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 of Issuing Entity: 333-113543-33

                       MORGAN STANLEY ABS CAPITAL I INC.
             (Exact name of registrant as specified in its charter)

                    IXIS REAL ESTATE CAPITAL TRUST 2006-HE2
                                (Issuing Entity)

                       MORGAN STANLEY ABS CAPITAL I INC.
             (Exact name of Depositor as specified in its charter)

                         IXIS REAL ESTATE CAPITAL, INC.
              (Exact name of Sponsor as specified in its charter)

           56-2596084, 56-2596086, 56-2596088, 56-2596090, 56-2596092
             (I.R.S. Employer Identification No. of Issuing Entity)

                                    New York
(State or other jurisdiction of incorporation or organization of Issuing Entity)

1585 Broadway                                                        10036
New York, New York                                                (Zip Code of
(Address of principal executive offices of Issuing Entity)       Issuing Entity)


     Issuing Entity's telephone number, including area code: (212) 761-4000


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.  Not Applicable.

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.

                      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).   See Item 15.


<PAGE>

PART I

Item 1.  Business.

         Not Applicable.

Item 1A. Risk Factors.

         Not Applicable.

Item 1B. Unresolved Staff Comments.

         None.

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.

         None.

                                      -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.

         As a result of  a merger,  completed  on  December  4, 2006,  between a
         subsidiary  of MSMCI and Saxon  Capital,  Inc.,  the  Registrant  is an
         affiliate,   through  common   parent  ownership,   of  Saxon  Mortgage
         Services,  Inc.,  one of the  servicers and  an indirect  subsidiary of
         Saxon Capital, Inc.

Item 14. Principal Accounting Fees and Services.

         Not Applicable.


PART IV

Item 15. Exhibits, Financial Statement Schedules.

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

    (1)  Not Applicable.

    (2)  Not Applicable.

    (3)  The  following  exhibit  was filed as part of the Registrant's  Current
         Report on Form 8-K/A  filed on  August 8, 2006 and  is incorporated  by
         reference:

Exhibit 4.1    Pooling and Servicing  Agreement,  dated as of May 1, 2006, among
               Morgan  Stanley ABS Capital I Inc., as depositor,  JPMorgan Chase
               Bank, National Association,  as master servicer,  backup servicer
               and securities  administrator,  Saxon Mortgage  Services Inc., as
               servicer,  Master Financial,  Inc., as servicer, IXIS Real Estate
               Capital Inc.  (f/k/a CDC Mortgage  Capital Inc.), as unaffiliated
               seller, and Deutsche Bank National Trust Company,  as trustee and
               custodian.

Exhibit 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) None.

                                      -3-
<PAGE>


                 Additional Disclosure Items from Regulation AB

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

        No single obligor represents 10%  or more of the pool assets held by the
        issuing entity.

Item 1114(b)(2) and Item 1115(b) of Regulation AB:
                                Significant Enhancement Provider Financial
                                Information
        None.

Item 1117 of Regulation AB:     Legal Proceedings

        None.

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

        None.

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   Report on Assessment of Compliance with Servicing Criteria
            JPMorgan Chase Bank, N.A., as Master Servicer

     33.2   Report on Assessment of Compliance with Servicing Criteria
            Saxon Mortgage Services Inc., as Servicer

     33.3   Report on Assessment of Compliance with Servicing Criteria
            Master Financial Inc, as Servicer

     33.4   Management's Assertion of Compliance
            Deutsche Bank National Trust Company, as Trustee and Custodian

     34.1   Report of Independent Registered Public Accounting Firm
            JPMorgan Chase Bank, N.A., as Master Servicer

     34.2   Report of Independent Registered Public Accounting Firm
            Saxon Mortgage Services Inc., as Servicer

     34.3   Report of Independent Registered Public Accounting Firm
            Master Financial Inc, as Servicer

     34.4   Report of Independent Registered Public Accounting Firm
            Deutsche Bank National Trust Company, as Trustee and Custodian

Saxon Mortgage Services Inc. has reported the following:

     "In regard to Items 1122(d)(4)(i) and 1122(d)(1)(ii),  based on a review of
     a sample of 45 loans, it was determined that 36 lien releases were not sent
     to consumer or to the recording  jurisdiction,  as appropriate,  within the
     timeframe  requirement  by  Saxon's  guidelines,  and  in  1  case  Saxon's
     guidelines  were  determined  to be incorrect  as to the required  means of
     delivery of the lien releases.  The delays in timeliness were caused by the
     failure  of   Saxon's   vendor's   database   to  upload   data   regarding
     payments-in-full  provided by Saxon in order to produce  lien  release in a
     timely manner.

     Saxon has taken the following remedial actions to remedy the exceptions and
     to prevent exceptions going forward: Saxon has verified that all liens that
     were not timely  released have been  released.  Saxon reviewed and uploaded
     its  guidelines  for lien  release  in May 2006 and  provided  the  updated
     guidelines  to  its  vendor  at  that  time.  Saxon's  vendor,  at  Saxon's
     direction,  researched  and  detected  the  cause of the  upload  error and
     implemented a solution. Saxon contracted with a new vendor for lien release
     and has implemented daily monitoring over the vendor's process of producing
     lien releases, which consists of validating the number of payoffs sent from
     Saxon to the vendor and the vendor's receipt of the same number of payoffs.
     Additionally, the vendor reports are available on line to accommodate daily
     monitoring the number of loans in each state,  the age of each item and the
     state time guideline."

Southwest Business Corporation,  a vendor for  Saxon Mortgage Services Inc.  has
reported the following:

     Our  examination  disclosed  the  following  material   noncompliance  with
     1122(d)(4)(xi) applicable to the Company during the year ended December 31,
     2006: on a sample of sixty (60),  one insurance  premium was paid after the
     policies' expiration date.

Item 1123 of Regulation AB, Servicer Compliance Statement

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

     Exhibit No.

     35.1   Servicer Compliance Statement
            JPMorgan Chase Bank, N.A., as Master Servicer

     35.2   Servicer Compliance Statement
            Saxon Mortgage Services Inc., as Servicer

     35.3   Servicer Compliance Statement
            Master Financial Inc, as Servicer


     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  certificateholders,  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:     MORGAN STANLEY ABS CAPITAL I INC., as Depositor

By:     /s/ Valerie Kay
        -------------------------------------------
Name:   Valerie Kay
Title:  Vice President

Date:   March 30, 2007


                                      -5-

<PAGE>

                                  EXHIBIT INDEX

Exhibit      Description

  4.1   Pooling  and  Servicing Agreement, dated as of May 1, 2006, among Morgan
        Stanley  ABS  Capital  I  Inc.,   as  depositor,  JPMorgan  Chase  Bank,
        National   Association,   as  master  servicer,   backup  servicer   and
        securities  administrator,  Saxon  Mortgage Services  Inc., as servicer,
        Master  Financial,  Inc., as servicer,  IXIS  Real  Estate  Capital Inc.
        (f/k/a  CDC  Mortgage  Capital   Inc.),   as  unaffiliated  seller,  and
        Deutsche  Bank  National  Trust  Company,  as  trustee  and  custodian.

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

 33.1   Report on Assessment of Compliance with Servicing Criteria
        JPMorgan Chase Bank, N.A., as Master Servicer

 33.2   Report on Assessment of Compliance with Servicing Criteria
        Saxon Mortgage Services Inc., as Servicer

 33.3   Report on Assessment of Compliance with Servicing Criteria
        Master Financial Inc, as Servicer

 33.4   Management's Assertion of Compliance
        Deutsche Bank National Trust Company, as Trustee and Custodian

 34.1   Report of Independent Registered Public Accounting Firm
        JPMorgan Chase Bank, N.A., as Master Servicer

 34.2   Report of Independent Registered Public Accounting Firm
        Saxon Mortgage Services Inc., as Servicer

 34.3   Report of Independent Registered Public Accounting Firm
        Master Financial Inc, as Servicer

 34.4   Report of Independent Registered Public Accounting Firm
        Deutsche Bank National Trust Company, as Trustee and Custodian

 35.1   Servicer Compliance Statement
        JPMorgan Chase Bank, N.A., as Master Servicer

 35.2   Servicer Compliance Statement
        Saxon Mortgage Services Inc., as Servicer

 35.3   Servicer Compliance Statement
        Master Financial Inc, as Servicer


                                       -6-

<PAGE>

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

                                  CERTIFICATION

                     IXIS REAL ESTATE CAPITAL TRUST 2006-HE2


     I,  Valerie  Kay,  Vice  President  of Morgan  Stanley  ABS Capital I Inc.,
certify that:

1.   I have  reviewed  the  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 IXIS Real Estate  Capital Trust  2006-HE2,  (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  statements  required in
     this report  under Item 1123 of  Regulation  AB, and except as disclosed in
     the Exchange Act periodic  reports,  the  servicers  have  fulfilled  their
     obligations under the servicing agreements; 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:  Deutsche Bank National
Trust Company, JPMorgan Chase Bank, N.A., and Master Financial Inc.


