ATTN:

The Bank of New York, not in its individual capacity but solely as securities administrator on 

behalf of the J.P. Morgan Mortgage Acquisition Trust 2006-CH2 supplemental interest trust




Pei Yan Huang

Fax: 212-815-8093




C.J. De Santis

Fax: 203-629-8907







FROM:

Carmine Pilla

JPMorgan Chase Bank, N.A.




RE:

Interest Rate Swap Confirmation




YOUR REF:







OUR REF:

6900028924461 / 0055008701




DATE SENT:

13 December 2006







NO OF PAGES:

8 (Including Cover)

URGENT:  PLEASE SIGN AND FAX THIS

CONFIRMATION TO (001) 8888033606




Interest Rate Swap Transaction

The purpose of this letter agreement is to confirm the terms and conditions of the Transaction entered into between:

JPMORGAN CHASE BANK, NA.

("JPMorgan")




and




The Bank of New York, not in its individual capacity but solely as securities administrator on behalf of the

J.P. Morgan Mortgage Acquisition Trust 2006-CH2 supplemental interest trust

(the "Counterparty")




on the Trade Date and identified by the JPMorgan Deal Number specified below (the "Transaction"). This letter agreement constitutes a "Confirmation" as referred to in the Master Agreement specified below, and supersedes any previous confirmation or other writing with respect to the transaction described below.




The definitions and provisions contained in the 2000 ISDA Definitions (the "Definitions"), as published by the International Swaps and Derivatives Association, Inc. are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern.




This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement dated as of 14 December 2006, as amended and supplemented from time to time (the "Agreement"), between JPMORGAN CHASE BANK, N.A. ("JPMorgan") and The Bank of New York, not in its individual capacity but solely as securities administrator on behalf of the J.P. Morgan Mortgage Acquisition Trust 2006-CH2 supplemental interest trust (the "Counterparty"). All provisions contained in the Agreement govern this Confirmation except as expressly modified below.

The terms of the particular Interest Rate Swap Transaction to which this Confirmation relates are as follows:




	A.  TRANSACTION DETAILS

	 
	 	 
	JPMorgan Deal Number(s):

	6900028924461 / 0055008701


	 	 
	Notional Amount:

	Per attached schedule in Exhibit A


	 	 
	Trade Date:

	15 November 2006


	 	 
	Effective Date:

	25 December 2006


	 	 
	Termination Date:

	25 May 2011 subject to adjustment in accordance with the Modified Following Business Day Convention


	 	 
	Fixed Amounts:

	 
	 	 
	Fixed Rate Payer:

	Counterparty


	 	 
	Fixed Rate Payer Period End Dates:

	The 25th of each month in each year commencing with 25 January 2007 to and including the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.


	 	 
	Fixed Rate Payer Payment Dates:

	The Fixed Rate Payer Period End Date.


	 	 
	Fixed Rate:

	5.0200 percent


	 	 
	Fixed Rate Day Count Fraction:

	30/360


	 	 
	Business Days:

	New York, London


	 	 
	Floating Amounts:

	 
	 	 
	Floating Rate Payer:

	JPMorgan


	 	 
	Floating Rate Payer Period End Dates:

	The 25th of each month in each year commencing with 25 January 2007 to and including the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.


	 	 
	Floating Rate for initial Calculation Period:

	To be determined


	 	 
	Floating Rate Payer Payment Dates:

	Two (2) Business days preceding each Floating Rate Payer Period End Date.


	 	 
	Floating Rate Option:

	USD-LIBOR-BBA


	 	 
	Designated Maturity:

	1 Month


	 	 
	Spread:

	None


	 	 
	Floating Rate Day Count Fraction:

	Actual/360


	 	 
	Reset Dates:

	The first day of each Calculation Period.


	 	 
	Compounding:

	Inapplicable


	 	 
	Business Days:

	New York, London


	 	 
	Calculation Agent:

	JPMorgan, unless otherwise stated in the Agreement.


	 	 
	B.  ACCOUNT DETAILS

	 
	 	 
	Payments to JPMorgan in USD:

	JPMORGAN CHASE BANK NA

JPMORGAN CHASE BANK NA

BIC: CHASUS33XXX

ABA: 021000021

AC No: 099997979

Ref: # 6900028924461 / 0055008701


	 	 
	Payments to Counterparty in USD:

	JPMorgan Chase Bank, NA

ABA 021000021

Account No. 507947541

FFC: 10228648.3

Ref. JPMAC 2006-CH2


	 	 
	C.  OFFICES

	 
	 	 
	JPMorgan:

	NEW YORK


	 	 
	Counterparty:

	NEW YORK







D. RELATIONSHIP BETWEEN PARTIES




Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):




(a)  Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of that Transaction.




(b)  Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is capable of assuming, and assumes the risks of that Transaction.




(c)  Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of that Transaction.

