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**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-K**

**(Mark      one)**

|   |   |                                                                                                                                  |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|
| þ |   | **ANNUAL                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |

**For      the fiscal year ended December 31, 2006**

**or**

|   |   |                                                                                                                                      |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
| o      |   | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |

**For      the transition period from **
**                    **
**      to **
**                    **

**Commission      file number 333-131203-**
**01**

**GE-WMC      Asset-Backed Pass-Through Certificates Series 2006-1**

**GE-WMC      Mortgage Securities, LLC**

**WMC      Mortgage Corp.**

|                                                    |   |                                                              |
|---------------------------------------------------------|--------|-------------------------------------------------------------------|
| **California**(State                of Organization)    |   | **20-3251258**(I.R.S.                Employer Identification No.) |
|                                                    |   |                                                              |
| **3100                Thornton Avenue**                 |   |                                                              |
| **Burbank,                CA**                          |   | **91504**                                                         |
| (Address                of principal executive offices) |   | (Zip                Code)                                         |

736-7023

|                                   |   |                                     |
|----------------------------------------|--------|------------------------------------------|
|                                   |   | **Name                of each exchange** |
| **Title                of each class** |   | **on                which each class**   |
| **to                be so registered** |   | **is                to be registered**   |
|                                   |   |                                     |
| None                                   |   | Not                Applicable            |

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**Securities      registered pursuant to Section 12(g) of the Act:      None.**

**Indicate      by check mark if the registrant is a well-known seasoned issuer, as defined      in      Rule 405 of the Securities Act.**

**Indicate      by check mark if the registrant is not required to file reports pursuant to      Section 13 or**
**Section      15(d)**
**of      the Act.**

           **Indicate      by check mark whether the registrant: (1) has filed all reports required to      be filed by Section 13 or** **15(d)** **of      the Securities Exchange Act of 1934 during the preceding 12 months and      (2) has been subject to such filing requirements for the past      90 days.**

**Indicate      by check mark if disclosure of delinquent filers pursuant to Item 405 of      Regulation S-K is not contained herein, and will not be contained, to the best      of registrant’s knowledge, in definitive proxy or information statements      incorporated by reference in Part III of this Form 10-K or any      amendment to this**
**Form      10-K**
**.**

**Indicate      by check mark whether the registrant is a large accelerated filer, an      accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of      the Act).**

**Indicate      by check mark whether the registrant is a shell company (as defined in      Rule 12b-2 of the Act).**

**State      the aggregate market value of the voting and non-voting common equity held      by      non-affiliates computed by reference to the price at which the common equity      was      last sold, or the average bid and asked price of such common equity, as of      the      last business day of the registrant’s most recently completed second fiscal      quarter.**

**List      hereunder the following documents if incorporated by reference and the Part      of      the Form 10-K (e.g. Part I, Part II, etc.) into which the      document is incorporated: (1) Any annual report to security holders;      (2) Any proxy or information statement; and (3) Any prospectus filed      pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The      listed documents should be clearly described for identification purposes (e.g.      annual report to security holders for fiscal year ended December 24,      1980).**

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**TABLE      OF CONTENTS**

| PART                    I                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                | Item 1.                    Business |
|                                                                                                                                                | Item 1A.                    Risk Factors |
|                                                                                                                                                | Item 2.                    Properties |
|                                                                                                                                                | Item 3.                    Legal Proceedings |
|                                                                                                                                                | Item 4.                    Submission of Matters to a Vote of Security Holders |
|                                                                                                                                                | Item 1B.                    Unresolved Staff Comments |
|                                                                                                                                                | Item 1112(b)                    of Regulation AB. Significant Obligors of Pool Assets (Financial                    Information) |
|                                                                                                                                                | Item 1114(b)(2)                    of Regulation AB. Credit Enhancement and Other Support, Except for                    Certain Derivatives Instruments (Financial Information) |
|                                                                                                                                                | Item                    1115(b) of Regulation AB. Certain Derivatives Instruments (Financial                    Information) |
|                                                                                                                                                | Item 1117                    of Regulation AB. Legal Proceedings |
| PART                    II                                                                                                                          |
|                                                                                                                                                | Item 9B.                    Other Information |
| PART                    III                                                                                                                         |
|                                                                                                                                                | Item 1119                    of Regulation AB. Affiliations and Certain Relationships and Related                    Transactions |
|                                                                                                                                                | Item 1122                    of Regulation AB. Compliance with Applicable Servicing                    Criteria |
|                                                                                                                                                | Item 1123                    of Regulation AB. Servicer Compliance Statement |
| PART                    IV                                                                                                                          |
|                                                                                                                                                | Item 15.                    Exhibits, Financial Statement Schedules |
|                                                                                                                                                |
| 4.1                    - Pooling and Servicing Agreement                                                                                            |
| 10.1                    - Mortgage Loan Purchase Agreement                                                                                          |
| 31.1                    - Rule 13a-14(a)/15d-14(a) Certification (Section 302                    Certification)                           |
| 33.1                    - Report on Assessment of Compliance with Servicing Criteria                    (Litton)                                    |
| 33.2                    - Report on Assessment of Compliance with Servicing Criteria                    (Wells                    Fargo)            |
| 33.3                    - Report on Assessment of Compliance with Servicing Criteria                    (BNY)                                       |
| 34.1                    - Independent Accountants' Attestation Report (Deloitte for                    Litton)                                      |
| 34.2                    - Independent Accountants' Attestation Report (KPMG for Wells                    Fargo)                                     |
| 34.3                    - Independent Accountants' Attestation Report (E&Y for                    BNY)                                          |
| 35.1                    - Servicer Compliance Statement of Litton                                                                                   |
| 99.1                    - Schedule of Year-to-Date Principal and Interest Distributions                    to                    Certificateholders |

