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



                                     FORM 10-K

      (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
      For Transition period ______________________________


             Commission File Number of issuing entity: 333-125485-30
                           RAAC SERIES 2006-SP1 TRUST
           (Exact name of issuing entity as specified in its charter)

                    RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
              (Exact name of depositor as specified in its charter)

                        RESIDENTIAL FUNDING COMPANY, LLC
               (Exact name of sponsor as specified in its charter)

                                    New York
                    ------------------------------ ---------
      (State or other jurisdiction of incorporation or organization of the
                                 issuing entity)


            c/o Residential Funding Company, LLC, as Master Servicer
                         8400 Normandale Lake Boulevard
                          Minneapolis, Minnesota 55437
            -------------------------- -----------------------------
           (Address of principal executive offices of issuing entity)

             (952) 857-7000 (Telephone number, including area code)

                                      None
                            ------------------ -----
                      (I.R.S. Employer Identification No.)

                                       N/A
           (Former name, former address, if changed since last report)

      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 |X|  No  |_|
      Indicate by check mark if the  registrant  is not required to file reports
      pursuant to Section 13 or Section 15(d) of the Act.

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      Yes |X|  No  |_|
      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.
      |X| Yes           |_| No
      Indicate by check mark if disclosure of delinquent filers pursuant to Item
      405 of Regulation S-K 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 II of the Form 10-K or any
      amendment  to this  Form  10-K.  |X| [Item  405 of  Regulation  S-K is 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|
      Registrant has no voting or non-voting  common equity  outstanding held by
      non-affiliates.


<PAGE>


                                      PART I

      THE  FOLLOWING   ITEMS  HAVE  BEEN  OMITTED  IN  ACCORDANCE  WITH  GENERAL
      INSTRUCTION J TO FORM 10-K:

      Item 1: Business.
      Item 1A: Risk Factors.
      Item 2: Properties.
      Item 3: Legal Proceedings.
      Item 4: Submission of Matters to a Vote of Security Holders.

      ITEM 1B. UNRESOLVED STAFF COMMENTS.

      Not Applicable.

      SUBSTITUTE  INFORMATION  PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J
      TO FORM 10-K:

      ITEM 1112(B) OF REGULATION AB. SIGNIFICANT OBLIGORS OF POOL ASSETS
      (FINANCIAL INFORMATION).

      None.

      ITEM 1114(B)(2) OF REGULATION AB: CREDIT ENHANCEMENT AND OTHER
      SUPPORT, EXCEPT FOR CERTAIN DERIVATIVES INSTRUMENTS (FINANCIAL
      INFORMATION).

      None.

      ITEM 1115(B) OF REGULATION AB: CERTAIN DERIVATIVES INSTRUMENTS
      (FINANCIAL INFORMATION).

      Based on the  standards  set forth in Item  1115(b) of  Regulation  AB, no
      information is required in response to this Item.

      ITEM 1117 OF REGULATION AB: LEGAL PROCEEDINGS.

      There are no material  pending  legal or other  proceedings  involving the
      mortgage  loans  or  Residential   Funding  Company,   LLC   ("Residential
      Funding"),  as sponsor and master  servicer,  Residential  Asset  Mortgage
      Products,  Inc., as depositor,  RAAC Series 2006-SP1 Trust, as the issuing
      entity,  Homecomings Financial, LLC ("Homecomings") and GMAC Mortgage, LLC
      ("GMACM"),  as  subservicers,  or other parties  described in Item 1117 of
      Regulation  AB  that,  individually  or in  the  aggregate,  would  have a
      material adverse impact on investors in the securities (the  "Securities")
      to which this report relates.

<PAGE>

      Residential  Funding,  Homecomings  and GMACM  are  currently  parties  to
      various legal proceedings arising from time to time in the ordinary course
      of their businesses,  some of which purport to be class actions.  Based on
      information currently available, it is the opinion of Residential Funding,
      Homecomings and GMACM that the eventual  outcome of any currently  pending
      legal  proceeding,  individually  or in the  aggregate,  will  not  have a
      material  adverse effect on their ability to perform their  obligations in
      relation to the mortgage loans. No assurance,  however,  can be given that
      the final  outcome of these  legal  proceedings,  if  unfavorable,  either
      individually or in the aggregate, would not have a material adverse impact
      on Residential Funding, Homecomings or GMACM. Any such unfavorable outcome
      could adversely affect the ability of Residential Funding,  Homecomings or
      GMACM to perform its servicing  duties with respect to the mortgage  loans
      and  potentially   lead  to  the   replacement  of  Residential   Funding,
      Homecomings or GMACM with a successor servicer.

