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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-K**

**[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT      OF      1934**

**[        ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND      EXCHANGE ACT OF 1934**

|   | Delaware                                                                                    |   | 20-0842986                                                         |   |
|--------|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|
|   | (State                or other jurisdiction ofincorporation                or organization) |   | (I.R.S.                Employer Identification                No.) |   |

|   | o                Yes |   | x No |
|--------|----------------------|--------|-----------|

|   | o                Yes |   | x                No |
|--------|----------------------|--------|---------------------|

|   | x                Yes |   | o                No |
|--------|----------------------|--------|---------------------|

| Large                accelerated filer o | Accelerated                filer o |  Non-accelerated                filer x |
|------------------------------------------|------------------------------------|----------------------------------------------|

**DOCUMENTS        INCORPORATED BY REFERENCE**

**PART        I**

**Item        1. Business. **

**Item        1A. Risk Factors.**

**Item        1B. Unresolved Staff Comments.**

**Item        2. Properties.**

**Item        3. Legal Proceedings. **

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

**PART        II**

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

**Item        6. Selected Financial Data.**

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

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

**Item        8. Financial Statements and Supplementary Data.**

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

**Item        9A. Controls and Procedures.**

**Item        9A(T). Controls and Procedures.**

**Item        9B. Other Information.**

**PART        III**

**Item        10. Directors, Executive Officers and Corporate        Governances.**

**Item        11. Executive Compensation.**

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

**Item        13. Certain Relationships and Related Transactions, and Director Independences.        **

**Item        14. Principal Accounting Fees and Services.**

**ADDITIONAL        DISCLOSURE ITEMS UNDER REGULATION AB**

**Item          1112(b) of Regulation AB. Significant Obligors Financial          Information.**

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

**Item          1117 of Regulation AB. Legal Proceedings**

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

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

**Item          1123 of Regulation AB. Servicer Compliance Statement**

**                **

**PART          IV**

**Item          15. Exhibits, Financial Statement Schedules.**

| **Exhibit                        Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1                                       | Terms                        Agreement, dated February 9, 2006, between Bear, Stearns& Co. Inc.,                        as underwriter and Bear Stearns Assets Backed Securities                        I LLC, as                        depositor, relating to the Underwriting Agreement, dated                        January 10, 2006,                        between Bear, Stearns & Co. Inc., as underwriter and Bear Stearns                        Assets Backed Securities I LLC, as depositor. (As previously                        filed on Form                        8-K filed on March 15, 2006 and is hereby incorporated by                        reference into                        this report on Form 10-K) |
| 4.1                                       | Pooling                        and Servicing Agreement, dated as of February 1, 2006, among                        Bear Stearns                        Asset Backed Securities I LLC, as depositor, EMC Mortgage                        Corporation, as                        sponsor and as master servicer and LaSalle Bank National                        Association, as                        trustee. (As previously filed on Form 8-K filed on March                        15, 2006 and is                        hereby incorporated by reference into this report on Form                        10-K)                                                                                                                          |
| 31                                        | Sarbanes-Oxley                        Certification                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 33(a)                                     | Report                        on assessment of compliance with servicing criteria for asset-backed                        securities, EMC Mortgage Corporation, as Master                        Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 33(b)                                     | Report                        on assessment of compliance with servicing criteria for asset-backed                        securities, LaSalle Bank National Association, as Trustee                        and                        Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 33(c)                                     | Report                        on assessment of compliance with servicing criteria for asset-backed                        securities, LandAmerica Tax and Flood Services, Inc., as                        servicing                        function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 33(d)                                     | Report                        on assessment of compliance with servicing criteria for asset-backed                        securities, Assurant, Inc., as servicing function                        participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 34(a)                                     | Attestation                        report on assessment of compliance with servicing criteria                        for                        asset-backed securities, EMC Mortgage Corporation, as Master                        Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 34(b)                                | Attestation                        report on assessment of compliance with servicing criteria                        for                        asset-backed securities, LaSalle Bank National Association,                        as Trustee and                        Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 34(c)                                     | Attestation                        report on assessment of compliance with servicing criteria                        for                        asset-backed securities, LandAmerica Tax and Flood Services,                        Inc., as                        servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 34(d)                                     | Attestation                        report on assessment of compliance with servicing criteria                        for                        asset-backed securities, Assurant, Inc., as servicing function                        participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 35(a)                                     | Servicer                        compliance statement,  EMC Mortgage Corporation, as Master                        Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 35(b)                                     | Servicer                        compliance statement,  LaSalle Bank National Association, as                        Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

