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 for the fiscal year ended December 31, 2006
                                       OR
[ ]     TRANSITION REPORT  PURSUANT TO  SECTION  13 OR 15(d) OF  THE  SECURITIES
        EXCHANGE ACT OF 1934 for the transition period from           to


                                        Commission File Number: 333-131111-03

                 NOVASTAR MORTGAGE FUNDING TRUST, SERIES 2006-1
                                (Issuing Entity)

                  NOVASTAR CERTIFICATES FINANCING CORPORATION
             (Exact name of Depositor as specified in its charter)

                             NOVASTAR MORTGAGE, INC.
               (Exact name of Sponsor as specified in its charter)

         Delaware                                           48-1195807
State or other jurisdiction of                          (I.R.S. Employer
incorporation or organization                           Identification No.)

8140 Ward Parkway, Suite 300
Kansas City, Missouri                                          64114
(Address of Principal Executive Offices)                     (Zip Code)

       Registrant's telephone number, including area code : (816) 237-7000


Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the  registrant is a well-known  seasoned  issuer,  as
defined in Rule 405 of the Securities Act.  Yes [ ]  No [X]

Indicate  by  check  mark if the  registrant  is not  required  to file  reports
pursuant to Section 13 or Section 15(d) of the Act.  Yes [ ]  No [X]

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.  Yes [X]  No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K (229.405 of this chapter) is not contained  herein,  and will
not be contained,  to the best of registrant's knowledge, in definitive proxy or
information  statements  incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K.  [X]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12-b-2 of the Exchange Act.

Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [X]

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Act).  Yes [ ]  No [X]

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates  computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common  equity,  as of
the last business day of the registrant's most recently  completed second fiscal
quarter.  Not Applicable.

Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.  Not Applicable.

                      DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the part
of the Form 10-K  (e.g.,  Part I, Part II,  etc.)  into  which the  document  is
incorporated:   (1  Any  annual  report  to  security  holders;  (2)  Any  proxy
information statement;  and, (3) Any prospectus filed pursuant to Rule 424(b) or
(c) under the  Securities Act of 1933.  The listed  documents  should be clearly
described for identification  purposes (e.g.,  annual report to security holders
for fiscal year ended date December 24, 1980).    None


<PAGE>

PART I

Item 1.  Business.

         Not Applicable.

Item 1A. Risk Factors.

         Not Applicable.

Item 1B. Unresolved Staff Comments.

         Not Applicable.

Item 2.  Properties.

         Not Applicable.

Item 3.  Legal Proceedings.

         Not Applicable.

Item 4.  Submission of Matters to a Vote of Security Holders.

         Not Applicable.

PART II

Item 5.  Market for Registrant's Common Equity,  Related Stockholder Matters and
         Issuer Purchases of Equity Securities.

         Not Applicable.

Item 6.  Selected Financial Data.

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial Condition and Results
         of Operation.

         Not Applicable.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data.

         Not Applicable.

Item 9.  Changes  in  and  Disagreements  With  Accountants  on  Accounting  and
         Financial Disclosure.

         Not Applicable.

Item 9A. Controls and Procedures.

         Not Applicable.

Item 9B. Other Information.

         Not Applicable.

                                      -2-

<PAGE>

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

         Not Applicable.

Item 11. Executive Compensation.

         Not Applicable.

Item 12. Security  Ownership  of  Certain  Beneficial  Owners and Management and
         Related Stockholder Matters.

         Not Applicable.

Item 13. Certain Relationships and Related Transactions, and Director
         Independence.

         Not Applicable.

Item 14. Principal Accounting Fees and Services.

         Not Applicable.


PART IV

Item 15. Exhibits, Financial Statement Schedules.

         (a)(1) Financial Statements:
                Not Applicable.

         (a)(2) Financial Statement Schedules:
                Not Applicable.

         (a)(3) The following documents are filed as a part of this report:

                Exhibit No.

                31.1   Rule 13a-14(d)/15d-14(d) Certification

         (b)    The exhibits required  to be  filed  by  Registrant pursuant  to
                Item 601 of Regulation S-K are listed in the  Exhibit Index that
                immediately follows the signature page hereof.

         (c)    Not Applicable.


                                      -3-
<PAGE>

                 ADDITIONAL DISCLOSURE ITEMS FROM REGULATION AB


Item 1112(b) of Regulation AB,  Significant Obligor Financial Information

         Not Applicable.

Item  1114(b)(2)  and Item 1115(b) of  Regulation  AB,  Significant  Enhancement
Provider Financial Information

         Not Applicable.

Item 1117 of Regulation AB, Legal Proceedings

         In December 2005, a putative  class action was  filed against  NovaStar
         Mortgage  Inc.  ("NMI") in the United  States  District  Court for  the
         Western  District of  Washington  entitled  Pierce  et al. v.  NovaStar
         Mortgage, Inc. Plaintiffs contend that  NMI failed to disclose prior to
         closing that a broker payment  would be made on their loans,  which was
         an  unfair  and  deceptive  practice  in  violation  of the  Washington
         Consumer Protection  Act. Plaintiffs seek excess interest charged,  and
         treble damages as provided  in the Washington  Consumer  Protection Act
         and  attorney's  fees. On  October 31, 2006, the district court granted
         plaintiffs' motion  to certify a  Washington state class. NMI sought to
         appeal the grant of class certification;  however, a panel of the Ninth
         Circuit Court of Appeals  denied the request for  interlocutory  appeal
         so review of the class  certification  order  must wait  until  after a
         final judgment is entered, if necessary.  The case  is set for trial on
         April 23, 2007. NMI believes that it has valid defenses to  plaintiffs'
         claims and it intends to vigorously defend against them.

         In  addition,  NMI   is  currently  a  party  to  various  other  legal
         proceedings  and claims,  including,  but  not  limited  to,  breach of
         contract claims,  class action or individual  claims for  violations of
         the  RESPA,  FLSA,  federal  and   state  laws  prohibiting  employment
         discrimination,  federal and state  laws prohibiting  discrimination in
         lending and federal and  state licensing  and consumer protection laws.

         While management,  including internal counsel, currently  believes that
         the ultimate outcome of all these proceedings and claims will not have
         a material  adverse effect on NMI's financial  condition  or results of
         operations, litigation  is  subject to  inherent  uncertainties.  If an
         unfavorable ruling  were to occur, there  exists the  possibility  of a
         material  adverse impact  on NMI's  financial  condition and results of
         operations.

Item 1119 of Regulation AB, Affiliations  and  Certain Relationships and Related
Transactions

         Same as disclosed in the Prospectus.

Item 1122 of Regulation AB,  Compliance with applicable Servicing Criteria

         (a)    The following documents are filed as part of this report.

                Exhibit No.

                33.1 Management's Report on Assessment of Compliance with SEC
                     Regulation AB Servicing Criteria, NovaStar Mortgage, Inc.
                33.2 Assertion of Compliance With Applicable Servicing Criteria
                     The Bank of New York & The Bank of New York Trust Company
                33.3 Management's Report on Assessment of Compliance with
                     Applicable Servicing Criteria, JPMorgan Chase Bank, N.A.
                33.4 Report on Compliance with Applicable Servicing Criteria
                     Pursuant to Item 1122 of Regulation AB under the Securities
                     Exchange Act of 1934, U.S. Bank National Association
                34.1 Report  of  Independent  Registered Public Accounting Firm
                     (Deloitte & Touche and PricewaterhouseCoopers)
                34.2 Report  of  Independent  Registered Public Accounting Firm
                     (Ernst & Young)
                34.3 Report  of  Independent  Registered Public Accounting Firm
                     (PricewaterhouseCoopers)
                34.4 Report  of  Independent  Registered Public Accounting Firm
                     (Ernst & Young)

The  following   parties  have  reported  one  or  more  instances  of  material
noncompliance with applicable servicing criteria in their reports on assessments
of compliance:

The Servicer and Trustee have reported  material  noncompliance  with applicable
servicing  criteria.  The  Servicer's  report on  assessment  of  compliance  is
attached as Exhibit 33.1 and the Trustee's report on assessment of compliance is
attached as Exhibit 33.3.

Item 1123 of Regulation AB,  Servicer Compliance Statement

         (a)    The following document are filed as part of this report.

                Exhibit No.

                35.1  Officer's Certificate Regarding Annual Statement of
                      Compliance

Supplemental  information to be furnished with reports filed pursuant to section
15(d) of the Act by Registrants which have not registered securities pursuant to
Section 12 Of The Act

No annual  report,  proxy  statement,  form of proxy or other  proxy  soliciting
material has been sent to  noteholders,  and the  registrant  does not presently
contemplate sending any such materials subsequent to the filing of this report.


                                      -4-
<PAGE>


SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.


By:     NovaStar Certificates Financing Corporation

By:     /s/ Matt Kaltenrieder
        ---------------------------------------
Name:   Matt Kaltenrieder
Title:  Vice President
Date:   March 28, 2007




                                      -5-
<PAGE>

                                  EXHIBIT INDEX

Exhibit     Description

 31.1       Rule 13a-14(d)/15d-14(d) Certification

 33.1       Management's Report on Assessment of Compliance with SEC
            Regulation AB Servicing Criteria, NovaStar Mortgage, Inc.

 33.2       Assertion of Compliance With Applicable Servicing Criteria
            The Bank of New York and The Bank of New York Trust Company,
            as Indenture Trustee

 33.3       Management's Report on Assessment of Compliance with Applicable
            Servicing Criteria, JPMorgan Chase Bank, N.A., as Indenture Trustee

 33.4       Report on Compliance with Applicable Servicing Criteria Pursuant to
            Item 1122 of Regulation AB under the Securities Exchange Act of 1934
            U.S. Bank, National Association, as Custodian

 34.1       Report of Independent Registered Public Accounting Firm
            NovaStar Mortgage, Inc. -
            (Deloitte & Touche and PricewaterhouseCoopers)

 34.2       Report of Independent Registered Public Accounting Firm
            The Bank of New York and The Bank of New York Trust Company,
            as Indenture Trustee - (Ernst & Young)

 34.3       Report of Independent Registered Public Accounting Firm
            JPMorgan Chase Bank, N.A., as Indenture Trustee -
            (PricewaterhouseCoopers)

 34.4       Report of Independent Registered Public Accounting Firm
            U.S. Bank, National Association, as Custodian - (Ernst & Young)

 35.1       Officer's Certificate Regarding Annual Statement of Compliance



                                       -6-

<PAGE>
                                  EXHIBIT 31.1
                                ----------------
                     Rule 13a-14(d)/15d-14(d) Certification


                                 CERTIFICATION


I, Matt Kaltenrieder, certify that:


1.  I have  reviewed  this  report  on Form  10-K and all  reports  on Form 10-D
required  to be filed in respect of the  period  covered by this  report on Form
10-K of NovaStar  Mortgage  Funding  Trust,  Series  2006-1 (the  "Exchange  Act
periodic reports");

2.  Based on my knowledge,  the Exchange Act periodic reports, taken as a whole,
do not  contain  any  untrue  statement  of a  material  fact or omit to state a
material  fact  necessary  to  make  the  statements   made,  in  light  of  the
circumstances under which such statements were made, not misleading with respect
to the period covered by this report;

3.  Based  on my  knowledge,  all  of  the  distribution,  servicing  and  other
information  required to be provided  under Form 10-D for the period  covered by
this report is included in the Exchange Act periodic reports;

4.  Based on my knowledge and the servicer compliance statement required in this
report under Item 1123 of Regulation AB, and except as disclosed in the Exchange
Act periodic  reports,  the servicer has  fulfilled  its  obligations  under the
servicing agreement; and

5.  All of the reports on assessment of compliance with  servicing  criteria for
asset-backed  securities and their related  attestation reports on assessment of
compliance with servicing  criteria for asset-backed  securities  required to be
included  in this  report in  accordance  with Item  1122 of  Regulation  AB and
Exchange  Act Rules  13a-18 and 15d-18 have been  included as an exhibit to this
report,  except as otherwise disclosed in this report. Any material instances of
noncompliance  described in such  reports have been  disclosed in this report on
Form 10-K.