Date:   March 30, 2007


By:     /s/ Valerie Kay
        ---------------------

Name:   Valerie Kay
Title:  Vice President


        MORGAN STANLEY ABS CAPITAL I INC.


<PAGE>
                                  EXHIBIT 33.1
                                ----------------
              Management's Report on Assessment of Compliance with
                          Applicable Servicing Criteria
                  JPMorgan Chase Bank, N.A., as Master Servicer


     JPMorgan  Chase  Bank,  National  Association  (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) of the Code of
Federal  Regulations  (the "CFR") as set forth in  Appendix A hereto,  which the
Asserting Party has concluded are applicable to it in connection with its Master
Servicing operations with respect to the transactions listed in Appendix B which
comprise the Master Servicing  platform as defined below, to the extent required
by the related transaction  agreements as to any transaction (such criteria, the
"Applicable  Servicing  Criteria").  For the  purpose  of this  assessment,  the
Asserting  Party has  defined  its Master  Servicing  platform  as all  publicly
offered asset-backed transactions backed by residential mortgages or home equity
loans issued on or after January 1, 2006 where the Asserting Party is the master
servicer (the "Platform").

     The  Asserting  Party  (i)  has  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) has  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.


JPMorgan Chase Bank, National Association, as Master Servicer

/s/ Kathleen McDonnell
-------------------------
By: Kathleen McDonnell, Vice President

Date: March 14, 2007



                   Appendix A - Applicable Servicing Criteria
              Management's Report on Assessment of Compliance with
                          Applicable Servicing Criteria
                    JPMorgan Chase Bank, National Association
                            Master Servicing Platform

<TABLE>

           <c>              <c>
----------------------------------------------------------------------------------  ------------------
                                                                                    Servicing Criteria
                                                                                    Applicable to
Reference         Criteria                                                          Asserting Party?
----------------------------------------------------------------------------------  ------------------
229.1122(d)(1)(i)       Policies and procedures are instituted to monitor any                Yes
                        performance or other triggers and events of default in
                        accordance with the transaction agreements.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(1)(ii)      If any material servicing activities are outsourced to                No
                        third parties, policies and procedures are instituted to
                        monitor the third party's performance and compliance with
                        such servicing activities.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(1)(iii)     Any requirements in the transaction agreements to maintain            No
                        a back-up servicer for the mortgage loans are maintained.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(1)(iv)      A fidelity bond and errors and omissions policy is in                Yes
                        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.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(2)(i)       Payments on pool assets are deposited into the                       Yes
                        appropriate custodial bank accounts and related bank
                        clearing accounts no more than two business days of
                        receipt, or such other number of days specified in the
                        transaction agreements.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(2)(ii)      Disbursements made via wire transfer on behalf of an                 Yes
                        obligor or to an investor are made only by authorized
                        personnel.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(2)(iii)     Advances of funds or guarantees regarding collections,               Yes
                        cash flows or distributions, and any interest or other
                        fees charged for such advances, are made, reviewed and
                        approved as specified in the transaction agreements.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(2)(iv)      The related accounts for the transaction, such as cash               Yes
                        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.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(2)(v)       Each custodial account is maintained at a federally                  Yes
                        insured depository 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.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(2)(vi)      Unissued checks are safeguarded so as to prevent                      No
                        unauthorized access.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(2)(vii)     Reconciliations are prepared on a monthly basis for all              Yes
                        asset-backed 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.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(3)(i)       Reports to investors, including those to be filed with the           Yes
                        Commission, are 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 mortgage loans
                        serviced by the Servicer.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(3)(ii)      Amounts due to investors are allocated and remitted in               Yes
                        accordance with timeframes, distribution priority and
                        other terms set forth in the transaction agreements.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(3)(iii)     Disbursements made to an investor are posted within two              Yes
                        business days to the Servicer's investor records, or such
                        other number of days specified in the transaction
                        agreements.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(3)(iv)      Amounts remitted to investors per the investor reports               Yes
                        agree with cancelled checks, or other form of payment, or
                        custodial bank statements.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(i)       Collateral or security on mortgage loans is maintained as             No
                        required by the transaction agreements or related mortgage
                        loan documents.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(ii)      Mortgage loan and related documents are safeguarded as                No
                        required by the transaction agreements.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(iii)     Any additions, removals or substitutions to the asset pool            No
                        are made, reviewed and approved in accordance with any
                        conditions or requirements in the transaction agreements.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(iv)      Payments on mortgage loans, including any payoffs, made in            No
                        accordance with the related mortgage loan 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 mortgage loan
                        documents.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(v)       The Servicer's records regarding the mortgage loans agree             No
                        with the Servicer's records with respect to an obligor's
                        unpaid principal balance.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(vi)      Changes with respect to the terms or status of an                     No
                        obligor's mortgage loans (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.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(vii)     Loss mitigation or recovery actions (e.g., forbearance               Yes
                        plans, modifications 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.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(viii)    Records documenting collection efforts are maintained                 No
                        during the period a mortgage loan 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
                        mortgage loans including, for example, phone calls,
                        letters and payment rescheduling plans in cases where
                        delinquency is deemed temporary (e.g., illness or
                        unemployment).
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(ix)      Adjustments to interest rates or rates of return for                  No
                        mortgage loans with variable rates are computed based on
                        the related mortgage loan documents.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(x)       Regarding any funds held in trust for an obligor (such as             No
                        escrow accounts): (A) such funds are analyzed, in
                        accordance with the obligor's mortgage loan 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 mortgage loan documents and state laws; and (C)
                        such funds are returned to the obligor within 30 calendar
                        days of full repayment of the related mortgage loans, or
                        such other number of days specified in the transaction
                        agreements.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(xi)      Payments made on behalf of an obligor (such as tax or                 No
                        insurance payments) 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.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(xii)     Any late payment penalties in connection with any payment             No
                        to be made on 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.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(xiii)    Disbursements made on behalf of an obligor are posted                 No
                        within two business days to the obligor's records
                        maintained by the servicer, or such other number of days
                        specified in the transaction agreements.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(xiv)     Delinquencies, charge-offs and uncollectible accounts are            Yes
                        recognized and recorded in accordance with the transaction
                        agreements.
----------------------------------------------------------------------------------  ------------------
229.1122(d)(4)(xv)      Any external enhancement or other support, identified in              No
                        Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
                        is maintained as set forth in the transaction agreements.
----------------------------------------------------------------------------------  ------------------
</TABLE>

                        Appendix B - List of Transactions
              Management's Report on Assessment of Compliance with
                          Applicable Servicing Criteria
                   JPMorgan Chase Bank, National Association
                           Master Servicing Platform
                                ----------------
                    IXIS Real Estate Capital Trust 2006-HE1
                         GSAA Home Equity Trust 2006-1
                         GSAA Home Equity Trust 2006-3
                         GSAA Home Equity Trust 2006-5
                         GSAA Home Equity Trust 2006-6
                         GSAA Home Equity Trust 2006-9
                         GSAA Home Equity Trust 2006-12
                        GSR Mortgage Loan Trust 2006-4F
                    IXIS Real Estate Capital Trust 2006-HE2
                                ----------------


<PAGE>
                                  EXHIBIT 33.2
                                ----------------
     Certification Regarding Compliance with Applicable Servicing Criteria
                    Saxon Mortgage Services Inc., as Servicer


Saxon Mortgage Services, Inc.
4708 Mercantile Drive North
Fort Worth, TX 76137-3605
Phone (817) 665-7200
Fax   (817) 665-7400


      Certification Regarding Compliance with Applicable Servicing Criteria

1.   Saxon Mortgage  Services Inc.  ("Saxon"),  as Servicer,  is responsible for
     assessing its compliance with the applicable  servicing  criteria,  for the
     year  ended  December  31,  2006,  under  paragraph  (d) of  Item  1122  of
     Regulation  AB. Such  assessment  is set forth  herein in  connection  with
     asset-backed   securities  transactions  subject  to  Regulation  AB  ("the
     Transactions"),  described  as such on  Exhibit  C,  involving  residential
     mortgage loans.

