
                                 agreement and Servicer Guide.

Section 229.1122(d)(4)(x)        The Sub-servicer's management assertion will
                                 attest to the applicable servicing criteria of
                                 this section.

Section 229.1122(d)(4)(xi)       The Sub-servicer's management assertion will
                                 attest to the applicable servicing criteria of
                                 this section.

Section 229.1122(d)(4)(xii)      The Sub-servicer's management assertion will
                                 attest to the applicable servicing criteria of
                                 this section.

Section 229.1122(d)(4)(xiii)     The Sub-servicer's management assertion will
                                 attest to the applicable servicing criteria of
                                 this section.

After review of the CFR, the Asserting Party has concluded the above items are
not applicable to the publicly-issued mortgage-backed securities issued on or
after January 1, 2006, for which the Asserting Party performs master servicing
(the Platform).

The Asserting Party has assessed its compliance with the Applicable Servicing
Criteria for the Reporting Period and has identified no material instances of
noncompliance with the servicing criteria set forth in the Sections below.

Section 229.1122(d)(1)(i)        The Master Servicer has complied with the
                                 applicable servicing criteria for this Section.
                                 Performance triggers are monitored monthly by
                                 management. Events of default are monitored
                                 monthly by the Master Servicer and management.

Section 229.1122(d)(1)(iv)       The Master Servicer has complied with the
                                 applicable servicing criteria for this Section.
                                 Fidelity Bond and E&O coverage were in effect
                                 for the entire Reporting Period.

<PAGE>

Section 229.1122(d)(2)(i)        The Master Servicer has complied with the
                                 applicable servicing criteria for this Section.
                                 The Master Servicer has deposited payments into
                                 the appropriate bank accounts as specified in
                                 the transaction agreements.

Section 229.1122(d)(2)(ii)       The Master Servicer has complied with the
                                 applicable servicing criteria for this Section.
                                 The Master Servicer has ensured wires are
                                 authorized by the proper personnel.

Section 229.1122(d)(2)(iii)      The Master Servicer has complied with the
                                 applicable servicing criteria for this Section.
                                 The Master Servicer has made advances as
                                 required by the applicable transaction
                                 agreements.

Section 229.1122(d)(2)(v)        The Master Servicer has complied with the
                                 applicable servicing criteria for this Section.
                                 The Master Servicer ensures the custodial
                                 accounts are maintained at a federally insured
                                 institution meeting the requirements of the
                                 transaction agreements.

Section 229.1122(d)(2)(vii)      The Master Servicer has complied with the
                                 applicable servicing criteria for this Section.
                                 The Master Servicer reconciles each custodial
                                 account and related clearing account within the
                                 timeframe specified in the transaction
                                 agreements.

Section 229.1122(d)(3)(ii)       The Master Servicer has complied with the
                                 applicable servicing criteria for this Section.
                                 The Master Servicer has remitted the necessary
                                 funds to the Trustee in accordance with the
                                 transaction documents.

Section 229.1122(d)(3)(iii)      The Master Servicer has complied with the
                                 applicable servicing criteria for this Section.
                                 There were no additions and no substitutions
                                 and only one removal during the Reporting
                                 Period. The removal was performed in accordance
                                 with the transaction agreements.

Section 229.1122(d)(4)(xiv)      The Master Servicer has complied with the
                                 applicable servicing criteria for this Section.
                                 There were no charge-offs or accounts deemed
                                 uncollectible during the Reporting Period.
                                 Master servicing will continue to monitor
                                 delinquencies reported by its Sub-servicers.

Section 229.1122(d)(4)(xv)       The Master Servicer has complied with the
                                 applicable servicing criteria for this Section.
                                 The Master Servicer has reviewed all external
                                 enhancements for their compliance with the
                                 applicable transaction agreements.

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The Asserting Party has furthermore concluded that the Asserting Party has
complied, in all material respects, with the Applicable Servicing Criteria for
the Platform for the Reporting Period.

Ernst & Young LLP, an independent registered public accounting Firm, has issued
an attestation report on the assessment of compliance with the Applicable
Servicing Criteria for the Platform for the Reporting Period as set forth in
this assertion.


/s/ Mario Fegan
-----------------------------------
Mario Fegan
Vice President, Master Servicing
Impac Funding Corp.