UNITED STATES
                             SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C. 20549



                                          FORM 10-K/A
                                        Amendment No. 1



The Issuing Entity is filing this Form 10-K/A to replace Exhibits 31, 33(a) and
34(a) to the original Form 10-K filed on March 29, 2007. American Security
Insurance Company, Standard Guaranty Insurance Company and TrackSure Insurance
Agency, Inc. (formerly, "Safeco Financial Institution Solutions, Inc.")
("Assurant Inc.") recently provided the Issuing Entity with a revised report on
assessment of compliance with servicing criteria for asset-backed securities and
a related attestation. In the original assessment previously provided to the
Issuing Entity, Assurant Inc. excluded Item 1122(d)(4)(xii) from the scope of
its assessment. Assurant Inc. recently provided the Issuing Entity with a
revised assessment of compliance that assesses Assurant Inc.'s compliance with
Item 1122(d)(4)(xii) and identifies material instance of non compliance with
this criterion. This material instance of non compliance is noted in this Form
10-K/A under "Additional Disclosure Items for Regulation AB." The Issuing Entity
has included this revised assessment of compliance under Exhibit 33(a), the
related attestation under Exhibit 34(a) and a revised Rule 13a-14(d)/15d-14(d)
Certification under Exhibit 31. This Form 10-K/A does not otherwise amend the
original Form 10-K filed with the Commission on March 29, 2007.



  (Mark one)

  /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


       Commission file number:  333-131607-03

       First Franklin Mortgage Loan Trust 2006-FF5
       (exact name of issuing entity as specified in its charter)

       HSI Asset Securitization Corporation
       (exact name of the depositor as specified in its charter)

       HSBC Bank USA, National Association
       (exact name of the sponsor as specified in its charter)


  New York                                          54-2196823
  (State or other jurisdiction of                   54-2196824
  incorporation or organization)                    54-2196825
                                                    54-2196826
                                                    54-6709445
                                                    (I.R.S. Employer
                                                    Identification No.)


   c/o Wells Fargo Bank, N.A.
   9062 Old Annapolis Road
   Columbia, MD                                21045
  (Address of principal executive offices)    (Zip Code)


  Registrant's telephone number, including area code: (410) 884-2000


  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 12b-2 of the
  Exchange Act. (Check one):


  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 or 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 December 24, 1980).

        None.


                                   PART I
  Item 1.  Business.

            Not applicable.


  Item 1A.  Risk Factors.

            Not applicable.


  Item 1B.  Unresolved Staff Comments.

            Not applicable.


  Item 2.  Properties.

            Not applicable.


  Item 3.  Legal Proceedings.

            Not applicable.


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

            Not applicable.


                                PART II

 Item 5. Market for Registrants 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 Operations.

            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 9A(T). Controls and Procedures.

            Not applicable.


  Item 9B. Other Information.

            Not applicable.


                                PART III

  Item 10. Directors, Executive Officers and Corporate Governance.

            Not applicable.


  Item 11. Executive Compensation.

            Not applicable.

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

            Not applicable.


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

            Not applicable.


  Item 14. Principal Accounting Fees and Services.

            Not applicable.



                ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB

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

            No single obligor represents more than 10% of the pool assets held
            by this transaction.

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

            No entity or group of affiliated entities provides any external
            credit enhancement or other support contemplated in Item 1114 of
            Regulation AB.

            No entity or group of affiliated entities providing derivative
            instruments contemplated in Item 1115 of Regulation AB is subject to
            the reporting thresholds specified in Item 1115.

  Item 1117 of Regulation AB, Legal Proceedings.

            Except as may be set forth immediately below, there are no known
            legal proceedings pending against any party specified in Item 1117
            of Regulation AB, or of which any property of the foregoing is
            subject, or any proceedings known to be contemplated by governmental
            authorities against any of the foregoing, that are material to
            security holders.


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

            Except as may be set forth immediately below and subject to the
            Instruction to Item 1119, there are no affiliations, relationships
            or related transactions specified in Item 1119 that are material to
            security holders. Certain information required by Item 1119 of
            Regulation AB has been omitted from this report in reliance on the
            Instruction to Item 1119.

  Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria.

            Except as may be set forth immediately below, all of the reports on
            assessment of compliance with the servicing criteria for
            asset-backed securities and their related attestation reports on
            assessment 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.  Material instances of
            noncompliance with Item 1122, if any are set forth below.

