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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                                                                                    |   | 20-0842986                                                         |   |
|--------|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|
|   | (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        9A(T). Controls and Procedures.**

**Item        9B. Other Information.**

**PART        III**

**Item        10. Directors, Executive Officers and Corporate        Governances.**

**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, and Director Independences.        **

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

**ADDITIONAL        DISCLOSURE ITEMS UNDER REGULATION AB**

**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.**

**1122(d)(2)(vii)                **
**Bank                Reconciliations:**

**1122(d)(4)(viii)                  **
**Collection                  Activities:**

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

**PART        IV**

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

| Exhibit                      Number | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1                                 | Underwriting                      Agreement, dated April 13, 2006, between Bear, Stearns & Co. Inc., as                      underwriter and Bear Stearns Asset Backed Securities I LLC,                      as depositor                      and the related Terms Agreement, dated as of August 10, 2006,                      between                      Bear, Stearns & Co. Inc., as underwriter and Bear Stearns Asset Backed                      Securities I LLC, as depositor. (As previously filed on Form                      8-K filed on                      September 26, 2006 and is hereby incorporated by reference                      into this                      report on Form 10-K)                        |
| 4.1                                 | Pooling                      and Servicing Agreement, dated as of August 1, 2006, among                      Bear Stearns                      Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation,                      as                      seller and as company, LaSalle Bank National Association, as                      master                      servicer and as securities administrator, and Citibank, N.A.,                      as trustee.                      (As previously filed on Form 8-K filed on September 26, 2006                      and is hereby                      incorporated by reference into this report on Form                      10-K)                                            |
| 4.1                                 | Amendment                      Number One to the Pooling and Servicing Agreement, dated as                      of August 1,                      2006, among Bear Stearns Asset Backed Securities I LLC, as                      depositor, EMC                      Mortgage Corporation, as seller and as company, LaSalle Bank                      National                      Association, as master servicer and securities administrator                      and Citibank,                      N.A., as trustee. (As previously filed on Form 8-K filed on                      December 6,                      2006 and is hereby incorporated by reference into this report                      on Form                      10-K) |
| 31                                  | Sarbanes-Oxley                      Certification                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 33(a)                               | Report                      on assessment of compliance with servicing criteria for asset-backed                      securities, LaSalle Bank National Association, as Master                      Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 33(b)                               | Report                      on assessment of compliance with servicing criteria for asset-backed                      securities, EMC Mortgage Corporation, as Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 33(c)                               | Report                      on assessment of compliance with servicing criteria for asset-backed                      Securities, LaSalle Bank National Association, as Securities                      Administrator and Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 33(d)                               | Report                      on assessment of compliance with servicing criteria for asset-backed                      Securities, Wells Fargo Bank, NA, as Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 33(e)                               | Report                      on assessment of compliance with servicing criteria for asset-backed                      securities, GMAC Mortgage, LLC, as servicing function                      participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 33(f)                               | Report                      on assessment of compliance with servicing criteria for asset-backed                      securities, Homebanc Mortgage Corporation, as servicing function                      participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 33(g)                               | Report                      on assessment of compliance with servicing criteria for asset-backed                      securities, ZC Sterling Insurance Agency, Inc., as servicing                      function                      participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 33(h)                               | Report                      on assessment of compliance with servicing criteria for asset-backed                      securities, ZC Real Estate Tax Solutions Limited, as servicing                      function                      participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 33(i)                               | Report                      on assessment of compliance with servicing criteria for asset-backed                      securities, LandAmerica Tax and Flood Services, Inc., as servicing                      function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 33(j)                               | Report                      on assessment of compliance with servicing criteria for asset-backed                      securities, Assurant, Inc., as servicing function                      participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 33(k)                               | Report                      on assessment of compliance with servicing criteria for asset-backed                      securities, GMAC Bank, as servicing function                      participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 34(a)                               | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, LaSalle Bank National Association,                      as Master                      Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 34(b)                               | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, EMC Mortgage Corporation, as                      Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 34(c)                               | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, LaSalle Bank National Association,                      as Securities                      Administrator and Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 34(d)                               | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, Wells Fargo Bank, NA, as                      Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 34(e)                               | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, GMAC Mortgage, LLC, as servicing function                      participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 34(f)                               | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, Homebanc Mortgage Corporation, as                      servicing                      function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 34(g)                               | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, ZC Sterling Insurance Agency, Inc.,                      as servicing                      function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 34(h)                               | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, ZC Real Estate Tax Solutions Limited,                      as                      servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 34(i)                               | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, LandAmerica Tax and Flood Services,                      Inc., as                      servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 34(j)                               | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, Assurant, Inc., as servicing function                      participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 34(k)                               | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, GMAC Bank, as servicing function                      participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 35(a)                               | Servicer                      compliance statement, LaSalle Bank National Association, as Master                      Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 35(b)                               | Servicer                      compliance statement, EMC Mortgage Corporation, as                      Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 35(c)                               | Servicer                      compliance statement, LaSalle Bank National Association, as                      Securities                      Administrator                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 35(d)                               | Servicer                      compliance statement, GMAC Mortgage, LLC, as servicing function                      participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 35(e)                               | Servicer                      compliance statement, Homebanc Mortgage Corporation, as servicing                      function                      participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

