ASSIGNMENT AND ASSUMPTION AGREEMENT

                                                                                                     EXECUTION COPY

                                        ASSIGNMENT AND ASSUMPTION AGREEMENT

         ASSIGNMENT  AND  ASSUMPTION  AGREEMENT,  dated as of  September  28,  2006,  between  Residential  Funding

Corporation,  a Delaware corporation ("RFC") and Residential Asset Securities  Corporation,  a Delaware corporation

(the "Company").

                                                     Recitals

         A.       RFC has entered into seller contracts ("Seller Contracts") with certain sellers and servicers.

         B.       The  Company  wishes  to  purchase  from RFC  certain  Mortgage  Loans (as  hereinafter  defined)

originated pursuant to the Seller Contracts.

         C.       The Company,  RFC, as master servicer (in such capacity,  the "Master  Servicer"),  and U.S. Bank

National Association,  as trustee (the "Trustee"),  are entering into a Pooling and Servicing Agreement dated as of

September 1, 2006  (the  "Pooling and  Servicing  Agreement"),  pursuant to which the Trust  proposes to issue Home

Equity  Mortgage  Asset-Backed  Pass-Through  Certificates,  Series  2006-EMX8 (the  "Certificates")  consisting of

sixteen  classes  designated  as  Class A-I-1,   Class A-I-2,   Class A-I-3,  Class A-I-4,  Class A-II,  Class M-1,

Class M-2,  Class M-3,  Class M-4,  Class M-5,  Class M-6,  Class M-7,  Class M-8,  Class M-9, Class SB and Class R

representing  beneficial  ownership  interests  solely in a trust fund consisting  primarily of a pool that will be

divided into (i) the adjustable and fixed rate one-to  four-family  mortgage loans identified on Exhibit F-1 to the

Pooling and Servicing  Agreement (the "Group I  Loans") and (ii) the  adjustable and fixed rate one- to four-family

mortgage  loans  identified  on Exhibit F-2 to the Pooling  and  Servicing  Agreement  (the  "Group II  Loans," and

together with the Group I Loans, the "Mortgage Loans").

         D.       In  connection  with the  purchase of the  Mortgage  Loans,  the  Company  will assign to RFC the

Class SB and Class R Certificates (the "Retained Certificates"). The Class A-I-1,  Class A-I-2,  Class A-I-3, Class

A-I-4, Class A-II,  Class M-1,  Class M-2,  Class M-3,  Class M-4,  Class M-5,  Class M-6, Class M-7, Class M-8 and

Class M-9  Certificates  were offered to investors  pursuant to a Prospectus  Supplement  dated  September 26, 2006

(the "Prospectus Supplement").

         E.       In connection with the purchase of the Mortgage Loans and the issuance of the  Certificates,  RFC

wishes to make certain  representations  and  warranties  to the Company and to assign  certain of its rights under

the Seller  Contracts to the  Company,  and the Company  wishes to assume  certain of RFC's  obligations  under the

Seller Contracts.

         F.       The  Company  and RFC intend that the  conveyance  by RFC to the Company of all its right,  title

and interest in and to the Mortgage Loans pursuant to this Agreement  shall  constitute a purchase and sale and not

a loan.

         NOW  THEREFORE,  in  consideration  of the  recitals  and the  mutual  promises  herein and other good and

valuable consideration, the parties agree as follows:

1.       All  capitalized  terms used but not  defined  herein  shall  have the  meanings  assigned  thereto in the

Pooling and Servicing Agreement.

