[LETTERHEAD OF PHH MORTGAGE]


              REPORT ON ASSESSMENT OF COMPLIANCE WITH REGULATION AB
                               SERVICING CRITERIA

PHH Mortgage  Corporation  (the "Asserting  Party") is responsible for assessing
compliance  as of  December  31,  2006 and for the period  from  January 1, 2006
through December 31, 2006 (the "Reporting  Period") with the servicing  criteria
set forth in Section 229.1122(d) of the Code of Federal Regulations (the "CFR"),
except  for  criteria  set forth in  Section  229.1122(d)(3)(i)(c),  (d)(4)(ii),
(d)(4)(xv) and  (d)(1)(iii) of the CFR, which the Asserting  Party has concluded
are not  applicable to the servicing  activities it performs with respect to the
transactions covered by this report (the "Applicable Servicing  Criteria").  The
criteria set forth in Section 229.1122 (d)(4)(vii) and (d)(4)(xi) of the CFR are
performed by outsource providers on behalf of the Asserting Party;  however, the
Asserting  Party has monitored  the  outsourcing  of these  criteria and assumes
responsibility for compliance.  The transactions  covered by this report include
all non-agency  loan sale  agreements  executed after January 1, 2006 as well as
all re-securitization transactions after January 1, 2006 for which the Asserting
Party served as servicer (the "Platform").

The Asserting Party has assessed its compliance  with the Servicing  Criteria as
of December 31, 2006 and for the  Reporting  Period and has  concluded  that the
Asserting  Party has  complied,  in all material  respects,  with the  Servicing
Criteria  with respect to the Platform  taken as a whole except for as discussed
below:

     STANDARD                            DESCRIPTION
   1122(d)(1)(i)    he  Asserting   Party  has  not  instituted   policies  and
                    procedures  to  specifically  monitor  performance  or other
                    triggers  or events  of  default  stated in the  transaction
                    agreements

   1122(d)(1)(iv)   During  the  months  of July,  August,  and  September,  the
                    Company's  minimum  coverage  requirement  exceeded its $160
                    million fidelity bond by amounts ranging up to approximately
                    $1.3 million.  Effective  September 27, 2006,  the Company's
                    fidelity bond was increased to $170 million.

   1122(d)(3)(i)(A) The  Asserting  Party did not maintain or provide one of the
                    required   monthly   reports   stated  in  the   transaction
                    agreements during the year

   1122(d)(3)(i)(D) The Asserting Party did not perform  procedures to agree the
                    unpaid principal balance and number of loans serviced by the
                    Asserting Party with that of the investors or trustees

Deloitte & Touche, and independent registered public accounting firm, has issued
an  attestation  report  on the  assessment  of  compliance  with the  Servicing
Criteria for the Reporting Period as set forth in this assertion.


PHH Mortgage Corporation

Date: February 28, 2007


/s/ Terence W. Edwards
Terence W. Edwards
President and Chief Executive Officer


/s/ Mark Danahy
Mark Danahy
Senior Vice President and Chief Financial Officer


/s/ Martin L. Foster
Martin L. Foster
Senior Vice President - Loan Servicing