E. SECURITIES ADMINISTRATOR CAPACITY




It is expressly understood and agreed by the parties hereto that insofar as this Confirmation is executed by the Securities Administrator (i) this Confirmation is executed and delivered by The Bank of New York, not in its individual capacity but solely as Securities Administrator under the Pooling and Servicing Agreement, dated as of November I, 2006 (the "Pooling and Servicing Agreement"), among J.P. Morgan Acceptance Corporation I, as depositor, J.P. Morgan Mortgage Acquisition Corp., as seller, U.S. Bank National Association, as trustee, Pentalpha Surveillance LLC, as trust oversight manager and the Securities Administrator, JPMorgan Chase Bank National Association as servicer, in the exercise of the powers and authority conferred and vested in it thereunder, (ii) under no circumstances shall The Bank of New York in its individual capacity be personally liable for the payment of any indebtedness or expenses or be personally liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken under this Confirmation, and (iii) each of the representations, undertakings and agreements herein made on behalf of the Counterparty is made and intended not as personal representations, undertakings and agreements of the Counterparty.




Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of this Confirmation and returning it to us or by sending to us a letter, telex or facsimile substantially similar to this letter, which letter, telex or facsimile sets forth the material terms of the Transaction to which this Confirmation relates and indicates agreement to those terms. When referring to this Confirmation, please indicate: JPMorgan Deal Number(s): 6900028924461 / 0055008701







JPMorgan Chase Bank, N.A.

/s/ Edward R. Robinson Jr                           

Name:

Edward R. Robinson Jr.         

Title:

Associate                                

Accepted and confirmed as of the date first written:




The Bank of New York, not in its individual capacity but solely as securities administrator on behalf of the J.P. Morgan Mortgage Acquisition Trust 2006-CH2 supplemental interest trust

/s/ Pei Huang                                                

Name:

Pei Huang                               

Title:

Assistant Vice President         

Exhibit A

	Period Start

	Period End

	Notional (USD)


	12/25/2006

	1/25/2007

	1,547,994,000.00


	1/25/2007

	2/25/2007

	1,513,418,000.00


	2/25/2007

	3/25/2007

	1,473,802,000.00


	3/25/2007

	412512007

	1,429,352,000.00


	4/25/2007

	5/25/2007

	1,380,299,000.00


	5/25/2007

	6/25/2007

	1,343,318,000.00


	6/25/2007

	7/25/2007

	1,286,673,000.00


	7/25/2007

	8/25/2007

	1,231,547,000.00


	8/25/2007

	9/25/2007

	1,178,764,000.00


	9/25/2007

	10/25/2007

	1,128,222,000.00


	10/25/2007

	11/25/2007

	1,079,826,000.00


	11/25/2007

	1212512007

	1,033,485,000.00


	1212512007

	1/25/2008

	989,109,000.00


	1/25/2008

	2/25/2008

	946,613,000.00


	2125/2008

	3/25/2008

	902,580,000.00


	3/25/2008

	4/25/2008

	862,350,000.00


	4/25/2008

	5/25/2008

	824,810,000.00


	5/2512008

	6/25/2008

	776,154,000.00


	6/25/2008

	7/25/2008

	451,104,000.00


	7/25/2008

	8/25/2008

	347,868,000.00


	8/25/2008

	9/25/2008

	313,756,000.00


	9/25/2008

	10/25/2008

	283,868,000.00


	10/25/2008

	11/25/2008

	266,743,000.00


	11/25/2008

	12/25/2008

	253,690,000.00


	12/25/2008

	1/25/2009

	241,273,000.00


	1/25/2009

	2125/2009

	229,455,000.00


	2/25/2009

	3/25/2009

	218,170,000.00


	3/25/2009

	4/25/2009

	206,992,000.00


	4/25/2009

	5/25/2009

	196,425,000.00


	5125/2009

	6/25/2009

	186,758,000.00


	6/25/2009

	7/25/2009

	129,225,000.00


	7/25/2009

	8/25/2009

	109,583,000.00


	8125/2009

	9/25/2009

	104,803,000.00


	9/25/2009

	10/25/2009

	100,193,000.00


	10/25/2009

	11/25/2009

	108,990,000.00


	11/25/2009

	12/25/2009

	115,514,000.00


	1212512009

	1/25/2010

	111,885,000.00


	1/25/2010

	2/25/2010

	108,374,000.00


	2/25/2010

	3/25/2010

	104,978,000.00


	312512010

	4/25/2010

	101,691,000.00


	4/25/2010

	512512010

	98,511,000.00


	5/25/2010

	612512010

	95,433,000.00


	6/25/2010

	712512010

	92,191,000.00


	7/25/2010

	812512010

	88,953,000.00


	 	8/25/2010

	9/25/2010

	85,826,000.00


	 	9/25/2010

	10/25/2010

	82,805,000.00


	 	10/25/2010

	11/25/2010

	79,885,000.00


	 	11/25/2010

	12/25/2010

	77,065,000.00


	 	12/25/2010

	1/25/2011

	74,339,000.00


	 	1/25/2011

	2/25/2011

	71,704,000.00


	 	2/25/2011

	3/25/2011

	69,158,000.00


	 	3/25/2011

	4/25/2011

	66,696,000.00


	 	4/25/2011

	5/25/2011

	64,316,000.00




Client Service Group

All queries regarding confirmations should be sent to:




JPMorgan Chase Bank, N.A.

Contacts

	JPMorgan Contact

	Telephone Number


	Client Service Group

	(001 ) 3026344960




Group E-mail address:

	Facsimile:

	(001 ) 8888033606


	Telex:

	 
	Cable:

	 





Please quote the JPMorgan deal number(s): 6900028924461 / 0055008701