In giving the  certifications  above,  I have  reasonably  relied on information
provided  to me by  the  following  unaffiliated  parties:  U.S.  Bank  National
Association, as Custodian and Bank of New York, as Trustee.

Date:  March 22, 2007

                                        /s/ Matt Kaltenrieder
                                        -------------------------
                                        Matt Kaltenrieder
                                        Vice President


<PAGE>
                                  EXHIBIT 33.1
                                ----------------

                 MANAGEMENT'S REPORT ON ASSESSMENT OF COMPLIANCE
                    WITH SEC REGULATION AB SERVICING CRITERIA
                             NovaStar Mortgage, Inc.

Management  of  NovaStar  Mortgage,  Inc.,  a Virginia  corporation,  (Servicer)
provides this platform-level assertion of compliance with the servicing criteria
specified in Item 1122(d) of Regulation AB  promulgated  by the  Securities  and
Exchange Commission.

Management has determined that the following  servicing  criteria are applicable
in regards to the  following  servicing  platform  for the  following  period as
follows.

Platform:  Publicly-issued (i.e.  transaction-level reporting initially required
under  the   Securities   Exchange   Act  of  1934,   as  amended)   residential
mortgage-backed  securities and other mortgage-related  asset-backed  securities
issued on or after  January  1, 2006 for  which we served as the  Servicer.  The
platform includes the following transactions:

                                                        Date of PSA
                                                        ---------------
NovaStar Mortgage Funding Trust, Series 2006-1          April 1, 2006
NovaStar Mortgage Funding Trust, Series 2006-MTA1       May 1, 2006
NovaStar Mortgage Funding Trust, Series 2006-2          June 1, 2006
NovaStar Mortgage Funding Trust, Series 2006-3          June 1, 2006
NovaStar Mortgage Funding Trust, Series 2006-4          August 1, 2006
NovaStar Mortgage Funding Trust, Series 2006-5          September 1, 2006
NovaStar Mortgage Funding Trust, Series 2006-6          December 1, 2006

Applicable Servicing Criteria: All servicing criteria set forth in Item 1122(d),
to  the  extent  required  by  the  related  transaction  agreements  as to  any
transaction,  except  for  the  following  criteria:  1122(d)(3)(ii),  (3)(iii),
(3)(iv), (4)(ii), and (4)(xv).

Third  party  classified  as  a  vendor:  With  respect  to  servicing  criteria
1122(d)(4)(xi)  and (xii) management  engaged Proctor Financial Inc. (January 1,
2006 to September 15, 2006) to perform  activities  required by these  servicing
criteria.  The  company's  management  has  determined  that this  vendor is not
considered  a  "servicer"  as defined in Item 110(j) of  Regulation  AB, and the
Company's management has elected to take responsibility for assessing compliance
with  the  servicing  criteria   applicable  to  this  vendor  as  permitted  by
("Interpretation  17.06"). As permitted by Interpretation 17.06,  management has
asserted  that it has policies  and  procedures  in place to provide  reasonable
assurance that the vendor's  activities comply in all material respects with the
servicing criteria applicable to each vendor. The Company's management is solely
responsible  for  determining  that it  meets  the  SEC  requirements  to  apply
Interpretation 17.06 for the vendors and related criteria.

Period: January 1, 2006 to December 31, 2006.

With respect to the Platform and the Period,  the Company provides the following
assessment of compliance in respect of the Applicable Servicing Criteria:

  -  The Company is responsible for assessing its compliance with the Applicable
     Servicing Criteria.

  -  The Company has assessed compliance with the Applicable Servicing Criteria.

  -  As of December  31,  2006 and for the  Period,  the Company was in material
     compliance  with all  Applicable  Servicing  Criteria with respect with the
     Platform  taken  as a  whole,  except  as  follows:  certain  monthly  bank
     reconciliations were not prepared and reviewed timely, certain monthly bank
     reconciliations  contained  reconciling items that were not cleared timely,
     reassignment of loans within the Mortgage  Electronic  Registration  System
     (MERS) was not performed and fidelity  bond  insurance  coverage was not at
     the level required by the servicing agreements.  Control activities related
     to these  items  have been  implemented  and  individual  instances  of non
     compliance have been or are in the process of being corrected.

Deloitte & Touche LLP, an independent  registered  public  accounting  firm, has
issued  an  attestation  report  with  respect  to the  Company's  assertion  of
compliance with the Applicable Servicing Criteria as of and for the Period.


BY: /s/ Christopher S. Miller
-------------------------------------------------
Christopher S. Miller
Senior Vice President of Servicing


BY: /s/ Gregory S. Metz
-------------------------------------------------
Gregory S. Metz
Senior Vice President and Chief Financial Officer

Date:   March 9, 2007



                     REPORT ON ASSESSMENT OF COMPLIANCE WITH
                SECTION 1122(d)(2)(vi) and SECTION 1122(d)(4)(xi)
                       of REGULATION AB SERVICING CRITERIA

American Security  Insurance  Company,  Standard Guaranty  Insurance Company and
Safeco  Financial  Institution  Solutions,  Inc.  (affiliates  of Assurant Inc.,
collectively 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
1122(d)(2)(vi),  1122(d)(4)(xi) and  1122(d)(4)(xii) of Title 17, 229.1122(d) of
the Code of Federal  Regulations,  which the  Asserting  Party has concluded are
applicable to the insurance escrow servicing activities it performs with respect
to  all  mortgage  loan-tracking   transactions  covered  by  this  report.  The
transactions   covered  by  this  report  include  all  mortgage   loan-tracking
transactions  for  which  the  Asserting  Party  served as a Vendor on behalf of
Servicers for such  asset-backed  securities  transactions  that were registered
after January 1, 2006 with the  Securities and Exchange  Commission  pursuant to
the Securities Act of 1933 (the  "Platform").  The scope of the Asserting  Party
assertions  excludes  1122(d)(4)(xii)  of Title 17,  229.1122(d)  of the Code of
Federal Regulations, which relates to servicing activities that are performed by
the  Asserting  Party with  respect to the  Platform,  but are not  reported  on
herein.

The  Asserting  Party  has  assessed  its  compliance  with  1122(d)(2)(vi)  and
1122(d)(4)(xi)  ("the Applicable  Servicing  Criteria") for the Reporting Period
and has  concluded  that the  Asserting  Party  has  complied,  in all  material
respects,  with the Applicable  Servicing Criteria for the Reporting Period with
respect to the Platform taken as a whole.  The Asserting Party used the criteria
set  forth  in  paragraph  (d) of  Item  1122 of  Regulation  AB to  assess  the
compliance with the Applicable Servicing Criteria.

The Asserting Party has complied, in all material respects,  with the Applicable
Servicing Criteria for the Reporting Period.

PricewaterhouseCoopers  LLP, an independent  registered  public accounting firm,
has  issued an  attestation  report on the  assessment  of  compliance  with the
Applicable Servicing Criteria as of and for the Reporting Period ending December
31, 2006 as set forth in this assertion.

     American Security Insurance Company
     Standard Guaranty Insurance Company
     Safeco Financial Institution Solutions, Inc.


     By: /s/ John Frobose
     --------------------------------------------
     John Frobose
     Senior Vice President

     Date: February 23, 2007




                       REPORT ON ASSESSMENT OF COMPLIANCE

First American Real Estate Solutions of Texas,  L.P. (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 Title 17, Section 229.1122(d)(1)(iv), (d)(2)(v),
(d)(2)(vi), (d)(2)(vii), (d)(4)(xi), (d)(4)(xii) and (d)(4)(xiii) of the Code of
Federal Regulations applicable to the Asserting Party (the "Applicable Servicing
Criteria").  The  transactions  covered by this report include all  asset-backed
securities  transactions  that were  registered with the Securities and Exchange
Commission pursuant to the Securities Act of 1933 (the "Platform  Transactions")
for which the Asserting Party served as the tax service provider.

The Asserting  Party has assessed its compliance  with the Applicable  Servicing
Criteria for the Reporting  Period and has concluded  that,  except as set forth
hereinbelow,  the Asserting Party has complied,  in all material respects,  with
the Applicable Servicing Criteria as of December 31, 2006, and for the Reporting
Period with respect to the Platform Transactions taken as a whole.

The  Asserting  Party  assessed its  compliance  with the  Applicable  Servicing
Criteria for the  Reporting  Period and has  identified  a material  instance of
noncompliance   with   the   servicing    criterion   set   forth   in   Section
229.1122(d)(2)(vii)(B)  of the CFR with respect to the  Platform.  Specifically,
the  Asserting  Party  did not  prepare  reconciliations  for  all  asset-backed
securities  related  bank  accounts  within  30  calendar  days  after  the bank
statement  cut-off  date or such  number of days  specified  in the  transaction
agreements.

PricewaterhouseCoopers  LLP, an independent  registered  public accounting firm,
has  issued an  attestation  report on the  assessment  of  compliance  with the
Applicable  Servicing  Criteria as of December 31, 2006,  and for the  Reporting
Period as set forth in this assertion.

FIRST AMERICAN REAL ESTATE SOLUTIONS OF TEXAS, L.P.
By:   First American Real Estate Solutions LLC
      General Partner

/s/ Lucy A. Przybyla
---------------------
Lucy A. Przybyla
Senior Vice President
March 12, 2007


<PAGE>
                                  EXHIBIT 33.2
                                ----------------

           ASSERTION OF COMPLIANCE WITH APPLICABLE SERVICING CRITERIA

The Bank of New York and The Bank of New York Trust Company, N.A. (collectively,
the "Company")  provides this  platform-level  assessment of compliance with the
servicing criteria specified in Item 1122(d) of Regulation AB promulgated by the
Securities and Exchange Commission.

Management has determined that the following  servicing  criteria are applicable
in regards to the following servicing platform for the following period:

Platform:  Publicly-issued (i.e., transaction-level reporting initially required
under  the   Securities   Exchange   Act  of  1934,   as  amended)   residential
mortgage-backed  securities and other mortgage-related  asset-backed  securities
issued on or after January 1, 2006 (and like-kind  transactions  issued prior to
January  1,  2006)  for  which  the   Company   provides   trustee,   securities
administration,  paying agent or custodial services.  The platform includes like
kind   transactions   for  which  the  Company  provided   trustee,   securities
administrator,  paying agent or custodial  services as a result of the Company's
acquisition  as of October 1, 2006 of portions of  JPMorgan  Chase Bank,  N.A.'s
corporate  trust  business,   including  structured  finance  agency  and  trust
transactions.

Applicable Servicing Criteria: All servicing criteria set forth in Item 1122(d),
to  the  extent  required  by  the  related  transaction  agreements  as to  any
transaction,  except for the following criteria:  1122 (d) (1)(ii), (iii), (iv),
(4) (iv), (v), (vi), (vii), (viii), (ix), (x), (xi), (xii) and (xiii).

Period: Twelve months ended December 31, 2006.

