BEAR STEARNS

                                            BEAR STEARNS FINANCIAL PRODUCTS INC.
                                                              383 MADISON AVENUE
                                                        NEW YORK, NEW YORK 10179
                                                                    212-272-4009

DATE:                   July 28, 2006

TO:                     Wells Fargo Bank, N.A., not individually, but solely as
                        Master Servicer on behalf of Wells Fargo Mortgage Backed
                        Securities 2006-9 Trust
ATTENTION:              Client Manager - WFMBS 2006-9 Trust
TELEPHONE:              410-884-2000
FACSIMILE:              410-715-2380

FROM:                   Derivatives Documentation
TELEPHONE:              212-272-2711
FACSIMILE:              212-272-9857

SUBJECT:                Fixed Income Derivatives Confirmation and Agreement

REFERENCE NUMBER:       FXNEC8525

The purpose of this letter agreement ("Agreement") is to confirm the terms and
conditions of the Transaction entered into on the Trade Date specified below
(the "Transaction") between Bear Stearns Financial Products Inc. ("BSFP") and
Wells Fargo Bank, N.A., not individually, but solely as Master Servicer on
behalf of Wells Fargo Mortgage Backed Securities 2006-9 Trust formed pursuant to
the Pooling and Servicing Agreement dated as of July 28, 2006 among Wells Fargo
Asset Securities Corporation, as depositor (the "Depositor"), HSBC Bank USA,
National Association, as trustee and Wells Fargo Bank, N.A., as master servicer
(the "Pooling and Servicing Agreement") ("Counterparty"). This Agreement, which
evidences a complete and binding agreement between BSFP and Counterparty to
enter into the Transaction on the terms set forth below, constitutes a
"Confirmation" as referred to in the "ISDA Form Master Agreement" (as defined
below), as well as a "Schedule" as referred to in the ISDA Form Master
Agreement.

1.    This Agreement is subject to and incorporates the 2000 ISDA Definitions
      (the "Definitions"), as published by the International Swaps and
      Derivatives Association, Inc. ("ISDA"). BSFP and Counterparty have agreed
      to enter into this Agreement in lieu of negotiating a Schedule to the 1992
      ISDA Master Agreement (Multicurrency--Cross Border) form (the "ISDA Form
      Master Agreement"). An ISDA Form Master Agreement shall be deemed to have
      been executed by BSFP and Counterparty on the date we entered into the
      Transaction. All provisions contained in, or incorporated by reference to,
      the ISDA Form Master Agreement shall govern the Transaction referenced in
      this Confirmation except as expressly modified herein. In the event of any
      inconsistency between the provisions of this Agreement and the Definitions
      or the ISDA Form Master Agreement, this Agreement shall prevail for
      purposes of the Transaction. Terms capitalized but not defined herein
      shall have the meanings attributed to them in the Pooling and Servicing
      Agreement.

2.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

      Type of Transaction:    Rate Cap

      Notional Amount:        With respect to any Calculation Period,
                              the lesser of (a) the amount set forth for such
                              period in the Schedule of Notional Amounts
                              attached hereto and (b) the Principal Balance (as
                              defined in the Pooling and Servicing Agreement) of
                              the Class I-A-2 Certificates as of the last day of
                              such period.

     Trade Date:              July 14, 2006

     Effective Date:          July 28, 2006

     Termination Date:        June 25, 2018

     Fixed Amount (Premium):

         Fixed Rate Payer:    HSBC Securities (USA) Inc. on behalf of
                              Counterparty.

         Fixed Rate Payer
         Payment Date:        July 28, 2006

         Fixed Amount:        USD [      ]

     Floating Amounts:

         Floating Rate Payer: BSFP

         Cap Rate:            5.40000%

         Floating Rate Payer
         Period End Dates:    The 25th calendar day of each month during the
                              Term of this Transaction, commencing August 25,
                              2006 and ending on the Termination Date, with No
                              Adjustment.

         Floating Rate Payer
         Payment Dates:       Early Payment shall be applicable. The Floating
                              Rate Payer Payment Dates shall be one Business Day
                              preceding each Floating Rate Payer Period End
                              Date.

         Floating Rate
         Option:              USD-LIBOR-BBA, provided, however, that if the
                              Floating Rate determined from such Floating Rate
                              Option for any Calculation Period is greater than
                              8.90000% then the Floating Rate for such
                              Calculation Period shall be deemed to be 8.90000%.

         Designated Maturity: One month

         Floating Rate Day
         Count Fraction:      30/360

         Reset Dates:         The first day of each Calculation Period.

         Compounding:         Inapplicable

     Business Days for
     payments:                New York

     Business Day
     Convention:              Following

3.   Additional Provisions:   Each party hereto is hereby advised and
                              acknowledges that the other party has engaged in
                              (or refrained from engaging in) substantial
                              financial transactions and has taken (or refrained
                              from taking) other material actions in reliance
                              upon the entry by the parties into the Transaction
                              being entered into on the terms and conditions set
                              forth herein and in the Confirmation relating to
                              such Transaction, as applicable. This paragraph
                              shall be deemed repeated on the trade date of each
                              Transaction.