                                      PART II

      THE  FOLLOWING   ITEMS  HAVE  BEEN  OMITTED  IN  ACCORDANCE  WITH  GENERAL
      INSTRUCTION J TO FORM 10-K:

      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 Operations.
      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 9B: OTHER INFORMATION.

      None.

                                     PART III

      THE  FOLLOWING   ITEMS  HAVE  BEEN  OMITTED  IN  ACCORDANCE  WITH  GENERAL
      INSTRUCTION J TO FORM 10-K:

      Item 10: Directors and Executive Officers of the Registrant.
      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.
      Item 14: Principal Accountant Fees and Services.


<PAGE>

      SUBSTITUTE  INFORMATION  PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J
      TO FORM 10-K:

      ITEM 1119 OF REGULATION AB:  AFFILIATIONS AND CERTAIN RELATIONSHIPS
      AND RELATED TRANSACTIONS.

      Information  contemplated  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.

      Each of Residential Funding Company, LLC, Homecomings Financial, LLC, GMAC
      Mortgage,  LLC,  JPMorgan  Chase  Bank,  N.A.,  The Bank of New York Trust
      Company,  N.A.  and  Wells  Fargo  Bank,  National  Association  (each,  a
      "Servicing  Participant") has been identified by the registrant as a party
      participating  in the  servicing  function with respect to the pool assets
      held by the Issuing  Entity.  Each Servicing  Participant  has completed a
      report  on  an  assessment  of  compliance  with  the  servicing  criteria
      applicable to such Servicing Participant (each, a "Report on Assessment"),
      which Reports on Assessment are attached as exhibits to this Form 10-K. In
      addition,  each Servicing  Participant has provided an attestation  report
      (each,  an  "Attestation  Report")  by  a  registered  independent  public
      accounting   firm  regarding  its  related  Report  on  Assessment.   Each
      Attestation Report is attached as an exhibit to this Form 10-K.

      A Servicing Participant may engage one or more vendors to perform specific
      and limited,  or scripted  activities that address all or a portion of one
      or more servicing criteria  applicable to such Servicing  Participant.  In
      general in these cases, the Servicing  Participant has instituted policies
      and procedures to monitor whether such vendors'  activities  comply in all
      material  respects  with such  servicing  criteria,  and may elect to take
      responsibility  for  assessing  compliance  with  the  servicing  criteria
      applicable to such vendors'  activities  in such  Servicing  Participant's
      Report on Assessment.  Where the Servicing  Participant has not instituted
      such policies and procedures,  or where the Servicing Participant does not
      otherwise  elect  to  take   responsibility  for  assessing  its  vendors'
      activities, the vendor is itself treated as a Servicing Participant and is
      required to provide its own Report on Assessment  and related  Attestation
      Report.

      Except as disclosed below, no Report on Assessment or related  Attestation
      Report has identified (i) any material instance of noncompliance  with the
      servicing  criteria  identified in such Report on Assessment as applicable
      to the related  Servicing  Participant or (ii) any material  deficiency in
      such  Servicing  Participant's  policies and  procedures to monitor vendor
      compliance.

      Exceptions:

      Residential  Funding  Company,  LLC: The Report on Assessment  prepared by
      Residential  Funding Company,  LLC and the related Attestation Report have
      identified material  noncompliance with one servicing criterion applicable
      to it. Specifically,  with regard to servicing criterion  1122(d)(3)(i)(B)
      (which   contemplates  that  reports  to  investors  provide   information
      calculated  in  accordance  with the terms  specified  in the  transaction
      agreements),  information  required  by  the  transaction  agreements  was
      excluded  from,  or  incorrectly  reported  in,  certain  of the  investor
      reports.  The registrant does not believe these  reporting  errors had any
      material  impacts  or  effects  on  investors  and  corrective  action was
      completed to address ongoing compliance.