            Assurant, Inc. previously excluded the applicable servicing criteria
            set forth in Item 1122 (d)(4)(xii) from the scope of its assessment
            of compliance. Assurant, Inc. has now assessed its compliance with
            the Applicable Servicing Criteria for the Reporting Period of
            January 1, 2006 through December 31, 2006 and has identified a
            material instance of noncompliance with that servicing criterion.
            Specifically, Assurant, Inc. did not have, during the Reporting
            Period, sufficient policies and procedures to capture the
            information with respect to the Platform Transactions necessary to
            determine compliance with Item 1122(d)(4)(xii). Accordingly,
            Assurant, Inc. has restated its previous assessment for the
            Reporting Period, which excluded evaluation of the criterion, to
            include the criterion and reflect the material noncompliance as a
            result of its assessment.

            The 1122 statements for First American Real Estate Solutions of
            Texas, L.P. (as sub-contractor for Home Loan Servicing, Inc.
            f/k/a National City Home Loan Services, Inc.) has disclosed the
            following material instance of noncompliance with the servicing
            criteria set forth in item 1122(d)(2)(vii)(B) of Regulation AB
            applicable to the Company during year ended December 31, 2006.
            Account reconciliations for all asset-backed securities related
            bank accounts were not prepared within 30 calendar days after the
            bank statement cutoff date, or such other number of days
            specified in the transaction agreements as required by Item
            1122(d)(2)(vii)(B) of Regulation AB.

            The 1122 statements for Home Loan Services, Inc. has disclosed
            material noncompliance with SEC Regulation AB Servicing Criteria
            applicable to the Company during the year ended December 31, 2006,
            as follows:

            Item:                      Description of material noncompliance:

            1122 (d)(4)(x) A           For a sample of 60 loans with escrow
                                       accounts, 5 escrow accounts were not
                                       analyzed within a 12 month period.

            1122 (d)(4)(x) C           For a sample of 60 loans with escrow
                                       accounts, escrow funds were not returned
                                       within 30 days after payoff for 2 loans.

            1122 (d)(1)(i)             The Company had not instituted policies
                                       and procedures to monitor any performance
                                       or other triggers in accordance with the
                                       transaction agreements.


            The 1122 statements for Wells Fargo Bank, National Association
            (Corporate Trust Services) has disclosed material noncompliance with
            criterion 1122(d)(3)(i), as applicable to the Company during the
            twelve months ended December 31. 2006.  Certain monthly investor or
            remittance reports included errors in the calculation and/or the
            reporting of delinquencies for the pool assets.

            Although each servicing criterion required by Item 1122(d) of
            Regulation AB is addressed in one or more of the Assessments of
            Compliance with Servicing Criteria and related Attestation Reports
            included with this report, the Servicer's, Home Loan Servicing Inc.
            f/k/a National City Home Loan Services Inc., Assessment of
            Compliance and related Attestation Report did not address each of
            the servicing criteria that the Servicer was required to address
            under the terms of the related Servicing Agreement. The Servicer has
            not identified such failure to provide an Assessment and Attestation
            for these items as a material failure to fulfill its obligations
            under the related servicing agreement in the Servicer's Compliance
            Statement provided under Item 1123 of Regulation AB, because the
            Servicer asserts that those items are not applicable to the
            Servicer.





  Item 1123 of Regulation AB, Servicer Compliance Statement.

            Except as may be set forth immediately below, all of the servicing
            compliance statements required to be included in this report in
            accordance with Item 1123 of Regulation AB have been included as an
            exhibit to this report.



                                PART IV


  Item 15. Exhibits, Financial Statement Schedules.

   (a) Exhibits

   (4.1) Pooling and Servicing Agreement, dated as of April 1, 2006, among HSI
         Asset Securitization Corporation, National City Home Loan Services,
         Inc., First Franklin Financial Corporation, Wells Fargo Bank, N.A., and
         Deutsche Bank National Trust Company (incorporated by reference to
         Exhibit 4.1 to the Issuing Entity's Current Report on Form 8-K dated
         May 5, 2006 and filed with the Securities and Exchange Commission on
         May 19, 2006, as amended by Exhibit 4.1 of the Current Report on Form
         8-K/A of the registrant, as filed with the Commission on September
         27, 2006).

  (4.2)  Amendment No. 1 to the Pooling and Servicing Agreement, dated as of
         April 1, 2006, among HSI Asset Securitization Corporation, National
         City Home Loan Services, Inc., First Franklin Financial Corporation,
         Wells Fargo Bank, N.A., and Deutsche Bank National Trust Company
         (incorporated by reference to Exhibit 4.1 to the Issuing Entity's
         Current Report on Form 8-K dated July 6, 2006 and filed with the
         Securities and Exchange Commission on July 31, 2006).

  (10.1) Mortgage Loan Purchase Agreement, dated as of April 1, 2006, between
         HSI Asset Securitization Corporation, a Delaware corporation, and HSBC
         Bank USA, National Association, a national banking association
         (incorporated by reference to Exhibit 99.1 to the Issuing Entity's
         Current Report on Form 8-K dated May 5, 2006 and filed with the
         Securities and Exchange Commission on May 19, 2006).