With respect to the Platform and the Period,  the Company provides the following
assessment of compliance in respect of the Applicable Servicing Criteria:

- The Company is responsible  for assessing its  compliance  with the Applicable
Servicing Criteria.

- The  Company has assessed  compliance with the  Applicable Servicing Criteria.

- As of  December  31,  2006 and for the  Period,  the  Company  was in material
compliance with the Applicable Servicing Criteria.


Ernst & Young LLP, an independent  registered public accounting firm, has issued
an  attestation  report with respect to the  Company's  foregoing  assessment of
compliance.


        The Bank of New York                    The Bank of New York
        The Bank of New York Trust              The Bank of New York Trust
            Company, N.A.                           Company, N.A.

        By: /s/ Robert L. Griffin               By: /s/ Patrick J. Tadie
            ----------------------                  ----------------------
            Robert L. Griffin                       Patrick J. Tadie
            Authorized Signer                       Authorized Signer


March 1, 2007



<PAGE>

                                  EXHIBIT 33.3
                                ----------------
              Management's Report on Assessment of Compliance with
                          Applicable Servicing Criteria
                 JPMorgan Chase Bank, N.A., as Indenture Trustee


     JPMorgan  Chase  Bank,  National  Association  (the  "Asserting  Party") is
responsible for assessing compliance as of September 30, 2006 and for the period
from January 1, 2006 through September 30, 2006 (the "Reporting  Period"),  with
the servicing  criteria set forth in Title 17, Section  229.1122 (d) of the Code
of Federal  Regulations  (the  "CFR"),  to the extent  required  by the  related
transaction   agreements  and  excluding  the  criteria  set  forth  in  17  CFR
229.1122(d)  (1)(ii)-(iv),  (2)(iii),  (2)(vi),  (4)(i)-(ii),  and (4)(iv)-(xiv)
which the Asserting  Party has concluded are not applicable to the activities it
performs with respect to the asset-backed securitization transactions covered by
this report (such  criteria,  after giving effect to the  exclusions  identified
above,  the  "Applicable  Servicing  Criteria").   This  report  covers  certain
asset-backed  securities  transactions  backed by  residential  mortgages,  home
equity loans, auto loans,  credit card receivables,  dealer floor plans,  retail
installment  contracts and manufactured housing contracts for which transactions
the  Asserting  Party  performs the  Applicable  Servicing  Criteria as trustee,
securities   administrator  or  paying  agent  that  were  registered  with  the
Securities  and Exchange  Commission  pursuant to the Securities Act of 1933, as
amended,  where the related asset-backed  securities were outstanding during the
reporting period (the "Platform"), as listed in Appendix A.

     The  Asserting  Party  has  (i)  used  the  criteria  set  forth  in 17 CFR
229.1122(d) to assess the compliance by the Asserting  Party with the Applicable
Servicing  Criteria for the Reporting Period and (ii) concluded that, other than
as identified on Appendix B, the Asserting  Party has complied,  in all material
respects,  with the Applicable  Servicing  Criteria as of September 30, 2006 and
for the Reporting Period with respect to the Platform, taken as a whole.

     PricewaterhouseCoopers  LLP, an independent  registered  public  accounting
firm,  has issued an  attestation  report  for the  Platform,  stating  that the
Asserting Party has complied with the Applicable Servicing Criteria,  except for
material  instances of non-compliance  identified on Appendix B, as of September
30, 2006 and for the Reporting Period.

JPMorgan Chase Bank, National Association

/s/ Kelly A. Mathieson
-----------------------
Kelly A. Mathieson, Managing Director
Date:  March 14, 2007


--------------------------------------------------------------------------------
                                   Appendix A
--------------------------------------------------------------------------------
                         BA Master Credit Card Trust II
                   Capital Auto Receivables Asset Trust 2006-1
                      Capital One Auto Finance Trust 2006-A
                      Capital One Auto Finance Trust 2006-B
                Capital One Prime Auto Receivables Trust, 2006-1
                      Centex Home Equity Loan Trust 2006-A
                          Chase Auto Owner Trust 2006-A
                          Chase Auto Owner Trust 2006-B
          Chase Credit Card Master Trust, Series 1996-2 (Class A and B)
          Chase Credit Card Master Trust, Series 1996-3 (Class A and B)
                  Chase Credit Card Master Trust, Series 2001-1
                  Chase Credit Card Master Trust, Series 2001-2
                  Chase Credit Card Master Trust, Series 2001-4
                  Chase Credit Card Master Trust, Series 2001-6
                  Chase Credit Card Master Trust, Series 2002-1
                  Chase Credit Card Master Trust, Series 2002-3
                  Chase Credit Card Master Trust, Series 2002-5
                  Chase Credit Card Master Trust, Series 2002-7
                  Chase Credit Card Master Trust, Series 2003-1
                  Chase Credit Card Master Trust, Series 2003-2
                  Chase Credit Card Master Trust, Series 2003-3
                  Chase Credit Card Master Trust, Series 2003-4
                  Chase Credit Card Master Trust, Series 2003-5
                  Chase Credit Card Master Trust, Series 2003-6
                  Chase Credit Card Master Trust, Series 2004-1
                  Chase Credit Card Master Trust, Series 2004-2
                   Chase Mortgage Finance Trust Series 2006-A1
                   Chase Mortgage Finance Trust Series 2006-S1
                   Chase Mortgage Finance Trust Series 2006-S2
                          ChaseFlex Trust Series 2006-1
                          ChaseFlex Trust Series 2006-2
                     Citigroup Mortgage Loan Trust 2006-CB3
                           CNH Equipment Trust 2006-A
                           CNH Equipment Trust 2006-B
             CWHEQ Revolving Home Equity Loan Trust, Series 2006- F
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-A
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-B
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-C
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-D
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-E
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-G
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-H
                        DaimlerChrysler Auto Trust-2006-A
            Ford Credit Floorplan Master Owner Trust A, Series 2006-3
            Ford Credit Floorplan Master Owner Trust A, Series 2006-4
                      GMACM Home Equity Loan Trust 2006-HE1
                      GMACM Home Equity Loan Trust 2006-HE2
                      GMACM Home Equity Loan Trust 2006-HE3
                      GMACM Home Equity Loan Trust 2006-HE4
                        GMACM Home Loan Trust 2006-HLTV1
                       GMACM Mortgage Loan Trust 2006-AR2
                            GS Auto Loan Trust 2006-1
                          GSAA Home Equity Trust 2006-1
                         GSAA Home Equity Trust 2006-12
                          GSAA Home Equity Trust 2006-3
                          GSAA Home Equity Trust 2006-5
                          GSAA Home Equity Trust 2006-6
                          GSAA Home Equity Trust 2006-9
                         GSR Mortgage Loan Trust 2006-4F
                    Honda Auto Receivables 2006-1 Owner Trust
                     IXIS Real Estate Capital Trust 2006-HE1
                     IXIS Real Estate Capital Trust 2006-HE2
                J.P. Morgan Mortgage Acquisition Corp. 2006-FRE1
                J.P. Morgan Mortgage Acquisition Corp. 2006-FRE2
                 J.P. Morgan Mortgage Acquisition Corp. 2006-HE1
                J.P. Morgan Mortgage Acquisition Corp. 2006-WMC1
                J.P. Morgan Mortgage Acquisition Trust 2006-ACC1
                 J.P. Morgan Mortgage Acquisition Trust 2006-CW1
                 J.P. Morgan Mortgage Acquisition Trust 2006-HE2
                 J.P. Morgan Mortgage Acquisition Trust 2006-NC1
                 J.P. Morgan Mortgage Acquisition Trust 2006-NC2
                 J.P. Morgan Mortgage Acquisition Trust 2006-RM1
                J.P. Morgan Mortgage Acquisition Trust 2006-WMC2
                J.P. Morgan Mortgage Acquisition Trust 2006-WMC3
                    Nationstar Home Equity Loan Trust 2006-B
                   Newcastle Mortgage Securities Trust 2006-1
                 NovaStar Mortgage Funding Trust, Series 2006-1
                 NovaStar Mortgage Funding Trust, Series 2006-2
                 NovaStar Mortgage Funding Trust, Series 2006-3
                NovaStar Mortgage Funding Trust, Series-2006-MTA1
                Origen Manufactured Housing Contract Trust 2006-A
                 Ownit Mortgage Loan Trust, Series 2006-1 Trust
                 Popular ABS Mortgage Pass-Through Trust 2006-A
                 Popular ABS Mortgage Pass-Through Trust 2006-B
                 Popular ABS Mortgage Pass-Through Trust 2006-C
                 Popular ABS Mortgage Pass-Through Trust 2006-D
                           RAAC Series 2006-SP1 Trust
                           RAAC Series 2006-SP2 Trust
                           RAAC Series 2006-SP3 Trust
                           RAMP Series 2006-RS1 Trust
                           RAMP Series 2006-RS2 Trust
                           RAMP Series 2006-RS3 Trust
                           RAMP Series 2006-RS4 Trust
                           RAMP Series 2006-RS5 Trust
                           RAMP Series 2006-RZ1 Trust
                           RAMP Series 2006-RZ2 Trust
                           RAMP Series 2006-RZ3 Trust
                           RAMP Series 2006-RZ4 Trust
                          RFMSII Series 2006-HSA1 Trust
                      The Home Equity Loan Trust 2006-HSA2
                      The Home Equity Loan Trust 2006-HSA3
                      The Home Equity Loan Trust 2006-HSA4
                      The Home Equity Loan Trust 2006-HSA5
                          The Home Loan Trust 2006-HI1
                          The Home Loan Trust 2006-HI2
                          The Home Loan Trust 2006-HI3
                          The Home Loan Trust 2006-HI4
                          USAA Auto Owner Trust 2006-1
                          USAA Auto Owner Trust 2006-2

--------------------------------------------------------------------------------
                                   APPENDIX B
--------------------------------------------------------------------------------
                       Material Instances of Noncompliance

During the Reporting Period,  the Company has identified the following  material
instances of noncompliance the Applicable Servicing Criteria.

     CFR  Item   1122(d)(3)(i):   Certain  monthly   investor   reports  omitted
     information required by the transaction  agreements and/or contained errors
     in the information presented.

     CFR Item 1122(d)(3)(ii):  Certain monthly investor distributions  contained
     errors as to amounts due to certain investors.

                               Remediation Efforts

Errors and omissions were corrected and appropriate measures were taken to avoid
similar errors and omissions.
--------------------------------------------------------------------------------


        Management's Report on Assessment of Compliance with Applicable
                               Servicing Criteria

     JPMorgan  Chase  Bank,  National  Association  (the  "Asserting  Party") is
responsible  for  assessing  compliance as of October 1, 2006 and for the period
from October 1, 2006 through  December 31, 2006 (the "Reporting  Period"),  with
the servicing  criteria set forth in Title 17, Section  229.1122 (d) of the Code
of Federal  Regulations  (the  "CFR"),  to the extent  required  by the  related
transaction  agreements  excluding the criteria set forth in 17 CFR  229.1122(d)
(1)(i)-(iv),  (2)(i)-(vi),  (3)(i)-(iv),  and  (4)(i)-(xv),  which the Asserting
Party has  concluded  are not  applicable  to the  activities  it performs  with
respect to the asset-backed  securitization  transactions covered by this report
(such  criteria,  after giving effect to the exclusions  identified  above,  the
"Applicable Servicing Criteria"). This report covers the asset-backed securities
transactions backed by residential  mortgages and home equity loans, auto loans,
credit cards, dealer floor plans, retail installment  contracts and manufactured
housing  contracts  for which  transactions  the  Asserting  Party  performs the
applicable  servicing  criteria,  that were  registered  with the Securities and
Exchange  Commission  pursuant to the Securities Act of 1933, as amended,  where
the related  asset-backed  securities were either (1) issued during the calendar
year ending  December 31, 2006 or (2) issued  prior to the calendar  year ending
December 31, 2006 and remain  subject to the  reporting  requirements  under the
Securities and Exchange Act of 1934, as amended (the  "Platform"),  as listed in
Appendix A.

