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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.**

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

**              **

**PART        IV**

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

| **Exhibit                    Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1                                   | The                    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 November                    2,                    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 December 4, 2006 and is hereby incorporated                    by                    reference into this report on Form 10-K)                                                                                                                                                                                                                               |
| 4.1                                   | Pooling                    and Servicing Agreement, dated as of October 1, 2006, among Bear                    Stearns                    Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation,                    as                    seller and as master servicer, and LaSalle Bank National Association,                    as                    trustee (As previously filed on Form 8-K filed on December 4,                    2006 and is                    hereby incorporated by reference into this report on Form                    10-K)                                                                                                                                                                                                                                                                                                                                                             |
| 10.1                                  | The                    Novation Agreement, dated as of November 29, 2006, among Bear                    Stearns                    Capital Markets Inc., as transferor, Bear Stearns Financial Products                    Inc.,                    as transferee, and LaSalle Bank National Association, as supplemental                    interest trust trustee, including the Interest Rate Swap Agreement                    and the                    Credit Support Annex, dated as of November 29, 2006, between                    Bear Stearns                    Financial Products Inc., as swap provider, and LaSalle Bank National                    Association, as supplemental interest trust trustee (As previously                    filed                    on Form 8-K filed on December 5, 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, EMC Mortgage Corporation, as Master                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 33(b)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, LaSalle Bank National Association, as                    Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 33(c)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, Wells Fargo Bank National Association, as                    Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 33(d)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, LandAmerica Tax and Flood Services, Inc., as servicing                    function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 33(e)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, Assurant, Inc., as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 34(a)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, EMC Mortgage Corporation, as Master                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 34(b)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, LaSalle Bank National Association, as                    Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 34(c)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, Wells Fargo Bank National Association,                    as                    Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 34(d)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, LandAmerica Tax and Flood Services,                    Inc., as                    servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 34(e)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, Assurant, Inc., as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 35(a)                                 | Servicer                    compliance statement, EMC Mortgage Corporation, as Master                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 35(b)                                 | Servicer                    compliance statement, LaSalle Bank National Association, as                    Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

| (b)                  The exhibits required to be filed by Registrant pursuant to Item                  601 of                  Regulation S-K:                     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (31)                  Rule 13a-14(d)/15d-14(d) Certifications.                                                                                               |   |
|  (33)                  Reports on assessment of compliance with servicing criteria for                  asset-backed securities:                              |   |
|  1.                                                                                                                                                           | EMC                  Mortgage Corporation, as Master Servicer |   |
| 2.                                                                                                                                                                 | LaSalle                  Bank National Association, as Trustee and Custodian |   |
| 3.                                                                                                                                                                 | Wells                  Fargo Bank, NA, as Custodian |   |
| 4.                                                                                                                                                                 | LandAmerica                  Tax and Flood Services, Inc., as servicing function                  participant |   |
| 5.                                                                                                                                                                 | Assurant,                  Inc., as servicing function participant |   |
|  (34)                  Attestation reports on assessment of compliance with servicing                  criteria                  for asset-backed securities: |
| 1.                                                                                                                                                                 | EMC                  Mortgage Corporation, as Master Servicer |
| 2.                                                                                                                                                                 | LaSalle                  Bank National Association, as Trustee and Custodian |
| 3.                                                                                                                                                                 | Wells                  Fargo Bank, NA, as Custodian |
| 4.                                                                                                                                                                 | LandAmerica                  Tax and Flood Services, Inc., as servicing function                  participant |
| 5.                                                                                                                                                                 | Assurant,                  Inc., as servicing function participant |
| (35)                  Servicer Compliance Statements:                                                                                                              |
| 1.                                                                                                                                                                 | EMC                  Mortgage Corporation, as Master Servicer |
| 2.                                                                                                                                                                 | LaSalle                  Bank National Association, as Trustee |

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**SIGNATURES**

|                                      | EMC                      Mortgage Corporation, as Master Servicer |
|-------------------------------------------|-------------------------------------------------------------------|
|                                      |                                                              |
|  March                      28, 2007 |  /s/                      John A. Vella                 |
|                                      | Name:                       John A. Vella                    |
|                                      | Title: President                      and CEO                |

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**EXHIBIT      INDEX **

| **Exhibit                  Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1                                 | The                  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 November                  2,                  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 December 4, 2006 and is hereby incorporated                  by                  reference into this report on Form 10-K)                                                                                                                                                                                                      |
| 4.1                                 | Pooling                  and Servicing Agreement, dated as of October 1, 2006, among Bear                  Stearns                  Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation,                  as                  seller and as master servicer, and LaSalle Bank National Association,                  as                  trustee (As previously filed on Form 8-K filed on December 4, 2006                  and is                  hereby incorporated by reference into this report on Form                  10-K)                                                                                                                                                                                                                                                                                                                                  |
| 10.1                                | The                  Novation Agreement, dated as of November 29, 2006, among Bear Stearns                  Capital Markets Inc., as transferor, Bear Stearns Financial Products                  Inc.,                  as transferee, and LaSalle Bank National Association, as supplemental                  interest trust trustee, including the Interest Rate Swap Agreement                  and the                  Credit Support Annex, dated as of November 29, 2006, between Bear                  Stearns                  Financial Products Inc., as swap provider, and LaSalle Bank National                  Association, as supplemental interest trust trustee (As previously                  filed                  on Form 8-K filed on December 5, 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, EMC Mortgage Corporation, as Master                  Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 33(b)                               | Report                  on assessment of compliance with servicing criteria for asset-backed                  securities, LaSalle Bank National Association, as                  Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 33(c)                               | Report                  on assessment of compliance with servicing criteria for asset-backed                  securities, Wells Fargo Bank National Association, as                  Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 33(d)                               | Report                  on assessment of compliance with servicing criteria for asset-backed                  securities, LandAmerica Tax and Flood Services, Inc., as servicing                  function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 33(e)                               | Report                  on assessment of compliance with servicing criteria for asset-backed                  securities, Assurant, Inc., as servicing function                  participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 34(a)                               | Attestation                  report on assessment of compliance with servicing criteria for                  asset-backed securities, EMC Mortgage Corporation, as Master                  Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 34(b)                               | Attestation                  report on assessment of compliance with servicing criteria for                  asset-backed securities, LaSalle Bank National Association, as                  Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 34(c)                               | Attestation                  report on assessment of compliance with servicing criteria for                  asset-backed securities, Wells Fargo Bank National Association,                  as                  Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 34(d)                               | Attestation                  report on assessment of compliance with servicing criteria for                  asset-backed securities, LandAmerica Tax and Flood Services, Inc.,                  as                  servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 34(e)                               | Attestation                  report on assessment of compliance with servicing criteria for                  asset-backed securities, Assurant, Inc., as servicing function                  participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 35(a)                               | Servicer                  compliance statement, EMC Mortgage Corporation, as Master                  Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 35(b)                               | Servicer                  compliance statement, LaSalle Bank National Association, as                  Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

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