2.       Concurrently  with the execution and delivery  hereof,  RFC hereby assigns to the Company without recourse

all of its right,  title and interest in and to the Mortgage Loans,  including all interest and principal  received

on or with respect to the  Mortgage  Loans after the Cut-off  Date (other than  payments of principal  and interest

due on the Mortgage  Loans in  September 2006).  In  consideration  of such  assignment,  RFC will receive from the

Company,  in immediately  available funds, an amount equal to  $696,863,475.00  and the Retained  Certificates.  In

connection with such assignment and at the Company's  direction,  RFC has in respect of each Mortgage Loan endorsed

the related  Mortgage  Note (other  than any  Destroyed  Mortgage  Note,  hereinafter  defined) to the order of the

Trustee and  delivered  an  assignment  of mortgage in  recordable  form to the Trustee or its agent.  A "Destroyed

Mortgage Note" means a Mortgage Note the original of which was permanently lost or destroyed.

         The  Company  and RFC  intend  that the  conveyance  by RFC to the  Company  of all its  right,  title and

interest in and to the  Mortgage  Loans  pursuant to this  Section 2 shall be, and be  construed  as, a sale of the

Mortgage Loans by RFC to the Company.  It is,  further,  not intended that such conveyance be deemed to be a pledge

of the  Mortgage  Loans by RFC to the Company to secure a debt or other  obligation  of RFC.  Nonetheless  (a) this

Agreement  is intended to be and hereby is deemed to be a security  agreement  within the meaning of Articles 8 and

9 of the Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other applicable  jurisdiction;

(b) the  conveyance  provided for in this Section shall be deemed to be a grant by RFC to the Company of a security

interest in all of RFC's right  (including  the power to convey title  thereto),  title and  interest,  whether now

owned or hereafter  acquired,  in and to (A) the Mortgage Loans,  including the Mortgage Notes, the Mortgages,  any

related  insurance  policies  and all other  documents  in the related  Mortgage  Files,  (B) all  amounts  payable

pursuant to the  Mortgage  Loans in  accordance  with the terms  thereof  and (C) any and all  general  intangibles

consisting of, arising from or relating to any of the foregoing,  and all proceeds of the conversion,  voluntary or

involuntary,  of  the  foregoing  into  cash,  instruments,   securities  or  other  property,  including,  without

limitation,  all amounts from time to time held or invested in the  Certificate  Account or the Custodial  Account,

whether in the form of cash,  instruments,  securities or other  property;  (c) the possession by the Trustee,  the

Custodian  or any other  agent of the Trustee of  Mortgage  Notes or such other  items of  property  as  constitute

instruments,  money,  payment  intangibles,  negotiable  documents,  goods,  deposit  accounts,  letters of credit,

advices  of  credit,  investment  property,  certificated  securities  or  chattel  paper  shall  be  deemed  to be

"possession by the secured party," or possession by a purchaser or a person  designated by such secured party,  for

purposes of perfecting the security  interest  pursuant to the Minnesota  Uniform  Commercial  Code and the Uniform

Commercial Code of any other applicable  jurisdiction  (including  without  limitation,  Sections 8-106,  9-313 and

9-106  thereof);  and  (d) notifications  to persons  holding  such  property,  and  acknowledgments,  receipts  or

confirmations from persons holding such property,  shall be deemed  notifications to, or acknowledgments,  receipts

or confirmations from, financial  intermediaries,  bailees or agents (as applicable) of the Trustee for the purpose

of  perfecting  such  security  interest  under  applicable  law.  RFC shall,  to the extent  consistent  with this

Agreement,  take such  reasonable  actions as may be  necessary to ensure that,  if this  Agreement  were deemed to

create a security  interest in the Mortgage Loans and the other property  described above,  such security  interest

would be deemed to be a perfected  security  interest of first priority under applicable law and will be maintained

as such  throughout  the term of this  Agreement.  Without  limiting the  generality  of the  foregoing,  RFC shall

prepare and deliver to the Company not less than 15 days prior to any filing date,  and the Company  shall file, or

shall cause to be filed,  at the expense of RFC,  all  filings  necessary  to  maintain  the  effectiveness  of any

original  filings  necessary  under the Uniform  Commercial  Code as in effect in any  jurisdiction  to perfect the

Company's  security  interest in or lien on the  Mortgage  Loans  including  without  limitation  (x)  continuation

statements,  and (y) such other  statements  as may be  occasioned by (1) any change of name of RFC or the Company,

(2) any change of location of the state of formation,  place of business or the chief  executive  office of RFC, or

(3) any transfer of any interest of RFC in any Mortgage Loan.