     The  Asserting  Party  has  (i)  used  the  criteria  set  forth  in 17 CFR
229.1122(d) to assess the compliance by the Asserting  Party with the Applicable
Servicing  Criteria  for the  Reporting  Period  and  (ii)  concluded  that  the
Asserting  Party has complied,  in all material  respects,  with the  Applicable
Servicing  Criteria as of December  31, 2006 and for the  Reporting  Period with
respect to the Platform, taken as a whole.

     PricewaterhouseCoopers  LLP, an independent  registered  public  accounting
firm,  has issued an attestation  report for the Platform,  on our assessment of
compliance  with the Applicable  Servicing  Criteria as of December 31, 2006 and
for the Reporting Period as set forth in this report.

JPMorgan Chase Bank, National Association

/s/ Brian Goldman
------------------------------------
Brian Goldman, Senior Vice President
Date:  March 12, 2007


--------------------------------------------------------------------------------
                                   Appendix A
--------------------------------------------------------------------------------
                         BA Master Credit Card Trust II
                   Capital Auto Receivables Asset Trust 2006-1
                   Capital Auto Receivables Asset Trust 2006-2
                      Capital One Auto Finance Trust 2006-A
                      Capital One Auto Finance Trust 2006-B
                      Capital One Auto Finance Trust 2006-C
                 Capital One Prime Auto Receivables Trust 2006-2
                Capital One Prime Auto Receivables Trust, 2006-1
                      Centex Home Equity Loan Trust 2006-A
                          Chase Auto Owner Trust 2006-A
                          Chase Auto Owner Trust 2006-B
          Chase Credit Card Master Trust, Series 1996-2 (Class A and B)
          Chase Credit Card Master Trust, Series 1996-3 (Class A and B)
                  Chase Credit Card Master Trust, Series 2001-1
                  Chase Credit Card Master Trust, Series 2001-2
                  Chase Credit Card Master Trust, Series 2001-4
                  Chase Credit Card Master Trust, Series 2001-6
                  Chase Credit Card Master Trust, Series 2002-1
                  Chase Credit Card Master Trust, Series 2002-3
                  Chase Credit Card Master Trust, Series 2002-5
                  Chase Credit Card Master Trust, Series 2002-7
                  Chase Credit Card Master Trust, Series 2003-1
                  Chase Credit Card Master Trust, Series 2003-2
                  Chase Credit Card Master Trust, Series 2003-3
                  Chase Credit Card Master Trust, Series 2003-4
                  Chase Credit Card Master Trust, Series 2003-5
                  Chase Credit Card Master Trust, Series 2003-6
                  Chase Credit Card Master Trust, Series 2004-1
                  Chase Credit Card Master Trust, Series 2004-2
                   Chase Mortgage Finance Trust Series 2006-A1
                   Chase Mortgage Finance Trust Series 2006-S1
                   Chase Mortgage Finance Trust Series 2006-S2
                   Chase Mortgage Finance Trust Series 2006-S3
                   Chase Mortgage Finance Trust Series 2006-S4
                          ChaseFlex Trust Series 2006-1
                          ChaseFlex Trust Series 2006-2
                     Citigroup Mortgage Loan Trust 2006-CB3
                           CNH Equipment Trust 2006-A
                           CNH Equipment Trust 2006-B
             CWHEQ Revolving Home Equity Loan Trust, Series 2006- F
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-A
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-B
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-C
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-D
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-E
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-G
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-H
              CWHEQ Revolving Home Equity Loan Trust, Series 2006-I
                        DaimlerChrysler Auto Trust-2006-A
            Ford Credit Floorplan Master Owner Trust A, Series 2006-3
            Ford Credit Floorplan Master Owner Trust A, Series 2006-4
                    GE Equipment Midticket LLC, Series 2006-1
                      GMACM Home Equity Loan Trust 2006-HE1
                      GMACM Home Equity Loan Trust 2006-HE2
                      GMACM Home Equity Loan Trust 2006-HE3
                      GMACM Home Equity Loan Trust 2006-HE4
                      GMACM Home Equity Loan Trust 2006-HE5
                        GMACM Home Loan Trust 2006-HLTV1
                       GMACM Mortgage Loan Trust 2006-AR2
                            GS Auto Loan Trust 2006-1
                          GSAA Home Equity Trust 2006-1
                         GSAA Home Equity Trust 2006-12
                          GSAA Home Equity Trust 2006-3
                          GSAA Home Equity Trust 2006-5
                          GSAA Home Equity Trust 2006-6
                          GSAA Home Equity Trust 2006-9
                         GSR Mortgage Loan Trust 2006-4F
                    Honda Auto Receivables 2006-1 Owner Trust
                     IXIS Real Estate Capital Trust 2006-HE1
                     IXIS Real Estate Capital Trust 2006-HE2
                J.P. Morgan Mortgage Acquisition Corp. 2006-FRE1
                J.P. Morgan Mortgage Acquisition Corp. 2006-FRE2
                 J.P. Morgan Mortgage Acquisition Corp. 2006-HE1
                J.P. Morgan Mortgage Acquisition Corp. 2006-WMC1
                J.P. Morgan Mortgage Acquisition Trust 2006-ACC1
                 J.P. Morgan Mortgage Acquisition Trust 2006-CH1
                 J.P. Morgan Mortgage Acquisition Trust 2006-CH2
                 J.P. Morgan Mortgage Acquisition Trust 2006-CW1
                 J.P. Morgan Mortgage Acquisition Trust 2006-HE2
                 J.P. Morgan Mortgage Acquisition Trust 2006-HE3
                 J.P. Morgan Mortgage Acquisition Trust 2006-NC1
                 J.P. Morgan Mortgage Acquisition Trust 2006-NC2
                 J.P. Morgan Mortgage Acquisition Trust 2006-RM1
                J.P. Morgan Mortgage Acquisition Trust 2006-WMC2
                J.P. Morgan Mortgage Acquisition Trust 2006-WMC3
                J.P. Morgan Mortgage Acquisition Trust 2006-WMC4
                    Nationstar Home Equity Loan Trust 2006-B
                   Newcastle Mortgage Securities Trust 2006-1
                 NovaStar Mortgage Funding Trust, Series 2006-1
                 NovaStar Mortgage Funding Trust, Series 2006-2
                 NovaStar Mortgage Funding Trust, Series 2006-3
                NovaStar Mortgage Funding Trust, Series-2006-MTA1
                Origen Manufactured Housing Contract Trust 2006-A
                 Ownit Mortgage Loan Trust, Series 2006-1 Trust
                 Popular ABS Mortgage Pass-Through Trust 2006-A
                 Popular ABS Mortgage Pass-Through Trust 2006-B
                 Popular ABS Mortgage Pass-Through Trust 2006-C
                 Popular ABS Mortgage Pass-Through Trust 2006-D
                 Popular ABS Mortgage Pass-Through Trust 2006-E
                           RAAC Series 2006-SP1 Trust
                           RAAC Series 2006-SP2 Trust
                           RAAC Series 2006-SP3 Trust
                           RAMP Series 2006-RS1 Trust
                           RAMP Series 2006-RS2 Trust
                           RAMP Series 2006-RS3 Trust
                           RAMP Series 2006-RS4 Trust
                           RAMP Series 2006-RS5 Trust
                           RAMP Series 2006-RZ1 Trust
                           RAMP Series 2006-RZ2 Trust
                           RAMP Series 2006-RZ3 Trust
                           RAMP Series 2006-RZ4 Trust
                          RFMSII Series 2006-HSA1 Trust
                      The Home Equity Loan Trust 2006-HSA2
                      The Home Equity Loan Trust 2006-HSA3
                      The Home Equity Loan Trust 2006-HSA4
                      The Home Equity Loan Trust 2006-HSA5
                          The Home Loan Trust 2006-HI1
                          The Home Loan Trust 2006-HI2
                          The Home Loan Trust 2006-HI3
                          The Home Loan Trust 2006-HI4
                          USAA Auto Owner Trust 2006-1
                          USAA Auto Owner Trust 2006-2


<PAGE>
                                  EXHIBIT 33.4
                                ----------------
                             Management's Assertion


  Report on Compliance with Applicable Servicing Criteria Pursuant to Item 1122
           of Regulation AB under the Securities Exchange Act of 1934


U.S. Bank National  Association  ("U.S.  Bank") as a party  participating in the
servicing function for the following transactions:

           U.S. Bank Corporate Trust Asset Backed Securities Platform*

hereby  provides the following  report on its assessment of compliance  with the
servicing  criteria set forth in Item 1122 of Regulation AB applicable to it and
as described on Exhibit A hereto:

1.   U.S. Bank is responsible  for assessing its  compliance  with the servicing
     criteria applicable to it as noted on the accompanying Exhibit A;

2.   U.S.  Bank used the  criteria  set forth in  paragraph  (d) of Item 1122 of
     Regulation  AB to  assess  its  compliance  with the  applicable  servicing
     criteria;

3.   U.S.  Bank's  assessment of its compliance  with the  applicable  servicing
     criteria  is as of and for the  period  beginning  on  January  1, 2006 and
     ending  December 31,  2006,  the end of the fiscal year covered by the Form
     10-K report.  U.S. Bank's  participation in the servicing function complied
     in all material respects with the applicable servicing criteria.

4.   Ernst  &  Young,  a  registered  public  accounting  firm,  has  issued  an
     attestation  report  on U.S.  Bank's  assessment  of  compliance  with  the
     applicable servicing criteria as of and for the period beginning on January
     1, 2006 and ending December 31, 2006, the end of the fiscal year covered by
     the Form 10-K report.

                                        U.S. BANK NATIONAL ASSOCIATION
                                               /s/ Bryan R. Calder
                                               ------------------------
                                        Name:  Bryan R. Calder
                                        Title: Executive Vice President

Date: February 26, 2007


* The U.S. Bank Corporate  Trust ABS Platform (the  "Platform")  consists of the
activities  involved in the performance of servicing  functions for (i) publicly
issued  asset-backed  and  mortgage-backed  transactions the securities of which
were  offered  on or  after  January  1,  2006  and  (ii)  certain  asset-backed
transactions  offered  prior  to  January  1,  2006 for  which  the  Issuer  has
voluntarily elected to make Regulation AB compliant filings under the Securities
and Exchange Act of 1934, as amended. The Platform does not include transactions
comprised of the repackaging of corporate debt and/or other agency securities.