<PAGE>

      JPMorgan Chase Bank, N.A.: The Reports on Assessment  prepared by JPMorgan
      Chase  Bank,  N.A.  ("JPM")  and  the  related  Attestation  Reports  have
      identified material instances of noncompliance with two servicing criteria
      applicable to it. Specifically -

      o  with regard to servicing  criterion  1122(d)(3)(i)  (which contemplates
         that  reports  to  investors  are  maintained  in  accordance  with the
         transaction  agreements and applicable SEC  requirements),  information
         required  by  the   transaction   agreements   was  excluded  from,  or
         incorrectly reported in, certain of the investor reports; and

      o  with regard to servicing criterion  1122(d)(3)(ii)  (which contemplates
         that amounts due to investors  are allocated and remitted in accordance
         with the  terms  set  forth  in the  transaction  agreements),  certain
         monthly  investor  distributions  contained errors as to amounts due to
         certain investors.

      JPM indicates in Appendix B to its Report on Assessment  that these errors
      and omissions were corrected and that  appropriate  measures were taken to
      avoid similar errors and omissions. We have not independently verified the
      accuracy of JPM's assertions or the adequacy of its remediation efforts.

      Platform-Level Reports:

      Regulations of the Securities and Exchange  Commission (the "SEC") require
      that each  Servicing  Participant  complete  a Report on  Assessment  at a
      "platform" level,  meaning that the transactions  covered by the Report on
      Assessment  should  include  all  asset-backed   securities   transactions
      involving  such  Servicing  Participant  that are backed by the same asset
      type.  More  recent  guidance  from the SEC  staff  identifies  additional
      parameters  which a Servicing  Participant may apply to define and further
      limit its platform.  For example,  a Servicing  Participant may define its
      platform to include  only  transactions  that were  completed  on or after
      January  1, 2006 and that were  registered  with the SEC  pursuant  to the
      Securities  Act of 1933.  Each Servicing  Participant  is responsible  for
      defining its own platform,  and each platform will naturally  differ based
      on various factors,  including the Servicing  Participant's business model
      and the transactions in which it is involved.

      Based on our  understanding  of their  platforms  and the guidance that is
      available  at this  time,  we  believe  that the  parameters  by which the
      Servicing Participants have defined their platforms should be permissible.
      However,  because the SEC's  regulations  are new and the guidance that is
      available at this time is subject to  clarification  or change,  we cannot
      assure you that the SEC and its staff will necessarily agree.

      ITEM 1123 OF REGULATION AB: SERVICER COMPLIANCE STATEMENT.

      Each of Residential Funding Company, LLC, Homecomings  Financial,  LLC and
      GMAC  Mortgage,  LLC  (each,  a  "Servicer")  has been  identified  by the
      registrant  as a  servicer  with  respect to the pool  assets  held by the
      Issuing Entity.  Each Servicer has provided a statement of compliance with
      its obligations under the servicing agreement  applicable to such Servicer
      (a  "Compliance  Statement")  for the period covered by this Form 10-K, in
      each case signed by an authorized  officer of the related  servicer.  Each
      Compliance  Statement is attached as an exhibit to this Form 10-K. None of
      the  Compliance  Statements  has identified any instance where the related
      Servicer  has  failed to  fulfill  its  obligations  under the  applicable
      servicing agreement in any material respects.


                                      PART IV

      ITEM 15.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES.

            (a)(1) Not Applicable.

            (a)(2) Not Applicable.

            (a)(3) Not Applicable.

            (b) Exhibits.


