Document:

Dated:  February 27, 2006

                                                          Rate Cap Transaction

                                                       Re: BNY Reference No. 37303

Ladies and Gentlemen:

         The purpose of this letter  agreement  ("Agreement")  is to confirm the terms and conditions of the rate cap Transaction  entered
into on the Trade Date  specified  below (the  "Transaction")  between The Bank of New York ("BNY"),  a trust  company duly  organized and
existing under the laws of the State of New York and U.S. Bank National  Association,  not  individually,  but solely as Trustee on behalf
of RALI 2006-QS2 (the  "Counterparty").  This  Agreement,  which  evidences a complete and binding  agreement  between you and us 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.       Form  of  Agreement.  This  Agreement  is  subject  to the  2000  ISDA  Definitions  (the  "Definitions"),  as  published  by the
International  Swaps and  Derivatives  Association,  Inc.  ("ISDA").  You and we 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,  as modified by the Schedule terms in Section 4 of this Confirmation (the "Master  Agreement"),  shall be deemed to
have been executed by you and us on the date we entered into the  Transaction.  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.
Capitalized  terms not otherwise  defined herein or in the  Definitions or the Master  Agreement  shall have the meaning  defined for such
term in the Series  Supplement,  dated as of February 1, 2006,  to the  Standard  Terms of Pooling and  Servicing  Agreement,  dated as of
February 1, 2006 (together the "Pooling and Servicing Agreement").
..

2.       Certain Terms.  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 amount set forth for such period on Schedule I
                                            attached hereto.

         Trade Date:                        February 7, 2006

         Effective Date:            March 25, 2006

         Termination Date:                  April 25, 2015, subject to adjustment in accordance with the Following Business Day
                                            Convention.

     Fixed Amounts:

         Fixed Amount Payer:                Counterparty

         Fixed Amount:                      USD 1,763,000.00

         Fixed Amount
         Payment Date:                      February 28, 2006 subject to adjustment in accordance with the Following Business Day
                                            Convention.

     Floating Amounts:

         Floating Rate Payer:               BNY

         Cap Rate:                          5.00%

         Floating Rate Payer
                  Period End Dates:         The 25th calendar day of each month during the Term of this Transaction, commencing April
                                            25, 2006 and ending on the Termination Date, subject to adjustment in accordance with the
                                            Following Business Day Convention.
         Unadjusted for Period
         End Dates:                         Applicable

         Floating Rate Payer
                  Payment Dates:            Early Payment shall be applicable. The Floating Rate Payer Payment Date shall be two (2)
                                            Business Day preceding each Floating Rate Payer Period End Date.

         Floating Rate Option:              USD-LIBOR-BBA; provided, however, if the Floating Rate determined from such Floating Rate
                                            Option for a Calculation Period is greater than 9.00% then the Floating Rate for such
                                            Calculation Period shall be deemed equal to 9.00%.

         Designated Maturity:               One month

         Floating Rate Day
         Count Fraction:                    30/360

         Reset Dates:                       The first day of each Calculation Period

         Compounding:                       Inapplicable

         Business Days:                     New York

         Business Day Convention:   Following

         Calculation Agent:                 BNY

3.       Additional Provisions:

         1)       Reliance.  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.

         2)       Transfer, Amendment and Assignment. No transfer,  amendment, waiver, supplement,  assignment or other modification of
         this  Transaction  shall be  permitted by either party  unless each of Standard & Poor's  Ratings  Service,  a division of The
         McGraw-Hill  Companies,  Inc ("S&P"),  Moody's Investors Service,  Inc. ("Moody's") and Fitch Ratings ("Fitch"),  (the "Rating
         Agencies"),  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 Class 1A-10 Certificates (the "Certificates").

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

1)       No Netting Between  Transactions.  The parties agree that  subparagraph (ii) of Section 2(c) of the ISDA Form Master Agreement
                  will apply to any Transaction.

         2)       Termination Provisions.  Subject to the provisions of paragraph 12 below, for purposes of the Master Agreement:

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

                  (b)      "Breach of Agreement" provision of Section 5(a)(ii) will not apply to BNY or Counterparty.

                  (c)      "Credit Support Default" provisions of Section 5(a)(iii) will not apply to BNY or Counterparty.

                  (d)      "Misrepresentation" provisions of Section 5(a)(iv) will not apply to BNY or Counterparty.

                  (e)      "Default  under  Specified  Transaction"  is not  applicable  to BNY or  Counterparty  for any purpose,  and,
                           accordingly, Section 5(a)(v) shall not apply to BNY or Counterparty.

                  (f)      The "Cross Default" provisions of Section 5(a)(vi) will not apply to BNY or to Counterparty.

                  (g)      The "Bankruptcy" provisions of Section 5(a)(vii)(2) will not apply to Counterparty.

                  (h)      The "Credit Event Upon Merger" provisions of Section 5(b)(iv) will not apply to BNY or Counterparty.

                  (i)      The "Automatic Early Termination" provision of Section 6(a) will not apply to BNY or to Counterparty.

                  (j)      Payments on Early Termination.  For the purpose of Section 6(e) of this Agreement:

                           (i)      Market Quotation will apply.

                           (ii)     The Second Method will apply.

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

         3)       Tax Representations.