3.       Concurrently  with the execution and delivery  hereof,  the Company hereby assigns to RFC without recourse

all of its right,  title and interest in and to the Retained  Certificates as part of the consideration  payable to

RFC by the Company pursuant to this Agreement.

4.       RFC  represents  and  warrants to the  Company,  with  respect to each  Mortgage  Loan that on the date of

execution  hereof (or, if otherwise  specified below, as of the date so specified and provided that all percentages

of the Mortgage Loans  described in this Section 4 are  approximate  percentages by outstanding  principal  balance

determined as of the Cut-off Date after deducting payments due during the month of the Cut-off Date):

(i)      Immediately  prior to the  delivery of the Mortgage  Loans to the Company,  RFC had good title to, and was

the sole owner of, each  Mortgage  Loan free and clear of any pledge,  lien or  security  interest  (other than (a)

rights to  servicing  and  related  compensation,  and (b) any senior lien  relating  to a Mortgage  Loan listed on

Exhibit A attached  hereto (the "Junior Lien Mortgage  Loans")) and had full right and authority to sell and assign

the Mortgage Loans pursuant to this Agreement.

(ii)     The proceeds of the Mortgage Loan have been fully  disbursed,  there is no requirement for future advances

thereunder  and any and all  requirements  as to  completion  of any  on-site or  off-site  improvements  and as to

disbursements  of any escrow funds  therefor  (including  any escrow funds held to make  Monthly  Payments  pending

completion  of such  improvements)  have been  complied  with.  All costs,  fees and  expenses  incurred in making,

closing or recording the Mortgage Loans were paid.

(iii)    The Mortgagor  (including any party  secondarily  liable under the Mortgage File) has no right of set-off,

defense,  counterclaim  or right of  rescission  as to any document in the Mortgage  File except as may be provided

under the Relief Act.

(iv)     RFC and any other  originator,  servicer or other  previous  owner of each  Mortgage Loan has obtained all

licenses and effected all registrations  required under all applicable local,  state and federal laws,  regulations

and orders,  including without  limitation truth in lending and disclosure laws,  necessary to own or originate the

Mortgage  Loans (the  failure to obtain such  licenses or to comply with such laws,  regulations  and orders  would

make such Mortgage Loans void or voidable).

(v)      A policy of title  insurance,  in the form and amount  that is in  material  compliance  with the  Program

Guide,  was effective as of the closing of each Mortgage Loan, is valid and binding,  and remains in full force and

effect  except for  Mortgaged  Properties  located in the State of Iowa where an  attorney's  certificate  has been

provided in accordance with the Program Guide.  No claims have been made under such title  insurance  policy and no

holder of the related  mortgage,  including RFC, has done or omitted to do anything which would impair the coverage

of such title insurance policy.

(vi)     Each  Mortgage  Loan is a valid and  enforceable  first lien (or in the case of the Junior  Lien  Mortgage

Loans,  junior lien) on the Mortgaged Property subject only to (1) the lien of nondelinquent  current real property

taxes and assessments,  (2) covenants,  conditions and restrictions,  rights of way, easements and other matters of

public record as of the date of recording of such Mortgage,  such exceptions  appearing of record being  acceptable

to mortgage lending institutions  generally or specifically  reflected in the appraisal made in connection with the

origination  of the related  Mortgage Loan,  and (3) other matters to which like  properties  are commonly  subject

that do not materially interfere with the benefits of the security intended to be provided by such Mortgage.