4.   Provisions Deemed Incorporated in a Schedule to the ISDA Form Master
     Agreement:

1) The parties agree that subparagraph (ii) of Section 2(c) of the ISDA Form
    Master Agreement will apply to any Transaction.

2) Termination Provisions. For purposes of the ISDA Form Master Agreement:

(a) "Specified Entity" is not applicable to BSFP or Counterparty for any
purpose.

(b) "Specified Transaction" is not applicable to BSFP or Counterparty for any
purpose, and, accordingly, Section 5(a)(v) of the ISDA Form Master Agreement
shall not apply to BSFP or Counterparty.

(c) The "Cross Default" provisions of Section 5(a)(vi) of the ISDA Form Master
Agreement will not apply to BSFP or to Counterparty.

(d) The "Credit Event Upon Merger" provisions of Section 5(b)(iv) of the ISDA
Form Master Agreement will not apply to BSFP or to Counterparty.

(e) The "Automatic Early Termination" provision of Section 6(a) of the ISDA Form
Master Agreement will not apply to BSFP or to Counterparty.

(f) Payments on Early Termination. For the purpose of Section 6(e) of the ISDA
Form Master Agreement:

      (i) Market Quotation will apply.

      (ii) The Second Method will apply.

(g) "Termination Currency" means United States Dollars.

3) Tax Representations. Payer Representations. For the purpose of Section 3(e)
   of the ISDA Form Master Agreement, BSFP and the Counterparty make the
   following representations:

   It is not required by any applicable law, as modified by the practice of any
   relevant governmental revenue authority, of any Relevant Jurisdiction to make
   any deduction or withholding for or on account of any Tax from any payment
   (other than interest under Section 2(e), 6(d)(ii) or 6(e) of the ISDA Form
   Master Agreement) to be made by it to the other party under this Agreement.
   In making this representation, it may rely on:

         (i) the accuracy of any representations made by the other party
         pursuant to Section 3(f) of the ISDA Form Master Agreement;

         (ii) the satisfaction of the agreement contained in Section 4 (a)(i) or
         4(a)(iii) of the ISDA Form Master Agreement and the accuracy and
         effectiveness of any document provided by the other party pursuant to
         Section 4 (a)(i) or 4(a)(iii) of the ISDA Form Master Agreement; and

         (iii) the satisfaction of the agreement of the other party contained in
         Section 4(d) of the ISDA Form Master Agreement, provided that it shall
         not be a breach of this representation where reliance is placed on
         clause (ii) and the other party does not deliver a form or document
         under Section 4(a)(iii) of the ISDA Form Master Agreement by reason of
         material prejudice of its legal or commercial position.

4) Limitation on Events of Default. Notwithstanding the terms of Sections 5 and
6 of the ISDA Form Master Agreement, if at any time and so long as the
Counterparty has satisfied in full all its payment obligations under Section
2(a)(i) of the ISDA Form Master Agreement and has at the time no future payment
obligations, whether absolute or contingent, under such Section, then unless
BSFP is required pursuant to appropriate proceedings to return to the
Counterparty or otherwise returns to the Counterparty upon demand of the
Counterparty any portion of any such payment, (a) the occurrence of an event
described in Section 5(a) of the ISDA Form Master Agreement with respect to the
Counterparty shall not constitute an Event of Default or Potential Event of
Default with respect to the Counterparty as Defaulting Party and (b) BSFP shall
be entitled to designate an Early Termination Date pursuant to Section 6 of the
ISDA Form Master Agreement only as a result of the occurrence of a Termination
Event set forth in either Section 5(b)(i) or 5(b)(ii) of the ISDA Form Master
Agreement with respect to BSFP as the Affected Party or Section 5(b)(iii) of the
ISDA Form Master Agreement with respect to BSFP as the Burdened Party. For
purposes of the Transaction to which this Agreement relates, Counterparty's only
obligation under Section 2(a)(i) of the ISDA Form Master Agreement is to cause
the Fixed Amount to be paid on the Fixed Rate Payer Payment Date.