| (b)                      The exhibits required to be filed by Registrant pursuant to                      Item 601 of                      Regulation S-K are listed above and in the Exhibit Index that                      immediately                      follows the signature page hereof. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (31)                      Rule 13a-14(d)/15d-14(d) Certifications.                                                                                                                                                                                                                          |   |
|  (33)                      Reports on assessment of compliance with servicing criteria                      for                      asset-backed securities:                                                                                                                                |   |
|  1.                                                                                                                                                                                                                                                                                          | LaSalle                      Bank National Association, as Master Servicer |   |
| 2.                                                                                                                                                                                                                                                                                                | EMC                      Mortgage Corporation, as Company |   |
| 3.                                                                                                                                                                                                                                                                                                | LaSalle                      Bank National Association, as Securities Administrator and                      Custodian |   |
| 4.                                                                                                                                                                                                                                                                                                | Wells                      Fargo Bank, NA, as Custodian |   |
| 5.                                                                                                                                                                                                                                                                                                | GMAC                      Mortgage, LLC, as servicing function participant |   |
| 6.                                                                                                                                                                                                                                                                                                | Homebanc                      Mortgage Corporation, as servicing function participant |   |
| 7.                                                                                                                                                                                                                                                                                                | ZC                      Sterling Insurance Agency, Inc., as servicing function                      participant |   |
| 8.                                                                                                                                                                                                                                                                                                | ZC Real                      Estate Tax Solutions Limited, as servicing function                      participant |   |
| 9.                                                                                                                                                                                                                                                                                                | LandAmerica                      Tax and Flood Services, Inc., as servicing function                      participant |   |
| 10.                                                                                                                                                                                                                                                                                               | Assurant,                      Inc., as servicing function participant |   |
| 11.                                                                                                                                                                                                                                                                                               | GMAC                      Bank, as servicing function participant |   |
|  (34)                      Attestation reports on assessment of compliance with servicing                      criteria                      for asset-backed securities:                                                                                                                    |
| 1.                                                                                                                                                                                                                                                                                                | LaSalle                      Bank National Association, as Master Servicer |
| 2.                                                                                                                                                                                                                                                                                                | EMC                      Mortgage Corporation, as Company |
| 3.                                                                                                                                                                                                                                                                                                | LaSalle                      Bank National Association, as Securities Administrator and                      Custodian |
| 4.                                                                                                                                                                                                                                                                                                | Wells                      Fargo Bank, NA, as Custodian |
| 5.                                                                                                                                                                                                                                                                                                | GMAC                      Mortgage, LLC, as servicing function participant |
| 6.                                                                                                                                                                                                                                                                                                | Homebanc                      Mortgage Corporation, as servicing function participant |
| 7.                                                                                                                                                                                                                                                                                                | ZC                      Sterling Insurance Agency, Inc., as servicing function                      participant |
| 8.                                                                                                                                                                                                                                                                                                | ZC                      Real Estate Tax Solutions Limited, as servicing function                      participant |
| 9.                                                                                                                                                                                                                                                                                                | LandAmerica                      Tax and Flood Services, Inc., as servicing function                      participant |
| 10.                                                                                                                                                                                                                                                                                               | Assurant,                      Inc., as servicing function participant |
| 11.                                                                                                                                                                                                                                                                                               | GMAC                      Bank, as servicing function participant |
| (35)                      Servicer Compliance Statements:                                                                                                                                                                                                                                         |
| 1.                                                                                                                                                                                                                                                                                                | LaSalle                      Bank National Association, as Master Servicer |
| 2.                                                                                                                                                                                                                                                                                                | EMC                      Mortgage Corporation, as Company |
| 3.                                                                                                                                                                                                                                                                                                | LaSalle                      Bank National Association, as Securities Administrator and                      Custodian |
| 4.                                                                                                                                                                                                                                                                                                | GMAC                      Mortgage, LLC, as servicing function participant |
| 5.                                                                                                                                                                                                                                                                                                | Homebanc                      Mortgage Corporation, as servicing function                      participant |

