UNITED STATES
                             SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C. 20549



                                          FORM 10-K/A
                                        Amendment No. 1



The Issuing Entity is filing this Form 10-K/A to replace Exhibits 31, 33(a) and
34(a) to the original Form 10-K filed on April 2, 2007. American Security
Insurance Company, Standard Guaranty Insurance Company and TrackSure Insurance
Agency, Inc. (formerly, "Safeco Financial Institution Solutions, Inc.")
("Assurant Inc.") recently provided the Issuing Entity with a revised report on
assessment of compliance with servicing criteria for asset-backed securities and
a related attestation. In the original assessment previously provided to the
Issuing Entity, Assurant Inc. excluded Item 1122(d)(4)(xii) from the scope of
its assessment. Assurant Inc. recently provided the Issuing Entity with a
revised assessment of compliance that assesses Assurant Inc.'s compliance with
Item 1122(d)(4)(xii) and identifies material instance of non compliance with
this criterion. This material instance of non compliance is noted in this Form
10-K/A under "ADDITIONAL DISCLOSURE ITEMS PURSUANT TO GENERAL INSTRUCTION J" The
Issuing Entity has included this revised assessment of compliance under Exhibit
33(a), the related attestation under Exhibit 34(a) and a revised Rule
13a-14(d)/15d-14(d) Certification under Exhibit 31. This Form 10-K/A does not
otherwise amend the original Form 10-K filed with the Commission on April 2,
2007.



  (Mark one)

  /X/ 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



  / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934


       Commission file number:  333-132109-03

       Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
       2006-HE3 (exact name of issuing entity as specified in its
       charter)

       Nomura Home Equity Loan, Inc.
       (exact name of the depositor (as registrant on behalf of the
        issuing entity) as specified in its charter)

       Nomura Credit & Capital, Inc.
       (exact name of the sponsor as specified in its charter)


  Delaware                                          20-2748651
  (State or other jurisdiction of                   (I.R.S. Employer
  incorporation or organization)                    Identification No.)



  Nomura Home Equity Loan, Inc.
  2 World Financial Center Building B
  New York, NY                               10281
  (Address of principal executive offices)    (Zip Code)


  Registrant's telephone number, including area code: (212)667-9300


  Securities registered pursuant to Section 12(b) of the Act:

        NONE.


  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.

        Yes  ___     No  X


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

        Yes  ___     No  X


  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.

        Yes  X       No  ___


  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.

        Not applicable.


  Indicate by check mark whether the registrant is a large accelerated filer,
  an accelerated filer, or a non-accelerated filer. See definition of
  "accelerated filer and large accelerated filer" in Rule 12b-2 of the
  Exchange Act. (Check one):


  Large accelerated filer ___  Accelerated filer ___  Non-accelerated filer X


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

        Yes  ___     No  X


  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.

        Not applicable.


     Documents Incorporated by Reference

  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).

        Not applicable.


                                   PART I
  Item 1.  Business.

            Omitted.


  Item 1A.  Risk Factors.

            Omitted.


  Item 1B.  Unresolved Staff Comments.

            None.


  Item 2.  Properties.

            Omitted.


  Item 3.  Legal Proceedings.

            Omitted.


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

            Omitted.


                                PART II

 Item 5. Market for Registrant's Common Equity, Related Stockholder
          Matters and Issuer Purchases of Equity Securities.

            Omitted.


  Item 6.  Selected Financial Data.

            Omitted.


  Item 7.  Management's Discussion and Analysis of Financial Condition and
           Results of Operations.

            Omitted.


  Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

            Omitted.


  Item 8.  Financial Statements and Supplementary Data.

            Omitted.


  Item 9.  Changes in and Disagreements With Accountants on Accounting and
           Financial Disclosure.

            Omitted.


  Item 9A. Controls and Procedures.

            Omitted.


  Item 9A(T). Controls and Procedures.

            Omitted.


  Item 9B. Other Information.

            None.


                                PART III

  Item 10. Directors, Executive Officers and Corporate Governance.

            Omitted.


  Item 11. Executive Compensation.

            Omitted.

  Item 12. Security Ownership of Certain Beneficial Owners and
           Management and Related Stockholder Matters.

            Omitted.


  Item 13. Certain Relationships and Related Transactions, and Director
           Independence.

            Omitted.


  Item 14. Principal Accounting Fees and Services.

            Omitted.


                ADDITIONAL DISCLOSURE ITEMS PURSUANT TO GENERAL INSTRUCTION J

  Item 1112(b) of Regulation AB, Significant Obligor Financial Information.