                  (a)      Payer  Representations.  For the purpose of Section 3(e) of this  Agreement,  BNY and  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 this  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 this
                                    Agreement;

                           (ii)     the  satisfaction of the agreement  contained in Section 4 (a)(i) or 4(a)(iii) of this 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 this Agreement; and

                           (iii)    the  satisfaction  of the agreement of the other party  contained in Section 4(d) of this 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) by reason of
                                    material prejudice of its legal or commercial position.

                  (b)      Payee Representations. For the purpose of Section 3(f) of this Agreement, BNY and Counterparty make the
                           following representations.

                           (i)      The following representation will apply to BNY:

                                    (x) It is a "U.S. person" (as that term is used in section  1.1441-4(a)(3)(ii)  of the United States
                                    Treasury  Regulations)  for United States  federal  income tax  purposes,  (y) it is a trust company
                                    duly  organized  and  existing  under the laws of the State of New York,  and (y) its U.S.  taxpayer
                                    identification number is 135160382.

                           (ii)     The following representation will apply to the Counterparty:

                                    The beneficial owner of payments made to it under this Agreement is a "U.S. person" (as that term
                                    is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for United States
                                    federal income tax purposes.

         4)       Documents to be delivered.  For the purpose of Section 4(a):

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

Party required to deliver                                                                          Covered by Section 3(d)
document                     Form/Document/ Certificate                      Date by which to be   Representation
                                                                             delivered

BNY and Counterparty  Any document required or reasonably requested to         Upon the execution and         Yes
                      allow the other party to make payments under this        delivery of this Agreement
                      Agreement without any deduction or withholding for
                      or on the account of any tax.

                  (b)      Other documents to be delivered are:

Party required to deliver      Form/Document/ Certificate                  Date by which to be     Covered by Section 3(d)
document                                                                   delivered               Representation
BNY                   A certificate of an authorized officer of the party,     Upon the execution and         Yes
                      as to the incumbency and authority of the respective     delivery of this Agreement
                      officers of the party signing this Agreement, any
                      relevant Credit Support Document, or any Confirmation,
                      as the case may be
Counterparty          (i) a copy of the executed Pooling and Servicing         Delivery of execution copy     Yes
                      Agreement, and (ii) an incumbency certificate            within 15 days of closing
                      verifying the true signatures and authority of the
                      person or persons signing this letter agreement on
                      behalf of the Counterparty
BNY                   A copy of the most recent publicly available             Promptly after request by      Yes
                      regulatory call report.                                  the other party
BNY                   Legal Opinion as to enforceability of the Swap           Upon the execution and         Yes
                      Agreement                                                delivery of this Agreement.
Counterparty          Certified copy of the Board of Directors resolution      Upon the execution and         Yes
                      (or equivalent authorizing documentation) which sets     delivery of this Agreement.
                      forth the authority of each signatory to the
                      Confirmation signing on its behalf and the authority
                      of such party to enter into Transactions contemplated
                      and performance of its obligations hereunder.

         5)  Miscellaneous.

                  (a)      Address for Notices:  For the purposes of Section 12(a) of this Agreement:

                           Address for notices or communications to BNY:

                                    The Bank of New York
                                    Swaps and Derivative Products Group
                                    Global Market Division
                                    32 Old Slip 15th Floor
                                    New York, New York 10286
                                    Attention: Steve Lawler

                                    with a copy to:

                                    The Bank of New York
                                    Swaps and Derivative Products Group
                                    32 Old Slip 16th Floor
                                    New York, New York 10286
                                    Attention: Andrew Schwartz
                                    Tele: 212-804-5103
                                    Fax: 212-804-5818/5837

                                    (For all purposes)

                           Address for notices or communications to the Counterparty:

                                    U.S. Bank National Association
                                    EP-MN-WS3D
                                    60 Livingston Avenue
                                    St. Paul, Minnesota 55107
                                    Attn: RALI Series 2006-QS2 Trust
                                    Fax: 651-495-8090

                                    (For all purposes)

                  (b)      Process Agent.  For the purpose of Section 13(c):

                           BNY appoints as its Process Agent: Not Applicable

                           The Counterparty appoints as its Process Agent:      Not Applicable

                  (c)      Offices.  The  provisions  of  Section  10(a)  will  not  apply  to  this  Agreement;  neither  BNY  nor  the
                           Counterparty  have any  Offices  other than as set forth in the  Notices  Section  and BNY agrees  that,  for
                           purposes of Section  6(b) of this  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 this Agreement:

                                    BNY is not a Multibranch Party.

                                    The Counterparty is not a Multibranch Party.

                  (e)      Calculation Agent.  The Calculation Agent is BNY.

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

                  (g)      Credit Support Provider.

                                    BNY:                      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)      Recording of  Conversations.  Each party (i) consents to the  recording  of telephone  conversations  between
                           the trading,  marketing and other relevant  personnel of the parties in connection with this Agreement or any
                           potential  Transaction,  (ii) agrees to obtain any  necessary  consent of, and give any  necessary  notice of
                           such recording to, its relevant  personnel and (iii) agrees,  to the extent permitted by applicable law, that
                           recordings may be submitted in evidence in any Proceedings.

                  (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 Fund (as defined in the Pooling and Servicing  Agreement) and the proceeds  thereof to satisfy
                           Counterparty's  obligations  hereunder.  In the event  that the Trust  Fund and  proceeds  thereof  should be
                           insufficient  to satisfy all claims  outstanding  and  following  the  realization  of the Trust Fund 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)      Limitation on  Institution  of  Bankruptcy  Proceedings.  BNY 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,  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.