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**SIGNATURES**

|                                                           | LaSalle                      Bank National Association, as Master Servicer |
|----------------------------------------------------------------|----------------------------------------------------------------------------|
|                                                           |                                                                       |
|  March                      29,                      2007 | /s/                      Andrew Leszczynski                                |
|                                                           | By: Andrew                      Leszczynski                           |
|                                                           | Title: First                      Vice President                      |

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**EXHIBIT        INDEX**

| Exhibit                    Number | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1                               | Underwriting                    Agreement, dated April 13, 2006, between Bear, Stearns & Co. Inc., as                    underwriter and Bear Stearns Asset Backed Securities I LLC, as                    depositor                    and the related Terms Agreement, dated as of August 10, 2006,                    between                    Bear, Stearns & Co. Inc., as underwriter and Bear Stearns Asset Backed                    Securities I LLC, as depositor. (As previously filed on Form                    8-K filed on                    September 26, 2006 and is hereby incorporated by reference into                    this                    report on Form 10-K)                       |
| 4.1                               | Pooling                    and Servicing Agreement, dated as of August 1, 2006, among Bear                    Stearns                    Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation,                    as                    seller and as company, LaSalle Bank National Association, as                    master                    servicer and as securities administrator, and Citibank, N.A.,                    as trustee.                    (As previously filed on Form 8-K filed on September 26, 2006                    and is hereby                    incorporated by reference into this report on Form                    10-K)                                             |
| 4.1                               | Amendment                    Number One to the Pooling and Servicing Agreement, dated as of                    August 1,                       2006, among Bear Stearns Asset Backed Securities I LLC, as                    depositor, EMC                    Mortgage Corporation, as seller and as company, LaSalle Bank                    National                    Association, as master servicer and securities administrator                    and Citibank,                    N.A., as trustee. (As previously filed on Form 8-K filed on December                    6,                    2006 and is hereby incorporated by reference into this report                    on Form                    10-K) |
| 31                                | Sarbanes-Oxley                    Certification                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 33(a)                             | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, LaSalle Bank National Association, as Master                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 33(b)                             | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, EMC Mortgage Corporation, as Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 33(c)                             | Report                    on assessment of compliance with servicing criteria for asset-backed                    Securities, LaSalle Bank National Association, as Securities                    Administrator and Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 33(d)                             | Report                    on assessment of compliance with servicing criteria for asset-backed                    Securities, Wells Fargo Bank, NA, as Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 33(e)                             | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, GMAC Mortgage, LLC, as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 33(f)                             | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, Homebanc Mortgage Corporation, as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 33(g)                             | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, ZC Sterling Insurance Agency, Inc., as servicing                    function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 33(h)                             | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, ZC Real Estate Tax Solutions Limited, as servicing                    function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 33(i)                             | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, LandAmerica Tax and Flood Services, Inc., as servicing                    function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 33(j)                             | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, Assurant, Inc., as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 33(k)                             | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, GMAC Bank, as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 34(a)                             | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, LaSalle Bank National Association, as                    Master                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 34(b)                             | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, EMC Mortgage Corporation, as                    Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 34(c)                             | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, LaSalle Bank National Association, as                    Securities                    Administrator and Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 34(d)                             | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, Wells Fargo Bank, NA, as                    Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 34(e)                             | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, GMAC Mortgage, LLC, as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 34(f)                             | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, Homebanc Mortgage Corporation, as servicing                    function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 34(g)                             | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, ZC Sterling Insurance Agency, Inc.,                    as servicing                    function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 34(h)                             | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, ZC Real Estate Tax Solutions Limited,                    as                    servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 34(i)                             | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, LandAmerica Tax and Flood Services,                    Inc., as                    servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 34(j)                             | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, Assurant, Inc., as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 34(k)                             | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, GMAC Bank, as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 35(a)                             | Servicer                    compliance statement, LaSalle Bank National Association, as Master                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 35(b)                             | Servicer                    compliance statement, EMC Mortgage Corporation, as                    Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 35(c)                             | Servicer                    compliance statement, LaSalle Bank National Association, as Securities                    Administrator                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 35(d)                             | Servicer                    compliance statement, GMAC Mortgage, LLC, as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 35(e)                             | Servicer                    compliance statement, Homebanc Mortgage Corporation, as servicing                    function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

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