ASSIGNMENT AND ASSUMPTION AGREEMENT

                                                               EXECUTION COPY

                       ASSIGNMENT AND ASSUMPTION AGREEMENT

               ASSIGNMENT AND ASSUMPTION  AGREEMENT,  dated  September 28, 2006,
between Residential Funding  Corporation,  a Delaware  corporation  ("RFC"), and
Residential Accredit Loans, Inc., a Delaware corporation (the "Company").

                                    Recitals

               A. RFC has  entered  into  contracts  ("Seller  Contracts")  with
various  seller/servicers,  pursuant to which such  seller/servicers sell to RFC
mortgage loans.

               B. The Company wishes to purchase from RFC certain Mortgage Loans
(as hereinafter defined) sold to RFC pursuant to the Seller Contracts.

               C. The Company, RFC, as master servicer,  and Deutsche Bank Trust
Company  Americas,  as  trustee  (the  "Trustee"),  are  entering  into a Series
Supplement,  dated as of September 1, 2006 (the  "Series  Supplement"),  and the
Standard  Terms of Pooling and  Servicing  Agreement,  dated as of March 1, 2006
(collectively,  the "Pooling and  Servicing  Agreement"),  pursuant to which the
Company  proposes  to issue  Mortgage  Asset-Backed  Pass-Through  Certificates,
Series  2006-QS12  (the  "Certificates")   consisting  of  twenty-seven  classes
designated as Class I-A-1,  Class I-A-2, Class I-A-3, Class I-A-4, Class II-A-1,
Class II-A-2,  Class II-A-3,  Class II-A-4,  Class II-A-5,  Class II-A-6,  Class
II-A-7, Class II-A-8, Class II-A-9, Class II-A-10, Class II-A-11, Class II-A-12,
Class II-A-13, Class II-A-14, Class II-A-15, Class II-A-16, Class II-A-17, Class
II-A-18,  Class  II-A-19,  Class  A-P,  Class  A-V,  Class  R-I and  Class  R-II
Certificates;  and six classes  designated  as Class M-1,  Class M-2,  Class M-3
(collectively  the "Class M  Certificates"),  Class B-1, Class B-2 and Class B-3
Certificates  (collectively the "Class B Certificates")  representing beneficial
ownership  interests in a trust fund consisting  primarily of a pool of mortgage
loans identified in Exhibit One to the Series Supplement (the "Mortgage Loans").
               D. In  connection  with the purchase of the Mortgage  Loans,  the
Company  will assign to RFC the Class A-P, and Class A-V  Certificates  and a de
minimis  portion  of  each  of  the  Class  R-I   Certificates  and  Class  R-II
Certificates.
               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.

               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, and
with  respect to the Sharia  Mortgage  Loans,  all  amounts in respect of profit
payments and acquisition  payments,  received on or with respect to the Mortgage
Loans after  September 1, 2006 (other than  payments of principal  and interest,
and with respect to the Sharia Mortgage Loans,  all amounts in respect of profit
payments  and  acquisition  payments  due on the  Mortgage  Loans  on or  before
September 30, 2006). In consideration  of such  assignment,  RFC or its designee
will receive from the Company in immediately  available funds an amount equal to
$505,631,658.32, the Class A-P Certificates, the Class A-V Certificates and a de
minimis  portion  of  each  of  the  Class  R-I   Certificates  and  Class  R-II
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) to the  order  of the  Trustee  and
delivered an assignment of mortgage or security  instrument,  as applicable,  in
recordable form to the Trustee or its agent.