| (b)                      The exhibits required to be filed by Registrant pursuant to                      Item 601 of                      Regulation S-K:                     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (31)                      Rule 13a-14(d)/15d-14(d) Certifications.                                                                                                       |
|  (33)                      Reports on assessment of compliance with servicing criteria                      for                      asset-backed securities:             |
|  1.                                                                                                                                                                       | EMC                      Mortgage Corporation, as Master Servicer |
| 2.                                                                                                                                                                             | LaSalle                      Bank National Association, as Trustee |
| 3.                                                                                                                                                                             | LandAmerica                      Tax and Flood Services, Inc. |
| 4.                                                                                                                                                                             | Assurant,                      Inc. |
|  (34)                      Attestation reports on assessment of compliance with servicing                      criteria                      for asset-backed securities: |
|  1.                                                                                                                                                                       | EMC                      Mortgage Corporation, as Master Servicer |
| 2.                                                                                                                                                                             | LaSalle                      Bank National Association, as Trustee |
| 3.                                                                                                                                                                             | LandAmerica                      Tax and Flood Services, Inc. |
| 4.                                                                                                                                                                             | Assurant,                      Inc. |
| (35)                      Servicer Compliance Statements:                                                                                                                      |
|  1.                                                                                                                                                                       | EMC                      Mortgage Corporation, as Master Servicer |
| 2.                                                                                                                                                                             | LaSalle                      Bank National Association, as                      Trustee |

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**SIGNATURES**

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

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**EXHIBIT        INDEX **

| **Exhibit                    Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1                                   | Terms                    Agreement, dated February 9, 2006, between Bear, Stearns & Co. Inc.,                    as underwriter and Bear Stearns Assets Backed Securities I LLC,                    as                    depositor, relating to the Underwriting Agreement, dated January                    10, 2006,                    between Bear, Stearns & Co. Inc., as underwriter and Bear Stearns                    Assets Backed Securities I LLC, as depositor. (As previously                    filed on Form                    8-K filed on March 15, 2006 and is hereby incorporated by reference                    into                    this report on Form 10-K) |
| 4.1                                   | Pooling                    and Servicing Agreement, dated as of February 1, 2006, among                    Bear Stearns                    Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation,                    as                    sponsor and as master servicer and LaSalle Bank National Association,                    as                    trustee. (As previously filed on Form 8-K filed on March 15,                    2006 and is                    hereby incorporated by reference into this report on Form                    10-K)                                                                                                                       |
| 31                                    | Sarbanes-Oxley                    Certification                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 33(a)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, EMC Mortgage Corporation, as Master                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 33(b)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, LaSalle Bank National Association, as Trustee and                    Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 33(c)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, LandAmerica Tax and Flood Services, Inc., as servicing                    function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 33(d)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, Assurant, Inc., as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 34(a)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, EMC Mortgage Corporation, as Master                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 34(b)                            | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, LaSalle Bank National Association, as                    Trustee and                    Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 34(c)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, LandAmerica Tax and Flood Services,                    Inc., as                    servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 34(d)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, Assurant, Inc., as servicing function                    participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 35(a)                                 | Servicer                    compliance statement,  EMC Mortgage Corporation, as Master                    Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 35(b)                                 | Servicer                    compliance statement,  LaSalle Bank National Association, as                    Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

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