(vii)    All  improvements  which were considered in determining the Appraised Value of the Mortgaged  Property lie

wholly within the boundaries and the building  restriction lines of the Mortgaged Premises,  or the policy of title

insurance  affirmatively  insures  against loss or damage by reason of any violation,  variation,  encroachment  or

adverse circumstance that either is disclosed or would have been disclosed by an accurate survey.

(viii)   There are no delinquent tax or delinquent  assessment liens against the related  Mortgaged  Property,  and

there are no mechanic's  liens or claims for work,  labor or material or any other liens  affecting  such Mortgaged

Property  which are or may be a lien prior to, or equal with,  the lien of the  Mortgage  assigned  to RFC,  except

those liens that are insured against by the policy of title insurance and described in (v) above.

(ix)     Each  Mortgaged  Property is free of material  damage and is in good repair and no notice of  condemnation

has been given with respect thereto.

(x)      The  improvements  upon the  Mortgaged  Property  are insured  against  loss by fire and other  hazards as

required by the Program Guide,  including  flood  insurance if required  under the National Flood  Insurance Act of

1968,  as amended.  The Mortgage  requires the Mortgagor to maintain  such  casualty  insurance at the  Mortgagor's

expense,  and on the  Mortgagor's  failure to do so,  authorizes  the holder of the Mortgage to obtain and maintain

such insurance at the Mortgagor's expense and to seek reimbursement therefore from the Mortgagor.

(xi)     The appraisal was made by an appraiser who meets the minimum  qualifications  for  appraisers as specified

in the Program Guide.

(xii)    Each  Mortgage  Note and Mortgage  constitutes  a legal,  valid and binding  obligation  of the  Mortgagor

enforceable  in  accordance  with its terms  except as limited by  bankruptcy,  insolvency  or other  similar  laws

affecting generally the enforcement of creditors' rights.

(xiii)   Each Mortgage Loan is covered by a standard hazard insurance policy.

(xiv)    None of the Mortgage Loans are secured by a leasehold estate.

(xv)     The  information  set forth on the Mortgage  Loan  Schedule with respect to each Mortgage Loan is true and

correct in all material respects as of the date or dates which such information is furnished.

(xvi)    No  more  than  approximately  0.1% of the  Group I Loans  are 30 to 59  days  Delinquent  in  payment  of

principal or interest.  No more than  approximately  0.1% of the Group I Loans have been a maximum of 30 to 59 days

Delinquent  in payment of  principal  or interest  in the last 12 months.  None of the Group I Loans are 60 or more

days  Delinquent  in payment of principal or interest.  None of the Group I Loans have been a maximum of 60 or more

days  Delinquent  in payment of principal  or interest in the last 12 months.  None of the Group II Loans are 30 or

more days  Delinquent  in payment of principal  or  interest.  None of the Group II Loans have been a maximum of 30

or more days  Delinquent  in payment of  principal  or  interest  in the last 12 months.  For the  purposes of this

representation  a Mortgage Loan is  considered  Delinquent  if a  Subservicer  or the Master  Servicer has made any

advances  on the  Mortgage  Loan  that  have  not  been  reimbursed  out of  payments  by the  mortgagor  or on the

mortgagor's  behalf from a source other than a Subservicer,  a Seller,  the Master Servicer or an affiliated entity

of either.

(xvii)   None of the Mortgage Loans with  Loan-to-Value  Ratios, or combined  Loan-to-Value  Ratios with respect to

Junior Lien Loans,  at  origination in excess of 80% are insured by a  borrower-paid,  primary  mortgage  insurance

policy.

(xviii)  The weighted  average  Loan-to-Value  Ratios with respect to the Group I Loans, and the Group II Loans, in

each case by outstanding principal balance at origination, are 85.34% and 84.64%, respectively.