2.   Saxon has engaged  certain  vendors (the  "Vendors")  to perform  specific,
     limited or scripted  activities as of and for the period ended December 31,
     2006,  and,  except  as  otherwise  noted  herein,  Saxon  elects  to  take
     responsibility  for assessing  compliance  with the  servicing  criteria or
     portion of the servicing  criteria  applicable to such Vendors as set forth
     in  Exhibit  A  hereto;  as  noted  on the  attached  Exhibit  A,  criteria
     1122(d)(4)(xi)  and  1122(d)(4)(xii)  were performed in whole or in part by
     Vendors who shall provide  assertions  and auditor  attestations  regarding
     their performance of the criteria.

3.   Except as set forth in paragraph 4 below, Saxon used the criteria set forth
     in paragraph  (d) of Item 1122 of  Regulation  AB to assess the  compliance
     with the applicable servicing criteria.

4.   The  criteria  described  as such on Exhibit A hereto are  inapplicable  to
     Saxon based on the  activities  it performs  with  respect to  asset-backed
     securities transactions involving residential mortgage loans.

5.   Saxon has complied, in all material respects, with the applicable servicing
     criteria as of and for the period ended December 31, 2006,  except as noted
     on the attached Exhibit B.

6.   Saxon has not  identified  and is not  aware of any  material  instance  of
     noncompliance  by the Vendors with the applicable  servicing  criteria,  or
     performance  of certain  discrete  functions  with regard to the  servicing
     criteria, as of and for the period ended December 31, 2006, except as noted
     on the attached Exhibit B.

7.   Saxon has not  identified  any  material  deficiency  in its  policies  and
     procedures  to monitor the  compliance  by the Vendors with the  applicable
     servicing criteria, for the period ended December 31, 2006, except as noted
     on the attached Exhibit B.

8.   A registered  public  accounting  firm has issued an attestation  report on
     Saxon's assessment of compliance with the applicable  servicing criteria as
     of and for the period ended December 31, 2006.


March 15, 2007

Saxon Mortgage Services Inc.

/s/ David Dill
-------------------------------------
David Dill
Chief Executive Officer and President


<TABLE>

             <c>             <c>

                                        EXHIBIT A
----------------------------------------------------------------------------- ---------------------------  ------------------------
                                                                                      APPLICABLE                  INAPPLICABLE
                                                                                      SERVICING                    SERVICING
                                   SERVICING CRITERIA                                 CRITERIA                     CRITERIA
----------------------------------------------------------------------------- ---------------------------  ------------------------
                                                                                                           Performed
                                                                                           Performed by    by vendor(s)
                                                                                           Vendor(s)       retained by
                                                                                           retained by     Saxon for
                                                                                           Saxon for       which Saxon
                                                                              Performed    which Saxon     is NOT          Otherwise
                                                                              Directly by  is taking       taking       Inapplicable
Reference                                Criteria                             Saxon        Responsibility  Responsibility   Criteria
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                                 General Servicing Considerations
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Policies and procedures are instituted to monitor any
                 performance or other triggers and events of default in
1122(d)(1)(i)    accordance with the transaction agreements.                    [X]1&2
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 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
1122(d)(1)(ii)   activities.                                                    [X]
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Any requirements in the transaction agreements to maintain a
1122(d)(1)(iii)  back-up servicer for the mortgage loans are maintained.                                                      [X]
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 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
1122(d)(1)(iv)   transaction agreements.                                        [X]1
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                               Cash Collection and Administration
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Payments on mortgage loans are deposited into the appropriate
                 custodial bank accounts and related bank clearing accounts no
                 more than two business days following receipt, or such other
1122(d)(2)(i)    number of days specified in the transaction agreements.        [X]1
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Disbursements made via wire transfer on behalf of an obligor
1122(d)(2)(ii)   or to an investor are made only by authorized personnel.       [X]3
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Advances of funds or guarantees regarding collections, cash
                 flows or distributions, and any interest or other fees charged
                 for such advances, are made, reviewed and approved as
1122(d)(2)(iii)  specified in the transaction agreements.                       [X]1&4
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 The related accounts for the transaction, such as cash reserve
                 accounts or accounts established as a form of
                 overcollateralization, are separately maintained (e.g., with
                 respect to commingling of cash) as set forth in the
1122(d)(2)(iv)   transaction agreements.                                        [X]1&5
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Each custodial account is maintained at a federally insured
                 depository 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
1122(d)(2)(v)    Exchange Act.                                                  [X]1&6
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Unissued checks are safeguarded so as to prevent unauthorized
1122(d)(2)(vi)   access.                                                        [X]7
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Reconciliations are prepared on a monthly basis for all
                 asset-backed securities related bank accounts, including
                 custodial accounts and related bank clearing accounts. These
1122(d)(2)(vii)  reconciliations:
                 ------------------------------------------------------------ -----------  --------------  --------------  ---------
                 (A) are mathematically accurate;                               [X]1&5
                 ------------------------------------------------------------ -----------  --------------  --------------  ---------
                 (B) prepared within 30 calendar days after the bank statement
                 cutoff date, or such other number of days specified in the
                 transaction agreements;                                        [X]1&5
                 ------------------------------------------------------------ -----------  --------------  --------------  ---------
                 (C) reviewed and approved by someone other than the person who
                 prepared the reconciliation; and                               [X]1&5
                 ------------------------------------------------------------ -----------  --------------  --------------  ---------
                 (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.                       [X]1&5
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                               Investor Remittances and Reporting
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Reports to investors, including those to be filed with the
                 Commission, are maintained in accordance with the transaction
                 agreements and applicable Commission requirements.
 1122(d)(3)(i)   Specifically, such reports:
                 ------------------------------------------------------------ -----------  --------------  --------------  ---------
                 (A) are prepared in accordance with timeframes and other terms
                 set forth in the transaction agreements;                       [X]1&8
                 ------------------------------------------------------------ -----------  --------------  --------------  ---------
                 (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                                               [X]1&8                                        [X]
                 ------------------------------------------------------------ -----------  --------------  --------------  ---------
                 (D) agree with investors' or the trustee's records as to the
                 total unpaid principal balance and number of mortgage loans
                 serviced by the Servicer.                                      [X]1&8
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Amounts due to investors are allocated and remitted in
                 accordance with timeframes, distribution priority and other
1122(d)(3)(ii)   terms set forth in the transaction agreements.                 [X]1&8
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Disbursements made to an investor are posted within two
                 business days to the Servicer's investor records, or such
1122(d)(3)(iii)  other number of days specified in the transaction agreements.  [X]1&8
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Amounts remitted to investors per the investor reports agree
                 with cancelled checks, or other form of payment, or custodial
1122(d)(3)(iv)   bank statements.                                               [X]1&8
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                                    Pool Asset Administration
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Collateral or security on mortgage loans is maintained as
                 required by the transaction agreements or related mortgage
1122(d)(4)(i)    loan documents.                                                [X]1&9        [X]1&9
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Mortgage loan and related documents are safeguarded as
1122(d)(4)(ii)   required by the transaction agreements.                        [X]1&10
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Any additions, removals or substitutions to the asset pool are
                 made, reviewed and approved in accordance with any conditions
1122(d)(4)(iii)  or requirements in the transaction agreements.                 [X]1&11
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Payments on mortgage loans, including any payoffs, made in
                 accordance with the related mortgage loan 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
1122(d)(4)(iv)   accordance with the related mortgage loan documents.           [X]1
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 The Servicer's records regarding the mortgage loans agree with
                 the Servicer's records with respect to an obligor's unpaid
1122(d)(4)(v)    principal balance.                                             [X]
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Changes with respect to the terms or status of an obligor's
                 mortgage loans (e.g., loan modifications or re-agings) are
                 made, reviewed and approved by authorized personnel in
                 accordance with the transaction agreements and related pool
1122(d)(4)(vi)   asset documents.                                               [X]1
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Loss mitigation or recovery actions (e.g., forbearance plans,
                 modifications and deeds in lieu of foreclosure, foreclosures
                 and repossessions, as applicable) are initiated, conducted and
                 concluded in accordance with the timeframes or other
1122(d)(4)(vii)  requirements established by the transaction agreements.        [X]1
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Records documenting collection efforts are maintained during
                 the period a mortgage loan 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 mortgage loans including, for
                 example, phone calls, letters and payment rescheduling plans
                 in cases where delinquency is deemed temporary (e.g., illness
1122(d)(4)(viii) or unemployment).                                              [X]1
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Adjustments to interest rates or rates of return for mortgage
                 loans with variable rates are computed based on the related
1122(d)(4)(ix)   mortgage loan documents.                                       [X]1
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Regarding any funds held in trust for an obligor (such as
 1122(d)(4)(x)   escrow accounts):
                 ------------------------------------------------------------ -----------  --------------  --------------  ---------
                 (A) such funds are analyzed, in accordance with the obligor's
                 mortgage loan documents, on at least an annual basis, or such
                 other period specified in the transaction agreements;          [X]
                 ------------------------------------------------------------ -----------  --------------  --------------  ---------
                 (B) interest on such funds is paid, or credited, to obligors
                 in accordance with applicable mortgage loan documents and
                 state laws; and                                                [X]
                 ------------------------------------------------------------ -----------  --------------  --------------  ---------
                 (C) such funds are returned to the obligor within 30 calendar
                 days of full repayment of the related mortgage loans, or such
                 other number of days specified in the transaction agreements.  [X]1
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Payments made on behalf of an obligor (such as tax or
                 insurance payments) 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
1122(d)(4)(xi)   transaction agreements.                                                                       [X]12
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Any late payment penalties in connection with any payment to
                 be made on behalf of an obligor are paid from the servicer's
                 funds and not charged to the obligor, unless the late payment
1122(d)(4)(xii)  was due to the obligor's error or omission.                                                   [X]12
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Disbursements made on behalf of an obligor are posted within
                 two business days to the obligor's records maintained by the
                 servicer, or such other number of days specified in the
1122(d)(4)(xiii) transaction agreements.                                        [X]1
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Delinquencies, charge-offs and uncollectible accounts are
                 recognized and recorded in accordance with the transaction
1122(d)(4)(xiv)  agreements.                                                    [X]1
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------
                 Any external enhancement or other support, identified in Item
                 1114(a)(1) through (3) or Item 1115 of Regulation AB, is
1122(d)(4)(xv)   maintained as set forth in the transaction agreements.                                                       [X]
----------------------------------------------------------------------------- -----------  --------------  --------------  ---------

