Exhibit 33.2

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

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

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

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

| |                                          
| | -----------------------------------------
| | JPMorgan Chase Bank, National Association
|
| | /s/ Kelly A. Mathieson                   
| |                                          
| | Kelly A. Mathieson, Managing Director    
| | Date: March 14, 2007                     

---



Appendix A

BA Master Credit Card Trust II
Capital Auto Receivables Asset
Trust 2006-1Capital One Auto Finance Trust 2006-ACapital One Auto Finance Trust 2006-BCapital One Prime Auto Receivables
Trust,
2006-1Centex Home Equity Loan Trust 2006-AChase Auto Owner Trust 2006-AChase Auto Owner Trust 2006-BChase Credit Card
Master Trust, Series
1996-2 (Class A and B)Chase Credit Card Master Trust, Series
1996-3 (Class A and B)Chase Credit Card Master Trust, Series
2001-1Chase Credit Card Master Trust, Series
2001-2Chase Credit Card Master Trust, Series
2001-4Chase Credit Card Master Trust, Series
2001-6Chase Credit Card Master Trust, Series
2002-1Chase Credit Card Master Trust, Series
2002-3Chase Credit Card Master Trust, Series
2002-5Chase Credit Card Master Trust, Series
2002-7Chase Credit Card Master Trust, Series
2003-1Chase Credit Card Master Trust, Series
2003-2Chase Credit Card Master Trust, Series
2003-3Chase Credit Card Master Trust, Series
2003-4Chase Credit Card Master Trust, Series
2003-5Chase Credit Card Master Trust, Series
2003-6Chase Credit Card Master Trust, Series
2004-1Chase Credit Card Master Trust, Series
2004-2Chase Mortgage Finance Trust Series
2006-A1Chase Mortgage Finance Trust Series
2006-S1Chase Mortgage Finance Trust Series
2006-S2ChaseFlex Trust Series 2006-1ChaseFlex Trust Series 2006-2Citigroup Mortgage Loan Trust 2006-CB3CNH Equipment
Trust 2006-ACNH Equipment Trust 2006-BCWHEQ Revolving Home Equity Loan Trust,
Series 2006- F CWHEQ Revolving Home Equity Loan Trust,
Series 2006-ACWHEQ Revolving Home Equity Loan Trust,
Series 2006-B CWHEQ Revolving Home Equity Loan Trust,
Series 2006-C CWHEQ Revolving Home Equity Loan Trust,
Series 2006-DCWHEQ Revolving Home Equity Loan Trust,
Series 2006-E CWHEQ Revolving Home Equity Loan Trust,
Series 2006-G CWHEQ Revolving Home Equity Loan Trust,
Series 2006-H DaimlerChrysler Auto Trust 2006-A Ford Credit Floorplan Master Owner Trust
A, Series 2006-3Ford Credit Floorplan Master Owner Trust
A, Series 2006-4GMACM Home Equity Loan Trust 2006-HE1GMACM Home Equity Loan Trust 2006-HE2GMACM Home Equity Loan Trust
2006-HE3GMACM Home Equity Loan Trust 2006-HE4GMACM Home Loan Trust 2006-HLTV1GMACM Mortgage Loan Trust 2006-AR2GS
Auto Loan Trust 2006-1GSAA Home Equity Trust 2006-1GSAA Home Equity Trust 2006-12GSAA Home Equity Trust 2006-3GSAA
Home Equity Trust 2006-5GSAA Home Equity Trust 2006-6GSAA Home Equity Trust 2006-9

---

---



GSR Mortgage Loan Trust 2006-4F
Honda Auto Receivables 2006-1
Owner TrustIXIS Real Estate Capital Trust 2006-HE1IXIS Real Estate Capital Trust 2006-HE2J.P. Morgan Mortgage Acquisition
Corp.
2006-FRE1J.P. Morgan Mortgage Acquisition Corp.
2006-FRE2J.P. Morgan Mortgage Acquisition Corp.
2006-HE1J.P. Morgan Mortgage Acquisition Corp.
2006-WMC1J.P. Morgan Mortgage Acquisition Trust
2006-ACC1J.P. Morgan Mortgage Acquisition Trust
2006-CW1J.P. Morgan Mortgage Acquisition Trust
2006-HE2J.P. Morgan Mortgage Acquisition Trust
2006-NC1J.P. Morgan Mortgage Acquisition Trust
2006-NC2J.P. Morgan Mortgage Acquisition Trust
2006-RM1J.P. Morgan Mortgage Acquisition Trust
2006-WMC2J.P. Morgan Mortgage Acquisition Trust
2006-WMC3Nationstar Home Equity Loan Trust 2006-BNewcastle Mortgage Securities Trust
2006-1NovaStar Mortgage Funding Trust, Series
2006-1NovaStar Mortgage Funding Trust, Series
2006-2NovaStar Mortgage Funding Trust, Series
2006-3NovaStar Mortgage Funding Trust,
Series-2006-MTA1Origen Manufactured Housing Contract
Trust 2006-AOwnit Mortgage Loan Trust, Series 2006-1
TrustPopular ABS Mortgage Pass-Through Trust
2006-APopular ABS Mortgage Pass-Through Trust
2006-BPopular ABS Mortgage Pass-Through Trust
2006-CPopular ABS Mortgage Pass-Through Trust
2006-DRAAC Series 2006-SP1 TrustRAAC Series 2006-SP2 TrustRAAC Series 2006-SP3 TrustRAMP Series 2006-RS1
TrustRAMP Series 2006-RS2 TrustRAMP Series 2006-RS3 TrustRAMP Series 2006-RS4 TrustRAMP Series 2006-RS5 TrustRAMP
Series 2006-RZ1 TrustRAMP Series 2006-RZ2 TrustRAMP Series 2006-RZ3 TrustRAMP Series 2006-RZ4 TrustRFMSII Series
2006-HSA1 TrustThe Home Equity Loan Trust 2006-HSA2The Home Equity Loan Trust 2006-HSA3The Home Equity Loan Trust
2006-HSA4The Home Equity Loan Trust 2006-HSA5The Home Loan Trust 2006-HI1The Home Loan Trust 2006-HI2The Home Loan
Trust 2006-HI3The Home Loan Trust 2006-HI4USAA Auto Owner Trust 2006-1USAA Auto Owner Trust 2006-2

---

---



APPENDIX B

Material Instances
of Noncompliance

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

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

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

Remediation
Efforts

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

---