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**PART      I**

**The      following Items have been omitted in accordance with General Instruction J      to      Form 10-K:**

Item 1.      Business

Item 1A.      Risk Factors

Item 2.      Properties

Item 3.      Legal Proceedings

Item 4.      Submission of Matters to a Vote of Security Holders

**Item 1B.      Unresolved Staff Comments**

**Substitute      information provided in accordance with General Instruction J to Form      10-K:**

**Item 1112(b)      of Regulation AB. Significant Obligors of Pool Assets (Financial      Information).**

**Item 1114(b)(2)      of Regulation AB. Credit Enhancement and Other Support, Except for Certain      Derivatives Instruments (Financial Information).**

**Item 1115(b)      of Regulation AB. Certain Derivatives Instruments (Financial      Information).**

**Item 1117      of Regulation AB. Legal Proceedings.**

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**PART      II**

**The      following Items have been omitted in accordance with General Instruction J      to      Form 10-K:**

**Item 9B.      Other Information.**

**PART      III**

**The      following Items have been omitted in accordance with General Instruction J      to      Form 10-K**

**Substitute      information provided in accordance with General Instruction J to      Form 10-K:**

**Item 1119      of Regulation AB. Affiliations and Certain Relationships and Related      Transactions.**

**Item 1122      of Regulation AB. Compliance with Applicable Servicing      Criteria.**

Each      of      Litton Loan Servicing LP, Wells Fargo Bank National Association and The Bank      of      New York (collectively, the “PPSF’s”) have been identified by the registrant as      parties participating in the servicing function with respect to more than 5%      of      the pool assets held by the Issuing Entity. Each of the PPSF’s has completed a      report on an assessment of compliance with the servicing criteria applicable      to      it (each, a “Servicing Report”), which Servicing Reports are attached as      exhibits to this Form 10-K. In addition, each of the PPSF’s has provided an      attestation report (each, an “Attestation Report”) by one or more registered      public accounting firms, which Attestation Reports are also attached as exhibits      to this Form 10-K.

**Item 1123      of Regulation AB. Servicer Compliance Statement.**

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**PART      IV**

**Item 15.      Exhibits, Financial Statement Schedules.**

|   | (a) |   | List                of Documents Filed as Part of this                Report |
|--------|-----|--------|------------------------------------------------------------------------------|