                  (n)      Remedy of Failure to Pay or Deliver.  The ISDA Form Master Agreement in 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.

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

         6)       Additional  Representations.  Section 3 of the ISDA Form  Master  Agreement  is hereby  amended by adding,  before the
                  close  parenthesis in the  introductory  sentence  thereof,  the words ", and, in the case of the  representations  in
                  Section 3(i), at all times", and, at the end thereof, the following Sections 3(g), 3(h) and 3(i):

                  "(g)     Relationship Between Parties.

                           (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)     It is acting for its own account and has the  capacity  to evaluate  (internally  or through
                                            independent  professional  advice) the  Transaction  and has made its own  decision to enter
                                            into the  Transaction  and, in the case of U.S.  Bank National  Association,  it has entered
                                            into this  Agreement  pursuant to direction  received by it under the Pooling and  Servicing
                                            Agreement;  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 of the  Transaction and is willing and able
                                            to accept those terms and  conditions  and to assume (and does, in fact assume) those risks,
                                            financially and otherwise.

                           (3)      Principal.  The other  party is not acting as a  fiduciary  or an advisor  for it in respect of this
                                    Transaction.

                  (h)      Exclusion from Commodities  Exchange Act. (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.

                  (i)      ERISA.  (Pension  Plans).  It is not a pension plan or employee  benefits  plan and it is not using assets of
                           any such plan or assets deemed to be assets of such a plan in connection with this Transaction.

         7)       Set-off.  Notwithstanding  any  provision of this  Agreement or any other  existing or future  agreement  (but without
                  limiting the  provisions of Section 2(c) and Section 6 of the Master  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.

         8)       Additional  Termination  Events.  Additional  Termination  Events will apply.  If a Ratings Event has occurred and BNY
                  has not,  within 30 days,  complied  with Section 9 below,  then an Additional  Termination  Event shall have occurred
                  with respect to BNY and BNY shall be the sole Affected Party with respect to such an Additional Termination Event.

         9)       Ratings Event.

                  (i)      For purposes of this Transaction:

                           (a)      "Qualifying  Ratings" means,  with respect to BNY (or any applicable  credit support provider or any
                                    party to which this Agreement may be assigned pursuant to (9)(ii) below):

                                    (x)     a rating by Moody's of its short-term  unsecured and  unsubordinated  debt that exceeds "P-1
                                            on watch  for  downgrade",  and of its  long-term  unsecured  and  unsubordinated  debt that
                                            exceeds  "A1  on  watch  for  downgrade"  (or,  if  it  has  no  short-term   unsecured  and
                                            unsubordinated  debt rating,  a long term rating that exceeds "Aa3 on watch for downgrade"),
                                            or

                                    (y)     a  rating  by S&P or "F-1" by Fitch of its  short-term  unsecured  and  unsubordinated  debt
                                            rating that equals or exceeds "A-1".

                           (b)      A "Ratings Event" shall occur with respect to BNY (or any applicable credit support provider) if:

                                    (x)     its  short-term  unsecured and  unsubordinated  debt rating is withdrawn or reduced to "P-2"
                                            or below by Moody's and its long-term  unsecured and unsubordinated  debt is reduced to "A3"
                                            or below (or, if it has no short-term  unsecured and  unsubordinated  debt rating,  its long
                                            term rating is reduced to "A2" or below) by Moody's, or

                                    (y)     its  long-term  unsecured  and  unsubordinated  debt rating is  withdrawn  or reduced  below
                                            "BBB-" by S&P or Fitch.

                                    Such events  include those  occurring in connection  with a merger,  consolidation  or other similar
                                    transaction  by BNY or any  applicable  credit  support  provider,  but they  shall be deemed not to
                                    occur if, within 30 days thereafter,  each of Moody's,  S&P and Fitch has reconfirmed the ratings of
                                    the  Certificates,  as  applicable,  which  were  in  effect  immediately  prior  thereto.  For  the
                                    avoidance  of doubt,  a downgrade  of the rating on the  Certificates  could occur in the event that
                                    BNY does not post sufficient collateral.

                           (c)      "Rating Agency  Condition"  means,  with respect to any  particular  proposed act or omission to act
                                    hereunder,  that the  Counterparty  shall have  received  prior  written  confirmation  from each of
                                    Moody's,  S&P and Fitch,  and shall have provided notice thereof to BNY, that the proposed action or
                                    inaction  would  not  cause  a  downgrade  or  withdrawal  of  their  then-current  ratings  of  the
                                    Certificates.

                  (ii)     Ratings  Event.  Subject to  satisfaction  of the Rating  Agency  Condition,  if a Ratings  Event occurs with
                           respect to BNY (or any applicable credit support  provider),  then BNY shall, at its own expense,  within ten
                           (10) Business Days of such Ratings Event:

                           (x)      assign this  Transaction  to a third party,  the ratings of the debt of which (or the ratings of the
                                    debt of the credit  support  provider  of which)  meet or exceed the  Qualifying  Ratings,  on terms
                                    substantially similar to this Agreement, which party is approved by the Counterparty,  such approval
                                    not to be unreasonably withheld,

                           (y)      obtain a guaranty of, or a  contingent  agreement  of,  another  person,  the ratings of the debt of
                                    which (or the  ratings  of the debt of the  credit  support  provider  of which)  meet or exceed the
                                    Qualifying  Ratings,  to honor BNY's  obligations  under this  Agreement,  provided  that such other
                                    person is approved by the Counterparty, such approval not to be unreasonably withheld, or

                           (z)      establish any other arrangement  approved by the Counterparty,  such approval not to be unreasonably
                                    withheld  and  satisfactory  to  Moody's,  S&P and Fitch  which will be  sufficient  to restore  the
                                    immediately prior ratings of their Certificates.

