----

**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**

|   | Deleware                                                                                    |   | 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 o |
|------------------------------------------|------------------------------------|----------------------------------------------|

**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                                     | Terms                      Agreement, dated January 27, 2006, between Bear, Stearns & Co. Inc.,                      as underwriter and Bear Stearns Assets Backed Securities I                      LLC, as                      depositor, relating to the Underwriting Agreement, dated January                      10, 2006,                      between Bear, Stearns & Co. Inc., as underwriter and Bear Stearns                      Assets Backed Securities I LLC, as depositor (As previously                      filed on Form                      8-K filed on March 15, 2006 and is hereby incorporated by reference                      into                      this report on Form 10-K) |
| 4.1                                     | Pooling                      and Servicing Agreement, dated as of February 1, 2006, among                      Bear Stearns                      Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation,                      as                      sponsor and as master servicer and LaSalle Bank National Association,                      as                      trustee. (As previously filed on Form 8-K filed on March 15,                      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 and                      Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 33(c)                                   | Report                      on assessment of compliance with servicing criteria for asset-backed                      securities, LandAmerica Tax and Flood Services, Inc., as servicing                      function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 33(d)                                   | 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 and                      Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 34(c)                                   | Attestation                      report on assessment of compliance with servicing criteria                      for                      asset-backed securities, LandAmerica Tax and Flood Services,                      Inc., as                      servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 34(d)                                   | 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.                                                                                                                                                                             | LandAmerica                      Tax and Flood Services, Inc., as servicing function                      participant |   |
| 4.                                                                                                                                                                             | 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.                                                                                                                                                                             | LandAmerica                      Tax and Flood Services, Inc., as servicing function                      participant |
| 4.                                                                                                                                                                             | Assurant,                      Inc., as servicing function participant |
| (35)                      Servicer Compliance Statements:                                                                                                                      |
| 1.                                                                                                                                                                             | EMC                      Mortgage Corporation, as Master Servicer |
| 2.                                                                                                                                                                             | LaSalle                      Bank National Association, as Trustee |

----

**SIGNATURES**

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

----

**EXHIBIT      INDEX**

| **Exhibit                  Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1                                 | Terms                  Agreement, dated January 27, 2006, between Bear, Stearns & Co. Inc.,                  as underwriter and Bear Stearns Assets Backed Securities I LLC,                  as                  depositor, relating to the Underwriting Agreement, dated January                  10, 2006,                  between Bear, Stearns & Co. Inc., as underwriter and Bear Stearns                  Assets Backed Securities I LLC, as depositor (As previously filed                  on Form                  8-K filed on March 15, 2006 and is hereby incorporated by reference                  into                  this report on Form 10-K) |
| 4.1                                 | Pooling                  and Servicing Agreement, dated as of February 1, 2006, among Bear                  Stearns                  Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation,                  as                  sponsor and as master servicer and LaSalle Bank National Association,                  as                  trustee. (As previously filed on Form 8-K filed on March 15, 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 and                  Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 33(c)                               | Report                  on assessment of compliance with servicing criteria for asset-backed                  securities, LandAmerica Tax and Flood Services, Inc., as servicing                  function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 33(d)                               | 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 and                  Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 34(c)                               | Attestation                  report on assessment of compliance with servicing criteria for                  asset-backed securities, LandAmerica Tax and Flood Services, Inc.,                  as                  servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 34(d)                               | 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

----