5) Documents to be Delivered. For the purpose of Section 4(a) of the ISDA Form
Master Agreement:

(1) Tax forms, documents, or certificates to be delivered are:

<TABLE>
<CAPTION>
Party required to deliver      Form/Document/               Date by which to
document                       Certificate                  be delivered
<S>                            <C>                          <C>
BSFP and                       Any document required or     Promptly after the earlier of (i)
the Counterparty               reasonably requested to      reasonable demand by either party
                               allow the other party to     or (ii) learning that such form or
                               make payments under this     document is required
                               Agreement without any
                               deduction or withholding
                               for or on the account of
                               any Tax or with such
                               deduction or withholding
                               at a reduced rate
</TABLE>

(2) Other documents to be delivered are:

<TABLE>
<CAPTION>
Party required to    Form/Document/            Date by which to         Covered by Section 3(d)
deliver document     Certificate               be delivered             Representation
<S>                  <C>                       <C>                      <C>
BSFP and             Any documents             Upon the execution       Yes
the Counterparty     required by the           and delivery of this
                     receiving party to        Agreement and such
                     evidence the              Confirmation
                     authority of the
                     delivering party or
                     its Credit Support
                     Provider, if any, for
                     it to execute and
                     deliver this
                     Agreement, any
                     Confirmation, and any
                     Credit Support
                     Documents to which it
                     is a party, and to
                     evidence the
                     authority of the
                     delivering party or
                     its Credit Support
                     Provider to perform
                     its obligations under
                     this Agreement, such
                     Confirmation and/or
                     Credit Support
                     Document, as the case
                     may be

BSFP and             A certificate of an       Upon the execution       Yes
the Counterparty     authorized officer of     and delivery of this
                     the party, as to the      Agreement and such
                     incumbency and            Confirmation
                     authority of the
                     respective officers of
                     the party signing this
                     Agreement, any relevant
                     Credit Support
                     Document, or any
                     Confirmation, as the
                     case may be

Counterparty         An executed copy of the   Within 30 days after     No
                     Pooling and Servicing     the date of this
                     Agreement.                Agreement.
</TABLE>

6)    Miscellaneous. Miscellaneous

(a)   Address for Notices: For the purposes of Section 12(a) of the ISDA Form
      Master Agreement:

      Address for notices or communications to BSFP:

         Address:    383 Madison Avenue, New York, New York  10179
         Attention:  DPC Manager
         Facsimile:  (212) 272-5823

      with a copy to:

         Address:    One Metrotech Center North, Brooklyn, New York 11201
         Attention:  Derivative Operations - 7th Floor
         Facsimile:  (212) 272-1634

         (For all purposes)

      Address for notices or communications to the Counterparty:

         Address:    9062 Old Annapolis Road
                     Columbia, MD 21045
         Attention:  Client Manager - Wells Fargo Mortgage Backed Securities
                     2006-9 Trust
         Facsimile:  410-884-2000
         Phone:      410-715-2380

(b)   Process Agent. For the purpose of Section 13(c) of the ISDA Form Master
      Agreement:

                  BSFP appoints as its
                  Process Agent:          Not Applicable

                  The Counterparty appoints as its
                  Process Agent:          Not Applicable

(c)   Offices. The provisions of Section 10(a) of the ISDA Form Master Agreement
      will not apply to this Agreement; neither BSFP nor the Counterparty have
      any Offices other than as set forth in the Notices Section and BSFP agrees
      that, for purposes of Section 6(b) of the ISDA Form Master Agreement, it
      shall not in future have any Office other than one in the United States.

(d)   Multibranch Party. For the purpose of Section 10(c) of the ISDA Form
      Master Agreement:

      BSFP is not a Multibranch Party.

      The Counterparty is not a Multibranch Party.

(e)   Calculation Agent. The Calculation Agent is BSFP; provided, however, that
      if an Event of Default occurs with respect to BSFP, then the Counterparty
      shall be entitled to appoint a financial institution which would qualify
      as a Reference Market-maker to act as Calculation Agent.

(f)   Credit Support Document. Not applicable for either BSFP or the
      Counterparty.

(g)   Credit Support Provider.

      BSFP: Not Applicable

      The Counterparty: Not Applicable

(h)   Governing Law. The parties to this Agreement hereby agree that the law of
      the State of New York shall govern their rights and duties in whole,
      without regard to conflict of law provisions thereof other than New York
      General Obligations Law Sections 5-1401 and 5-1402.

(i)   Severability. If any term, provision, covenant, or condition of this
      Agreement, or the application thereof to any party or circumstance, shall
      be held to be invalid or unenforceable (in whole or in part) for any
      reason, the remaining terms, provisions, covenants, and conditions hereof
      shall continue in full force and effect as if this Agreement had been
      executed with the invalid or unenforceable portion eliminated, so long as
      this Agreement as so modified continues to express, without material
      change, the original intentions of the parties as to the subject matter of
      this Agreement and the deletion of such portion of this Agreement will not
      substantially impair the respective benefits or expectations of the
      parties.

      The parties shall endeavor to engage in good faith negotiations to replace
      any invalid or unenforceable term, provision, covenant or condition with a
      valid or enforceable term, provision, covenant or condition, the economic
      effect of which comes as close as possible to that of the invalid or
      unenforceable term, provision, covenant or condition.

(j)   Consent to Recording. Each party hereto consents to the monitoring or
      recording, at any time and from time to time, by the other party of any
      and all communications between officers or employees of the parties,
      waives any further notice of such monitoring or recording, and agrees to
      notify its officers and employees of such monitoring or recording.