10)      Compliance  with  Regulation AB. It shall be a disclosure  event  ("Disclosure  Event") if, on any Business Day after the date
                  hereof,  Sponsor  requests  from BNY the  financial  information  described in Item 1115(b) of Regulation AB under the
                  Securities  Act of 1933,  as amended,  and the  Securities  Exchange  Act of 1934,  as amended  (the  "Exchange  Act")
                  ("Regulation  AB"),  (such request to be based on the reasonable  determination by Sponsor,  in good faith,  that such
                  information  is required  under  Regulation  AB) (the "Reg AB Financial  Disclosure").  Within 10 Business Days of the
                  occurrence  of a Reg AB  Disclosure  Event,  BNY,  at its own  expense,  shall (a)  provide to the  Sponsor the Reg AB
                  Financial  Disclosure,  or (b) secure another entity to replace BNY as party to this Agreement on terms  substantially
                  similar to this Agreement and subject to prior  notification  to the applicable  Rating  Agencies,  the debt rating of
                  which entity (or  guarantor  therefor)  meets or exceeds the qualified  ratings (or which  satisfies the Rating Agency
                  Condition)  and which  entity is able to comply  with the  requirement  of Item  1115(b)  of Reg AB. If  permitted  by
                  Regulation  AB, any required Reg AB Financial  Disclosure may be provided by  incorporation  by reference from reports
                  filed pursuant to the Exchange Act.

         11)      Additional  Provisions.  Notwithstanding  the  terms  of  Sections  5 and 6 of the  ISDA  Form  Master  Agreement,  if
                  Counterparty  has  satisfied its payment  obligations  under Section  2(a)(i) of the ISDA Form Master  Agreement,  and
                  shall, at the time, have no future payment or delivery  obligation,  whether  absolute or contingent,  then unless BNY
                  is required  pursuant to appropriate  proceedings to return to Counterparty or otherwise  returns to Counterparty upon
                  demand of  Counterparty  any portion of such payment,  (a) the occurrence of an event described in Section 5(a) of the
                  ISDA Form Master  Agreement with respect to  Counterparty  shall not constitute an Event of Default or Potential Event
                  of Default with respect to  Counterparty  as the Defaulting  Party and (b) BNY shall be entitled to designate an Early
                  Termination Date pursuant to Section 6 of the ISDA Form Master  Agreement only as a result of a Termination  Event set
                  forth in either  Section  5(b)(i) or Section  5(b)(ii) of the ISDA Form Master  Agreement  with  respect to BNY as the
                  Affected Party or Section 5(b)(iii) of the ISDA Form Master Agreement with respect to BNY as the Burdened Party.

         12)      Payments.  BNY will, unless otherwise  directed by the Trustee,  make all payments  hereunder to the Trustee.  Payment
                  made to the Trustee at the account  specified  herein or to another account  specified in writing by the Trustee shall
                  satisfy the payment obligations of BNY hereunder to the extent of such payment.

         13)      Limitation of Trustee  Liability.  Notwithstanding  anything  herein to the contrary,  it is expressly  understood and
                  agreed by the  parties  hereto  that (a) this letter  agreement  is  executed  and  delivered  by U.S.  Bank  National
                  Association ("U.S.  Bank"),  not individually or personally,  but solely as Trustee of the RALI Series 2006-QS2 Trust,
                  in  the  exercise  of the  powers  and  authority  conferred  and  vested  in it,  (b)  each  of the  representations,
                  undertakings  and  agreements  herein made on the part of the RALI Series  2006-QS2  Trust is made and intended not as
                  personal  representations,  undertakings  and  agreements  by U.S.  Bank but is made and  intended  for the purpose of
                  binding  only the RALI Series  2006-QS2  Trust,  (c) nothing  herein  contained  shall be  construed  as creating  any
                  liability on U.S. Bank,  individually  or personally,  to perform any covenant either  expressed or implied  contained
                  herein,  all such  liability,  if any, being  expressly  waived by the parties  hereto and by any Person  claiming by,
                  through  or under  the  parties  hereto;  provided  that  nothing  in this  paragraph  shall  relieve  U.S.  Bank from
                  performing its duties and  obligations  under the Pooling and Servicing  Agreement in accordance  with the standard of
                  care set forth therein,  and (d) under no  circumstances  shall U.S. Bank be personally  liable for the payment of any
                  indebtedness  or expenses of the RALI Series  2006-QS2 Trust or be liable for the breach or failure of any obligation,
                  representation,  warranty  or  covenant  made or  undertaken  by the RALI  Series  2006-QS2  Trust  under this  letter
                  agreement or any other related documents.