(xix)    No more than  approximately  0.7% of the Group I Loans  are  located  in any one zip code area in New York

and no more than  approximately  0.4% of the  Group I Loans are  located  in any one zip code area  outside  of New

York.  No more than  approximately  0.5% of the  Group II Loans are  located  in any one zip code area  outside  of

Massachusetts  and no more  than  approximately  0.5% of the Group II Loans  are  located  in any one zip code area

outside of Massachusetts.

(xx)     All of the Mortgage  Loans that are  adjustable-rate  loans will adjust  semi-annually  based on Six-Month

LIBOR.  Each of the Mortgage Loans that are  adjustable-rate  loans will adjust on the Adjustment Date specified in

the related  Mortgage  Note to a rate equal to the sum (rounded as described in the related  Mortgage  Note) of the

related Index  described in the Prospectus  Supplement and the Note Margin set forth in the related  Mortgage Note,

subject to the limitations described in the Prospectus  Supplement,  and each Mortgage Loan has an original term to

maturity  from the date on which the first  monthly  payment  is due of not more than  approximately  30 years.  On

each Adjustment Date, the Mortgage Rate on each Mortgage Loan that is an  adjustable-rate  loan will be adjusted to

equal the  related  Index plus the  related  Gross  Margin,  subject  in each case to the  Periodic  Rate Cap,  the

Mortgage Rate and the Minimum  Mortgage  Rate.  The amount of the monthly  payment on each Mortgage Loan that is an

adjustable-rate  loan will be adjusted on the first day of the month  following  the month in which the  Adjustment

Date occurs to equal the amount  necessary to pay interest at the  then-applicable  Mortgage Rate to fully amortize

the outstanding  principal  balance of such Mortgage Loan over its remaining term to stated  maturity.  No Mortgage

Loan is subject to negative amortization.

(xxi)    With respect to each Mortgage  constituting a deed of trust, a trustee,  duly qualified  under  applicable

law to serve as such, has been properly  designated  and currently so serves and is named in such Mortgage,  and no

fees or expenses  are or will become  payable by the holder of the Mortgage  Loan to the trustee  under the deed of

trust, except in connection with a trustee's sale after default by the Mortgagor.

(xxii)   Approximately  15.9% and 12.1% of the Mortgaged  Properties  related to the Group I Loans and the Group II

Loans,  respectively,  are  units  in  detached  planned  unit  developments.  Approximately  3.1%  and 2.9% of the

Mortgaged  Properties  related to the Group I  Loans and the Group II  Loans,  respectively,  are units in attached

planned unit  developments.  Approximately  2.3% and 1.4% of the Mortgaged  Properties related to the Group I Loans

and the  Group II  Loans,  respectively,  are units in  townhouses.  Approximately  6.5% and 7.4% of the  Mortgaged

Properties  related to the  Group I  Loans and the  Group II  Loans,  respectively,  are  condominium  units.  Each

Mortgaged Property is suitable for year-round occupancy.

(xxiii)  Approximately  92.6% and 100% of the  Mortgaged  Properties  related to the Group I Loans and the Group II

Loans,  respectively,  are secured by the owner's primary  residence.  Approximately 2.7% and 0.0% of the Mortgaged

Properties  related to the Group I Loans and the Group II  Loans,  respectively,  are secured by the owner's second

or vacation  residence.  Approximately  4.7% and 0.0% of the Mortgaged  Properties related to the Group I Loans and

the Group II Loans, respectively, are secured by a non-owner occupied residence.

(xxiv)   Approximately  59.9% and 66.9% of the Mortgaged  Properties  related to the Group I Loans and the Group II

Loans,  respectively,  are secured by  detached  one-family  dwelling  units.  Approximately  12.2% and 9.2% of the

Mortgaged  Properties  related to the Group I Loans and the Group II  Loans,  respectively,  are secured by two- to

four-family dwelling units.

(xxv)    The  average  outstanding  principal  balance  of the  Group I  Loans  at  origination  was  approximately

$177,121.  The average  outstanding  principal  balance of the  Group II  Loans at  origination  was  approximately

$155,995.  No Group I Loan at  origination  had a principal  balance of less than $12,000 or more than  $1,000,000.