    Footnotes to Exhibit A Servicing Criteria

1.  As it applies to the "Servicer" and Servicer responsibilities defined in the transaction agreements.
2.  The transaction agreements are reviewed by each functional area and policies and procedures are developed to ensure compliance
    with agreements and avoidance of servicer events of defaults, as defined in the transaction agreements.
3.  As it applies to wires disbursed for Servicer obligations under the transaction agreements.
4.  Funds advanced in accordance with the transaction agreements.
5.  As it applies to Servicer accounts specified in the transaction agreements.
6.  As it applies to Servicer Custodial Accounts specified in the transaction agreements.
7.  As it applies to checks issued by the Servicer.
8.  As it applies to reports and remittances prepared and sent by the Servicer pursuant to the transaction agreements.
9.  As it applies to the recording of loan modifications and other pool asset documents and the release of liens on pool assets,
    initiated by the Servicer.
10. As it applies to the pool asset documents if and when they are in the Servicer's possession, and in accordance with requirements
    of the transaction agreements.
11. As it applies in instances where the Servicer is notified of an addition, deletion or substitution to the asset pool.
12. Vendor Assessments and their Auditor's Attestations will be provided separately from this report.

</TABLE>


                                   EXHIBIT B

"In regard to Items  1122(d)(4)(i)  and  1122(d)(1)(ii),  based on a review of a
sample of 45 loans,  it was  determined  that 36 lien  releases were not sent to
consumer or to the recording jurisdiction, as appropriate,  within the timeframe
requirement  by  Saxon's  guidelines,  and in 1  case  Saxon's  guidelines  were
determined  to be  incorrect  as to the  required  means of delivery of the lien
releases.  The  delays in  timeliness  were  caused by the  failure  of  Saxon's
vendor's database to upload data regarding payments-in-full provided by Saxon in
order to produce lien release in a timely manner.

Saxon has taken the following  remedial  actions to remedy the exceptions and to
prevent  exceptions  going forward:  Saxon has verified that all liens that were
not  timely  released  have been  released.  Saxon  reviewed  and  uploaded  its
guidelines  for lien release in May 2006 and provided the updated  guidelines to
its vendor at that time.  Saxon's vendor, at Saxon's  direction,  researched and
detected  the  cause of the  upload  error and  implemented  a  solution.  Saxon
contracted  with a new  vendor  for  lien  release  and  has  implemented  daily
monitoring over the vendor's process of producing lien releases,  which consists
of  validating  the  number of  payoffs  sent from  Saxon to the  vendor and the
vendor's receipt of the same number of payoffs. Additionally, the vendor reports
are available on line to  accommodate  daily  monitoring  the number of loans in
each state, the age of each item and the state time guideline."


                                   EXHIBIT C
                               "The Transactions"

ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC1
ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP1
GSAA Home Equity Trust 2006-2
IXIS Real Estate Capital Trust 2006-HE1
IXIS Real Estate Capital Trust 2006-HE2
IXIS Real Estate Capital Trust 2006 2006-HE3
Morgan Stanley IXIS Real Estate Capital Trust 2006-1
Morgan Stanley IXIS Real Estate Capital Trust 2006-2
Morgan Stanley ABS I Inc. Trust 2006-HE8
Merrill Lynch Mortgage Investors Trust, 2006-RM3
Saxon Asset Securities Trust 2006-1
Saxon Asset Securities Trust 2006-2
Saxon Asset Securities Trust 2006-3
Soundview Home Loan Trust 2006-EQ1



SWBC
9311 San Pedro, Suite 600
San Antonio, Texas 78216
Phone: 210.525.1241
Fax:   210.525.1240
www.swbc.com

                            MANAGEMENT'S ASSERTION ON
                     COMPLIANCE WITH REGULATION AB CRITERIA

Southwest Business Corporation, SWBC, (the "Asserting Party") is responsible for
assessing  compliance as of December 31, 2006 and for the period from  September
5, 2006 (date of conversion)  through December 31, 2006 (the "Reporting Period")
with the servicing criteria set forth in Section 229.1122(d)(1)(iv),  (d)(4)(xi)
and  (d)(4)(xiii)  of the Code of  Federal  Regulations  (the  "CFR")  which the
Asserting  Party has concluded  are  applicable to the servicing of all loans of
Saxon Mortgage Services, Inc., (the "Applicable Servicing Criteria").

The Asserting  Party has assessed its compliance  with the Applicable  Servicing
Criteria for the Reporting  Period and has identified  one material  instance of
noncompliance  with the  servicing  criteria  as set forth in  Section  229.1122
(d)(4)(xi) of the CFR. This material  instance of noncompliance is the result of
one payment made after the expiration date of the insurance  policy out of sixty
payments  tested.  The Asserting Party has furthermore  concluded that, with the
exception  of  the  aforementioned  material  instance  of  noncompliance,   the
Asserting Party has complied,  in all material respects,  with Sections 229.1122
(d)(1)(iv) and  229.1122(d)(4)(xiii) of the CFR for all loans serviced for Saxon
Mortgage Securities, Inc.

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

Southwest Business Corporation

/s/ Gary L. Dudley
------------------------------
Gary L. Dudley
President
March 8, 2007


                                                FIS Tax Services
                                                3100 New York Drive, Suite 100
                                                Pasadena, CA 91107
                                                tel: 626.345.2010 / 866.457.4112
                                                fax: 626.398.5205

                         Management Compliance Statement

Management of FIS Tax Services (FIS) and formerly known as LSI Tax Services,  is
responsible  for assessing  compliance with  applicable  servicing  criteria set
forth in Item 1122(d) of Regulation AB of the Securities and Exchange Commission
relating  to  residential  mortgage  loans (the  Platform),  except for  General
Servicing  Consideration criteria (i)-(iv),  Cash Collections and Administration
(i)-(vii),   Investor  Remittances  and  Reporting  (i)-(iv),   and  Pool  Asset
Administration  (i)-(x),  (xiv),  and  (xv),  which FIS has  determined  are not
applicable to the activities it performs with respect to the Platform.

FIS' management has assessed the effectiveness of the Company's  compliance with
the applicable  servicing  criteria as of and for the year ended 2006. In making
this  assessment,  management  used the criteria set forth by the Securities and
Exchange  Commission  in paragraph  (d) of Item 1122 of  Regulation  AB. FIS has
determined the following servicing criteria in paragraph (d)(4) of Item 1122 are
applicable to the activities it performed with respect to the Platform:

(xi)      Payments  made on  behalf  of an  obligor  (such  as tax or  insurance
          payments)  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.