<TABLE>

     <c>     <c>

EXHIBIT A to Management's Assertion

Reg AB
Reference            Servicing Criteria
--------------------------------------------------------------------------------------------------------------------
General Servicing Considerations
--------------------------------------------------------------------------------------------------------------------
1122(d)(1)(i)        Policies and procedures  are  instituted to monitor any  performance or other   Not Applicable
                     triggers and events of default in accordance with the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(1)(ii)       If any material servicing activities are outsourced to third parties,
                     policies and procedures are instituted to monitor the third party's
                     performance and compliance with such servicing activities.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(1)(iii)      Any requirements in the transaction agreements to maintain a back-up            Not Applicable
                     servicer for the Pool Assets are maintained.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(1)(iv)       A fidelity bond and errors and omissions policy is in effect on the party
                     participating in the servicing function throughout the reporting period in
                     the amount of coverage required by and otherwise in accordance with the
                     terms of the transaction agreements.
--------------------------------------------------------------------------------------------------------------------

Cash Collection and Administration
--------------------------------------------------------------------------------------------------------------------
1122(d)(2)(i)        Payments on pool assets are deposited into the appropriate custodial bank       Not Applicable
                     accounts and related bank clearing accounts no more than two business days
                     following receipt, or such other number of days specified in the transaction
                     agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(2)(ii)       Disbursements made via wire transfer on behalf of an obligor or to an           Not Applicable
                     investor are made only by authorized personnel.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(2)(iii)      Advances of funds or guarantees regarding collections, cash flows or            Not Applicable
                     distributions, and any interest or other fees charged for such advances, are
                     made, reviewed and approved as specified in the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(2)(iv)       The related accounts for the transaction, such as cash reserve accounts or      Not Applicable
                     accounts established as a form of over collateralization, are separately
                     maintained (e.g., with respect to commingling of cash) as set forth in the
                     transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(2)(v)        Each custodial account is maintained at a federally insured depository          Not Applicable
                     institution as set forth in the transaction agreements. For purposes of this
                     criterion, "federally insured depository institution" with respect to a
                     foreign financial institution means a foreign financial institution that
                     meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(2)(vi)       Unissued checks are safeguarded so as to prevent unauthorized access.           Not Applicable
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(2)(vii)      Reconciliations are prepared on a monthly basis for all asset-backed            Not Applicable
                     securities related bank accounts, including custodial accounts and related
                     bank clearing accounts. These reconciliations are (A) mathematically
                     accurate; (B) prepared within 30 calendar days after the bank statement
                     cutoff date, or such other number of days specified in the transaction
                     agreements; (C) reviewed and approved by someone other than the person who
                     prepared the reconciliation; and (D) contain explanations for reconciling
                     items. These reconciling items are resolved within 90 calendar days of their
                     original identification, or such other number of days specified in the
                     transaction agreements.
--------------------------------------------------------------------------------------------------------------------

Investor Remittances and Reporting
--------------------------------------------------------------------------------------------------------------------
1122(d)(3)(i)        Reports to investors, including those to be filed with the Commission, are      Not Applicable
                     maintained in accordance with the transaction agreements and applicable
                     Commission requirements. Specifically, such reports (A) are prepared in
                     accordance with timeframes and other terms set forth in the transaction
                     agreements; (B) provide information calculated in accordance with the terms
                     specified in the transaction agreements; (C) are filed with the Commission
                     as required by its rules and regulations; and (D) agree with investors' or
                     the trustee's records as to the total unpaid principal balance and number of
                     Pool Assets serviced by the Servicer.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(3)(ii)       Amounts due to investors are allocated and remitted in accordance with          Not Applicable
                     timeframes, distribution priority and other terms set forth in the
                     transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(3)(iii)      Disbursements made to an investor are posted within two business days to the    Not Applicable
                     Servicer's investor records, or such other number of days specified in the
                     transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(3)(iv)       Amounts remitted to investors per the investor reports agree with cancelled     Not Applicable
                     checks, or other form of payment, or custodial bank statements.
--------------------------------------------------------------------------------------------------------------------

Pool Asset Administration
--------------------------------------------------------------------------------------------------------------------
1122(d)(4)(i)        Collateral or security on pool assets is maintained as required by the
                     transaction agreements or related pool asset documents.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(ii)       Pool assets  and related documents are safeguarded as required by the
                     transaction agreements
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(iii)      Any additions, removals or substitutions to the asset pool are made,
                     reviewed and approved in accordance with any conditions or requirements in
                     the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(iv)       Payments on pool assets, including any payoffs, made in accordance with the     Not Applicable
                     related pool asset documents are posted to the Servicer's obligor records
                     maintained no more than two business days after receipt, or such other
                     number of days specified in the transaction agreements, and allocated to
                     principal, interest or other items (e.g., escrow) in accordance with the
                     related pool asset documents.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(v)        The Servicer's records regarding the pool assets agree with the Servicer's      Not Applicable
                     records with respect to an obligor's unpaid principal balance.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(vi)       Changes with respect to the terms or status of an obligor's pool assets         Not Applicable
                     (e.g., loan modifications or re-agings) are made, reviewed and approved by
                     authorized personnel in accordance with the transaction agreements and
                     related pool asset documents.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(vii)      Loss mitigation or recovery actions (e.g., forbearance plans, modifications     Not Applicable
                     and deeds in lieu of foreclosure, foreclosures and repossessions, as
                     applicable) are initiated, conducted and concluded in accordance with the
                     timeframes or other requirements established by the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(viii)     Records documenting collection efforts are maintained during the period a       Not Applicable
                     pool asset is delinquent in accordance with the transaction agreements. Such
                     records are maintained on at least a monthly basis, or such other period
                     specified in the transaction agreements, and describe the entity's
                     activities in monitoring delinquent pool assets including, for example,
                     phone calls, letters and payment rescheduling plans in cases where
                     delinquency is deemed temporary (e.g., illness or unemployment).
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(ix)       Adjustments to interest rates or rates of return for pool assets with           Not Applicable
                     variable rates are computed based on the related pool asset documents.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(x)        Regarding any funds held in trust for an obligor (such as escrow accounts):     Not Applicable
                     (A) such funds are analyzed, in accordance with the obligor's pool asset
                     documents, on at least an annual basis, or such other period specified in
                     the transaction agreements; (B) interest on such funds is paid, or credited,
                     to obligors in accordance with applicable pool asset documents and state
                     laws; and (C) such funds are returned to the obligor within 30 calendar days
                     of full repayment of the related pool assets, or such other number of days
                     specified in the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(xi)       Payments made on behalf of an obligor (such as tax or insurance payments)       Not Applicable
                     are made on or before the related penalty or expiration dates, as indicated
                     on the appropriate bills or notices for such payments, provided that such
                     support has been received by the servicer at least 30 calendar days prior to
                     these dates, or such other number of days specified in the transaction
                     agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(xii)      Any late payment penalties in connection with any payment to be made on         Not Applicable
                     behalf of an obligor are paid from the Servicer's funds and not charged to
                     the obligor, unless the late payment was due to the obligor's error or
                     omission.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(xiii)     Disbursements made on behalf of an obligor are posted within two business       Not Applicable
                     days to the obligor's records maintained by the servicer, or such other
                     number of days specified in the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(xiv)      Delinquencies, charge-offs and uncollectible accounts are recognized and        Not Applicable
                     recorded in accordance with the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(xv)       Any external enhancement or other support, identified in Item 1114(a)(1)        Not Applicable
                     through (3) or Item 1115 of Regulation AB, is maintained as set forth in the
                     transaction agreements.
--------------------------------------------------------------------------------------------------------------------
</TABLE>



                             Management's Assertion

  Report on Compliance with Applicable Servicing Criteria Pursuant to Item 1122
           of Regulation AB under the Securities Exchange Act of 1934


U.S. Bank National  Association  ("U.S.  Bank") as a party  participating in the
servicing function for the following transactions:

                  Wachovia Document Custody Services Platform*

hereby  provides the following  report on its assessment of compliance  with the
servicing  criteria set forth in Item 1122 of Regulation AB applicable to it and
as described on Exhibit A hereto:

1.   U.S. Bank is responsible  for assessing its  compliance  with the servicing
     criteria applicable to it as noted on the accompanying Exhibit A;

2.   U.S.  Bank used the  criteria  set forth in  paragraph  (d) of Item 1122 of
     Regulation  AB to  assess  its  compliance  with the  applicable  servicing
     criteria;

3.   U.S.  Bank's  assessment of its compliance  with the  applicable  servicing
     criteria  is as of and for the  period  beginning  on  January  1, 2006 and
     ending  September 5, 2006, the end of the conversion  period covered by the
     Form 10-K report.  U.S.  Bank's  participation  in the  servicing  function
     complied in all material respects with the applicable servicing criteria.

4.   Ernst  &  Young,  a  registered  public  accounting  firm,  has  issues  an
     attestation  report  on U.S.  Bank's  assessment  of  compliance  with  the
     applicable servicing criteria as of and for the period beginning on January
     1, 2006 and ending  September  5, 2006,  the end of the  conversion  period
     covered by the Form 10-K report.

                                            U.S. BANK NATIONAL ASSOCIATION
                                            /s/  Bryan R. Calder
                                            ---------------------------------
                                            Name:    Bryan R. Calder
                                            Title:   Executive Vice President

Date: February 26, 2007


* The Wachovia DCS Platform (the "Platform") consists of the activities involved
in the performance of document custodian servicing functions for publicly issued
mortgage-backed  transactions  the  securities of which were offered on or after
January 1, 2006 located at the former Wachovia sites during the period beginning
on January 1, 2006 and ending on September 5, 2006,  the Conversion  Period,  at
which date the transactions  were formally acquired by U.S. Bank Corporate Trust
and subject to U.S. Bank Corporate  Trust's  operating  systems,  policies,  and
procedures.


<TABLE>

     <c>     <c>


EXHIBIT A to Management's Assertion

Reg AB
Reference            Servicing Criteria
--------------------------------------------------------------------------------------------------------------------
General Servicing Considerations
--------------------------------------------------------------------------------------------------------------------
1122(d)(1)(i)        Policies and procedures  are  instituted to monitor any  performance or other   Not Applicable
                     triggers and events of default in accordance with the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(1)(ii)       If any material servicing activities are outsourced to third parties,
                     policies and procedures are instituted to monitor the third party's
                     performance and compliance with such servicing activities.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(1)(iii)      Any requirements in the transaction agreements to maintain a back-up            Not Applicable
                     servicer for the Pool Assets are maintained.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(1)(iv)       A fidelity bond and errors and omissions policy is in effect on the party       Not Applicable
                     participating in the servicing function throughout the reporting period in
                     the amount of coverage required by and otherwise in accordance with the
                     terms of the transaction agreements.
--------------------------------------------------------------------------------------------------------------------

Cash Collection and Administration
--------------------------------------------------------------------------------------------------------------------
                                                                                                     Not Applicable
1122(d)(2)(i)        Payments on pool assets are deposited into the appropriate custodial bank
                     accounts and related bank clearing accounts no more than two business days
                     following receipt, or such other number of days specified in the transaction
                     agreements.
------------------   -----------------------------------------------------------------------------   ---------------
                                                                                                     Not Applicable
1122(d)(2)(ii)       Disbursements made via wire transfer on behalf of an obligor or to an
                     investor are made only by authorized personnel.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(2)(iii)      Advances of funds or guarantees regarding collections, cash flows or            Not Applicable
                     distributions, and any interest or other fees charged for such advances, are
                     made, reviewed and approved as specified in the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
                                                                                                     Not Applicable
1122(d)(2)(iv)       The related accounts for the transaction, such as cash reserve accounts or
                     accounts established as a form of over collateralization, are separately
                     maintained (e.g., with respect to commingling of cash) as set forth in the
                     transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(2)(v)        Each custodial account is maintained at a federally insured depository          Not Applicable
                     institution as set forth in the transaction agreements. For purposes of this
                     criterion, "federally insured depository institution" with respect to a
                     foreign financial institution means a foreign financial institution that
                     meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.
------------------   -----------------------------------------------------------------------------   ---------------
                                                                                                     Not Applicable
1122(d)(2)(vi)       Unissued checks are safeguarded so as to prevent unauthorized access.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(2)(vii)      Reconciliations are prepared on a monthly basis for all asset-backed            Not Applicable
                     securities related bank accounts, including custodial accounts and related
                     bank clearing accounts. These reconciliations are (A) mathematically
                     accurate; (B) prepared within 30 calendar days after the bank statement
                     cutoff date, or such other number of days specified in the transaction
                     agreements; (C) reviewed and approved by someone other than the person who
                     prepared the reconciliation; and (D) contain explanations for reconciling
                     items. These reconciling items are resolved within 90 calendar days of their
                     original identification, or such other number of days specified in the
                     transaction agreements.
--------------------------------------------------------------------------------------------------------------------