(k)   Waiver of Jury Trial. Each party waives any right it may have to a trial
      by jury in respect of any Proceedings relating to this Agreement or any
      Credit Support Document.

(l)   Non-Recourse. Notwithstanding any provision herein or in the ISDA Form
      Master Agreement to the contrary, the obligations of Counterparty
      hereunder are limited recourse obligations of Counterparty, payable solely
      from the Trust Estate (as defined in the Pooling and Servicing Agreement)
      and the proceeds thereof to satisfy Counterparty's obligations hereunder.
      In the event that the Trust Estate and proceeds thereof should be
      insufficient to satisfy all claims outstanding and following the
      realization of the Trust Estate and the distribution of the proceeds
      thereof in accordance with the Pooling and Servicing Agreement, any claims
      against or obligations of Counterparty under the ISDA Form Master
      Agreement or any other confirmation thereunder, still outstanding shall be
      extinguished and thereafter not revive.

(m)   Transfer, Amendment and Assignment. No transfer, amendment, waiver,
      supplement, assignment or other modification of this Transaction (other
      than the pledge of this Transaction to the trustee pursuant to the Pooling
      and Servicing Agreement) shall be permitted by either party unless each of
      Fitch Ratings ("Fitch"), Standard & Poor's, a division of The McGraw-Hill
      Companies, Inc. ("S&P") and Moody's Investor Service, Inc. ("Moody's"),
      has been provided notice of the same and confirms in writing (including by
      facsimile transmission) within five Business Days after such notice is
      given that it will not downgrade, qualify, withdraw or otherwise modify
      its then-current rating of the Certificates (as defined in the Pooling and
      Servicing Agreement).

(n)   Proceedings. BSFP shall not institute against or cause any other person to
      institute against, or join any other person in instituting against the
      Counterparty, any bankruptcy, reorganization, arrangement, insolvency or
      liquidation proceedings, or other proceedings under any of the laws of the
      United States, or any other jurisdiction for a period of one year and one
      day (or, if longer, the applicable preference period) following
      indefeasible payment in full of the Certificates.

(o)   The ISDA Form Master Agreement is hereby amended as follows:

      The word "third" shall be replaced by the word "second" in the third line
      of Section 5(a)(i) of the ISDA Form Master Agreement.

(p)   Master Servicer Capacity. It is expressly understood and agreed by the
      parties hereto that insofar as this Confirmation is executed by the Master
      Servicer (i) this Confirmation is executed and delivered by Wells Fargo
      Bank, N.A., not in its individual capacity but solely as Master Servicer
      pursuant to the Pooling and Servicing Agreement in the exercise of the
      powers and authority conferred and vested in it thereunder (ii) each of
      the representations, undertakings and agreements herein made on behalf of
      the Wells Fargo Mortgage Backed Securities 2006-9 Trust (the "Trust") is
      made and intended not as personal representations of the Master Servicer
      but is made and intended for the purpose of binding only the Trust, and
      (iii) under no circumstances will Wells Fargo Bank, N.A. in its individual
      capacity be personally liable for the payment of any indebtedness or
      expenses or be personally liable for the breach or failure of any
      obligation, representation, warranty or covenant made or undertaken under
      this Confirmation.

(q)   BSFP will not unreasonably withhold or delay its consent to an assignment
      of this Agreement to any other third party.

(r)   Set-off. Notwithstanding any provision of this Agreement or any other
      existing or future agreement, each party irrevocably waives any and all
      rights it may have to set off, net, recoup or otherwise withhold or
      suspend or condition payment or performance of any obligation between it
      and the other party hereunder against any obligation between it and the
      other party under any other agreements. The last sentence of the first
      paragraph of Section 6(e) of the ISDA Form Master Agreement shall not
      apply for purposes of this Transaction.

(s)   Additional Termination Events. Additional Termination Events will apply.

      (i) If a Ratings Event has occurred and BSFP has not, within 30 days,
      complied with Section 6(t) below, then an Additional Termination Event
      shall have occurred with respect to BSFP and BSFP shall be the sole
      Affected Party with respect to such an Additional Termination Event.

      (ii) Cap Disclosure Event. If, upon the occurrence of a Cap Disclosure
      Event (as defined in Paragraph 6(u)(ii) below), BSFP has not, within the
      greater of (5) five calendar days or (3) three Business Days after such
      Cap Disclosure Event complied with any of the provisions set forth in
      Paragraph 6(u)(iii) below, then an Additional Termination Event shall have
      occurred with respect to BSFP and BSFP shall be the sole Affected Party
      with respect to such Additional Termination Event.