<PAGE>

EXHIBIT
NUMBER                                 DESCRIPTION
----------  ------------------------------------------------------------------
3.1         Certificate of Incorporation of Residential Asset Mortgage
            Products, Inc. (incorporated by reference to the Annual Report
            on Form 10-K for the period ended December 31, 2006, filed by
            RAMP Series 2006-EFC1 Trust with the Securities and Exchange
            Commission).
3.2         Bylaws of Residential Asset Mortgage Products, Inc.
            (incorporated by reference to the Annual Report on Form 10-K for
            the period ended December 31, 2006, filed by RAMP Series
            2006-EFC1 Trust with the Securities and Exchange Commission).
10.1        Pooling and Servicing Agreement, dated as of February 1, 2006,
            among Residential Asset Mortgage Products, Inc., as depositor,
            Residential Funding Company, LLC (formerly Residential Funding
            Corporation),  as master  servicer,  and JPMorgan  Chase Bank,
            N.A., as trustee  (incorporated  by reference to the Report on
            Form 8-K filed by the Issuing  Entity with the  Securities and
            Exchange Commission on March 24, 2006).
10.2        Assignment  and  Assumption  Agreement,  dated  as of March 9,
            2006, between  Residential Asset Mortgage  Products,  Inc. and
            Residential Funding Company, LLC (formerly Residential Funding
            Corporation)  (incorporated by reference to the Report on Form
            8-K  filed  by the  Issuing  Entity  with the  Securities  and
            Exchange Commission on March 24, 2006).
10.3        Confirmation, dated as of March 9, 2006, between Merrill Lynch
            Capital  Services,  Inc. and  JPMorgan  Chase Bank,  N.A.,  as
            trustee  on  behalf  of  the  RAAC   Series   2006-SP1   Trust
            (incorporated  by reference to the Report on Form 8-K filed by
            the Issuing Entity with the Securities and Exchange Commission
            on March 29, 2006).
31.1        Certification of Residential Funding Company,  LLC pursuant to
            Rule 13a-14(d)/15d-14(d)  under the Securities Exchange Act of
            1934.
33.1        Report on Assessment of Compliance with Servicing  Criteria of
            Residential  Funding Company,  LLC as of December 31, 2006 and
            for the period covered by this Form 10-K.
33.2        Report on Assessment of Compliance with Servicing  Criteria of
            GMAC Mortgage,  LLC as of December 31, 2006 and for the period
            covered by this Form 10-K.
33.3        Report on Assessment of Compliance with Servicing  Criteria of
            Homecomings Financial, LLC as of December 31, 2006 and for the
            period covered by this Form 10-K.
33.4        Report on Assessment of Compliance with Servicing  Criteria of
            JPMorgan Chase Bank, N.A.
33.5        Report on Assessment of Compliance with Servicing Criteria of
            The Bank of New York Trust Company, N.A.
33.6        Report on Assessment of Compliance with Servicing  Criteria of
            Wells Fargo Bank, National Association as of December 31, 2006
            and for the period covered by this Form 10-K.
34.1        Attestation Report of PricewaterhouseCoopers LLP on Assessment
            of Compliance with Servicing  Criteria relating to Residential
            Funding Company, LLC.
34.2        Attestation Report of PricewaterhouseCoopers LLP on Assessment
            of  Compliance  with  Servicing   Criteria  relating  to  GMAC
            Mortgage, LLC.
34.3        Attestation Report of PricewaterhouseCoopers LLP on Assessment
            of Compliance with Servicing  Criteria relating to Homecomings
            Financial, LLC.
34.4        Attestation Report of PricewaterhouseCoopers LLP on Assessment
            of Compliance  with  Servicing  Criteria  relating to JPMorgan
            Chase Bank, N.A.
34.5        Attestation  Report  of Ernst & Young,  LLP on  Assessment  of
            Compliance with Servicing Criteria relating to The Bank of New
            York Trust Company, N.A.
34.6        Attestation Report of KPMG, LLP on Assessment of Compliance with
            Servicing Criteria relating to Wells Fargo Bank, National
            Association.
35.1        Servicer Compliance Statement of Residential Funding Company,
            LLC.
35.2        Servicer Compliance Statement of GMAC Mortgage, LLC.
35.3        Servicer Compliance Statement of Homecomings Financial, LLC.

      (c) Not Applicable.



<PAGE>



                                    SIGNATURES

      Pursuant  to the  requirements  of Section  13 or 15(d) of the  Securities
      Exchange  Act of 1934,  the  registrant  has duly caused this report to be
      signed on its behalf by the undersigned, thereunto duly authorized.