(xii)     Any late payment  penalties in connection  with any payment to be made
          on 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.

(xiii)    Disbursements  made on behalf of an  obligor  are  posted  within  two
          business days to the obligor's records maintained by the servicer,  or
          such other number of days specified in the transaction agreements.

Based on such assessment, management believes that, as of and for the year ended
December 31, 2006, FIS has complied in all material  respects with the servicing
criteria  set forth in Item  1122(d)  of  Regulation  AB of the  Securities  and
Exchange Commission relating to the servicing of the Platform.

KPMG LLP, a registered public accounting firm, has issued an attestation  report
with  respect to  management's  assessment  of  compliance  with the  applicable
servicing criteria as of and for the year ended 2006.

To the  best of my  knowledge  and  belief,  based on such  assessment,  FIS has
fulfilled all of its applicable obligations throughout the reporting period.

                                        /s/ Darryl A. De Bond
                                        ------------------------
                                        Darryl A. De Bond
                                        Executive Vice President

                                        January 22, 2007


<PAGE>
                                  EXHIBIT 33.3
                                ----------------
           Report on Assessment of Compliance with Servicing Criteria
                        Master Financial Inc, as Servicer



                             MASTER FINANCIAL, INC.

    REPORT ON ASSESSMENT OF COMPLIANCE WITH APPLICABLE SERVICING CRITERIA FOR
                             ASSET BACKED SECURITIES
                                 MARCH 13, 2007

Re: IXIS  Real  Estate  Capital  Trust 2006-HE1, 2006-HE2, and 2006-HE3 Mortgage
Pass-through  Certificates for the period February 28, 2006 through December 31,
2006 pursuant to the related Pooling and Servicing  Agreements dated February 1,
2006 for 2006-HE1; May 1, 2006 for 2006-HE2 and  September 1, 2006 for 2006-HE3.

MASTER FINANCIAL, INC., as Servicer, of the mortgage loans pledged as collateral
under  the  above  captioned  Mortgage  Pass-Through   Certificates  (with  such
collateral  serviced  within a single,  Regulation  AB servicing  platform),  is
responsible for assessing  compliance  with the servicing  criteria set forth in
paragraph 229.1122 (Item 1122) of Securities and Exchange Commission  Regulation
AB, with  respect to the  servicing  criteria  applicable  to it under the above
captioned Pooling and Servicing Agreements.

I, MICHAEL J. KIM, Executive Vice President and  Chief Financial Officer, am the
Responsible  Party  designated  within  Master  Financial,  Inc., to assess such
compliance.  Pursuant to my  responsibility,  I utilized the criteria set out in
Item 1122(d) of the  Regulation to assess Master  Financial,  Inc.'s  compliance
with the applicable servicing criteria, to wit:

General Servicing Considerations

Policies  and  procedures  were in place to  monitor  all  performance  or other
triggers and events of default in accordance with the transaction agreements.

No material servicing activities were outsourced to third parties.

The  requirements in the transaction  agreements to maintain a back-up  servicer
for the mortgage loans are applicable to the Master Servicer only.

A fidelity bond and errors and  omissions  policy was in effect  throughout  the
reporting  period,  February 28, 2006 through December 31, 2006 in the amount of
coverage  required  by  and  otherwise  in  accordance  with  the  terms  of the
transaction agreements.

Collection and Administration Cash

Payments on mortgage loans were deposited  into the  appropriate  custodial bank
accounts  and related  bank  clearing  accounts no more than two  business  days
following receipt, as specified in the transaction agreements.

Disbursements  made via wire transfers on behalf of an obligor or to the Trustee
for the benefit of investors were made only by authorized personnel.

Advances of funds  regarding  scheduled  collections  of principal and interest,
were made, reviewed and approved as specified in the transaction agreements.

The related cash accounts for the  transactions,  such as Principal and Interest
and  Impound  Accounts  were  separately   maintained  (e.g.,  with  respect  to
commingling of cash) as set forth in the transaction agreements.

Each  custodial  account  was  maintained  at  a  federally  insured  depository
institution as set forth in the transaction  agreements.  Such federally insured
institutions met the requirements of Rule 13k-1(b)(1) of the Securities Exchange
Act.

There was no un-issued  check-stock and access to electronic  check  preparation
was safeguarded so as to prevent unauthorized access.

Reconciliations were prepared on a monthly basis for all asset-backed securities
related bank accounts,  including  custodial  accounts and related bank clearing
accounts.  These reconciliations were (A) mathematically  accurate; (B) prepared
within 30 calendar  days after the bank  statement  cutoff date, as specified in
the transaction agreements; (C) were reviewed and approved by someone other than
the person who prepared the  reconciliation;  and (D) contain  explanations  for
reconciling items. These reconciling items were resolved within 90 calendar days
of their original identification, as specified in the transaction agreements.

Investor Remittances and Reporting

Data necessary for  preparation of Reports to investors,  including  those to be
filed with the  Commission,  were  maintained in accordance with the transaction
agreements and applicable Commission requirements.  Specifically,  such data (A)
were prepared in  accordance  with  timeframes  and other terms set forth in the
transaction  agreements;  (B) provided information calculated in accordance with
the terms specified in the transaction  agreements;  (C) were remitted timely to
provide  for  submission  to  the  Commission  as  required  by  its  rules  and
regulations;  and (D) agreed with the  Trustee's records as to the total  unpaid
principal  balance and number of mortgage  loans  serviced by Master  Financial,
Inc.

Disbursements  made to the  Trustee  for the  benefit of  investors  were posted
within two business days to our Servicer investor  records,  as specified in the
transaction agreements.

Amounts  remitted to the Trustee for the benefits of  investors  per the monthly
remittance  reports  agreed with wire  transmission  reports,  and related  bank
statements.

Pool Asset Administration

Collateral  documents  on  mortgage  loans were  maintained  as  required by the
transaction agreements and related mortgage loan documents.

Mortgage  loans and  related  documents  were  safeguarded  as  required  by the
transaction agreements.

Any additions,  removals or substitutions to the asset pool were made,  reviewed
and  approved  in  accordance  with  all  conditions  and  requirements  in  the
transaction agreements.

Payments on mortgage loans,  including all payoffs, were made in accordance with
the related  mortgage  loan  documents  and were  posted to the obligor  records
maintained  no more than two business  days after  receipt,  as specified in the
transaction agreements, and were allocated to principal, interest or other items
(e.g., Impound Accounts) in accordance with the related mortgage loan documents.

Master  Financial,  Inc.'s records  regarding the mortgage loans agreed with the
Servicing files with respect to each obligor's unpaid principal balance.

There were no  unauthorized  changes made with respect to the terms or status of
any  obligor's   mortgage  loan  (e.g.,  loan  modifications  or  re-agings)  as
specified,  in accordance with the transaction agreements and related pool asset
documents.

Loss mitigation or recovery actions (e.g., forbearance plans,  modifications and
deeds in lieu of foreclosure,  foreclosures  and  repossessions,  as applicable)
were  initiated,  conducted and concluded in accordance  with the  timeframes or
other requirements established by the transaction agreements.

Records  documenting our collection  efforts were maintained  during the periods
mortgage loans were delinquent in accordance  with the  transaction  agreements.
Such records were  maintained on at least a monthly  basis,  as specified in the
transaction  agreements,  and  Master  Financial,   Inc.'s  activities  included
monitoring  delinquent  mortgage  loans  including,  for  example,  phone calls,
letters and payment  rescheduling  plans in cases where  delinquency  was deemed
temporary (e.g., illness or unemployment).

Adjustments  to  interest  rates for  mortgage  loans with  variable  rates were
computed and re-set based on the related mortgage loan documents.

Funds held in trust for an obligor (such as Impound Accounts) were (A) analyzed,
in accordance with the obligor's mortgage loan documents,  and or on at least an
annual basis, as specified in the transaction  agreements;  (B) interest on such
funds was paid, or credited,  to obligors in accordance with applicable mortgage
loan  documents and state laws;  and (C) such funds were returned to the obligor
within 30 calendar  days of full  repayment of the related  mortgage  loans,  as
specified in the transaction agreements.

Payments made on behalf of an obligor (such as tax or insurance  payments)  were
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 was
been received by Master Financial, Inc. at least 30 calendar days prior to these
dates, as specified in the transaction agreements.

