----

**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        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 28, 2006,. between Bear, Stearns & Co. Inc.,                    as. underwriter and Bear Stearns Assets Backed Securities I LLC,                    as                    depositor, relating to the Underwriting Agreement, dated February.17,                    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 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, Wells Fargo Bank, NA, as Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 33(d)                                 | Report                    on assessment of compliance with servicing criteria for asset-backed                    securities, LandAmerica Tax and Flood Services, Inc., as servicing                    function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 33(e)                                 | 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, Wells Fargo Bank, NA, as                    Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 34(d)                                 | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities, LandAmerica Tax and Flood Services,                    Inc., as                    servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 34(e)                                 | 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 and Custodian |   |
| 3.                                                                                                                                                                       | Wells                    Fargo Bank, NA, as Custodian |   |
| 4.                                                                                                                                                                       | LandAmerica                    Tax and Flood Services, Inc., as servicing function                    participant |   |
| 5.                                                                                                                                                                       | Assurant,                    Inc., as servicing function participant |   |
|  (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 and Custodian |
| 3.                                                                                                                                                                       | Wells                    Fargo Bank, NA, as Custodian |
| 4.                                                                                                                                                                       | LandAmerica                    Tax and Flood Services, Inc., as servicing function                    participant |
| 5.                                                                                                                                                                       | Assurant,                    Inc., as servicing function participant |
| (35)                    Servicer Compliance Statements:                                                                                                                  |
| 1.                                                                                                                                                                       | EMC                    Mortgage Corporation, as Master Servicer |
| 2.                                                                                                                                                                       | LaSalle                    Bank National Association, as Trustee |

----

**SIGNATURES**

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

----

**EXHIBIT      INDEX **

| **Exhibit                  Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1                                 | Terms                  Agreement, dated February 28, 2006,. between Bear, Stearns & Co. Inc.,                  as. underwriter and Bear Stearns Assets Backed Securities I LLC,                  as                  depositor, relating to the Underwriting Agreement, dated February.17,                  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 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, Wells Fargo Bank, NA, as Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 33(d)                               | Report                  on assessment of compliance with servicing criteria for asset-backed                  securities, LandAmerica Tax and Flood Services, Inc., as servicing                  function participant                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 33(e)                               | 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, Wells Fargo Bank, NA, as                  Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 34(d)                               | Attestation                  report on assessment of compliance with servicing criteria for                  asset-backed securities, LandAmerica Tax and Flood Services, Inc.,                  as                  servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                            |
| 34(e)                               | 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

----