Exhibit 33.2

Managements Report on Assessment of
Compliance with Applicable Servicing Criteria

JPMorgan
Chase Bank, National Association (the Asserting Party) is responsible for
assessing compliance as of September 30, 2006 and for the period from January
1, 2006 through September 30, 2006 (the Reporting Period), with the servicing
criteria set forth in Title 17, Section 229.1122 (d) of the Code of Federal
Regulations (the CFR), to the extent required by the related transaction
agreements and excluding the criteria set forth in 17 CFR 229.1122(d)
(1)(ii)-(iv), (2)(iii), (2)(vi), (4)(i)-(ii), and (4)(iv)-(xiv) which the
Asserting Party has concluded are not applicable to the activities it performs
with respect to the asset-backed securitization transactions covered by this
report (such criteria, after giving effect to the exclusions identified above,
the Applicable Servicing Criteria). This report covers certain asset-backed
securities transactions backed by residential mortgages, home equity loans,
auto loans, credit card receivables, dealer floor plans, retail installment
contracts and manufactured housing contracts for which transactions the
Asserting Party performs the Applicable Servicing Criteria as trustee,
securities administrator or paying agent that were registered with the
Securities and Exchange Commission pursuant to the Securities Act of 1933, as
amended, where the related asset-backed securities were outstanding during the
reporting period (the Platform), as listed in Appendix A.

The
Asserting Party has (i) used the criteria set forth in 17 CFR 229.1122(d) to
assess the compliance by the Asserting Party with the Applicable Servicing
Criteria for the Reporting Period and (ii) concluded that, other than as
identified on Appendix B, the Asserting Party has complied, in all material
respects, with the Applicable Servicing Criteria as of September 30, 2006 and
for the Reporting Period with respect to the Platform, taken as a whole.

PricewaterhouseCoopers
LLP, an independent registered public accounting firm, has issued an
attestation report for the Platform, stating that the Asserting Party has
complied with the Applicable Servicing Criteria, except for material instances
of non-compliance identified on Appendix B, as of September 30, 2006 and for
the Reporting Period.

| |                                            
| | -------------------------------------------
| | JPMorgan
  Chase Bank, National Association
|
| | /s/ Kelly A.
  Mathieson                   
| |                                            
| | Kelly A.
  Mathieson, Managing Director    
| | Date: March
  14, 2007                     

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|                                                               
|---------------------------------------------------------------
|Appendix A                                                     
|                                                               
|BA Master Credit Card Trust II                                 
|Capital Auto Receivables Asset
  Trust 2006-1                  
|Capital One Auto Finance Trust
  2006-A                        
|Capital One Auto Finance Trust
  2006-B                        
|Capital One Prime Auto
  Receivables Trust, 2006-1             
|Centex Home Equity Loan Trust
  2006-A                         
|Chase Auto Owner Trust 2006-A                                  
|Chase Auto Owner Trust 2006-B                                  
|Chase Credit Card Master Trust,
  Series 1996-2 (Class A and B)
|Chase Credit Card Master Trust,
  Series 1996-3 (Class A and B)
|Chase Credit Card Master Trust,
  Series 2001-1                
|Chase Credit Card Master Trust,
  Series 2001-2                
|Chase Credit Card Master Trust,
  Series 2001-4                
|Chase Credit Card Master Trust,
  Series 2001-6                
|Chase Credit Card Master Trust,
  Series 2002-1                
|Chase Credit Card Master Trust,
  Series 2002-3                
|Chase Credit Card Master Trust,
  Series 2002-5                
|Chase Credit Card Master Trust,
  Series 2002-7                
|Chase Credit Card Master Trust,
  Series 2003-1                
|Chase Credit Card Master Trust,
  Series 2003-2                
|Chase Credit Card Master Trust,
  Series 2003-3                
|Chase Credit Card Master Trust,
  Series 2003-4                
|Chase Credit Card Master Trust,
  Series 2003-5                
|Chase Credit Card Master Trust,
  Series 2003-6                
|Chase Credit Card Master Trust,
  Series 2004-1                
|Chase Credit Card Master Trust,
  Series 2004-2                
|Chase Mortgage Finance Trust
  Series 2006-A1                  
|Chase Mortgage Finance Trust
  Series 2006-S1                  
|Chase Mortgage Finance Trust
  Series 2006-S2                  
|ChaseFlex Trust Series 2006-1                                  
|ChaseFlex Trust Series 2006-2                                  
|Citigroup Mortgage Loan Trust
  2006-CB3                       
|CNH Equipment Trust 2006-A                                     
|CNH Equipment Trust 2006-B                                     
|CWHEQ Revolving Home Equity Loan
  Trust, Series 2006- F       
|CWHEQ Revolving Home Equity Loan
  Trust, Series 2006-A        
|CWHEQ Revolving Home Equity Loan
  Trust, Series 2006-B        
|CWHEQ Revolving Home Equity Loan
  Trust, Series 2006-C        
|CWHEQ Revolving Home Equity Loan
  Trust, Series 2006-D        
|CWHEQ Revolving Home Equity Loan
  Trust, Series 2006-E        
|CWHEQ Revolving Home Equity Loan
  Trust, Series 2006-G        
|CWHEQ Revolving Home Equity Loan
  Trust, Series 2006-H        
|DaimlerChrysler Auto
  Trust 2006-A                            
|Ford Credit Floorplan Master
  Owner Trust A, Series 2006-3    
|Ford Credit Floorplan Master
  Owner Trust A, Series 2006-4    
|GMACM Home Equity Loan Trust
  2006-HE1                        
|GMACM Home Equity Loan Trust
  2006-HE2                        
|GMACM Home Equity Loan Trust
  2006-HE3                        
|GMACM Home Equity Loan Trust
  2006-HE4                        
|GMACM Home Loan Trust 2006-HLTV1                               
|GMACM Mortgage Loan Trust
  2006-AR2                           
|GS Auto Loan Trust 2006-1                                      
|GSAA Home Equity Trust 2006-1                                  
|GSAA Home Equity Trust 2006-12                                 
|GSAA Home Equity Trust 2006-3                                  
|GSAA Home Equity Trust 2006-5                                  
|GSAA Home Equity Trust 2006-6                                  
|GSAA Home Equity Trust 2006-9                                  
|                                                               