Any late payment  penalties in connection  with any payment to be made on behalf
of an  obligor  were paid from the  servicer's  funds  and not  charged  too the
obligor, unless the late payment was due to the
obligor's error or omission.

Disbursements  made on behalf of an obligor were posted within two business days
to the obligor's records  maintained by Master Financial,  Inc., as specified in
the transaction agreements.

Delinquencies,  charge-offs  and  uncollectible  accounts  were  recognized  and
recorded in accordance with the transaction agreements.

Master  Financial,  Inc. was not responsible for the maintenance of any external
enhancement or other support,  identified in Item 1114(a)(1) through (3) or Item
1115 of Regulation AB.

I determined as a result of my review and assessment of the applicable servicing
procedures  and processes in effect during the period  February 28, 2006 through
December 31, 2006, that the loans were serviced in compliance with such criteria
and that there no  material  instances  of  non-compliance  with the  applicable
criteria disclosed as a result of my assessment.

Master Financial, Inc., engaged the Registered Public Accounting firm of Tidwell
DeWitt,  LLC to perform an  examination  on the fairness of this  Assessment  of
Compliance and they have provided their  Attestation  Report covering the period
February 28, 2006 through December 31, 2006.


Respectfully submitted,

/s/ Michael J. Kim
--------------------------------------------------
Michael J. Kim
Executive Vice President & Chief Financial Officer
Master Financial, Inc., Servicer


<PAGE>
                                  EXHIBIT 33.4
                                ----------------
                      Management's Assertion of Compliance
         Deutsche Bank National Trust Company, as Trustee and Custodian

                                                                     Appendix I

                      MANAGEMENT'S ASSERTION OF COMPLIANCE

Management  of the Trust &  Securities  Services  department  of  Deutsche  Bank
National  Trust Company and Deutsche Bank Trust Company  Americas  (collectively
the  "Company")  is  responsible  for  assessing  compliance  with the servicing
criteria  set  forth  in  Item  1122(d)  of  Regulation  AB  promulgated  by the
Securities and Exchange Commission. Management has determined that the servicing
criteria are  applicable in regard to the  servicing  platform for the period as
follows:

Platform:  Publicly-issued (i.e., transaction-level reporting required under the
Securities  Exchange  Act  of  1934,  as  amended)  residential  mortgage-backed
securities and other asset-backed  securities issued on or after January 1, 2006
for which the Company  provides  trustee,  securities  administration  or paying
agent services,  excluding any publicly issued transactions  sponsored or issued
by any government sponsored entity (the "Platform").

Applicable  Servicing  Criteria:  All servicing criteria set forth Item 1122(d),
except   for   the   following   criteria:   1122(d)(2)(iii),    1122(d)(4)(iv),
1122(d)(4)(v), 1122(d)(vi), 1122(d)(4)(vii),  1122(d)(4)(viii),  1122(d)(4)(ix),
1122(d)(4)(x),    1122(d)(4)(xi),    1122(d)(4)(xii),    1122(d)(4)(xiii)    and
1122(d)(4)(xiv),  which  management  has  determined  are not  applicable to the
activities  the Company  performs with respect to the Platform (the  "Applicable
Servicing Criteria").

Period: Twelve months ended December 31, 2006 (the "Period").

Management's  interpretation  of Applicable  Servicing  Criteria:  The Company's
management has determined that servicing criteria  1122(d)(1)(iii) is applicable
only with respect to its continuing obligation to act as, or locate a, successor
servicer under the circumstances referred to in certain governing documents.  It
is management's  interpretation  that Deutsche Bank Trust Company America has no
other active back-up servicing responsibilities in regards to 1122(d)(1)(iii) as
of and for the Period.

Third  parties  classified  as  vendors:  With  respect  to  servicing  criteria
1122(d)(2)(i), 1122(d)(4)(i), and 1122(d)(4)(ii), management has engaged various
vendors to perform the  activities  required by these  servicing  criteria.  The
Company's  management  has  determined  that these vendors are not  considered a
"servicer"  as  defined  in Item  1101(j) of  Regulation  AB, and the  Company's
management has elected to take responsibility for assessing  compliance with the
servicing  criteria  applicable  to each 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,   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 vendors and related
criteria.

With respect to the Platform,  the Company's  management  provides the following
assertion of compliance with respect to the Applicable Servicing Criteria:

1.   The  Company's  management  is  responsible  for  assessing  the  Company's
     compliance with the Applicable Servicing Criteria as of and for the Period.

2.   The  Company's  management  has  assessed  compliance  with the  Applicable
     Servicing  Criteria,  including  servicing criteria for which compliance is
     determined based on Interpretation  17.06 as described above, as of and for
     the Period. In performing this assessment, management used the criteria set
     forth by the  Securities  and Exchange  Commission in paragraph (d) of Item
     1122 of Regulation AB.

3.   Based  on such  assessment,  as of and  for the  Period,  the  Company  has
     complied, in all material respects, with the Applicable Servicing Criteria.

KPMG LLP, a registered public accounting firm, has issued an attestation  report
with respect to the  management's  assertion of compliance  with the  Applicable
Servicing Criteria as of and for the Period.

                        DEUTSCHE BANK NATIONAL TRUST COMPANY

                        By: /s/ Gary R. Vaughan
                        ------------------------------------
                                Gary R. Vaughan
                                Its: Managing Director

                        By: /s/ David Co
                        ------------------------------------
                                David Co
                                Its: Director

                        By: /s/ Jose Sicilia
                        ------------------------------------
                                Jose Sicilia
                                Its: Managing Director

                        By: /s/ Kevin Fischer
                        ------------------------------------
                                Kevin Fischer
                                Its: Vice President

                        By: /s/ Robert Frier
                        ------------------------------------
                                Robert Frier
                                Its: Director


                        DEUTSCHE BANK TRUST COMPANY AMERICAS

                        By: /s/ Kevin C. Weeks
                        ------------------------------------
                                Kevin C. Weeks
                                Its: Managing Director

                        By: /s/ Jonna Kaufman
                        ------------------------------------
                                Jonna Kaufman
                                Its: Director


<PAGE>
                                  EXHIBIT 34.1
                                ----------------
             Report of Independent Registered Public Accounting Firm
                  JPMorgan Chase Bank, N.A., as Master Servicer

                                                      PricewaterhouseCoopers LLP
                                                              300 Madison Avenue
                                                               New York NY 10017
                                                        Telephone (646) 471-3000
                                                                     www.pwc.com

             Report of Independent Registered Public Accounting Firm


To the  Stockholder  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  (the  "Compliance  Statement"),  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
and for the year ended  December  31,  2006 (the  "Reporting  Period"),  for all
publicly  offered  residential  mortgage and home equity  mortgage  asset-backed
securities  issued on or after  January 1, 2006  through  December 31, 2006 (the
"Platform"),  excluding  criteria  set  forth in  Appendix  A to the  Compliance
Statement, which the Company has determined are not applicable to the activities
performed  by it  with  respect  to the  Platform.  Appendix  B 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  Company  complied  with the
aforementioned  applicable  servicing  criteria  as of and  for the  year  ended
December 31, 2006 for all publicly offered residential  mortgage and home equity
mortgage  asset-backed  securities  issued on or after January 1, 2006 is fairly
stated, in all material respects.


/s/ PricewaterhouseCoopers LLP
March 14, 2007


<PAGE>
                                  EXHIBIT 34.2
                                ----------------
             Report of Independent Registered Public Accounting Firm
                    Saxon Mortgage Services Inc., as Servicer

                                                           Deloitte & Touche
                                                           Suite 800
                                                           1750 Tysons Boulevard
                                                           McLean, VA 22102-4219
                                                           USA

                                                           Tel: 703-251-1000
                                                           Fax: 703-251-3400
                                                           www.us.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Operating Committee
Saxon Mortgage Services, Inc.

We have examined Saxon Mortgage Services, 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 the  Residential  Mortgage  Loans  Platform (the
Platform)  described  in  the  Certification   Regarding   Compliance  with  the
Applicable Servicing Criteria (the "Certification") as of and for the year ended
December  31,  2006,  excluding  criteria   1122(d)(1)(iii),   1122(d)(3)(i)(C),
1122(d)(4)(xi),   1122(d)(4)(xii),  and  1122(d)(4)(xv),  which  management  has
determined are not  applicable to the  activities  performed by the Company with
respect  to  the  Platform.  Exhibit  C  to  the  Certification  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  Exhibit  A  of  the  Certification,  for  servicing  criteria
1122(d)(4)(i)  the Company has  engaged a vendor to perform  certain  activities
required by this 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").  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)(ii) and 1122(d)(4)(i) applicable to the Company during the year ended
December 31, 2006. The Company failed to maintain adequate monitoring procedures
over one vendor,  who provided a service for recording lien releases.  In 36 out
of 45 loans tested, the Company failed to ensure that lien releases were sent to
consumers  or  to  the  recording  jurisdiction,  as  appropriate,   within  the
timeframes  specified  in the  transactions  agreements  and  therefore  did not
maintain  proper  collateral  or  security  on the pool asset as required by the
transaction agreements.