(t)   Ratings Event. If a Ratings Event (as defined below) occurs with respect
      to BSFP (or any applicable credit support provider), then BSFP shall, at
      its own expense, (i) assign this Transaction to a third party that meets
      or exceeds, or as to which any applicable credit support provider meets or
      exceeds, the Approved Ratings Thresholds (as defined below) on terms
      substantially similar to this Confirmation, which party is approved by the
      Counterparty, which approval shall not be unreasonably withheld, (ii)
      obtain a guaranty of, or a contingent agreement of, another person with
      the Approved Rating Thresholds to honor BSFP's obligations under this
      Agreement, provided that such other person is approved by the
      Counterparty, such approval not to be unreasonably withheld, (iii) post
      collateral under a credit support annex or other agreements satisfactory
      to Fitch Rating ("Fitch"), Standard and Poor's, a division of The
      McGraw-Hill Companies, Inc. ("S&P") and Moody's Investor Service, Inc.
      ("Moody's"), which will be sufficient to restore the immediately prior
      ratings of the Certificates, or (iv) establish any other arrangement
      satisfactory to Fitch, S&P and Moody's which will be sufficient to restore
      the immediately prior ratings of the Certificates. For avoidance of doubt,
      a downgrade of the rating on the Certificates could occur in the event
      that BSFP does not post sufficient collateral. For purposes of this
      Transaction, a "Ratings Event" shall occur with respect to BSFP (or any
      applicable credit support provider) if its long-term unsecured and
      unsubordinated debt rating is withdrawn or reduced below "AA-" by S&P or
      "Aa3" by Moody's (including in connection with a merger, consolidation or
      other similar transaction by BSFP or any applicable credit support
      provider) such ratings being referred to herein as the "Approved Ratings
      Thresholds," (unless, within 30 days thereafter, each of S&P and Moody's
      has reconfirmed the ratings of the Certificates, as applicable, which was
      in effect immediately prior thereto).

(u)   Compliance with Regulation AB.

(i)   BSFP agrees and acknowledges that the Depositor is required under
      Regulation AB under the Securities Act of 1933, as amended (the
      "Securities Act"), and the Securities Exchange Act of 1934, as amended
      (the "Exchange Act") ("Regulation AB"), to disclose certain financial
      information regarding BSFP or its group of affiliated entities, if
      applicable, depending on the aggregate "significance percentage" of this
      Agreement and any other derivative contracts between BSFP or its group of
      affiliated entities, if applicable, and Counterparty, as calculated from
      time to time in accordance with Item 1115 of Regulation AB.

(ii)  It shall be cap disclosure event ("Cap Disclosure Event") if, on any
      Business Day after the date hereof, the Depositor or the Counterparty
      requests from BSFP the applicable financial information described in Item
      1115 of Regulation AB (such request to be based on a reasonable
      determination by Depositor, in good faith, that such information is
      required under Regulation AB) (the "Cap Financial Disclosure").

(iii) Upon the occurrence of a Cap Disclosure Event, BSFP, at its own expense,
      shall (a) provide to the Depositor and Counterparty the Cap Financial
      Disclosure, (b) secure another entity to replace BSFP as party to this
      Agreement on terms substantially similar to this Agreement and subject to
      prior notification to the Swap Rating Agencies, which entity (or a
      guarantor therefor) meets or exceeds the Approved Rating Thresholds (or
      which satisfies the Rating Agency Condition) and which entity (i) is able
      to comply with the requirements of Item 1115 of Regulation AB and (ii)
      provides indemnity to the Depositor, reasonably satisfactory to the
      Depositor, in relation to financial information delivered to comply with
      the requirements of Regulation AB or (c) obtain a guaranty of the BSFP's
      obligations under this Agreement from an affiliate of the BSFP that is
      able to comply with the financial information disclosure requirements of
      Item 1115 of Regulation AB, such that disclosure provided in respect of
      the affiliate will satisfy any disclosure requirements applicable to the
      Cap Provider, and cause such affiliate to provide Cap Financial
      Disclosure. If permitted by Regulation AB, any required Cap Financial
      Disclosure may be provided by incorporation by reference from reports
      filed pursuant to the Exchange Act.

(iv)  BSFP agrees that, in the event that BSFP provides Cap Financial Disclosure
      to the Depositor and the Counterparty in accordance with Paragraph
      6(u)(iii)(a) or causes its affiliate to provide Cap Financial Disclosure
      to the Depositor and the Counterparty in accordance with Paragraph
      6(u)(iii)(c), it will indemnify and hold harmless Depositor, its
      respective directors or officers and any person controlling Depositor,
      within the meaning of the Securities Act or the Exchange Act from and
      against any and all losses, claims, damages and liabilities arising out of
      or based upon any untrue statement or alleged untrue statement of a
      material fact contained in such Cap Financial Disclosure or arising out of
      or based upon any omission or alleged omission to state in such Cap
      Financial Disclosure a material fact required to be stated therein or
      necessary to make the statements therein, in light of the circumstances
      under which they were made, not misleading and BSFP shall in each case
      reimburse the Depositor and each such director, officer or controlling
      person for any legal or other expenses reasonably incurred by the
      Depositor and each such director, officer or controlling person, in
      connection with investigating or defending any such loss, claim, damage,
      liability or action.