5.       Account Details and Settlement Information:

         Payments to BNY:

                  The Bank of New York
                  Derivative Products Support Department
                  32 Old Slip, 16th Floor
                  New York, New York 10286
                  Attention: Renee Etheart
                  ABA #021000018
                  Account #890-0068-175
                  Reference: Interest Rate Cap

         Payments to Counterparty:

                  U.S. Bank National Association
                  ABA No: 091000022
                  Acct No. 1731-0332-2058
                  Reference: RALI Series 2006-QS2 Trust
                  Attn: Josh Wilkening
                  Ref Account No: 793010000

6.  Counterparts.  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.

          Please  confirm that the foregoing  correctly  sets forth the terms of our agreement by executing this agreement and returning
it via facsimile to Derivative  Products  Support Dept.,  Attn: Kenny Au-Yeung at  212-804-5818/5837.  Once we receive this we will send
you two original confirmations for execution.

           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,

THE BANK OF NEW YORK

By:      /s/ Renee Etheart                   

         Name:  Renee Etheart

         Title:  Vice President

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

U.S. BANK NATIONAL ASSOCIATION
SOLELY AS TRUSTEE FOR RALI-2006 QS2

By:      /s/ Tamara Shultz-Fugh                       

         Name: Tamara Shultz-Fugh

         Title:  Vice President

                                                               SCHEDULE I

All dates subject to adjustment in accordance with the Following Business Day Convention.