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

Exhibit B to the Certification  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  action  described
therein.

/s/ Deloitte & Touche LLP
-------------------------
McLean, Virginia
March 15, 2007


Deloitte & Touche LLP
Suite 2300
333 Clay Street
Houston, TX 77002-4196
USA

Tel: +1 713 982 2000
Fax: +1 713 982 2001
www.deloitte.com

            Report of Independent Registered Public Accounting Firm

Board of Directors and Shareholders
Southwest Business Corporation

We have examined  Southwest Business  Corporation'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 all loans  serviced for Saxon Mortgage
Services,  Inc.,  (the  Platform)  described  in the  accompanying  Management's
assertion on Compliance with SEC Regulation AB Servicing Criteria for the period
from September 5, 2006 through  December 31, 2006,  excluding  criteria  1122(d)
1(i), 1(ii),  1(iii),  2(i), 2(ii),  2(iii),  2(iv), 2(v), 2(vi),  2(vii), 3(i),
3(ii), 3(iii), 3(iv), 4(i), 4(ii), 4(iii), 4(iv), 4(v), 4(vi), 4(vii),  4(viii),
4(ix), 4(x),  4(xii),  4(xiv) and 4(xv), which management has determined are not
applicable  to the  activities  performed  by the  Company  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  concluded  in  accordance  with   attestation   standards
established  by the  American  Institute  of Certified  Public  Accountants,  as
adopted by the Public Company  Accounting  Oversight  Board (United Stated) 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.

Our   examination   disclosed  the   following   material   noncompliance   with
1122(d)(4)(xi)  applicable  to the Company  during the year ended  December  31,
2006:  on a sample of sixty  (60),  one  insurance  premium  was paid  after the
policies' expiration date.

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

/s/ Deloitte & Touche LLP
-------------------------
Houston, TX
March 8, 2007


                                                KPMG LLP
                                                100 North Tampa Street
                                                Suite 1700
                                                Tampa, FL 33602

            Report of Independent Registered Public Accounting Firm

The Board of Directors
Fidelity National Information Services, Inc
FIS Tax Services (FIS)

We  have  examined  management's   assessment,   included  in  the  accompanying
Management  Compliance  Statement  that FIS Tax Services (FIS) complied with the
servicing  criteria  set forth in item  1122(d) of the  Securities  and Exchange
Commission's Regulation to residential mortgage loans (the Platform), except for
General  Servicing   Consideration  criteria  (i)-(iv),   Cash  Collections  and
Administration  (i)-(vii),  Investor Remittance and Reporting (i)-(iv), and Pool
Asset Administration  (i)-(x),(xiv),  and (xv), which FIS has determined are not
applicable to the activities it performs with respect to the Platform, as of and
for the period  ending  December  31, 2006.  FIS has  determined  the  following
servicing criteria from 1122(d)(4) were applicable to the activities it performs
with respect to the Platform.

(xi)      Payments  made on  behalf  of an  obligor  (such  as tax or  insurance
          payments)  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.

(xii)     Any late payment  penalties in connection  with any payment to be made
          on 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.

(xiii)    Disbursements  made on behalf of an  obligor  are  posted  within  two
          business days to the obligor's records maintained by the servicer,  or
          such other number of days specified in the transaction agreements.

Management is responsible for FIS' compliance with those servicing criteria. Our
responsibility  is to express an opinion on management's  assessment  about FIS'
compliance based on our examination.

Our  examination  was conducted in  accordance  with the standards of the Public
Company Accounting  Oversight Board (United States) and,  accordingly,  included
examining,  on a test basis,  evidence about FIS'  compliance with the servicing
criteria  specified above and performing such other  procedures as we considered
necessary in the  circumstances.  Our examination  included testing of less than
all of the  individual  residential  mortgage  loans that comprise the Platform,
testing of less than all of the  servicing  activities  related to the Platform,
and determining whether FIS 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 FIS 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 FIS  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 FIS'  compliance  with the servicing
criteria.

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

/s/ KPMG LLP
-----------------
Tampa, Florida
January 22, 2007


<PAGE>
                                  EXHIBIT 34.3
                                ----------------
             Report of Independent Registered Public Accounting Firm
                        Master Financial Inc, as Servicer


Board of Directors
Master Financial, Inc.

We have examined management's assertion, included in the accompanying management
Report on Assessment of Compliance  with SEC  Regulation AB Servicing  Criteria,
that Master financial,  Inc.,  complied with the servicing criteria set forth in
item 1122(d) of the  Securities  and Exchange  Commission's  Regulation  AB with
respect to the platform  ("Regulation AB Platform")  servicing the mortgage loan
collateral pledged under IXIS Real Estate Capital Trusts 2006-HE1;  2006-HE2 and
2006-HE3,  Mortgage  Pass  Through  Certificates  and the  related  Pooling  and
Servicing  Agreements  dated February 1, 2006; May 1, 2006 and September 1, 2006
respectively,  as of  December  31, 2006 and from the period  February  28, 2006
through    December   31,   2006   excluding    criteria   1122(d)(1)(ii)-(iii);
1122(d)(2)(ii);   1122(d)(4)(ii)   and   1122(d)(4)(xv)   which  management  has
determined are not applicable to the  activities  performed by Master  Financial
Inc.  with  respect  to the  platform.  Management  is  responsible  for  Master
Financial,  Inc.'s compliance with the servicing criteria. Our responsibility is
to express an opinion on management's  assertion about Master Financial,  Inc.'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 Master  Financial,  Inc.'s  compliance with the
servicing  criteria  and  performing  such  other  procedures  as we  considered
necessary in the circumstances.  Our examination  included selection of a sample
of  transactions  and compliance  activities  related to the platform during the
examination period and determining whether Master Financial Inc. processed those
transactions  and performed  those  activities in compliance  with the servicing
criteria.  Our testing of selected  transactions  and compliance  activities was
limited to calculations,  reports,  and activities performed by Master Financial
Inc.  during the period  covered by this report.  Our procedures did not include
determining  whether  errors may have occurred  prior to our tests that may have
affected the balances or amounts calculated or reported by Master Financial Inc.
during the period  covered by this report for the selected  transactions  or any
other transaction.  We believe that our examination  provides a reasonable basis
for our  opinion.  Our  examination  does not provide a legal  determination  on
Master Financial, Inc.'s compliance with the servicing criteria.

In our opinion,  management's  assertion that Master Financial,  Inc.,  complied
with the servicing criteria related to the aforementioned  Trusts, backed by the
mortgage  collateral pledged under such Trusts, as of December 31, 2006 and from
February 28, 2006 through  December 31, 2006, is fairly stated,  in all material
respects.


/s/ Tidwell DeWitt, LLC
----------------------
Atlanta, Georgia

March 13, 2007


<PAGE>
                                  EXHIBIT 34.4
                                ----------------
             Report of Independent Registered Public Accounting Firm
         Deutsche Bank National Trust Company, as Trustee and Custodian


KPMG LLP
303 East Wacker Drive
Chicago, IL  60601-5212


        Report of Independent Registered Public Accounting Firm

Board of Directors
The Trust & Securities  Services  department  of Deutsche  Bank  National  Trust
Company and Deutsche Bank Company Americas:

We have examined management's  assertion,  included in the accompanying Appendix
I, that the Trust & Securities  Services  department  of Deutsche  Bank National
Trust  Company  and  Deutsche  Bank Trust  Company  Americas  (collectively  the
"Company") complied with the servicing criteria set forth in Item 1122(d) of the
Securities and Exchange  Commission's  Regulation AB for publicly-issued  (i.e.,
transaction-level  reporting required under the Securities Exchange Act of 1934,
as  amended)  residential  mortgage-backed  securities  and  other  asset-backed
securities  issued on or after January 1, 2006,  for which the Company  provides
trustee,  securities  administration  or paying agent  services,  excluding  any
publicly issued  transactions,  sponsored or issued by any government  sponsored
entity  (the  Platform),  except  for the  servicing  criteria  1122(d)(2)(iii),
1122(d)(4)(iv),       1122(d)(4)(v),      1122(d)(4)(vi),       1122(d)(4)(vii),
1122(d)(4)(viii),       1122(d)(4)(ix),      1122(d)(4)(x),      1122(d)(4)(xi),
1122(d)(4)(xii),  1122(d)(4)(xiii)  and  1122(d)(4)(xiv),  which the Company has
determined  are not applicable to the activities it performs with respect to the
Platform, as of and for the twelve months ended December 31, 2006. 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 based on our examination.