Investor Remittances and Reporting
--------------------------------------------------------------------------------------------------------------------
1122(d)(3)(i)        Reports to investors, including those to be filed with the Commission, are      Not Applicable
                     maintained in accordance with the transaction agreements and applicable
                     Commission requirements. Specifically, such reports (A) are prepared in
                     accordance with timeframes and other terms set forth in the transaction
                     agreements; (B) provide information calculated in accordance with the terms
                     specified in the transaction agreements; (C) are filed with the Commission
                     as required by its rules and regulations; and (D) agree with investors' or
                     the trustee's records as to the total unpaid principal balance and number of
                     Pool Assets serviced by the Servicer.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(3)(ii)       Amounts due to investors are allocated and remitted in accordance with          Not Applicable
                     timeframes, distribution priority and other terms set forth in the
                     transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
                                                                                                     Not Applicable
1122(d)(3)(iii)      Disbursements made to an investor are posted within two business days to the
                     Servicer's investor records, or such other number of days specified in the
                     transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
                                                                                                     Not Applicable
1122(d)(3)(iv)       Amounts remitted to investors per the investor reports agree with cancelled
                     checks, or other form of payment, or custodial bank statements.
--------------------------------------------------------------------------------------------------------------------

Pool Asset Administration
--------------------------------------------------------------------------------------------------------------------
1122(d)(4)(i)        Collateral or security on pool assets is maintained as required by the
                     transaction agreements or related pool asset documents.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(ii)       Pool assets  and related documents are safeguarded as required by the
                     transaction agreements
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(iii)      Any additions, removals or substitutions to the asset pool are made,
                     reviewed and approved in accordance with any conditions or requirements in
                     the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(iv)       Payments on pool assets, including any payoffs, made in accordance with the     Not Applicable
                     related pool asset documents are posted to the Servicer's obligor records
                     maintained no more than two business days after receipt, or such other
                     number of days specified in the transaction agreements, and allocated to
                     principal, interest or other items (e.g., escrow) in accordance with the
                     related pool asset documents.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(v)        The Servicer's records regarding the pool assets agree with the Servicer's      Not Applicable
                     records with respect to an obligor's unpaid principal balance.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(vi)       Changes with respect to the terms or status of an obligor's pool assets         Not Applicable
                     (e.g., loan modifications or re-agings) are made, reviewed and approved by
                     authorized personnel in accordance with the transaction agreements and
                     related pool asset documents.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(vii)      Loss mitigation or recovery actions (e.g., forbearance plans, modifications     Not Applicable
                     and deeds in lieu of foreclosure, foreclosures and repossessions, as
                     applicable) are initiated, conducted and concluded in accordance with the
                     timeframes or other requirements established by the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(viii)     Records documenting collection efforts are maintained during the period a       Not Applicable
                     pool asset is delinquent in accordance with the transaction agreements. Such
                     records are maintained on at least a monthly basis, or such other period
                     specified in the transaction agreements, and describe the entity's
                     activities in monitoring delinquent pool assets including, for example,
                     phone calls, letters and payment rescheduling plans in cases where
                     delinquency is deemed temporary (e.g., illness or unemployment).
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(ix)       Adjustments to interest rates or rates of return for pool assets with           Not Applicable
                     variable rates are computed based on the related pool asset documents.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(x)        Regarding any funds held in trust for an obligor (such as escrow accounts):     Not Applicable
                     (A) such funds are analyzed, in accordance with the obligors pool asset
                     documents, on at least an annual basis, or such other period specified in
                     the transaction agreements; (B) interest on such funds is paid, or credited,
                     to obligors in accordance with applicable pool asset documents and state
                     laws; and (C) such funds are returned to the obligor within 30 calendar days
                     of full repayment of the related pool assets, or such other number of days
                     specified in the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(xi)       Payments made on behalf of an obligor (such as tax or insurance payments)       Not Applicable
                     are made on or before the related penalty or expiration dates, as indicated
                     on the appropriate bills or notices for such payments, provided that such
                     support has been received by the servicer at least 30 calendar days prior to
                     these dates, or such other number of days specified in the transaction
                     agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(xii)      Any late payment penalties in connection with any payment to be made on         Not Applicable
                     behalf of an obligor are paid from the Servicer's funds and not charged to
                     the obligor, unless the late payment was due to the obligor's error or
                     omission.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(xiii)     Disbursements made on behalf of an obligor are posted within two business       Not Applicable
                     days to the obligor's records maintained by the servicer, or such other
                     number of days specified in the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(xiv)      Delinquencies, charge-offs and uncollectible accounts are recognized and        Not Applicable
                     recorded in accordance with the transaction agreements.
------------------   -----------------------------------------------------------------------------   ---------------
1122(d)(4)(xv)       Any external enhancement or other support, identified in Item 1114(a)(1)        Not Applicable
                     through (3) or Item 1115 of Regulation AB, is maintained as set forth in the
                     transaction agreements.
--------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
                                  EXHIBIT 34.1
                                ----------------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors of
NovaStar Mortgage, Inc.
Kansas City, Missouri

We have examined NovaStar Mortgage, Inc.'s (the "Company's") compliance with the
servicing  criteria  set forth in Item  1122(d) of the  Securities  and Exchange
Commission's Regulation AB for residential  mortgage-backed securities and other
mortgage-related asset-backed securities issued on or after January 1, 2006, for
which the Company  served as the  servicer  (the  "Platform")  described  in the
accompanying Management's Report on Assessment of Compliance with SEC Regulation
AB Servicing Criteria as of and for the year ended December 31, 2006,  excluding
criteria 1122 Sections  (d)(3)(ii),  (d)(3)(iii),  (d)(3)(iv),  (d)(4)(ii),  and
(d)(4)(xv)  which management has determined are not applicable to the activities
performed by the Company with respect to the  Platform.  Management's  assertion
identifies the  individual  asset-backed  transactions  defined by management as
constituting   the  Platform.   Management  is  responsible  for  the  Company's
compliance  with the servicing  criteria.  Our  responsibility  is to express an
opinion on the Company's  compliance  with the servicing  criteria  based on our
examination.

Our  examination  was  conducted  in  accordance  with   attestation   standards
established  by the  American  Institute  of Certified  Public  Accountants,  as
adopted by the Public Company  Accounting  Oversight  Board (United States) and,
accordingly,  included examining,  on a test basis, evidence about the Company's
compliance with the applicable  servicing criteria,  including tests on a sample
basis of the servicing  activities related to the Platform,  determining whether
the Company performed those selected activities in compliance with the servicing
criteria during the specified  period and performing such other procedures as we
considered  necessary  in the  circumstances.  Our  procedures  were  limited to
selected servicing activities performed by the Company during the period covered
by this report and,  accordingly,  such samples may not have included  servicing
activities  related to each asset-backed  transaction  included in the Platform.
Further,  an  examination is not designed to detect  noncompliance  arising from
errors that may have occurred prior to the period  specified above that may have
affected the balances or amounts  calculated  or reported by the Company  during
the period covered by this report.  We believe that our  examination  provides a
reasonable  basis for our  opinion.  Our  examination  does not  provide a legal
determination on the Company's compliance with the servicing criteria.

As described in management's  assertion,  for servicing criteria  1122(d)(4)(xi)
and  (d)(4)(xii)  related to  payments  made for  insurance  and late  penalties
associated  with  payments not made timely,  the Company has engaged a vendor to
perform certain activities required by these servicing criteria. The Company has
determined  that this vendor is not  considered a "servicer"  as defined in Item
1101(j) of Regulation AB, and the Company has elected to take responsibility for
assessing  compliance with the servicing  criteria  applicable to this vendor as
permitted by  Interpretation  17.06 of the SEC Division of  Corporation  Finance
Manual of Publicly Available Telephone Interpretations ("Interpretation 17.06").
As  permitted by  Interpretation  17.06,  the Company has  asserted  that it has
policies and procedures in place designed to provide  reasonable  assurance that
the vendor's  activities  comply in all  material  respects  with the  servicing
criteria  applicable  to this  vendor.  The  Company is solely  responsible  for
determining that it meets the SEC requirements to apply Interpretation 17.06 for
the vendor and related criteria as described in its assertion,  and we performed
no procedures with respect to the Company's  determination of its eligibility to
use Interpretation 17.06.

Our examination disclosed the following instances of material noncompliance with
1122(d)(1)(iv),  1122(d)(2)(vii)  and  1122(d)(4)(i)  applicable  to the Company
during the year ended December 31, 2006:

  -  The Company did not maintain fidelity bond insurance  coverage at the level
     required by the servicing agreements.

  -  Certain monthly bank reconciliations were not prepared and reviewed timely.
     Additionally,  certain monthly bank reconciliations  contained  reconciling
     items that had not been cleared timely.

  -  The  Company  did  not  re-assign  loans  within  the  Mortgage  Electronic
     Registration System (MERS) in accordance with the servicing agreements.

In our opinion,  except for the instances of material noncompliance described in
the preceding paragraph,  the Company complied,  in all material respects,  with
the aforementioned  applicable servicing criteria for the Platform as of and for
the year ended December 31, 2006.

Management's   assertion  includes   management's   responses  to  the  material
noncompliance  identified  in our  examination.  Such  responses  have  not been
subjected to the procedures applied in our examination and,  accordingly,  we do
not express an opinion or provide any form of assurance  on the  appropriateness
of the  responses  or the  effectiveness  of any  corrective  actions  described
herein.


/s/ Deloitte & Touche LLP
-------------------------
Kansas City, Missouri
March 9, 2007



             Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of
Assurant, Inc.:

We  have  examined   management's   assertion,   included  in  the  accompanying
management's   Report  on  Assessment  of  Compliance  with  1122(d)(2)(vi)  and
1122(d)(4)(xi)  of Regulation  AB Servicing  Criteria,  that  American  Security
Insurance  Company,  Standard  Guaranty  Insurance  Company and Safeco Financial
Institution  Solutions,  Inc.  (affiliates  of Assurant Inc.,  collectively  the
"Asserting  Party")  complied  with the  servicing  criteria  set  forth in Item
1122(d)  of the  Securities  and  Exchange  Commission's  Regulation  AB for all
mortgage  loan-tracking  transactions  for which the Asserting Party served as a
Vendor on behalf of Servicers for such asset-backed securities transactions that
were  registered  after  January  1,  2006  with  the  Securities  and  Exchange
Commission  pursuant  to the  Securities  Act of 1933  (the  "Platform"),  as of
December  31,  2006  and  for  the  year  then  ended,  excluding  (i)  criteria
1122(d)(1)(i)  through  1122(d)(1)(iv),   1122(d)(2)(i)  through  1122(d)(2)(v),
1122(d)(2)(vii),  1122(d)(3)(i)  through  1122(d)(3)(iv),  1122(d)(4)(i) through
1122(d)(4)(x) and 1122(d)(4)(xiii)  through 1122(d)(4)(xv),  which the Asserting
Party has determined  are not applicable to the activities  performed by it with
respect to the Platform and (ii),  criterion  1122(d)(4)(xii),  which relates to
servicing activities that are applicable to the Platform,  but are excluded from
the scope of management's  assertion and are not reported on herein.  Management
is responsible  for the Company's  compliance with the servicing  criteria.  Our
responsibility  is to express an opinion on management's  assertion based on our
examination.