------------------------------------------------------------------------
                                                  Notional Amount: in
  ACCRUAL START DATE       ACCRUAL END DATE               USD
------------------------------------------------------------------------
       3/25/2006               4/25/2006            104,956,531.71
------------------------------------------------------------------------
       4/25/2006               5/25/2006            104,123,260.46
------------------------------------------------------------------------
       5/25/2006               6/25/2006            103,173,846.29
------------------------------------------------------------------------
       6/25/2006               7/25/2006            102,110,136.63
------------------------------------------------------------------------
       7/25/2006               8/25/2006            100,934,190.27
------------------------------------------------------------------------
       8/25/2006               9/25/2006             99,648,273.89
------------------------------------------------------------------------
       9/25/2006              10/25/2006             98,254,857.79
------------------------------------------------------------------------
      10/25/2006              11/25/2006             96,756,611.04
------------------------------------------------------------------------
      11/25/2006              12/25/2006             95,156,396.02
------------------------------------------------------------------------
      12/25/2006               1/25/2007             93,457,460.71
------------------------------------------------------------------------
       1/25/2007               2/25/2007             91,751,558.14
------------------------------------------------------------------------
       2/25/2007               3/25/2007             90,072,393.74
------------------------------------------------------------------------
       3/25/2007               4/25/2007             88,419,641.04
------------------------------------------------------------------------
       4/25/2007               5/25/2007             86,792,977.41
------------------------------------------------------------------------
       5/25/2007               6/25/2007             85,192,083.97
------------------------------------------------------------------------
       6/25/2007               7/25/2007             83,616,645.59
------------------------------------------------------------------------
       7/25/2007               8/25/2007             82,066,350.80
------------------------------------------------------------------------
       8/25/2007               9/25/2007             80,540,891.78
------------------------------------------------------------------------
       9/25/2007              10/25/2007             79,039,964.29
------------------------------------------------------------------------
      10/25/2007              11/25/2007             77,563,267.67
------------------------------------------------------------------------
      11/25/2007              12/25/2007             76,110,504.73
------------------------------------------------------------------------
      12/25/2007               1/25/2008             74,681,381.79
------------------------------------------------------------------------
       1/25/2008               2/25/2008             73,275,608.59
------------------------------------------------------------------------
       2/25/2008               3/25/2008             71,892,898.22
------------------------------------------------------------------------
       3/25/2008               4/25/2008             70,532,967.17
------------------------------------------------------------------------
       4/25/2008               5/25/2008             69,195,535.21
------------------------------------------------------------------------
       5/25/2008               6/25/2008             67,880,325.38
------------------------------------------------------------------------
       6/25/2008               7/25/2008             66,587,063.96
------------------------------------------------------------------------
       7/25/2008               8/25/2008             65,315,480.40
------------------------------------------------------------------------
       8/25/2008               9/25/2008             64,065,307.34
------------------------------------------------------------------------
       9/25/2008              10/25/2008             62,836,280.50
------------------------------------------------------------------------
      10/25/2008              11/25/2008             61,628,138.70
------------------------------------------------------------------------
      11/25/2008              12/25/2008             60,440,623.80
------------------------------------------------------------------------
      12/25/2008               1/25/2009             59,273,480.68
------------------------------------------------------------------------
       1/25/2009               2/25/2009             58,126,457.16
------------------------------------------------------------------------
       2/25/2009               3/25/2009             56,999,304.03
------------------------------------------------------------------------
       3/25/2009               4/25/2009             55,891,774.97
------------------------------------------------------------------------
       4/25/2009               5/25/2009             54,803,626.52
------------------------------------------------------------------------
       5/25/2009               6/25/2009             53,734,618.06
------------------------------------------------------------------------
       6/25/2009               7/25/2009             52,684,511.77
------------------------------------------------------------------------
       7/25/2009               8/25/2009             51,653,072.59
------------------------------------------------------------------------
       8/25/2009               9/25/2009             50,640,068.22
------------------------------------------------------------------------
       9/25/2009              10/25/2009             49,645,269.03
------------------------------------------------------------------------
      10/25/2009              11/25/2009             48,668,448.07
------------------------------------------------------------------------
      11/25/2009              12/25/2009             47,709,381.04
------------------------------------------------------------------------
      12/25/2009               1/25/2010             46,767,846.23
------------------------------------------------------------------------
       1/25/2010               2/25/2010             45,843,624.51
------------------------------------------------------------------------
       2/25/2010               3/25/2010             44,936,499.32
------------------------------------------------------------------------
       3/25/2010               4/25/2010             44,046,256.57
------------------------------------------------------------------------
       4/25/2010               5/25/2010             43,172,684.69
------------------------------------------------------------------------
       5/25/2010               6/25/2010             42,315,574.56
------------------------------------------------------------------------
       6/25/2010               7/25/2010             41,474,719.48
------------------------------------------------------------------------
       7/25/2010               8/25/2010             40,649,915.15
------------------------------------------------------------------------
       8/25/2010               9/25/2010             39,840,959.64
------------------------------------------------------------------------
       9/25/2010              10/25/2010             39,047,653.36
------------------------------------------------------------------------
      10/25/2010              11/25/2010             38,269,799.04
------------------------------------------------------------------------
      11/25/2010              12/25/2010             37,507,201.69
------------------------------------------------------------------------
      12/25/2010               1/25/2011             36,759,475.51
------------------------------------------------------------------------
       1/25/2011               2/25/2011             36,026,627.17
------------------------------------------------------------------------
       2/25/2011               3/25/2011             35,308,468.34
------------------------------------------------------------------------
       3/25/2011               4/25/2011             34,647,354.47
------------------------------------------------------------------------
       4/25/2011               5/25/2011             34,000,335.34
------------------------------------------------------------------------
       5/25/2011               6/25/2011             33,367,229.36
------------------------------------------------------------------------
       6/25/2011               7/25/2011             32,747,857.01
------------------------------------------------------------------------
       7/25/2011               8/25/2011             32,142,040.87
------------------------------------------------------------------------
       8/25/2011               9/25/2011             31,549,605.55
------------------------------------------------------------------------
       9/25/2011              10/25/2011             30,970,377.69
------------------------------------------------------------------------
      10/25/2011              11/25/2011             30,404,185.95
------------------------------------------------------------------------
      11/25/2011              12/25/2011             29,850,860.95
------------------------------------------------------------------------
      12/25/2011               1/25/2012             29,310,235.25
------------------------------------------------------------------------
       1/25/2012               2/25/2012             28,782,143.37
------------------------------------------------------------------------
       2/25/2012               3/25/2012             28,266,421.72
------------------------------------------------------------------------
       3/25/2012               4/25/2012             27,776,353.40
------------------------------------------------------------------------
       4/25/2012               5/25/2012             27,298,197.81
------------------------------------------------------------------------
       5/25/2012               6/25/2012             26,831,797.75
------------------------------------------------------------------------
       6/25/2012               7/25/2012             26,376,997.79
------------------------------------------------------------------------
       7/25/2012               8/25/2012             25,933,644.33
------------------------------------------------------------------------
       8/25/2012               9/25/2012             25,501,585.52
------------------------------------------------------------------------
       9/25/2012              10/25/2012             25,080,671.26
------------------------------------------------------------------------
      10/25/2012              11/25/2012             24,670,753.19
------------------------------------------------------------------------
      11/25/2012              12/25/2012             24,271,684.65
------------------------------------------------------------------------
      12/25/2012               1/25/2013             23,883,320.67
------------------------------------------------------------------------
       1/25/2013               2/25/2013             23,505,517.93
------------------------------------------------------------------------
       2/25/2013               3/25/2013             22,685,280.15
------------------------------------------------------------------------
       3/25/2013               4/25/2013             21,674,008.30
------------------------------------------------------------------------
       4/25/2013               5/25/2013             20,672,531.36
------------------------------------------------------------------------
       5/25/2013               6/25/2013             19,680,715.58
------------------------------------------------------------------------
       6/25/2013               7/25/2013             18,698,428.77
------------------------------------------------------------------------
       7/25/2013               8/25/2013             17,725,540.25
------------------------------------------------------------------------
       8/25/2013               9/25/2013             16,761,920.85
------------------------------------------------------------------------
       9/25/2013              10/25/2013             15,807,442.91
------------------------------------------------------------------------
      10/25/2013              11/25/2013             14,861,980.21
------------------------------------------------------------------------
      11/25/2013              12/25/2013             13,925,408.00
------------------------------------------------------------------------
      12/25/2013               1/25/2014             12,997,602.96
------------------------------------------------------------------------
       1/25/2014               2/25/2014             12,078,443.20
------------------------------------------------------------------------
       2/25/2014               3/25/2014             11,167,808.22
------------------------------------------------------------------------
       3/25/2014               4/25/2014             10,288,356.26
------------------------------------------------------------------------
       4/25/2014               5/25/2014             9,416,767.49
------------------------------------------------------------------------
       5/25/2014               6/25/2014             8,552,930.96
------------------------------------------------------------------------
       6/25/2014               7/25/2014             7,696,737.00
------------------------------------------------------------------------
       7/25/2014               8/25/2014             6,848,077.22
------------------------------------------------------------------------
       8/25/2014               9/25/2014             6,006,844.44
------------------------------------------------------------------------
       9/25/2014              10/25/2014             5,172,932.72
------------------------------------------------------------------------
      10/25/2014              11/25/2014             4,346,237.34
------------------------------------------------------------------------
      11/25/2014              12/25/2014             3,526,654.76
------------------------------------------------------------------------
      12/25/2014               1/25/2015             2,714,082.65
------------------------------------------------------------------------
       1/25/2015               2/25/2015             1,908,419.83
------------------------------------------------------------------------
       2/25/2015               3/25/2015             1,109,566.27
------------------------------------------------------------------------
       3/25/2015               4/25/2015              337,481.22
------------------------------------------------------------------------BEAR STEARNS
                                                                                   BEAR STEARNS FINANCIAL PRODUCTS INC.
                                                                                                     383 MADISON AVENUE
                                                                                               NEW YORK, NEW YORK 10179
                                                                                                           212-272-4009