|                                     | (1)    |                                                                                                                                                                                                                                  | Not                Applicable.                                           |
|------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|
|                                     |   |
|                                     | (2)    |                                                                                                                                                                                                                                  | Not                Applicable.                                           |
|                                     |   |
|                                     | (3)    |                                                                                                                                                                                                                                  | See                Item 15 (b), below.                              |
|                                     |   |                                                                                                                                                                                                                                  |                                                                     |
|                                     | (b)    |                                                                                                                                                                                                                                  | Exhibits                Required by Item 601 of Regulation S-K |
|                                     |   |                                                                                                                                                                                                                                  |                                                                     |
| ***EXHIBIT                DESCRIPTION*** |
| 4.1                                      |   | Pooling                and Servicing Agreement                                                                                                                                                                                        |
|                                     |   |                                                                                                                                                                                                                                  |
| 10.1                                     |   | Mortgage                Loan Purchase Agreement                                                                                                                                                                                       |
|                                     |   |                                                                                                                                                                                                                                  |
| 31.1                                     |   | Rule 13a-14(a)/15d-14(a)                Certification (Section 302 Certification).                                                                                                                                          |
|                                     |   |                                                                                                                                                                                                                                  |
| 33.1                                     |   | Report                on Assessment of Compliance with Servicing Criteria concerning servicing                activities of Litton Loan Servicing LP for the year ended December                31,                2006.              |
|                                     |   |                                                                                                                                                                                                                                  |
| 33.2                                     |   | Report                on Assessment of Compliance with Servicing Criteria concerning servicing                activities of Wells Fargo Bank National Association for the year                ended                December 31, 2006. |
|                                     |   |                                                                                                                                                                                                                                  |
| 33.3                                     |   | Report                on Assessment of Compliance with Servicing Criteria concerning servicing                activities of The Bank of New York for the year ended December 31,                2006.                                 |
|                                     |   |                                                                                                                                                                                                                                  |
| 34.1                                     |   | Independent                Accountants’ Attestation Report concerning servicing activities of Litton                Loan Servicing LP for the year ended December 31, 2006.                                                     |
|                                     |   |                                                                                                                                                                                                                                  |
| 34.2                                     |   | Independent                Accountants’ Attestation Report concerning servicing activities of Wells                Fargo Bank National Association for the year ended December 31,                2006.                         |
|                                     |   |                                                                                                                                                                                                                                  |
| 34.3                                     |   | Independent                Accountants’ Attestation Report concerning servicing activities of The                Bank of New York for the year ended December 31, 2006.                                                         |
|                                     |   |                                                                                                                                                                                                                                  |
| 35.1                                     |   | Servicer                Compliance Statement of Litton Loan Servicing LP for the year ended                December 31, 2006.                                                                                                         |
|                                     |   |                                                                                                                                                                                                                                  |
| 99.1                                     |   | Schedule                of Year-to-Date Principal and Interest Distributions to                Certificateholders.                                                                                                                    |

| (c) |   | Omitted. |
|-----|--------|----------|

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**SIGNATURES**

|                                 |   |   |   | GE-WMC                Asset-Backed Pass-Through Certificates 2006-1 (Issuing                Entity) |
|--------------------------------------|--------|--------|--------|-----------------------------------------------------------------------------------------------------|
|                                 |   |   |   |                                                                                                |   |   |
|                                 |   |   |   | By:                Depositor                                                                        |
|                                 |   |   |   |                                                                                                |   |   |
|                                 |   |   |   |                                                                                                |   |   |   |   |
| Dated:                March 29, 2007 |   |   |   | By:                                                                                                 |   | /s/ James                 Zollo                                      |
|                                 |   |   |   |                                                                                                |   |  James                 Zollo |   |   |
|                                 |   |   |   |                                                                                                |   | Vice President |   |   |
|                                 |   |   |   |                                                                                                |   | (Senior                Officer of Depositor in charge of |   |   |
|                                 |   |   |   |                                                                                                |   | servicing) |   |   |
|                                 |   |   |   |                                                                                                |   |   |   |   |

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**EXHIBIT      INDEX**

| **EXHIBIT** | **DESCRIPTION** |
|-------------|-----------------|

| 4.1 | Pooling                and Servicing Agreement |
|-----|------------------------------------------------|

| 10.1 | Mortgage                Loan Purchase Agreement |
|------|-------------------------------------------------|

| 31.1 | Rule 13a-14(a)/15d-14(a)                    Certification (Section 302                    Certification). |
|------|---------------------------------------------------------------------------------------------------------------------|

| 33.1 | Report                    on Assessment of Compliance with Servicing Criteria concerning                    servicing                    activities of Litton Loan Servicing LP for                    the year ended December 31,                    2006. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33.2 | Report                    on Assessment of Compliance with Servicing Criteria concerning                    servicing                    activities of Wells Fargo Bank National Association for the year                    ended                    December 31, 2006. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33.3 | Report                on Assessment of Compliance with Servicing Criteria concerning servicing                activities of The Bank of New York for                the year ended December 31, 2006. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.1 | Independent                    Accountants’ Attestation Report concerning servicing activities of Litton                    Loan Servicing LP for the year ended December 31,                    2006. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.2 | Independent                Accountants’ Attestation Report concerning servicing activities of Wells                Fargo Bank National Association for                the year ended December 31, 2006. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.3 | Independent                Accountants’ Attestation Report concerning servicing activities of The                Bank of New York for the year ended                December 31, 2006. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 35.1 | Servicer                Compliance Statement of Litton Loan Servicing LP for the year ended                December 31, 2006. |
|------|-------------------------------------------------------------------------------------------------------------------------------|

| 99.1 | Schedule                of Year-to-Date Principal and Interest Distributions to                Certificateholders |
|------|-------------------------------------------------------------------------------------------------------------------|

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