Our examination was concluded in accordance with standards of the Public Company
Accounting Oversight Board (United States) and, accordingly, included examining,
on a test basis,  evidence  about the Company's  compliance  with the applicable
servicing  criteria  and  performing  such  other  procedures  as we  considered
necessary in the  circumstances.  Our examination  included  testing of selected
asset-backed transactions and securities that comprise the Platform,  testing of
selected servicing  activities related to the Platform,  and determining whether
the Company  processed those selected  transactions and performed those selected
activities in compliance with the applicable servicing criteria.  Our procedures
were limited to the selected  transactions and servicing activities performed by
the Company  during the period covered by this report.  Our procedures  were not
designed to detect  noncompliance  arising  from  errors that may have  occurred
prior to or  subsequent  to our tests that may have  affected  the  balances  or
amounts  calculated or reported by the Company during the period covered by this
report.  We believe that our  examination  provides a  reasonable  basis for our
opinion. Our examination does not provide a legal determination on the Company's
compliance with the servicing criteria.

In our opinion,  management's  assertion that the Asserting  Party complied with
the  aforementioned  applicable  servicing criteria as of and for the year ended
December 31, 2006 for the Platform is fairly stated, in all material respects.

/s/ PricewaterhouseCoopers LLP
------------------------------
Atlanta, Georgia
February 23, 2007



            Report of Independent Registered Public Accounting Firm

To the Board of Directors of The First American Corporation:

We have  examined  First  American Real Estate  Solutions of Texas,  L.P.'s (the
"Company"  and an  indirect  subsidiary  of  The  First  American  Corporation),
compliance  with  the  servicing  criteria  set  forth  in Item  1122(d)  of the
Securities and Exchange Commission's Regulation AB for all loans for residential
mortgage  loan  outsourcing  customers  for  which  the  Company  served  as the
residential tax service provider (the "Platform")  described in the accompanying
Report on  Assessment  of  Compliance,  as of December 31, 2006 and for the year
then  ended,   excluding   criteria   1122(d)(1)(i)-(iii),   1122(d)(2)(i)-(iv),
1122(d)(3)(i)-(iv),   1122(d)(4)(i)-(x)  and  1122(d)(4)(xiv)-(xv),   which  the
Company has determined are not applicable to the servicing  activities performed
by it with respect to the Platform.  Management is responsible for the Company's
compliance  with the servicing  criteria.  Our  responsibility  is to express an
opinion on the Company's  compliance  with the servicing  criteria  based on our
examination.

Our examination was conducted in accordance with standards of the Public Company
Accounting Oversight Board (United States) and, accordingly, included examining,
on a test basis,  evidence  about the Company's  compliance  with the applicable
servicing  criteria  and  performing  such  other  procedures  as we  considered
necessary in the  circumstances.  Our examination  included  testing of selected
securities that comprise the Platform,  testing of selected servicing activities
related to the Platform,  and  determining  whether the Company  processed those
selected transactions and performed those selected activities in compliance with
the applicable  servicing criteria.  Our procedures were limited to the selected
transactions and servicing activities performed by the Company during the period
covered by this report. Our procedures were not designed to detect noncompliance
arising from errors that may have  occurred  prior to or subsequent to our tests
that may have  affected  the balances or amounts  calculated  or reported by the
Company  during  the  period  covered  by  this  report.  We  believe  that  our
examination  provides a reasonable  basis for our opinion.  Our examination does
not provide a legal determination on the Company's compliance with the servicing
criteria.

Our examination  disclosed the following material instance of noncompliance with
the  servicing  criteria set forth in Item  1122(d)(2)(vii)(B)  of Regulation AB
applicable  to  the  Company  during  year  ended  December  31,  2006.  Account
reconciliations  for all asset-backed  securities related bank accounts were not
prepared  within 30 calendar days after the bank statement  cutoff date, or such
other number of days specified in the transaction agreements as required by Item
1122(d)(2)(vii)(B) of Regulation AB.

In our opinion,  except for the material instance on noncompliance  described in
the preceding  paragraph,  First American Real Estate  Solutions of Texas,  L.P.
complied with the aforementioned applicable servicing criteria as of and for the
year  ended  December  31,  2006 for all loans  for  residential  mortgage  loan
outsourcing  customers  for which the  Company  served  as the  residential  tax
service provider, in all material respects.

/s/ PricewaterhouseCoopers LLP
------------------------------
Dallas, Texas
February 28, 2007


<PAGE>

                                  EXHIBIT 34.2
                                ----------------

             Report of Independent Registered Public Accounting Firm


Board of Directors
The Bank of New York

We  have  examined   management's   assertion,   included  in  the  accompanying
Management's  Report  on  Assertion  of  Compliance  with  Applicable  Servicing
Criteria that The Bank of New York and The Bank of New York Trust Company, N.A.,
(collectively, the "Company"), complied with the servicing criteria set forth in
Item 1122(d) of the Securities and Exchange  Commission's  Regulation AB for the
publicly issued (i.e.  transaction-level  reporting initially required under the
Securities  and Exchange Act of 1934,  as amended)  residential  mortgage-backed
securities and other mortgage-related asset-backed securities issued on or after
January 1, 2006 (and like-kind transactions issued prior to January 1, 2006) for
which the Company provides trustee, securities administration,  paying agent, or
custodial  services (the  "Platform")  as of and for the year ended December 31,
2006 except for criteria 1122(d)(1)(ii)-(iv),  and 1122(d)(4)(iv)-(xiii),  which
the Company has determined  are not  applicable to the  activities  performed by
them with respect to the servicing Platform covered by this report. The Platform
includes  like-kind   transactions  for  which  the  Company  provided  trustee,
securities administration, paying agent or custodial services as a result of the
Company's  acquisition as of October 1, 2006 of portions of JPMorgan Chase Bank,
N.A.'s corporate trust business,  including  structured finance agency and trust
transactions.  Management is responsible for the Company's compliance with those
servicing criteria.  Our responsibility is to express an opinion on management's
assertion about the Company's  compliance  with the servicing  criteria based on
our examination.

Our  examination  was  conducted  in  accordance  with   attestation   standards
established  by the  American  Institute  of Certified  Public  Accountants,  as
adopted by the Public Company  Accounting  Oversight  Board (United States) and,
accordingly,  included examining,  on a test basis, evidence about the Company's
compliance  with the applicable  servicing  criteria and  performing  such other
procedures  as we considered  necessary in the  circumstances.  Our  examination
included testing of less than all of the individual  transactions and securities
that comprise the platform, testing of less than all of the servicing activities
related to the Platform,  and  determining  whether the Company  processed those
selected transactions and performed those selected activities in compliance with
the servicing criteria and as permitted by the  Interpretation  17.06 of the SEC
Division  of  Corporation   Finance  Manual  of  Publicly  Available   Telephone
Interpretations  ("Interpretation  17.06").  Furthermore,  our  procedures  were
limited to the selected  transactions and servicing  activities performed by the
Company  during  the period  covered by this  report.  Our  procedures  were not
designed  to  determine  whether  errors may have  occurred  either  prior to or
subsequent  to our  tests  that  may  have  affected  the  balances  or  amounts
calculated or reported by the Company  during the period  covered by this report
for the selected  transactions  or any other  transactions.  We believe that our
examination  provides a reasonable  basis for our opinion.  Our examination does
not provide a legal determination on the Company's compliance with the servicing
criteria.

In our  opinion,  management's  assertion  that the  Company  complied  with the
aforementioned  servicing  criteria,  including  servicing  criteria  for  which
compliance is determined  based on  Interpretation 17.06  as described above, as
applicable,  as of and for the year ended December 31, 2006 for the Platform, is
fairly stated, in all material respects.

                                                /s/ Ernst & Young LLP
March 1, 2007


<PAGE>
                                  EXHIBIT 34.3
                                ----------------
             Report of Independent Registered Public Accounting Firm
                 JPMorgan Chase Bank, N.A., as Indenture Trustee


To the Board of Directors of JPMorgan Chase Bank, National Association

We have examined  JPMorgan Chase Bank,  National  Association's  (the "Company")
compliance  with  the  servicing  criteria  set  forth  in Item  1122(d)  of the
Securities and Exchange Commission's  Regulation AB as of September 30, 2006 and
for the  period  from  January 1, 2006 to  September  30,  2006 (the  "Reporting
Period") for the  asset-backed  securities  transactions  backed by  residential
mortgages, home equity loans, auto loans, credit card receivables,  dealer floor
plans, retail installment contracts and manufactured housing contracts that were
registered  with  the  Securities  and  Exchange   Commission  pursuant  to  the
Securities Act of 1933, as amended,  where the related  asset-backed  securities
were outstanding  during the Reporting Period (the "Platform")  described in the
accompanying  Management's  Report on Assessment of Compliance  with  Applicable
Servicing  Criteria,  excluding criteria  1122(d)(1)(ii)-(iv),  1122(d)(2)(iii),
1122(d)(2)(vi),  1122(d)(4)(i)-(ii), and 1122(d)(4)(iv)-(xiv), which the Company
has determined are not  applicable to the servicing  activities  performed by it
with respect to the Platform.  Appendix A to management's  assertion  identifies
the individual asset-backed transactions and securities defined by management as
constituting   the  Platform.   Management  is  responsible  for  the  Company's
compliance  with the servicing  criteria.  Our  responsibility  is to express an
opinion on the Company's  compliance  with the servicing  criteria  based on our
examination.

Our examination was conducted in accordance with standards of the Public Company
Accounting Oversight Board (United States) and, accordingly, included examining,
on a test basis,  evidence  about the Company's  compliance  with the applicable
servicing  criteria  and  performing  such  other  procedures  as we  considered
necessary in the  circumstances.  Our examination  included  testing of selected
asset- backed transactions and securities that comprise the Platform, testing of
selected servicing  activities related to the Platform,  and determining whether
the Company  processed those selected  transactions and performed those selected
activities in compliance with the applicable servicing criteria.  Our procedures
were limited to the selected  transactions and servicing activities performed by
the Company  during the period covered by this report.  Our procedures  were not
designed to detect  noncompliance  arising  from  errors that may have  occurred
prior to or  subsequent  to our tests that may have  affected  the  balances  or
amounts  calculated or reported by the Company during the period covered by this
report.  We believe that our  examination  provides a  reasonable  basis for our
opinion. Our examination does not provide a legal determination on the Company's
compliance with the servicing criteria.

Our  examination  disclosed  the  following  material   noncompliance  with  the
servicing  criteria  set  forth in Items  1122(d)(3)(i)  and  1122(d)(3)(ii)  of
Regulation AB  applicable to the Company  during the period from January 1, 2006
to September 30, 2006.  Certain monthly  investor  reports  omitted  information
required  by  the  transaction   agreements   and/or  contained  errors  in  the
information  presented  and certain  monthly  investor  distributions  contained
errors as to the amounts due to certain investors.

In our opinion, except for the material noncompliance described in the preceding
paragraph,   JPMorgan  Chase  Bank,  National   Association  complied  with  the
aforementioned  applicable  servicing  criteria  as of and for the period  ended
September 30, 2006 for the Platform, in all material respects.