                                                       Exhibit A

DATE:                               February 27, 2006

TO:                        Deutsche Bank AG, New York Branch
ATTENTION:                 Mr. Mark Ginsberg
TELEPHONE:                 212-250-5786
FACSIMILE:                 732-578-3764

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

SUBJECT:                   Fixed Income Derivatives Confirmation and Agreement

REFERENCE NUMBER: FXNEC7853

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
Deutsche Bank AG, New York Branch  ("Counterparty").  This Agreement,  which evidences a complete and binding agreement
between  you and us 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 the 2000 ISDA  Definitions  (the  "Definitions"),  as published by the  International
Swaps and  Derivatives  Association,  Inc.  ("ISDA").  You and we 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")  but,  rather,  an ISDA Form Master  Agreement  shall be deemed to have been  executed by you and us 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 below. 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.

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  amount set forth for such  period on the
                                            Schedule of Notional Amounts.

       Trade Date:                          February 6, 2006

       Effective Date:                      March 25, 2006

       Termination Date:   April 25, 2009, subject to adjustment in accordance with the Business Day Convention.

       Fixed Amount (Premium):

              Fixed Rate Payer:             Counterparty

              Fixed Rate Payer
              Payment Date:February 27, 2006

              Fixed Amount:USD 145,000

       Floating Amounts:

              Floating Rate Payer:          BSFP

              Cap Rate:                     5.00000%

              Floating Rate Payer
              Period End Dates:             The  25th   calendar   day  of  each  month  during  the  Term  of  this
                                            Transaction,  commencing  April 25,  2006 and ending on the  Termination
                                            Date,  subject  to  adjustment  in  accordance  with  the  Business  Day
                                            Convention.

              Floating Rate Payer
              Payment Dates:                Early  Payment is  applicable.  The Floating  Rate Payer  Payment  Dates
                                            shall be two  Business  Days prior to each  Floating  Rate Payer  Period
                                            End Date.

              Floating Rate for initial
              Calculation Period:           To be determined.

              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 9.00000% then the Floating Rate for such  Calculation  Period shall
                                            be deemed to be 9.00000%.

              Designated Maturity:          One month

              Floating Rate Day
              Count Fraction:               30/360

              Reset Dates: The first day of each Calculation Period.

              Compounding: Inapplicable

       Business Days:                       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) shall not apply to BSFP or Counterparty.

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

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

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

(f)      Payments on Early Termination.  For the purpose of Section 6(e) of 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.  Not applicable

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) with respect to BSFP as the Burdened Party.

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

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

Party required to deliver document    Form/Document/                     Date by which to
                                      Certificate                        be delivered

BSFP and                              Any    document    required   or   Promptly  after  the  earlier  of (i)  reasonable
the Counterparty                      reasonably  requested  to  allow   demand  by  either  party or (ii)  learning  that
                                      the   other    party   to   make   such form or document is required
                                      payments  under  this  Agreement
                                      without   any    deduction    or
                                      withholding   for   or  on   the
                                      account  of any Tax or with such
                                      deduction  or  withholding  at a
                                      reduced rate

(2)      Other documents to be delivered are:

Party required to        Form/Document/                  Date by which to              Covered by Section 3(d) Representation
deliver document         Certificate                     be delivered
BSFP and                 Any documents required by       Upon the execution and        Yes
the Counterparty         the receiving party to          delivery of this Agreement
                         evidence the authority of       and such Confirmation
                         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 and        Yes
the Counterparty         authorized officer of the       delivery of this Agreement
                         party, as to the incumbency     and such Confirmation
                         and authority of the
                         respective officers of the
                         party signing this Agreement,
                         any relevant Credit Support
                         Document, or any
                         Confirmation, as the case may
                         be

6)  Miscellaneous. Miscellaneous

(a)      Address for Notices:  For the purposes of Section 12(a) of 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: 60 Wall Street
                                    New York, NY 10005
                  Attention:        Mr. Paul Mangione
                  Facsimile:        732-578-3764
                  Phone:            212-250-5786

              with a copy to:

                  Address: 60 Wall Street
                                    New York, NY 10005
                  Attention:        Ms. Cathy Oh
                  Facsimile:        732-578-3764
                  Phone:            212-250-5786

                  (For all purposes)

(b)      Process Agent.  For the purpose of Section 13(c):

                           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) 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 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 ISDA Form Master Agreement:

         BSFP is not a Multibranch Party.

         The Counterparty is 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.

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

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).

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) It has the  capacity to evaluate  (internally  or through  independent  professional  advice) the
Transaction and has made its own decision to enter into the Transaction; and

                  (ii) It understands  the terms,  conditions and risks 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."

