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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, 2007**

**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                or other jurisdiction of incorporation or 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 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 (or for      such shorter period that the registrant was required to file such reports),      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 (§ 229.405 of this chapter) 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, a non-accelerated filer, or a smaller reporting company.      See      the definitions of “large accelerated filer,” “accelerated filer” and “smaller      reporting company” in Rule 12b-2 of the Exchange Act. **

| Large                accelerated filer o                                        | Accelerated                filer o         |
|----------------------------------------------------------------------------------------------------------|--------------------------------------------|
|                                                                                                     |                                       |
| Non-accelerated                filer þ                (Do not check if a smaller reporting company) | Smaller                reporting company o |

**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 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                                                                                 |
| 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                    - Annual Statement of Compliance                    (Litton)                                                     |

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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.

|   | · | *Reconciliations                for Asset-Backed Securities Related Bank Account -                1122(d)(2)(vii)* |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

|   | · | *Loan                Buyouts from Pool Assets -                1122(d)(4)(iii)* |
|--------|--------|---------------------------------------------------------------------------------|

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|   | · | *Loan                Modifications - 1122(d)(4)(vi)* |
|--------|--------|------------------------------------------------------|

|   | · | *Reconciliations                for Asset-Backed Securities Related Bank Account -                1122(d)(2)(vii)* |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

|  | · | *Loan                Buyouts from Pool Assets -                1122(d)(4)(iii)* |
|--|--------|---------------------------------------------------------------------------------|

|   | · | *Loan                Modifications - 1122(d)(4)(vi)* |
|--------|--------|------------------------------------------------------|

**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 (Filed as part the Current Report on Form                8-K                filed on September 7, 2007 under the Commission File Number of the                Issuing                Entity, GE-WMC Asset- Backed Pass Through Certificates, Series 2006-1,                Commission File No. 333-131203-01, CIK No. 00001370875)***** |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                   |
| 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,                2007.                                                                                                                                                               |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                   |
| 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, 2007.                                                                                                                                                  |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                   |
| 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,                2007.                                                                                                                                                                                  |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                   |
| 34.1                                     |   | Independent                Accountants’ Attestation Report concerning servicing activities of Litton                Loan Servicing LP for the year ended December 31, 2007.                                                                                                                                                                                                      |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                   |
| 34.2                                     |   | Independent                Accountants’ Attestation Report concerning servicing activities of Wells                Fargo Bank National Association for the year ended December 31,                2007.                                                                                                                                                                          |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                   |
| 34.3                                     |   | Independent                Accountants’ Attestation Report concerning servicing activities of The                Bank of New York for the year ended December 31, 2007.                                                                                                                                                                                                          |
|                                     |   |                                                                                                                                                                                                                                                                                                                                                                                   |
| 35.1                                     |   | Annual                Statement of Compliance for Litton Loan Servicing LP for the year                ended                December 31, 2007 pursuant to Item 1123 of Regulation                AB.                                                                                                                                                                                   |

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

***      Incorporated herein by reference.**

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**SIGNATURES**

|                                 |   |   |   | GE-WMC                Asset-Backed Pass-Through Certificates, 2006-1                (Registrant) |
|--------------------------------------|--------|--------|--------|--------------------------------------------------------------------------------------------------|
|                                 |   |   |   |                                                                                             |   |   |
|                                 |   |   |   | By:                Depositor                                                                     |
|                                 |   |   |   |                                                                                             |   |   |
|                                 |   |   |   |                                                                                             |   |   |   |   |
| Dated:                March 28, 2008 |   |   |   | By:                                                                                              |   | /s/                James Zollo |
|                                 |   |   |   |                                                                                             |   |  James                Zollo |   |   |
|                                 |   |   |   |                                                                                             |   | Vice                President |   |   |
|                                 |   |   |   |                                                                                             |   | (Senior                Officer of Depositor in charge of |   |   |
|                                 |   |   |   |                                                                                             |   | Securitization) |   |   |
|                                 |   |   |   |                                                                                             |   |   |   |   |

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**EXHIBIT      INDEX**

| **EXHIBIT** |  **DESCRIPTION**                                                                                                                                                                                                                                                                                                                                                                 |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                  |
| 4.1         | Pooling                and Servicing Agreement (Filed as part the Current Report on Form                8-K                filed on September 7, 2007 under the Commission File Number of the                Issuing                Entity, GE-WMC Asset- Backed Pass Through Certificates Series 2006-1,                Commission File No. 333-131203-01, CIK No. 00001370875)***** |
|        |                                                                                                                                                                                                                                                                                                                                                                                  |
| 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,                2007.                                                                                                                                                              |
|        |                                                                                                                                                                                                                                                                                                                                                                                  |
| 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, 2007.                                                                                                                                                 |
|        |                                                                                                                                                                                                                                                                                                                                                                                  |
| 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,                2007.                                                                                                                                                                                 |
|        |                                                                                                                                                                                                                                                                                                                                                                                  |
| 34.1        | Independent                Accountants’ Attestation Report concerning servicing activities of Litton                Loan Servicing LP for the year ended December 31, 2007.                                                                                                                                                                                                     |
|        |                                                                                                                                                                                                                                                                                                                                                                                  |
| 34.2        | Independent                Accountants’ Attestation Report concerning servicing activities of Wells                Fargo Bank National Association                                                                                                                                                                                                                              |
|        | for                the year ended December 31, 2007.                                                                                                                                                                                                                                                                                                                                  |
|        |                                                                                                                                                                                                                                                                                                                                                                                  |
| 34.3        | Independent                Accountants’ Attestation Report concerning servicing activities of The                Bank of New York for the year ended December 31, 2007.                                                                                                                                                                                                         |
|        |                                                                                                                                                                                                                                                                                                                                                                                  |
| 35.1        | Annual                Statement of Compliance for Litton Loan Servicing LP for the year                ended                December 31, 2007 pursuant to Item 1123 of Regulation                AB.                                                                                                                                                                                  |
|        |                                                                                                                                                                                                                                                                                                                                                                                  |

***      Incorporated herein by reference.**

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