             None.

 Item 1114(b)(2) of Regulation AB, Credit Enhancement and Other Support, except
           for Certain Derivative Instruments (Information regarding Significant
           Enhancement Providers' Financial Information).

           No entity or group of affiliated entities provides any external
           credit enhancement, uses any derivative instruments or other support
           for the certificates within this transaction as described under
           Item 1114(a) of Regulation AB.


  Item 1115(b) of Regulation AB, Certain Derivative Instruments.

           The significance percentage related to each entity or group of
           affiliated entities providing derivative instruments described in
           Item 1115 of Regulation AB is less than 10%.


  Item 1117 of Regulation AB, Legal Proceedings.

           On March 20, 2007, People's Choice Home Loan, Inc. filed a
           Chapter 11 petition in the United States Bankruptcy Court for
           the Central District of California, Santa Ana Division, Case No.
           07-10765. In addition, on March 20, 2007, its parent company,
           People's Choice Financial Corporation and that company's
           qualified REIT subsidiary, People's Choice Funding, Inc., have
           also filed Chapter 11 petitions in the same court
           (Case No. 07-10772 and 07-10767, respectively).




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


            No applicable updates.

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

               Reports on assessment of compliance with the servicing criteria
               for asset-backed securities are attached hereto under Item
               15.

            Assurant, Inc. previously excluded the applicable servicing criteria
            set forth in Item 1122 (d)(4)(xii) from the scope of its assessment
            of compliance. Assurant, Inc. has now assessed its compliance with
            the Applicable Servicing Criteria for the Reporting Period of
            January 1, 2006 through December 31, 2006 and has identified a
            material instance of noncompliance with that servicing criterion.
            Specifically, Assurant, Inc. did not have, during the Reporting
            Period, sufficient policies and procedures to capture the
            information with respect to the Platform Transactions necessary to
            determine compliance with Item 1122(d)(4)(xii). Accordingly,
            Assurant, Inc. has restated its previous assessment for the
            Reporting Period, which excluded evaluation of the criterion, to
            include the criterion and reflect the material noncompliance as a
            result of its assessment.


            The 1122 statements for First American Real Estate Solutions of
            Texas, L.P. (as Sub-Contractor for Ocwen Loan Servicing, LLC)("First
            American") have disclosed the following material instance of
            noncompliance with the servicing criteria set forth in
            Item 1122(d)(2)(vii)(B) of Regulation AB applicable to
            First American during the twelve months ended December 31, 2006.
            Account reconciliations for all asset-backed securities related
            bank accounts were not prepared within 30 calendar days after the
            bank statement cutoff date, or such other number of days specified
            in the transaction agreements as required by Item 1122(d)(2)(vii)(B)
            of Regulation AB.


            The 1122 statements for Wells Fargo Bank, National Association
            (Corporate Trust Services)("Wells Fargo") has disclosed
            material noncompliance with criterion 1122(d)(3)(i), as applicable
            to Wells Fargo during the twelve months ended December 31. 2006.
            Certain monthly investor or remittance reports included errors
            in the calculation and/or the reporting of delinquencies for the
            pool assets.



  Item 1123 of Regulation AB, Servicer Compliance Statement.


            Servicer Compliance Statements are attached hereto under Item
            15.


                                PART IV


  Item 15. Exhibits, Financial Statement Schedules.

   (a) Exhibits

     (4) The Pooling and Servicing Agreement, dated as of August 1, 2006,
         among Nomura Home Equity Loan, Inc., as depositor, Nomura Credit &
         Capital, Inc., as sponsor, Wells Fargo Bank, National Association, as
         master servicer and securities administratror, Ocwen Loan Servicing,
         LLC, as a servicer, and HSBC Bank, USA, National Association, as
         trustee (incorporated herein by reference from Exhibit 4.1 of the
         Current Report on Form 8-K of the registrant as filed with the
         Commission).

     (31) Rule 13a-14(d)/15d-14(d) Certifications.

     (33) Reports on assessment of compliance with servicing criteria for
          asset-backed securities.



      <TABLE>

      
         <c>
      a) Assurant Inc., as Sub-Contractor for Ocwen Loan Servicing, LLC <F1>
      b) First American Real Estate Solutions of Texas, L.P., as Sub-Contractor for Ocwen Loan Servicing, LLC<F1>
      c) Ocwen Loan Servicing, LLC, as Servicer <F1>
      d) Regulus Group LLC as Sub-Contractor for Ocwen Loan Servicing, LLC <F1>
      e) Wells Fargo Bank, N.A., as Master Servicer <F1>
      f) Wells Fargo Bank, N.A., as Securities Administrator <F1>
      g) Wells Fargo Bank, N.A., as Paying Agent <F1>
      h) Wells Fargo Bank, N.A., as Custodian <F1>

      </TABLE>

     (34) Attestation reports on assessment of compliance with servicing
          criteria for asset-backed securities.