       Any such Cap Financial Disclosure provided pursuant to this paragraph
      6(u) shall be in a form suitable for conversion to the format required for
      filing by the Depositor or the Counterparty with the Securities and
      Exchange Commission via the Electronic Data Gathering Retrieval System
      (EDGAR).

(u)   Third Party Beneficiary. Depositor shall be a third party beneficiary of
      this Agreement.

7) "Affiliate" will have the meaning specified in Section 14 of the ISDA Form
Master Agreement, provided that BSFP shall not be deemed to have any Affiliates
for purposes of this Agreement, including for purposes of Section 6(b)(ii) of
the ISDA Form Master Agreement.

8) Section 3 of the ISDA Form Master Agreement is hereby amended by adding at
the end thereof the following subsection (g):

      "(g) Relationship Between Parties.

                  Each party represents to the other party on each date when it
                  enters into a Transaction that:--

            (1) Nonreliance. It is not relying on any statement or
representation of the other party regarding the Transaction (whether written or
oral), other than the representations expressly made in this Agreement or the
Confirmation in respect of that Transaction.

            (2) Evaluation and Understanding.

            (i) BSFP is acting for its own account and Counterparty is acting
solely as Master Servicer and each party has the capacity to evaluate
(internally or through independent professional advice) the Transaction and has
made its own decision to enter into the Transaction; it is not relying on any
communication (written or oral) of the other party as investment advice or as a
recommendation to enter into such transaction; it being understood that
information and explanations related to the terms and conditions of such
transaction shall not be considered investment advice or a recommendation to
enter into such transaction. No communication (written or oral) received from
the other party shall be deemed to be an assurance or guarantee as to the
expected results of the transaction; and

            (ii) It understands the terms, conditions and risks (and does in
fact assume) of the Transaction and is willing and able to accept those terms
and conditions and to assume those risks, financially and otherwise.

            (3) Purpose. It is entering into the Transaction for the purposes of
managing its borrowings or investments, hedging its underlying assets or
liabilities or in connection with a line of business.

            (4) Principal. It is entering into the Transaction as principal, and
not as agent or in any other capacity, fiduciary or otherwise.

            (5) Eligible Contract Participant. (A) It is an "eligible contract
participant" within the meaning of Section 1a(12) of the Commodity Exchange Act,
as amended; (B) this Agreement and each Transaction is subject to individual
negotiation by such party; and (C) neither this Agreement nor any Transaction
will be executed or traded on a "trading facility" within the meaning of Section
1a(33) of the Commodity Exchange Act, as amended."

      NEITHER THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF
      THE BEAR STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A CREDIT
      SUPPORT PROVIDER ON THIS AGREEMENT.

5.   Account Details and
     Settlement Information:  Payments to BSFP:
                              Citibank, N.A., New York
                              ABA Number: 021-0000-89, for the account of
                              Bear, Stearns Securities Corp.
                              Account Number: 0925-3186, for further credit to
                              Bear Stearns Financial Products Inc.
                              Sub-account Number: 102-04654-1-3
                              Attention: Derivatives Department

                              Payments to Counterparty:
                              Bank: Wells Fargo Bank, N.A.
                              ABA#: 121000248
                              For credit to: SAS Clearing
                              Acct. #: 3970771416
                              For further credit to: WFMBS 2006-9
                              Reserve Acct. #: 50936501

This Agreement may be executed in several counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same
instrument.

<PAGE>

Counterparty hereby agrees to check this Confirmation and to confirm that the
foregoing correctly sets forth the terms of the Transaction by signing in the
space provided below and returning to BSFP a facsimile of the fully-executed
Confirmation to 212-272-9857. For inquiries regarding U.S. Transactions, please
contact Susan Donlon by telephone at 212-272-2364. For all other inquiries
please contact Derivatives Documentation by telephone at 353-1-402-6233.
Originals will be provided for your execution upon your request.

We are very pleased to have executed this Transaction with you and we look
forward to completing other transactions with you in the near future.

Very truly yours,

BEAR STEARNS FINANCIAL PRODUCTS INC.



By:   /s/ Annie Manevitz
     -------------------------------
     Name:  ANNIE MANEVITZ
     Title: AUTHORIZED SIGNATORY

Counterparty, acting through its duly authorized signatory, hereby agrees to,
accepts and confirms the terms of the foregoing as of the Trade Date.

