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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-K**

**[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT      OF      1934**

**[        ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND      EXCHANGE ACT OF 1934**

|   | Delaware                                                                                    |   | 13-3416059                                                         |   |
|--------|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|
|   | (State                or other jurisdiction ofincorporation                or organization) |   | (I.R.S.                Employer Identification                No.) |   |

|   | o                Yes |   |  x                No |
|--------|----------------------|--------|---------------------------|

|   | o                Yes |   | x                No |
|--------|----------------------|--------|---------------------|

|   | x                Yes |   | o                No |
|--------|----------------------|--------|---------------------|

| Large                accelerated filer o | Accelerated                filer o |  Non-accelerated                filer x |
|------------------------------------------|------------------------------------|----------------------------------------------|

**DOCUMENTS      INCORPORATED BY REFERENCE**

**PART        I**

**Item        1.        Business. **

**Item        1A. Risk Factors.**

**Item        1B. Unresolved Staff Comments.**

**Item        2. Properties.**

**Item        3. Legal Proceedings. **

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

**PART        II**

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

**Item        6. Selected Financial Data.**

**Item        7. Management’s Discussion and Analysis of Financial Condition and Results of        Operation.**

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

**Item        8. Financial Statements and Supplementary Data.**

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

**Item        9A. Controls and Procedures.**

**Item        9B. Other Information.**

**PART        III**

**Item        10. Directors and Executive Officers of the Registrant.**

**Item        11. Executive Compensation.**

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

**Item        13. Certain Relationships and Related Transactions.**

**Item        14. Principal Accounting Fees and Services.**

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

**Item        1114(b)(2) and 1115(b) of Regulation AB. Significant Enhancement Provider        Financial Information.**

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

**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.**

| **Exhibit                    Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4(i)                                  | The                      series 2006-3 pooling and servicing agreement dated as of September                      1,                      2006 among Merrill Lynch Mortgage Investors, Inc., as depositor                      (the                      “Depositor”), Midland Loan Services, Inc., as master servicer no. 1 (the                      “Master Servicer No. 1”), Capmark Finance Inc., as master                      servicer no. 2 (the “Master Servicer No. 2”), ING Clarion Partners, LLC,                      as special servicer (the "Special Servicer") and LaSalle Bank                      National Association, as trustee (the “Trustee”) (the                      "Pooling and Servicing Agreement") (Previously filed as part                      of the                      Registrant's Current Report on Form 8-K on October 17,                      2006) |
| 31(ii)                                | Rule                      13a-14(d)/15d-14(d) Certifications                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 33(a)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, Midland Loan Services, Inc., as Master Servicer No.                    1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 33(b)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, Capmark Finance Inc., as Master Servicer No.                    2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 33(c)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, ING Clarion Partners, LLC, as Special                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 33(d)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, LaSalle Bank National Association, as                    Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 34(a)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, Midland Loan Services, Inc., as Master                    Servicer                    No. 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 34(b)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, Capmark Finance Inc., as Master Servicer                    No.                    2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 34(c)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, ING Clarion Partners, LLC, as Special                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 34(d)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, LaSalle Bank National Association, as                    Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 35(a)                                 | Servicer                    compliance statement, Midland Loan Services, Inc., as Master                    Servicer                    No.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 35(b)                                 | Servicer                    compliance statement, Capmark Finance, Inc., as Master Servicer                    No.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 35(c)                                 | Servicer                    compliance statement, ING Clarion Partners, LLC, as Special                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 35(d)                                 | Servicer                    compliance statement, LaSalle Bank National Association, as                    Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

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**SIGNATURES**

|                                | Merrill                  Lynch Mortgage Investors, Inc., as Depositor                                                                               |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                |                                                                                                                                                |
|  March                29, 2007 | /s/                David Rodgers                                                                                                                    |
|                                | By: David                Rodgers                                                                                                               |
|                                | Title: Executive                Vice President and Chief                Officer in Charge of Commercial Mortgage                Securitization |

**Supplemental          Information to be Furnished With Reports Filed Pursuant to Section 15(d)          of the          Act by Registrants Which Have Not Registered Secuirities Pursuant to Section          12          of the Act**

| (a)    | (1)                    No annual report is provided to the certificateholders                                                                                                                                                                                                       |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (2)                    No proxy statement, form of proxy or other proxy soliciting material                    has                    been sent to any certificateholders with respect to any annual                    or other                    meetings of certificateholders. |

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**EXHIBIT      INDEX**

| **Exhibit                        Number** | **Description**                                                                                                                                                                                                                                                              |
|-------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4(i)                                      | The                          Pooling and Servicing Agreement (Previously                          filed as part of the Registrant's Current Report on Form                          8-K on October                          17, 2006)                                        |
| 31(ii)                                    | Rule                          13a-14(d)/15d-14(d) Certifications                                                                                                                                                                                                             |
| 33(a)                                     | Report                        on assessment of compliance with servicing criteria for asset-backed                        securities, Midland Loan Services, Inc., as Master Servicer                        No.                        1                                    |
| 33(b)                                     | Report                        on assessment of compliance with servicing criteria for asset-backed                        securities, Capmark Finance Inc., as Master Servicer No.                        2                                                                  |
| 33(c)                                     | Report                        on assessment of compliance with servicing criteria for asset-backed                        securities, ING Clarion Partners, LLC, as Special                        Servicer                                                                  |
| 33(d)                                     | Report                        on assessment of compliance with servicing criteria for asset-backed                        securities, LaSalle Bank National Association, as                        Trustee                                                                   |
| 34(a)                                     | Attestation                        report on assessment of compliance with servicing criteria                        for                        asset-backed securities, Midland Loan Services, Inc., as                        Master Servicer                        No. 1 |
| 34(b)                                     | Attestation                        report on assessment of compliance with servicing criteria                        for                        asset-backed securities, Capmark Finance Inc., as Master                        Servicer No.                        2        |
| 34(c)                                     | Attestation                        report on assessment of compliance with servicing criteria                        for                        asset-backed securities, ING Clarion Partners, LLC, as Special                        Servicer                               |
| 34(d)                                     | Attestation                        report on assessment of compliance with servicing criteria                        for                        asset-backed securities, LaSalle Bank National Association,                        as                        Trustee         |
| 35(a)                                     | Servicer                        compliance statement, Midland Loan Services, Inc., as Master                        Servicer                        No.1                                                                                                                     |
| 35(b)                                     | Servicer                        compliance statement, Capmark Finance, Inc., as Master Servicer                        No.2                                                                                                                                                  |
| 35(c)                                     | Servicer                        compliance statement, ING Clarion Partners, LLC, as Special                        Servicer                                                                                                                                                  |
| 35(d)                                     | Servicer                        compliance statement, LaSalle Bank National Association,                        as                        Trustee                                                                                                                            |