      <TABLE>

      
        <c>
      a) Assurant Inc., as Sub-Contractor for Ocwen Loan Servicing, LLC <F1>
      b) First American Real Estate Solutions of Texas, L.P., as Sub-Contractor for Ocwen Loan Servicing, LLC <F1>
      c) Ocwen Loan Servicing, LLC, as Servicer <F1>
      d) Regulus Group LLC as Sub-Contractor for Ocwen Loan Servicing, LLC <F1>
      e) Wells Fargo Bank, N.A., as Master Servicer <F1>
      f) Wells Fargo Bank, N.A., as Securities Administrator <F1>
      g) Wells Fargo Bank, N.A., as Paying Agent <F1>
      h) Wells Fargo Bank, N.A., as Custodian <F1>

      </TABLE>

     (35) Servicer compliance statements.

      <TABLE>

      
         <c>
      a) Ocwen Loan Servicing, LLC, as Servicer <F1>
      b) Wells Fargo Bank, N.A., as Master Servicer <F1>
      c) Wells Fargo Bank, N.A., as Securities Administrator <F1>

      </TABLE>

   (b) Not applicable.

   (c) Omitted.


  <F1> Filed herewith.


                                SIGNATURES

  Pursuant to the requirements of Section 13 or 15(d) of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be
  signed on its behalf by the undersigned, thereunto duly authorized.



    Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3
    (Issuing Entity)

    Wells Fargo Bank, N.A.
    (Master Servicer)

    /s/ Kristen Ann Cronin
    Kristen Ann Cronin, Vice President
    (senior officer in charge of the servicing function of the master
    servicer)

    Date:      May 27, 2008


  Exhibit Index

  Exhibit No.


     (4) The Pooling and Servicing Agreement, dated as of August 1, 2006,
         among Nomura Home Equity Loan, Inc., as depositor, Nomura Credit &
         Capital, Inc., as sponsor, Wells Fargo Bank, National Association, as
         master servicer and securities administratror, Ocwen Loan Servicing,
         LLC, as a servicer, and HSBC Bank, USA, National Association, as
         trustee (incorporated herein by reference from Exhibit 4.1 of the
         Current Report on Form 8-K of the registrant as filed with the
         Commission).

    (31) Rule 13a-14(d)/15d-14(d) Certifications.

    (33) Reports on assessment of compliance with servicing criteria for
         asset-backed securities.



      <TABLE>

      
         <c>
      a) Assurant Inc., as Sub-Contractor for Ocwen Loan Servicing, LLC
      b) First American Real Estate Solutions of Texas, L.P., as Sub-Contractor for Ocwen Loan Servicing, LLC
      c) Ocwen Loan Servicing, LLC, as Servicer
      d) Regulus Group LLC, as Sub-Contractor for Ocwen Loan Servicing, LLC
      e) Wells Fargo Bank, N.A., as Master Servicer
      f) Wells Fargo Bank, N.A., as Securities Administrator
      g) Wells Fargo Bank, N.A., as Paying Agent
      h) Wells Fargo Bank, N.A., as Custodian

      </TABLE>

     (34) Attestation reports on assessment of compliance with servicing
          criteria for asset-backed securities.

      <TABLE>

      
        <c>
      a) Assurant Inc., as Sub-Contractor for Ocwen Loan Servicing, LLC
      b) First American Real Estate Solutions of Texas, L.P., as Sub-Contractor for Ocwen Loan Servicing, LLC
      c) Ocwen Loan Servicing, LLC, as Servicer
      d) Regulus Group LLC as Sub-Contractor for Ocwen Loan Servicing, LLC
      e) Wells Fargo Bank, N.A., as Master Servicer
      f) Wells Fargo Bank, N.A., as Securities Administrator
      g) Wells Fargo Bank, N.A., as Paying Agent
      h) Wells Fargo Bank, N.A., as Custodian

      </TABLE>

     (35) Servicer compliance statements.

      <TABLE>

      
         <c>
      a) Ocwen Loan Servicing, LLC, as Servicer
      b) Wells Fargo Bank, N.A., as Master Servicer
      c) Wells Fargo Bank, N.A., as Securities Administrator

      </TABLE>