Item 1. Business. Item 1A.
Item 1A. Risk Factors. Item 1B.
Item 1B. Unresolved Staff Comments. Item 2.
Item 2. Properties. Item 3.
Item 3. Legal Proceedings. Item 4.
Item 4. Submission of Matters to a Vote of Security Holders. Omitted. Omitted. Omitted. Omitted. Omitted. None. Item 5.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities. Item 6.
Item 6. Selected Financial Data. Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Item 8.
Item 8. Financial Statements and Supplementary Data. Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Item 9A.
Item 9A. Controls and Procedures. Item 9B.
Item 9B. Other Information. PART II None. Omitted. Omitted. Omitted. Omitted. Omitted. Omitted. Omitted. Item 10.
Item 10. Directors and Executive Officers of the Registrant. Item 11.
Item 11. Executive Compensation. Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Item 13.
Item 13. Certain Relationships and Related Transactions. Item 14.
Item 14. Principal Accounting Fees and Services. PART III Omitted. Omitted. Omitted. Omitted. Omitted.
SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J(2) TO FORM 10-K. Item 1112(b) of Regulation AB. None. Item 1114(b)(2) of Regulation AB. None. Item 1117 of Regulation AB. Item 1119 of Regulation AB. None. Item 1122 of Regulation AB. Servicer Compliance Statement. Significant Obligors of Pool Assets (Financial Information). Item 1115(b) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives
Instruments (Information Regarding Significant Enhancement
Providers Financial Information). Certain Derivatives Instruments (Financial Information). Legal Proceedings. Affiliations and Certain Relationships and Related Transactions. Compliance with Applicable Servicing Criteria Item 1123 of Regulation AB. In July 2004, Option One Mortgage Corporation was named as defendant and served with a class action complaint
filed by Larry and Brandi Freitag, as plaintiffs, in the Third Judicial Circuit Court in Madison County, Illinois. The
complaint alleges breach of contract, or in the alternative unjust enrichment, and violation of the Illinois Consumer
Fraud and Deceptive Business Practices Act. Specifically, the plaintiffs allege that Option One Mortgage Corporation
improperly retained an extra day of per diem interest on residential mortgage loans by charging per diem interest up to
and including the date of payoff. The class is defined as all persons in the United States who paid interest on or after
the day of payoff and who did not receive a refund from Option One Mortgage Corporation of the interest charged on
or after the day of payoff. This action is one of several actions filed earlier against other lenders by the same
attorneys on a similar basis in the same court. In one such action, the court granted the defendant's motion to dismiss
the plaintiff's claims of defendant's violation of the Illinois Consumer Fraud and Deceptive Business Practices Act.
Plaintiffs have agreed to settle their individual claims; plaintiffs' counsel has a motion pending to continue prosecution
of the class action. Plaintiff's counsel filed a motion to substitute Larry and Pamela Smith as plaintiffs, which was
granted. Option One Mortgage Corporation filed a motion to compel arbitration. In a similar action before the same
judge in the Third Judicial Circuit Court in Madison County, Illinois, the Court ruled in favor of the defendants on the
underlying per diem interest claim. On January 31, 2006, the Circuit Court of Cook County, Illinois County Department, Chancery Division, certified a
nationwide class action against Option One Mortgage Corporation on a complaint brought by Erin and Earl Austria, in
which the Austria's allege that Option One impermissibly assessed them a reconveyance fee and authorized the
assessment of a title indemnity fee on certain mortgage loans that have been paid-in-full. The Court has granted
Option One's motion for an interlocutory appeal of the order of class certification. None. a) Option One Mortgage Corporation, as Servicer
b) U.S. Bank National Association, as Trustee
c) Wells Fargo Bank, N.A., as Custodian a) Option One Mortgage Corporation, as Servicer Option One Mortgage Corporation's report on assessment of compliance with servicing criteria and the related
registered public accounting firm's attestation report identify the following material instance of noncompliance with
the servicing criteria: With respect to Item 1122 (d)(1)(iv), with respect to the requirements in the transaction
agreements to maintain fidelity bind insurance in the amount the would meet the requirements of Fannie Mae, the
fidelity bond amount was lower than the required amount for the period January 1, 2006 to June 16, 2006.
a) Exhibits Item 15.
Item 15. Exhibits, Financial Statement Schedules. b) Not applicable. c) Omitted. PART IV 4) 10) Incorporated by reference as Exhibit (4). 31) Rule 13a-14(d)/15d-14(d) Certifications. 33) Reports on assessment of compliance with servicing criteria for asset-backed securities. 34) Attestation reports on assessment of compliance with servicing criteria for asset-backed securities. 35) Servicer compliance statement. The Pooling and Servicing Agreement, dated as of April 1, 2006 by and among Asset Backed Securities Corporation,
as Depositor, DLJ Mortgage Capital, Inc., as Seller, Option One Mortgage Corporation, as Servicer, MortgageRamp Inc.,
as Loan Performance Advisor and U.S. Bank National Association, as Trustee (incorporated herein by reference from
Exhibit 99.1 of the Current Report on Form 8-K of the issuing entity, as filed with the Commission on May 3, 2006 and
as amended on May 9, 2006). a) Option One Mortgage Corporation, as Servicer
b) U.S. Bank National Association, as Trustee
c) Wells Fargo Bank, N.A., as Custodian a) Option One Mortgage Corporation, as Servicer
b) U.S. Bank National Association, as Trustee
c) Wells Fargo Bank, N.A., as Custodian a) Option One Mortgage Corporation, as Servicer
SIGNATURES By (Signature and Title): Date 3/29/2007 /s/ Lloyd A. Brown Lloyd A. Brown
Vice President Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) : Asset Backed Securities Corporation
EXHIBIT INDEX EXHIBIT DESCRIPTION Exhibit 31 Rule 13a-14(d)/15d-14(d) Certifications.
Exhibit 33 Reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 34 Attestation reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 35 Servicer compliance statement. a) Option One Mortgage Corporation, as Servicer
b) U.S. Bank National Association, as Trustee
c) Wells Fargo Bank, N.A., as Custodian a) Option One Mortgage Corporation, as Servicer
b) U.S. Bank National Association, as Trustee
c) Wells Fargo Bank, N.A., as Custodian a) Option One Mortgage Corporation, as Servicer