9) Swap  Disclosure  Event.  If,  upon the  occurrence  of a Swap  Disclosure  Event (as defined in Part clause (ii) in
paragraph 10 below),  Party A has not,  within 10 Business Days after such Swap  Disclosure  Event complied with any of
the  provisions  set forth in clause (iii) of  paragraph  10 below,  then an  Additional  Termination  Event shall have
occurred  with  respect  to Party A and  Party A shall be the sole  Affected  Party  with  respect  to such  Additional
Termination Event.

10)  Compliance with Regulation AB.

(i)    BSFP agrees and  acknowledges  that  Residential  Funding  Corporation  ("RFC") is required under  Regulation AB
under the  Securities  Act of 1933, as amended,  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 a swap  disclosure  event ("Swap  Disclosure  Event") if, on any Business Day after the date hereof,
RFC requests from Party A the applicable  financial  information  described in Item 1115 of Regulation AB (such request
to be based on a reasonable  determination  by RFC, in good faith,  that such  information is required under Regulation
AB) (the "Swap Financial Disclosure").

(iii)  Upon the  occurrence of a Swap  Disclosure  Event,  BSFP, at its own expense,  shall (a) provide to RFC the Swap
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 is able to comply with the  requirements  of Item 1115 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 Swap  Provider,  and cause such  affiliate  to provide  Swap
Financial  Disclosure.  If permitted  by  Regulation  AB, any required  Swap  Financial  Disclosure  may be provided by
incorporation by reference from reports filed pursuant to the Exchange Act.

(iv) BSFP [if obligations of Swap Provider are guaranteed,  the guarantor must cover this indemnity  obligation] agrees
that, in the event that BSFP  provides Swap  Financial  Disclosure  to RFC in accordance  with clause  (iii)(a) of this
paragraph 10 or causes its affiliate to provide Swap  Financial  Disclosure to RFC in accordance  with clause  (iii)(c)
of this  paragraph 10, it will  indemnify and hold  harmless RFC, its  respective  directors or officers and any person
controlling RFC, from and against any and all losses,  claims,  damages and liabilities  caused by any untrue statement
or alleged untrue  statement of a material fact  contained in such Swap Financial  Disclosure or caused by any omission
or alleged  omission to state in such Swap  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.

11)  Third Party Beneficiary. RFC shall be a third party beneficiary of this Agreement.

          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:
                                            Deutsche Bank AG New York Branch (Direct)
                                            ABA #: 026003780
                                            Swift Code: DEUTUS33
                                            Account no:  100440170004
                                            Ref: Interest Rate Swaps

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.

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:    _______________________________
       Name:
       Title:

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

DEUTSCHE BANK AG, NEW YORK BRANCH

By:    _______________________________
       As authorized agent or officer for Deutsche Bank AG
       Name:
       Title:

By:    _______________________________
       As authorized agent or officer for Deutsche Bank AG
       Name:
       Title:

lm

                                            SCHEDULE OF NOTIONAL AMOUNTS
               (all such dates subject to adjustment in accordance with the Business Day Convention)

                                                                                          Notional Amount
         From and including                       To but excluding                             (USD)
           Effective Date                            4/25/2006                             48,436,482.26
              4/25/2006                              5/25/2006                             46,945,753.57
              5/25/2006                              6/25/2006                             45,330,202.91
              6/25/2006                              7/25/2006                             43,592,519.71
              7/25/2006                              8/25/2006                             41,735,709.73
              8/25/2006                              9/25/2006                             39,763,088.17
              9/25/2006                              10/25/2006                            37,678,271.36
             10/25/2006                              11/25/2006                            35,485,167.15
             11/25/2006                              12/25/2006                            33,187,963.97
             12/25/2006                              1/25/2007                             30,791,338.38
              1/25/2007                              2/25/2007                             28,397,804.29
              2/25/2007                              3/25/2007                             26,044,609.48
              3/25/2007                              4/25/2007                             24,309,787.09
              4/25/2007                              5/25/2007                             22,645,798.01
              5/25/2007                              6/25/2007                             21,051,685.72
              6/25/2007                              7/25/2007                             19,526,484.19
              7/25/2007                              8/25/2007                             18,069,217.94
              8/25/2007                              9/25/2007                             16,678,902.20
              9/25/2007                              10/25/2007                            15,354,542.93
             10/25/2007                              11/25/2007                            14,095,137.13
             11/25/2007                              12/25/2007                            12,899,672.88
             12/25/2007                              1/25/2008                             11,767,129.58
              1/25/2008                              2/25/2008                             10,696,478.26
              2/25/2008                              3/25/2008                              9,686,681.68
              3/25/2008                              4/25/2008                              8,736,694.73
              4/25/2008                              5/25/2008                              7,845,464.66
              5/25/2008                              6/25/2008                              7,011,931.37
              6/25/2008                              7/25/2008                              6,234,975.61
              7/25/2008                              8/25/2008                              5,490,504.07
              8/25/2008                              9/25/2008                              4,769,105.87
              9/25/2008                              10/25/2008                             4,070,327.69
             10/25/2008                              11/25/2008                             3,393,724.18
             11/25/2008                              12/25/2008                             2,738,857.83
             12/25/2008                              1/25/2009                              2,105,298.81
              1/25/2009                              2/25/2009                              1,492,624.83
              2/25/2009                              3/25/2009                               900,421.07
              3/25/2009                           Termination Date                           328,279.98

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]