Wells Fargo Bank, N.A., not individually, but solely as Master Servicer on
behalf of Wells Fargo Mortgage Backed Securities 2006-9 Trust



By:   /s/ Jennifer L. Richardson
     -------------------------------
     As authorized agent or officer for Wells Fargo Bank, N.A., not
     individually, but solely as Master Servicer on behalf of Wells Fargo
     Mortgage Backed Securities 2006-9 Trust
     Name:  Jennifer L. Richardson
     Title: Assistant Vice President



lm

<PAGE>

                          SCHEDULE OF NOTIONAL AMOUNTS

                                                           Notional Amount
    From and including          To but excluding                (USD)
      Effective Date               25-Aug-06                50,000,000.00
        25-Aug-06                  25-Sep-06                49,859,476.05
        25-Sep-06                  25-Oct-06                49,685,905.65
        25-Oct-06                  25-Nov-06                49,479,353.09
        25-Nov-06                  25-Dec-06                49,239,932.90
        25-Dec-06                  25-Jan-07                48,967,810.17
        25-Jan-07                  25-Feb-07                48,663,200.53
        25-Feb-07                  25-Mar-07                48,326,370.23
        25-Mar-07                  25-Apr-07                47,957,635.91
        25-Apr-07                  25-May-07                47,557,364.34
        25-May-07                  25-Jun-07                47,125,972.00
        25-Jun-07                  25-Jul-07                46,663,924.55
        25-Jul-07                  25-Aug-07                46,171,736.13
        25-Aug-07                  25-Sep-07                45,649,968.58
        25-Sep-07                  25-Oct-07                45,099,230.46
        25-Oct-07                  25-Nov-07                44,520,176.08
        25-Nov-07                  25-Dec-07                43,913,504.20
        25-Dec-07                  25-Jan-08                43,279,956.82
        25-Jan-08                  25-Feb-08                42,620,317.70
        25-Feb-08                  25-Mar-08                41,935,410.82
        25-Mar-08                  25-Apr-08                41,226,098.75
        25-Apr-08                  25-May-08                40,493,280.84
        25-May-08                  25-Jun-08                39,737,891.40
        25-Jun-08                  25-Jul-08                38,960,897.70
        25-Jul-08                  25-Aug-08                38,163,297.92
        25-Aug-08                  25-Sep-08                37,346,118.99
        25-Sep-08                  25-Oct-08                36,510,414.40
        25-Oct-08                  25-Nov-08                35,657,261.83
        25-Nov-08                  25-Dec-08                34,788,097.00
        25-Dec-08                  25-Jan-09                33,933,667.46
        25-Jan-09                  25-Feb-09                33,093,726.92
        25-Feb-09                  25-Mar-09                32,268,033.21
        25-Mar-09                  25-Apr-09                31,456,348.17
        25-Apr-09                  25-May-09                30,658,437.60
        25-May-09                  25-Jun-09                29,874,071.21
        25-Jun-09                  25-Jul-09                29,103,022.52
        25-Jul-09                  25-Aug-09                28,345,068.83
        25-Aug-09                  25-Sep-09                27,599,991.14
        25-Sep-09                  25-Oct-09                26,867,574.09
        25-Oct-09                  25-Nov-09                26,147,605.90
        25-Nov-09                  25-Dec-09                25,439,878.33
        25-Dec-09                  25-Jan-10                24,744,186.59
        25-Jan-10                  25-Feb-10                24,060,329.30
        25-Feb-10                  25-Mar-10                23,388,108.43
        25-Mar-10                  25-Apr-10                22,727,329.25
        25-Apr-10                  25-May-10                22,077,800.26
        25-May-10                  25-Jun-10                21,439,333.17
        25-Jun-10                  25-Jul-10                20,811,742.81
        25-Jul-10                  25-Aug-10                20,194,847.08
        25-Aug-10                  25-Sep-10                19,588,466.94
        25-Sep-10                  25-Oct-10                18,992,426.31
        25-Oct-10                  25-Nov-10                18,406,552.05
        25-Nov-10                  25-Dec-10                17,830,673.91
        25-Dec-10                  25-Jan-11                17,264,624.45
        25-Jan-11                  25-Feb-11                16,708,239.06
        25-Feb-11                  25-Mar-11                16,161,355.84
        25-Mar-11                  25-Apr-11                15,623,815.60
        25-Apr-11                  25-May-11                15,095,461.79
        25-May-11                  25-Jun-11                14,576,140.50
        25-Jun-11                  25-Jul-11                14,065,700.34
        25-Jul-11                  25-Aug-11                13,563,992.49
        25-Aug-11                  25-Sep-11                13,189,195.24
        25-Sep-11                  25-Oct-11                12,822,272.54
        25-Oct-11                  25-Nov-11                12,463,085.69
        25-Nov-11                  25-Dec-11                12,111,498.39
        25-Dec-11                  25-Jan-12                11,767,376.59
        25-Jan-12                  25-Feb-12                11,430,588.57