  (10.2) Confirmation relating to the Interest Rate Swap Agreement between ABN
         AMRO Bank N.V. and the Supplemental Interest Trust of First Franklin
         Mortgage Loan Trust 2006-FF5, dated as of May 5, 2006 (incorporated by
         reference to Exhibit 99.2 to the Issuing Entity's Current Report on
         Form 8-K dated May 5, 2006 and filed with the Securities and Exchange
         Commission on May 19, 2006).

 (10.3)  Confirmation relating to the Interest Rate Cap Agreement between ABN
         AMRO Bank N.V. and the Supplemental Interest Trust of First Franklin
         Mortgage Loan Trust 2006-FF5, dated as of May 5, 2006 (incorporated by
         reference to Exhibit 99.3 to the Issuing Entity's Current Report on
         Form 8-K dated May 5, 2006 and filed with the Securities and Exchange
         Commission on May 19, 2006).

 (10.4)  Mortgage Loan Statistical Information as of the April 1, 2006 cut off
         date (incorporated by reference to Exhibit 99.4 to the Issuing Entity's
         Current Report on Form 8-K dated May 5, 2006 and filed with the
         Securities and Exchange Commission on May 19, 2006).



    (31) Rule 13a-14(d)/15d-14(d) Certifications.

    (33) Reports on assessment of compliance with servicing criteria for
         asset-backed securities.



      <TABLE>

      
         <c>
      a) Assurant, Inc. as Sub-Contractor for Home Loan Services, Inc. f/k/a
         National City Home Loan Services, Inc. <F1>
      b) First American Real Estate Solutions of Texas, L.P. as Sub-Contractor
         for Home Loan Services, Inc. f/k/a National City Home Services, Inc.<F1>
      c) Home Loan Services, Inc. f/k/a National City Home Loan Services, Inc.,
         as Servicer <F1>
      d) Regulus Group LLC as Sub-Contractor for Home Loan Services, Inc. f/k/a
         National City Home Loan Services, Inc. <F1>
      e) Wells Fargo Bank, N.A., as Master Servicer <F1>
      f) Wells Fargo Bank, N.A., as Securities Administrator <F1>
      g) Wells Fargo Bank, N.A., as Custodian <F1>

      </TABLE>

     (34) Attestation reports on assessment of compliance with servicing
          criteria for asset-backed securities.

      <TABLE>

      
        <c>
      a) Assurant, Inc. as Sub-Contractor for Home Loan Services, Inc. f/k/a
         National City Home Loan Services, Inc.<F1>
      b) First American Real Estate Solutions of Texas, L.P. as Sub-Contractor
         for Home Loan Services, Inc. f/k/a National City Home Services, Inc.<F1>
      c) Home Loan Services, Inc. f/k/a National City Home Loan Services, Inc., as Servicer <F1>
      d) Regulus Group LLC as Sub-Contractor for Home Loan Services, Inc. f/k/a
         National City Home Loan Services, Inc. <F1>
      e) Wells Fargo Bank, N.A., as Master Servicer <F1>
      f) Wells Fargo Bank, N.A., as Securities Administrator <F1>
      g) Wells Fargo Bank, N.A., as Custodian <F1>

      </TABLE>

     (35) Servicer compliance statement.

      <TABLE>

      
         <c>
      a) Assurant, Inc. as Sub-Contractor for Home Loan Services, Inc. f/k/a
         National City Home Loan Services, Inc.<F2>
      b) First American Real Estate Solutions of Texas, L.P. as Sub-Contractor
         for Home Loan Services, Inc. f/k/a National City Home Services, Inc. <F2>
      c) Home Loan Services, Inc. f/k/a National City Home Loan Services, Inc., as Servicer <F1>
      d) Regulus Group LLC as Sub-Contractor for Home Loan Services, Inc. f/k/a
         National City Home Loan Services, Inc. <F2>
      e) Wells Fargo Bank, N.A., as Master Servicer <F1>
      f) Wells Fargo Bank, N.A., as Securities Administrator <F1>
      g) Wells Fargo Bank, N.A., as Custodian <F2>

      </TABLE>

   (b) Not applicable.

   (c) Omitted.


  <F1> Filed herewith.

  <F2> The Servicing Participant of the deal is not required under Regulation AB
       to provide such documentation.

                                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.



    First Franklin Mortgage Loan Trust 2006-FF5
    (Issuing Entity)

    Wells Fargo Bank, N.A.
    (Master Servicer)

    /s/ John Sadowski
    John Sadowski, Vice President
   (senior officer in charge of the servicing function of the master
   servicer)

    Date:      June 5, 2008


  Exhibit Index

  Exhibit No.

