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: 333-131211-13
                           RAMP SERIES 2006-EFC2 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 |_|  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.

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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,  RAMP Series 2006-EFC2 Trust, as the issuing
      entity,  Homecomings Financial,  LLC ("Homecomings"),  as subservicer,  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 and Homecomings 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
      and Homecomings 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 or  Homecomings.  Any such  unfavorable  outcome  could  adversely
      affect the ability of  Residential  Funding or  Homecomings to perform its
      servicing  duties with respect to the mortgage loans and potentially  lead
      to the replacement of Residential  Funding or Homecomings 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, U.S.
      Bank  National  Association  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")  as of December  31, 2006 and for the period  covered by this
      Form 10-K,  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
      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.

      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>

      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 and Homecomings  Financial,  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 November 1, 2006,
                  among Residential Asset Mortgage Products, Inc., as depositor,
                  Residential Funding Company, LLC, as master servicer, and U.S.
                  Bank  National   Association,   as  trustee  (incorporated  by
                  reference  to the  Report  on Form 8-K  filed  by the  Issuing
                  Entity with the Securities and Exchange Commission on December
                  14, 2006).
      10.2        Assignment and Assumption Agreement,  dated as of November 29,
                  2006, between Residential Funding Company, LLC and Residential
                  Asset Mortgage  Products,  Inc.  (incorporated by reference to
                  the Report on Form 8-K filed by the  Issuing  Entity  with the
                  Securities and Exchange Commission on December 14, 2006).
      10.3        Confirmation,  dated as of November 29, 2006, between Deutsche
                  Bank AG, New York Branch and U.S. Bank  National  Association,
                  as trustee and supplemental  interest trustee on behalf of the
                  RAMP Series 2006-EFC2 Trust  (incorporated by reference to the
                  Report  on Form  8-K  filed  by the  Issuing  Entity  with the
                  Securities and Exchange Commission on December 14, 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
                  Homecomings Financial, 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
                  U.S. Bank National Association 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
                  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 Homecomings
                  Financial, LLC.
      34.3        Attestation Report of Ernst & Young, LLP on Assessment of
                  Compliance with Servicing Criteria relating to U.S. Bank
                  National Association.
      34.4      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 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
                                                   RAMP SERIES 2006-EFC2 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 November 1, 2006,
                  among Residential Asset Mortgage Products, Inc., as depositor,
                  Residential Funding Company, LLC, as master servicer, and U.S.
                  Bank  National   Association,   as  trustee  (incorporated  by
                  reference  to the  Report  on Form 8-K  filed  by the  Issuing
                  Entity with the Securities and Exchange Commission on December
                  14, 2006).
      10.2        Assignment and Assumption Agreement,  dated as of November 29,
                  2006, between Residential Funding Company, LLC and Residential
                  Asset Mortgage  Products,  Inc.  (incorporated by reference to
                  the Report on Form 8-K filed by the  Issuing  Entity  with the
                  Securities and Exchange Commission on December 14, 2006).
      10.3        Confirmation,  dated as of November 29, 2006, between Deutsche
                  Bank AG, New York Branch and U.S. Bank  National  Association,
                  as trustee and supplemental  interest trustee on behalf of the
                  RAMP Series 2006-EFC2 Trust  (incorporated by reference to the
                  Report  on Form  8-K  filed  by the  Issuing  Entity  with the
                  Securities and Exchange Commission on December 14, 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
                  Homecomings Financial, 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
                  U.S. Bank National Association 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
                  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 Homecomings
                  Financial, LLC.
      34.3        Attestation Report of Ernst & Young, LLP on Assessment of
                  Compliance with Servicing Criteria relating to U.S. Bank
                  National Association.
      34.4      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 Homecomings Financial, LLC.





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