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|                                                   
|---------------------------------------------------
|GSR Mortgage Loan Trust 2006-4F                    
|Honda Auto Receivables 2006-1
  Owner Trust        
|IXIS Real Estate Capital Trust
  2006-HE1          
|IXIS Real Estate Capital Trust
  2006-HE2          
|J.P. Morgan Mortgage Acquisition
  Corp. 2006-FRE1 
|J.P. Morgan Mortgage Acquisition
  Corp. 2006-FRE2 
|J.P. Morgan Mortgage Acquisition
  Corp. 2006-HE1  
|J.P. Morgan Mortgage Acquisition
  Corp. 2006-WMC1 
|J.P. Morgan Mortgage Acquisition
  Trust 2006-ACC1 
|J.P. Morgan Mortgage Acquisition
  Trust 2006-CW1  
|J.P. Morgan Mortgage Acquisition
  Trust 2006-HE2  
|J.P. Morgan Mortgage Acquisition
  Trust 2006-NC1  
|J.P. Morgan Mortgage Acquisition
  Trust 2006-NC2  
|J.P. Morgan Mortgage Acquisition
  Trust 2006-RM1  
|J.P. Morgan Mortgage Acquisition
  Trust 2006-WMC2 
|J.P. Morgan Mortgage Acquisition
  Trust 2006-WMC3 
|Nationstar Home Equity Loan Trust
  2006-B         
|Newcastle Mortgage Securities
  Trust 2006-1       
|NovaStar Mortgage Funding Trust,
  Series 2006-1   
|NovaStar Mortgage Funding Trust,
  Series 2006-2   
|NovaStar Mortgage Funding Trust,
  Series 2006-3   
|NovaStar Mortgage Funding Trust,
  Series-2006-MTA1
|Origen Manufactured Housing
  Contract Trust 2006-A
|Ownit Mortgage Loan Trust, Series
  2006-1 Trust   
|Popular ABS Mortgage Pass-Through
  Trust 2006-A   
|Popular ABS Mortgage Pass-Through
  Trust 2006-B   
|Popular ABS Mortgage Pass-Through
  Trust 2006-C   
|Popular ABS Mortgage Pass-Through
  Trust 2006-D   
|RAAC Series 2006-SP1 Trust                         
|RAAC Series 2006-SP2 Trust                         
|RAAC Series 2006-SP3 Trust                         
|RAMP Series 2006-RS1 Trust                         
|RAMP Series 2006-RS2 Trust                         
|RAMP Series 2006-RS3 Trust                         
|RAMP Series 2006-RS4 Trust                         
|RAMP Series 2006-RS5 Trust                         
|RAMP Series 2006-RZ1 Trust                         
|RAMP Series 2006-RZ2 Trust                         
|RAMP Series 2006-RZ3 Trust                         
|RAMP Series 2006-RZ4 Trust                         
|RFMSII Series 2006-HSA1 Trust                      
|The Home Equity Loan Trust
  2006-HSA2             
|The Home Equity Loan Trust
  2006-HSA3             
|The Home Equity Loan Trust
  2006-HSA4             
|The Home Equity Loan Trust
  2006-HSA5             
|The Home Loan Trust 2006-HI1                       
|The Home Loan Trust 2006-HI2                       
|The Home Loan Trust 2006-HI3                       
|The Home Loan Trust 2006-HI4                       
|USAA Auto Owner Trust 2006-1                       
|USAA Auto Owner Trust 2006-2                       
|                                                   

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APPENDIX B

Material Instances of Noncompliance

|                                                                                                                                                 |  |                                                                                                                                                                                 | 
|------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|During the
  Reporting Period, the Company has identified the following material instances
  of noncompliance the Applicable Servicing Criteria.
|                                                                                                                                                 |  |                                                                                                                                                                                
|                                                                                                                                                 |  | CFR Item
  1122(d)(3)(i): Certain monthly investor reports omitted information required
  by the transaction agreements and/or contained errors in the information
  presented. | 
|                                                                                                                                                 |  |                                                                                                                                                                                
|                                                                                                                                                 |  | CFR Item
  1122(d)(3)(ii): Certain monthly investor distributions contained errors as to
  amounts due to certain investors.                                                    | 

Remediation Efforts

Errors
and omissions were corrected and appropriate measures were taken to avoid
similar errors and omissions.

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