   (4.1) Pooling and Servicing Agreement, dated as of April 1, 2006, among HSI
         Asset Securitization Corporation, National City Home Loan Services,
         Inc., First Franklin Financial Corporation, Wells Fargo Bank, N.A., and
         Deutsche Bank National Trust Company (incorporated by reference to
         Exhibit 4.1 to the Issuing Entity's Current Report on Form 8-K dated
         May 5, 2006 and filed with the Securities and Exchange Commission on
         May 19, 2006, as amended by Exhibit 4.1 of the Current Report on Form
         8-K/A of the registrant, as filed with the Commission on September
         27, 2006).

   (4.2) Amendment No. 1 to the Pooling and Servicing Agreement, dated as of
         April 1, 2006, among HSI Asset Securitization Corporation, National
         City Home Loan Services, Inc., First Franklin Financial Corporation,
         Wells Fargo Bank, N.A., and Deutsche Bank National Trust Company
         (incorporated by reference to Exhibit 4.1 to the Issuing Entity's
         Current Report on Form 8-K dated July 6, 2006 and filed with the
         Securities and Exchange Commission on July 31, 2006).

  (10.1) Mortgage Loan Purchase Agreement, dated as of April 1, 2006, between
         HSI Asset Securitization Corporation, a Delaware corporation, and HSBC
         Bank USA, National Association, a national banking association
         (incorporated by reference to Exhibit 99.1 to the Issuing Entity's
         Current Report on Form 8-K dated May 5, 2006 and filed with the
         Securities and Exchange Commission on May 19, 2006).

  (10.2) Confirmation relating to the Interest Rate Swap Agreement between ABN
         AMRO Bank N.V. and the Supplemental Interest Trust of First Franklin
         Mortgage Loan Trust 2006-FF5, dated as of May 5, 2006 (incorporated by
         reference to Exhibit 99.2 to the Issuing Entity's Current Report on
         Form 8-K dated May 5, 2006 and filed with the Securities and Exchange
         Commission on May 19, 2006).

  (10.3) Confirmation relating to the Interest Rate Cap Agreement between ABN
         AMRO Bank N.V. and the Supplemental Interest Trust of First Franklin
         Mortgage Loan Trust 2006-FF5, dated as of May 5, 2006 (incorporated by
         reference to Exhibit 99.3 to the Issuing Entity's Current Report on
         Form 8-K dated May 5, 2006 and filed with the Securities and Exchange
         Commission on May 19, 2006).

  (10.4) Mortgage Loan Statistical Information as of the April 1, 2006 cut off
         date (incorporated by reference to Exhibit 99.4 to the Issuing Entity's
         Current Report on Form 8-K dated May 5, 2006 and filed with the
         Securities and Exchange Commission on May 19, 2006).


    (31) Rule 13a-14(d)/15d-14(d) Certifications.

    (33) Reports on assessment of compliance with servicing criteria for
         asset-backed securities.



      <TABLE>

      
         <c>
      a) Assurant, Inc. as Sub-Contractor for Home Loan Services, Inc. f/k/a
         National City Home Loan Services, Inc.
      b) First American Real Estate Solutions of Texas, L.P. as Sub-Contractor
         for Home Loan Services, Inc. f/k/a National City Home Services, Inc.
      c) Home Loan Services, Inc. f/k/a National City Home Loan Services, Inc., as Servicer
      d) Regulus Group LLC as Sub-Contractor for Home Loan Services, Inc. f/k/a
         National City Home Loan Services, Inc.
      e) Wells Fargo Bank, N.A., as Master Servicer
      f) Wells Fargo Bank, N.A., as Securities Administrator
      g) Wells Fargo Bank, N.A., as Custodian

      </TABLE>

     (34) Attestation reports on assessment of compliance with servicing
          criteria for asset-backed securities.

      <TABLE>

      
        <c>
      a) Assurant, Inc. as Sub-Contractor for Home Loan Services, Inc. f/k/a
         National City Home Loan Services, Inc.
      b) First American Real Estate Solutions of Texas, L.P. as Sub-Contractor
         for Home Loan Services, Inc. f/k/a National City Home Services, Inc.
      c) Home Loan Services, Inc. f/k/a National City Home Loan Services, Inc., as Servicer
      d) Regulus Group LLC as Sub-Contractor for Home Loan Services, Inc. f/k/a
         National City Home Loan Services, Inc.
      e) Wells Fargo Bank, N.A., as Master Servicer
      f) Wells Fargo Bank, N.A., as Securities Administrator
      g) Wells Fargo Bank, N.A., as Custodian

      </TABLE>

     (35) Servicer compliance statement.

      <TABLE>

      
         <c>
      c) Home Loan Services, Inc. f/k/a National City Home Loan Services, Inc., as Servicer
      e) Wells Fargo Bank, N.A., as Master Servicer
      f) Wells Fargo Bank, N.A., as Securities Administrator


      </TABLE>