/s/ PricewaterhouseCoopers LLP
-------------------------------
New York, New York
March 14, 2007


             Report of Independent Registered Public Accounting Firm

To the Board of Directors of JPMorgan Chase Bank, National Association

We  have  examined   management's   assertion,   included  in  the  accompanying
Management's  Report on  Assessment  of  Compliance  with  Applicable  Servicing
Criteria,  that  JPMorgan  Chase  Bank,  National  Association  (the  "Company")
complied with the servicing  criteria set forth in Item 1122(d)of the Securities
and  Exchange  Commission's  Regulation  AB as of December  31, 2006 and for the
period from  October 1, 2006 to December 31, 2006 (the  "Reporting  Period") for
the asset-backed securities  transactions backed by residential mortgages,  home
equity loans, auto loans,  credit cards,  dealer floor plans, retail installment
contracts and  manufactured  housing  contacts,  that were  registered  with the
Securities  and Exchange  Commission  pursuant to the Securities Act of 1933, as
amended,  where the related asset-backed  securities were outstanding during the
Reporting  Period  (the  "Platform"),   excluding  criteria  1122(d)(1)(i)-(iv),
1122(d)(2)(i)-(vi), 1122(d)(3)(i)-(iv) and 1122(d)(4)(i)-(xv), which the Company
has determined are not  applicable to the servicing  activities  performed by it
with respect to the Platform.  Appendix A to management's  assertion  identifies
the individual asset-backed transactions and securities defined by management as
constituting   the  Platform.   Management  is  responsible  for  the  Company's
compliance  with the servicing  criteria.  Our  responsibility  is to express an
opinion on management's assertion based on our examination.

Our examination was conducted in accordance with standards of the Public Company
Accounting Oversight Board (United States) and, accordingly, included examining,
on a test basis,  evidence  about the Company's  compliance  with the applicable
servicing  criteria  and  performing  such  other  procedures  as we  considered
necessary in the  circumstances.  Our examination  included  testing of selected
asset- backed transactions and securities that comprise the Platform, testing of
selected servicing  activities related to the Platform,  and determining whether
the Company  processed those selected  transactions and performed those selected
activities in compliance with the applicable servicing criteria.  Our procedures
were limited to the selected  transactions and servicing activities performed by
the Company  during the period covered by this report.  Our procedures  were not
designed to detect  noncompliance  arising  from  errors that may have  occurred
prior to or  subsequent  to our tests that may have  affected  the  balances  or
amounts  calculated or reported by the Company during the period covered by this
report.  We believe that our  examination  provides a  reasonable  basis for our
opinion. Our examination does not provide a legal determination on the Company's
compliance with the servicing criteria.

In our opinion,  management's  assertion that the JPMorgan Chase Bank,  National
Association complied with the aforementioned applicable servicing criteria as of
and for the period ended December 31, 2006 for the Platform is fairly stated, in
all material respects.


/s/ PricewaterhouseCoopers LLP
-------------------------------
New York, New York
March 12, 2007

<PAGE>
                                  EXHIBIT 34.4
                                ----------------
             Report of Independent Registered Public Accounting Firm
                  U.S. Bank, National Association, as Custodian


             Report of Independent Registered Public Accounting Firm

We have examined management's assertion,  included in the accompanying Report on
Assessment of Compliance  with SEC Regulation AB Servicing  Criteria,  that U.S.
Bank National Association (the Company) complied with the servicing criteria set
forth in Item 1122 (d) of the Securities and Exchange Commission's Regulation AB
for the Corporate  Trust Asset Backed  Securities  platform (the Platform) as of
and for the year ended  December  31, 2006,  except for criteria  1122(d)(1)(i),
1122 (d)(1)(iii),  1122(d)(2)(i) through 1122(d)(2)(vii),  1122(d)(3)(i) through
1122(d)(3)(iv), and 1122(d)(4)(iv) through 1122(d)(4)(xv), which the Company has
determined are not  applicable to the activities  performed by them with respect
to the servicing platform covered by this report.  Management is responsible for
the Company's compliance with those servicing criteria. Our responsibility is to
express an opinion on management's assertion about the Company's compliance with
the servicing criteria based on our examination.

Our examination was concluded in accordance with standards of the Public Company
Accounting Oversight Board (United States) and, accordingly, included examining,
on a test basis,  evidence  about the Company's  compliance  with the applicable
servicing  criteria  and  performing  such  other  procedures  as we  considered
necessary in the  circumstances.  Our examination  included testing of less than
all of the individual asset backed transactions and securities that comprise the
Platform,  testing of less than all of the servicing  activities  related to the
Platform,   and  determining   whether  the  Company  processed  those  selected
transactions  and performed  those  selected  activities in compliance  with the
servicing  criteria.  Furthermore,  our procedures  were limited to the selected
transactions and servicing activities performed by the Company during the period
covered by this report.  Our procedures  were not designed to determine  whether
errors may have  occurred  either prior to or  subsequent  to our tests that may
have  affected  the  balances or amounts  calculated  or reported by the Company
during the period  covered by this report for the selected  transactions  or any
other transactions.  We believe that our examination provides a reasonable basis
for our opinion.  Our examination does not provide a legal  determination on the
Company's compliance with the servicing criteria.

In our  opinion,  management's  assertion  that the  Company  complied  with the
afore-mentioned  servicing  criteria as of and for the year ended  December  31,
2006, for the Corporate Trust Asset Backed Securities platform is fairly stated,
in all material respects.

/s/ Ernst & Young LLP
---------------------
February 26, 2007



             Report of Independent Registered Public Accounting Firm

We have examined management's assertion,  included in the accompanying Report on
Assessment of Compliance  with SEC Regulation AB Servicing  Criteria,  that U.S.
Bank National Association (the Company) complied with the servicing criteria set
forth in Item 1122 (d) of the Securities and Exchange Commission's Regulation AB
for the  Wachovia  Document  Custody  Services  platform  (the  Platform)  as of
September 5, 2006, and for the period from January 1, 2006 through  September 5,
2006,  except for  criteria  1122(d)(1)(i),  1122  (d)(1)(iii),  1122(d)(1)(iv),
1122(d)(2)(i) through 1122(d)(2)(vii), 1122(d)(3)(i) through 1122(d)(3)(iv), and
1122(d)(4)(iv) through 1122(d)(4)(xv),  which the Company has determined are not
applicable  to the  activities  performed by them with respect to the  servicing
platform  covered by this report.  Management is  responsible  for the Company's
compliance with those servicing  criteria.  Our  responsibility is to express an
opinion  on  management's  assertion  about the  Company's  compliance  with the
servicing criteria based on our examination.

Our examination was concluded in accordance with standards of the Public Company
Accounting Oversight Board (United States) and, accordingly, included examining,
on a test basis,  evidence  about the Company's  compliance  with the applicable
servicing  criteria  and  performing  such  other  procedures  as we  considered
necessary in the  circumstances.  Our examination  included testing of less than
all of the individual asset backed transactions and securities that comprise the
Platform,  testing of less than all of the servicing  activities  related to the
Platform,   and  determining   whether  the  Company  processed  those  selected
transactions  and performed  those  selected  activities in compliance  with the
servicing  criteria.  Furthermore,  our procedures  were limited to the selected
transactions and servicing activities performed by the Company during the period
covered by this report.  Our procedures  were not designed to determine  whether
errors may have  occurred  either prior to or  subsequent  to our tests that may
have  affected  the  balances or amounts  calculated  or reported by the Company
during the period  covered by this report for the selected  transactions  or any
other transactions.  We believe that our examination provides a reasonable basis
for our opinion.  Our examination does not provide a legal  determination on the
Company's compliance with the servicing criteria.

In our  opinion,  management's  assertion  that the  Company  complied  with the
afore-mentioned  servicing  criteria as of September 5, 2006, and for the period
from  January 1, 2006  through  September  5, 2006,  for the  Wachovia  Document
Custody Services platform is fairly stated, in all material respects.

/s/ Ernst & Young LLP
---------------------
February 26, 2007


<PAGE>
                                  EXHIBIT 35.1
                                ----------------

                             NOVASTAR MORTGAGE, INC.
                         OFFICER'S CERTIFICATE REGARDING
                         ANNUAL STATEMENT OF COMPLIANCE

                                  March 9, 2007

     I,  Christopher  S.  Miller,  Senior Vice  President of  Servicing,  hereby
certify  that I am a duly  appointed  officer  of  NovaStar  Mortgage,  Inc.,  a
Virginia corporation, (the "Servicer") and further certify as follows:

(i)       I  have  reviewed  the  Servicer's  activities  during  the  preceding
          calendar year and the Servicer's performance under the various Pooling
          and  Servicing  Agreements  and Sale  and  Servicing  Agreements  (see
          attached  Exhibit A) under  which the  Servicer is party has been made
          under my supervision,

(ii)      To the best of my  knowledge,  based on such review,  the Servicer has
          fulfilled  its  obligations  under  this  Agreement  in  all  material
          respects  for such  year,  except as  follows:  certain  monthly  bank
          reconciliations were not prepared and reviewed timely, certain monthly
          bank reconciliations contained reconciling items that were not cleared
          timely,   reassignment   of  loans  within  the  Mortgage   Electronic
          Registration  System  (MERS)  was  not  performed  and  fidelity  bond
          coverage was not at the level  required by the  servicing  agreements.
          Control  activities  related to these items have been  implemented and
          individual  instances of noncompliance have been or are in the process
          of being corrected.

(iii)     No  Subservicers  have  performed  any  duties on  behalf of  NovaStar
          Mortgage, Inc.


/s/ Christopher S. Miller
-----------------------------------
Christopher S. Miller
Senior Vice President of Servicing


NovaStar Mortgage, Inc.
Exhibit A to Certificate of Officer
March 9, 2007
-----------------------------------

Description                                             Date of Agreement

Pooling and Servicing Agreements:
  NovaStar Mortgage Funding Trust, Series 2002-3        September 1, 2002
  NovaStar Mortgage Funding Trust, Series 2003-1        February 1, 2003
  NovaStar Mortgage Funding Trust, Series 2003-2        June 1, 2003
  NovaStar Mortgage Funding Trust, Series 2003-3        September 1, 2003
  NovaStar Mortgage Funding Trust, Series 2003-4        November 1, 2003
  NovaStar Mortgage Funding Trust, Series 2004-1        March 1, 2004
  NovaStar Mortgage Funding Trust, Series 2004-2        June 1, 2004
  NovaStar Mortgage Funding Trust, Series 2004-3        September 1, 2004
  NovaStar Mortgage Funding Trust, Series 2004-4        November 1, 2004
  NovaStar Mortgage Funding Trust, Series 2005-1        February 1, 2005
  NovaStar Mortgage Funding Trust, Series 2005-2        May 1, 2005
  NovaStar Mortgage Funding Trust, Series 2005-3        September 1, 2005
  NovaStar Mortgage Funding Trust, Series 2005-4        December 1, 2005
  NovaStar Mortgage Funding Trust, Series 2006-2        June 1, 2006
  NovaStar Mortgage Funding Trust, Series 2006-3        June 1, 2006
  NovaStar Mortgage Funding Trust, Series 2006-4        August 1, 2006
  NovaStar Mortgage Funding Trust, Series 2006-5        September 1, 2006
  NovaStar Mortgage Funding Trust, Series 2006-6        December 1, 2006

Sale and Servicing Agreements:
  NovaStar Mortgage Funding Trust, Series 2006-1        April 1, 2006
  NovaStar Mortgage Funding Trust, Series 2006-MTA1     May 1, 2006