        25-Feb-12                  25-Mar-12                11,101,004.79
        25-Mar-12                  25-Apr-12                10,778,497.94
        25-Apr-12                  25-May-12                10,462,942.84
        25-May-12                  25-Jun-12                10,154,216.45
        25-Jun-12                  25-Jul-12                 9,852,197.82
        25-Jul-12                  25-Aug-12                 9,556,768.03
        25-Aug-12                  25-Sep-12                 9,298,421.15
        25-Sep-12                  25-Oct-12                 9,045,992.09
        25-Oct-12                  25-Nov-12                 8,799,371.45
        25-Nov-12                  25-Dec-12                 8,558,451.72
        25-Dec-12                  25-Jan-13                 8,323,127.26
        25-Jan-13                  25-Feb-13                 8,093,294.24
        25-Feb-13                  25-Mar-13                 7,868,850.64
        25-Mar-13                  25-Apr-13                 7,649,696.19
        25-Apr-13                  25-May-13                 7,435,732.37
        25-May-13                  25-Jun-13                 7,226,862.36
        25-Jun-13                  25-Jul-13                 7,022,991.01
        25-Jul-13                  25-Aug-13                 6,824,024.82
        25-Aug-13                  25-Sep-13                 6,683,860.31
        25-Sep-13                  25-Oct-13                 6,547,337.39
        25-Oct-13                  25-Nov-13                 6,414,381.34
        25-Nov-13                  25-Dec-13                 6,284,918.81
        25-Dec-13                  25-Jan-14                 6,158,877.82
        25-Jan-14                  25-Feb-14                 6,036,187.72
        25-Feb-14                  25-Mar-14                 5,916,779.17
        25-Mar-14                  25-Apr-14                 5,800,584.10
        25-Apr-14                  25-May-14                 5,687,535.74
        25-May-14                  25-Jun-14                 5,577,568.54
        25-Jun-14                  25-Jul-14                 5,470,618.17
        25-Jul-14                  25-Aug-14                 5,366,621.51
        25-Aug-14                  25-Sep-14                 5,310,245.60
        25-Sep-14                  25-Oct-14                 5,255,495.08
        25-Oct-14                  25-Nov-14                 5,202,333.04
        25-Nov-14                  25-Dec-14                 5,150,723.27
        25-Dec-14                  25-Jan-15                 5,100,630.34
        25-Jan-15                  25-Feb-15                 5,052,019.50
        25-Feb-15                  25-Mar-15                 5,004,856.73
        25-Mar-15                  25-Apr-15                 4,959,108.71
        25-Apr-15                  25-May-15                 4,914,742.78
        25-May-15                  25-Jun-15                 4,871,726.96
        25-Jun-15                  25-Jul-15                 4,830,029.92
        25-Jul-15                  25-Aug-15                 4,789,620.97
        25-Aug-15                  25-Sep-15                 4,785,826.01
        25-Sep-15                  25-Oct-15                 4,782,096.40
        25-Oct-15                  25-Nov-15                 4,778,431.01
        25-Nov-15                  25-Dec-15                 4,774,828.77
        25-Dec-15                  25-Jan-16                 4,771,288.61
        25-Jan-16                  25-Feb-16                 4,767,809.47
        25-Feb-16                  25-Mar-16                 4,764,390.32
        25-Mar-16                  25-Apr-16                 4,761,030.14
        25-Apr-16                  25-May-16                 4,757,727.93
        25-May-16                  25-Jun-16                 4,754,482.72
        25-Jun-16                  25-Jul-16                 4,751,210.47
        25-Jul-16                  25-Aug-16                 4,747,995.57
        25-Aug-16                  25-Sep-16                 4,744,837.05
        25-Sep-16                  25-Oct-16                 4,741,733.94
        25-Oct-16                  25-Nov-16                 4,738,685.28
        25-Nov-16                  25-Dec-16                 4,735,690.16
        25-Dec-16                  25-Jan-17                 4,732,747.64
        25-Jan-17                  25-Feb-17                 4,729,856.83
        25-Feb-17                  25-Mar-17                 4,727,016.84
        25-Mar-17                  25-Apr-17                 4,724,226.81
        25-Apr-17                  25-May-17                 4,721,485.87
        25-May-17                  25-Jun-17                 4,718,793.18
        25-Jun-17                  25-Jul-17                 4,716,147.91
        25-Jul-17                  25-Aug-17                 4,713,549.26
        25-Aug-17                  25-Sep-17                 4,710,996.41
        25-Sep-17                  25-Oct-17                 4,708,488.59
        25-Oct-17                  25-Nov-17                 4,706,025.02
        25-Nov-17                  25-Dec-17                 4,703,604.94
        25-Dec-17                  25-Jan-18                 4,701,227.60
        25-Jan-18                  25-Feb-18                 4,698,892.27
        25-Feb-18                  25-Mar-18                 4,696,598.22
        25-Mar-18                  25-Apr-18                 4,694,344.75
        25-Apr-18                  25-May-18                 4,692,131.15
        25-May-18               Termination Date             4,689,956.75