No Group II Loan at origination had a principal balance of less than $12,990 or more than $416,000.

(xxvi)   As of the  Cut-off  Date,  all  Mortgage  Rate  adjustments  on the  Mortgage  Loans that have  reached an

Adjustment Date have been done in accordance with the terms of the related Mortgage Note.

(xxvii)  Any  escrow  arrangements  established  with  respect  to any  Mortgage  Loan are in  compliance  with all

applicable local, state and federal laws and are in compliance with the terms of the related Mortgage Note.

(xxviii) Except as otherwise  specifically  set forth herein,  there is no default,  breach,  violation or event of

acceleration  existing  under any Mortgage Note or Mortgage and no event which,  with notice and  expiration of any

grace or cure  period,  would  constitute  a  default,  breach,  violation  or event of  acceleration,  and no such

default,  breach,  violation or event of  acceleration  has been waived by RFC or by any other  entity  involved in

originating or servicing a Mortgage Loan.

(xxix)   Each  Mortgage  Loan  constitutes  a "qualified  mortgage"  under  Section  860G(a)(3)(A)  of the Code and

Treasury  Regulation  Section 1.860G 2(a)(1),  (2), (4), (5), (6), (7) and (9),  without reliance on the provisions

of  Treasury  Regulation  Section  1.860G  2(a)(3)  or  Treasury  Regulation  Section  1.860G  2(f)(2) or any other

provision that would allow a Mortgage Loan to be treated as a "qualified  mortgage"  notwithstanding its failure to

meet the requirements of Section  860G(a)(3)(A) of the Code and Treasury  Regulation  Section 1.860G 2(a)(1),  (2),

(4), (5), (6), (7) and (9).

(xxx)    No more than 44.9% of the Group I  Loans have been  classified  by RFC as Credit Grade A4 Mortgage  Loans,

no more than 35.7% of the Group I  Loans have been  classified  by RFC as Credit Grade A5 Mortgage  Loans,  no more

than 9.3% of the Group I  Loans have been  classified by RFC as Credit Grade AX Mortgage  Loans,  no more than 6.6%

of the  Group I  Loans have been  classified  by RFC as Credit  Grade AM Mortgage  Loans,  no more than 1.5% of the

Group I  Loans have been  classified  by RFC as Credit Grade B Mortgage  Loans and no more than 2.3% of the Group I

Loans have been  classified  by RFC as Credit Grade C Mortgage  Loans,  in each case as described  generally in the

Prospectus Supplement.

(xxxi)   No more than 46.4% of the Group II  Loans have been  classified by RFC as Credit Grade A4 Mortgage  Loans,

no more than 35.7% of the Group II  Loans have been  classified by RFC as Credit Grade A5 Mortgage  Loans,  no more

than 6.4% of the Group II Loans have been  classified by RFC as Credit Grade AX Mortgage  Loans,  no more than 6.7%

of the  Group II  Loans have been  classified  by RFC as Credit Grade AM Mortgage  Loans,  no more than 2.5% of the

Group II  Loans have been  classified by RFC as Credit Grade B Mortgage Loans and no more than 2.7% of the Group II

Loans have been  classified  by RFC as Credit Grade C Mortgage  Loans,  in each case as described  generally in the

Prospectus Supplement.

(xxxii)    No  Mortgage  Loan is a graduated  payment  loan or has a shared  appreciation  or  contingent  interest

feature.

(xxxiii) With respect to each Mortgage Loan,  either (i) each Mortgage Loan contains a customary  provision for the

acceleration  of the  payment  of the  unpaid  principal  balance  of the  Mortgage  Loan in the event the  related

Mortgaged  Property is sold without the prior  consent of the  mortgagee  thereunder  or (ii) the Mortgage  Lo