Our  examination  was conducted in  accordance  with the 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
servicing  criteria  specified above 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.

As described in management's  assertion included in the accompanying Appendix I,
for servicing  criteria  1122(d)(2)(i),  1122(d)(4)(i) and  1122(d)(4)(ii),  the
Company has engaged various vendors to perform the activities  required by these
servicing  criteria.  The  Company  has  determined  that these  vendors are 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 each 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 vendors'
activities  comply  in  all  material  respects  with  the  servicing   criteria
applicable to each vendor.  The Company is solely  responsible  for  determining
that it meets the SEC requirements to apply Interpretation 17.06 for the vendors
and  related  criteria  as  described  in its  assertion,  and we  performed  no
procedures  with respect to the Company's  eligibility  to apply  Interpretation
17.06.

In our  opinion,  management's  assertion  that the  Company  complied  with the
aforementioned  servicing criteria,  including servicing criteria 1122(d)(2)(i),
1122(d)(4)(i)  and  1122(d)(4)(ii)  for which  compliance is determined based on
Interpretation  17.06 as described  above, as of and for the twelve months ended
December 31, 2006 is fairly stated, in all material respects.


/s/ KPMG LLP
-----------------
Chicago, Illinois
February 28, 2007


<PAGE>
                                  EXHIBIT 35.1
                                ----------------
                          Servicer Compliance Statement
                  JPMorgan Chase Bank, N.A., as Master Servicer

                                    JPMorgan


                         Servicer Compliance Statement
                   JPMorgan Chase Bank, N.A., Master Servicer

     A review of the activities of JPMorgan Chase Bank, N.A., as Master Servicer
for the transactions  listed on the attached Exhibit A, during the calendar year
ending December 31, 2006, and of its performance under the applicable  servicing
agreements has been made under the undersigned officer's supervision.

     To the  best of my  knowledge,  based  on such  review,  the  servicer  has
fulfilled all of its obligations  under the agreements in all material  respects
throughout the reporting period.


/s/ Kathleen M. McDonnell                       March 9, 2007
-------------------------
Kathleen M. McDonnell
Vice President
JPMorgan Chase Bank, N.A.
Master Servicing

                                    Exhibit A
                                  -------------

        IXIS 2006-HE1, Servicing Agreement dated as of February 1, 2006
        IXIS 2006-HE2, Servicing Agreement dated as of May 1, 2006



<PAGE>
                                  EXHIBIT 35.2
                                ----------------
                         Servicer Compliance Statement
                    Saxon Mortgage Services Inc., as Servicer

Saxon Mortgage Services, Inc.
4708 Mercantile Drive North
Fort Worth, TX 76137-3605
Phone (817) 665-7200
Fax   (817) 665-7400



                              Officer's Certificate
                     229.1123 Servicer compliance statement.

Saxon Mortgage Services Inc. ("Saxon"), as Servicer, is responsible,  under Item
1123 of Regulation AB, for assessing its compliance with the requirements of the
Transaction  Agreements  applicable to it for the transactions listed on Exhibit
B, for the year ended December 31, 2006.

I, David Dill, hereby certify that I am an Authorized  Officer of Saxon Mortgage
Services, Inc., and further certify that:

(i)       I have reviewed Saxon's activities during the reporting period and its
          performance under the applicable  Transaction  Agreement has been made
          under my supervision.

(ii)      To the best of my knowledge, based on such review, Saxon has fulfilled
          all  of  its  obligations  under  the  Transaction  Agreements  in all
          material  respects,  throughout  the reporting  period.  We have noted
          certain  exceptions  to  the  performance  of the  servicing  criteria
          contained in Reg AB Section  1122(d) in our  assessment of performance
          of the  servicing  criteria,  which such  exceptions  are noted in the
          attached Exhibit A.


March 15, 2007                          Saxon Mortgage Services, Inc.

                                        /s/ David Dill
                                        -------------------------------------
                                        David Dill
                                        Chief Executive Officer and President



                                    EXHIBIT A

"In regard to Item 1122(d)(4)(i),  based on a review of a sample of 45 loans, it
was  determined  that 36 lien  releases  were  not sent to  consumers  or to the
recording  jurisdiction,  as appropriate,  within the timeframes  requirement by
Saxon's  guidelines,  and in 1 case Saxon's  guidelines  were  determined  to be
incorrect as to the required means of delivery of the lien released.  The delays
in timeliness were caused by the failure of Saxon's vendor's  database to upload
data  regarding  payments-in-full  provided  by Saxon in order to  produce  lien
releases in a timely manner.

Saxon has taken the following  remedial  actions to remedy the exceptions and to
prevent  exceptions  going forward:  Saxon has verified that all liens that were
not  timely  released  have  been  released.  Saxon  reviewed  and  undated  its
guidelines  for lien release in May 2006 and provided the updated  guidelines to
its vendor at that time.  Saxon's vendor, at Saxon's  direction,  researched and
detected  the  cause of the  upload  error and  implemented  a  solution.  Saxon
contracted  with a new  vendor  for  lien  releases  and has  implemented  daily
monitoring over the vendor's process of producing lien releases,  which consists
of  validation  the  number of  payoffs  sent from  Saxon to the  vendor and the
vendor's receipt of the same number of payoffs. Additionally, the vendor reports
are available on line to  accommodate  daily  monitoring  the number of loans in
each state, the age of each item and the state time guideline."


                                    EXHIBIT B

ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC1
ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP1
GSAA Home Equity Trust 2006-2
IXIS Real Estate Capital Trust 2006-HE1
IXIS Real Estate Capital Trust 2006-HE2
IXIS Real Estate Capital Trust 2006 2006-HE3
Morgan Stanley IXIS Real Estate Capital Trust 2006-1
Morgan Stanley IXIS Real Estate Capital Trust 2006-2
Morgan Stanley ABS I Inc. Trust 2006-HE8
Merrill Lynch Mortgage Investors Trust, 2006-RM3
Saxon Asset Securities Trust 2006-1
Saxon Asset Securities Trust 2006-2
Saxon Asset Securities Trust 2006-3
Soundview Home Loan Trust 2006-EQ1



<PAGE>
                                  EXHIBIT 35.3
                                ----------------
                          Servicer Compliance Statement
                        Master Financial Inc, as Servicer


                              MASTER FINANCIAL, INC.
                          SERVICER COMPLIANCE STATEMENT
                                 MARCH 13, 2007

WITH RESPECT TO:

IXIS REAL ESTATE CAPITAL TRUST 2006-HE2 MORTGAGE  PASS-THROUGH  CERTIFICATES FOR
THE PERIOD MAY 25,  2006  THROUGH  DECEMBER  31,  2006,  PURSUANT TO THE RELATED
POOLING AND SERVICING AGREEMENT DATED MAY 1, 2006.

MASTER  FINANCIAL,  INC.,  as an  Affiliated  Servicer  of the  above  captioned
Securitized  Transaction,  is  subject to the  requirements  of  Securities  and
Exchange  Commission  Regulation AB, Item 1123, in that it meets the criteria in
Item 1108(a)(2)(i) through (iii) of the Regulation.

I,  Michael  J.  Kim,  as the  Officer  of  the  Servicer  ("Master  Financial")
responsible for providing for a Review of Master  Financials'  activities during
the reporting period of the above captioned Trust and its' performance under the
applicable Pooling and Servicing  Agreement,  in effect during such period, have
provided for the completion of such review under my direct supervision.

To the best of my knowledge and belief,  based upon my Review,  Master Financial
has fulfilled all of its obligations  under the Pooling and Servicing  Agreement
in all  material  respects  from May 25, 2006 through  December  31, 2006.  (The
Reporting Period).

My  Review  did not  disclose  any  material  failure  by Master  Financial,  in
fulfilling its obligations under such Pooling and Servicing Agreement.


Respectfully Submitted,


/s/ Michael J. Kim
--------------------------------------------------
Michael J. Kim
Executive Vice-President & Chief Financial Officer
Master Financial, Inc.