      Date:  March 26, 2007
                                                   RAAC SERIES 2006-SP1 TRUST

                                              By:  Residential Funding
                                                  Company, LLC, as Master
                                                  Servicer

                                              By:  /s/ Anthony N. Renzi
                                                Name: Anthony N. Renzi
                                                Title: Managing Director




<PAGE>


                           INDEX TO EXHIBITS

EXHIBIT
NUMBER                                 DESCRIPTION
----------  ------------------------------------------------------------------
3.1         Certificate of Incorporation of Residential Asset Mortgage
            Products, Inc. (incorporated by reference to the Annual Report
            on Form 10-K for the period ended December 31, 2006, filed by
            RAMP Series 2006-EFC1 Trust with the Securities and Exchange
            Commission).
3.2         Bylaws of Residential Asset Mortgage Products, Inc.
            (incorporated by reference to the Annual Report on Form 10-K for
            the period ended December 31, 2006, filed by RAMP Series
            2006-EFC1 Trust with the Securities and Exchange Commission).
10.1        Pooling and Servicing Agreement, dated as of February 1, 2006,
            among Residential Asset Mortgage Products, Inc., as depositor,
            Residential Funding Company, LLC (formerly Residential Funding
            Corporation),  as master  servicer,  and JPMorgan  Chase Bank,
            N.A., as trustee  (incorporated  by reference to the Report on
            Form 8-K filed by the Issuing  Entity with the  Securities and
            Exchange Commission on March 24, 2006).
10.2        Assignment  and  Assumption  Agreement,  dated  as of March 9,
            2006, between  Residential Asset Mortgage  Products,  Inc. and
            Residential Funding Company, LLC (formerly Residential Funding
            Corporation)  (incorporated by reference to the Report on Form
            8-K  filed  by the  Issuing  Entity  with the  Securities  and
            Exchange Commission on March 24, 2006).
10.3        Confirmation, dated as of March 9, 2006, between Merrill Lynch
            Capital  Services,  Inc. and  JPMorgan  Chase Bank,  N.A.,  as
            trustee  on  behalf  of  the  RAAC   Series   2006-SP1   Trust
            (incorporated  by reference to the Report on Form 8-K filed by
            the Issuing Entity with the Securities and Exchange Commission
            on March 29, 2006).
31.1        Certification of Residential Funding Company,  LLC pursuant to
            Rule 13a-14(d)/15d-14(d)  under the Securities Exchange Act of
            1934.
33.1        Report on Assessment of Compliance with Servicing  Criteria of
            Residential  Funding Company,  LLC as of December 31, 2006 and
            for the period covered by this Form 10-K.
33.2        Report on Assessment of Compliance with Servicing  Criteria of
            GMAC Mortgage,  LLC as of December 31, 2006 and for the period
            covered by this Form 10-K.
33.3        Report on Assessment of Compliance with Servicing  Criteria of
            Homecomings Financial, LLC as of December 31, 2006 and for the
            period covered by this Form 10-K.
33.4        Report on Assessment of Compliance with Servicing  Criteria of
            JPMorgan Chase Bank, N.A.
33.5        Report on Assessment of Compliance with Servicing Criteria of
            The Bank of New York Trust Company, N.A.
33.6        Report on Assessment of Compliance with Servicing  Criteria of
            Wells Fargo Bank, National Association as of December 31, 2006
            and for the period covered by this Form 10-K.
34.1        Attestation Report of PricewaterhouseCoopers LLP on Assessment
            of Compliance with Servicing  Criteria relating to Residential
            Funding Company, LLC.
34.2        Attestation Report of PricewaterhouseCoopers LLP on Assessment
            of  Compliance  with  Servicing   Criteria  relating  to  GMAC
            Mortgage, LLC.
34.3        Attestation Report of PricewaterhouseCoopers LLP on Assessment
            of Compliance with Servicing  Criteria relating to Homecomings
            Financial, LLC.
34.4        Attestation Report of PricewaterhouseCoopers LLP on Assessment
            of Compliance  with  Servicing  Criteria  relating to JPMorgan
            Chase Bank, N.A.
34.5        Attestation  Report  of Ernst & Young,  LLP on  Assessment  of
            Compliance with Servicing Criteria relating to The Bank of New
            York Trust Company, N.A.
34.6        Attestation Report of KPMG, LLP on Assessment of Compliance with
            Servicing Criteria relating to Wells Fargo Bank, National
            Association.
35.1        Servicer Compliance Statement of Residential Funding Company,
            LLC.
35.2        Servicer Compliance Statement of GMAC Mortgage, LLC.
35.3        Servicer Compliance Statement of Homecomings Financial, LLC.





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