        RFC and the  Company  agree  that the sale of each  Pledged  Asset  Loan
pursuant  to  this  Agreement  will  also  constitute  the   assignment,   sale,
setting-over,  transfer and  conveyance  to the Company,  without  recourse (but
subject to RFC's covenants, representations and warranties specifically provided
herein),  of all of RFC's obligations and all of RFC's right, title and interest
in, to and under,  whether now existing or  hereafter  acquired as owner of such
Pledged  Asset  Loan with  respect to any and all  money,  securities,  security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, certificates of deposit, commodities contracts, and
other  investment  property and other  property of whatever kind or  description
consisting of, arising from or related, (i) the Credit Support Pledge Agreement,
the Funding and Pledge  Agreement  among the Mortgagor or other Person  pledging
the  related  Pledged  Assets  (the  "Customer"),  Combined  Collateral  LLC and
National Financial Services Corporation, and the Additional Collateral Agreement
between GMAC Mortgage Corporation and the Customer (collectively,  the "Assigned
Contracts"),  (ii)  all  rights,  powers  and  remedies  of RFC as owner of such
Pledged Asset Loan under or in connection with the Assigned  Contracts,  whether
arising under the terms of such  Assigned  Contracts,  by statute,  at law or in
equity,  or otherwise  arising out of any default by the  Mortgagor  under or in
connection  with the Assigned  Contracts,  including  all rights to exercise any
election  or  option  or to make any  decision  or  determination  or to give or
receive any notice,  consent,  approval or waiver thereunder,  (iii) the Pledged
Amounts and all money,  securities,  security  entitlements,  accounts,  general
intangibles,  payment  intangibles,  instruments,  documents,  deposit accounts,
certificates of deposit,  commodities  contracts,  and other investment property
and other  property of whatever  kind or  description  and all cash and non-cash
proceeds of the sale,  exchange,  or redemption  of, and all stock or conversion
rights,  rights  to  subscribe,  liquidation  dividends  or  preferences,  stock
dividends,  rights to interest,  dividends,  earnings,  income,  rents,  issues,
profits, interest payments or other distributions of cash or other property that
secures a Pledged Asset Loan, (iv) all documents,  books and records  concerning
the foregoing  (including all computer programs,  tapes, disks and related items
containing  any such  information)  and (v) all  insurance  proceeds  (including
proceeds  from the  Federal  Deposit  Insurance  Corporation  or the  Securities
Investor  Protection  Corporation or any other insurance  company) of any of the
foregoing  or  replacements  thereof  or  substitutions  therefor,  proceeds  of
proceeds and the  conversion,  voluntary  or  involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Company, of any
obligation of RFC, or any other Person in connection  with the Pledged Assets or
under any agreement or instrument relating thereto,  including any obligation to
the Mortgagor, other than as owner of the Pledged Asset Loan.

        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 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, and hereby is, a grant by RFC to the  Company of a security  interest in all
of RFC's right, title and interest,  whether now owned or hereafter acquired, in
and to any and all general intangibles,  payment intangibles,  accounts, chattel
paper, instruments, documents, money, deposit accounts, certificates of deposit,
goods,  letters of credit,  advices of credit and investment property consisting
of,  arising from or relating to any of the following:  (A) the Mortgage  Loans,
including (i) with respect to each Cooperative  Loan, the related Mortgage Note,
Security   Agreement,   Assignment  of  Proprietary  Lease,   Cooperative  Stock
Certificate,  Cooperative  Lease, any insurance policies and all other documents
in the related  Mortgage File,  (ii) with respect to each Sharia  Mortgage Loan,
the related  Sharia  Mortgage Loan  Security  Instrument,  Sharia  Mortgage Loan
Co-Ownership Agreement, Obligation to Pay, Assignment Agreement and Amendment of
Security  Instrument,  any  insurance  policies  and all other  documents in the
related  Mortgage File and (iii) with respect to each Mortgage Loan other than a
Cooperative  Loan or a Sharia  Mortgage  Loan,  the related  Mortgage  Note, the
Mortgage, any insurance policies and all other documents in the related Mortgage
File,  (B) all monies due or to become due  pursuant  to the  Mortgage  Loans in
accordance  with the  terms  thereof  and (C) 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 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,  securities  intermediaries,
bailees or agents of, or persons  holding for, (as  applicable)  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 determined to
create  a  security  interest  in the  Mortgage  Loans  and the  other  property
described  above,  such security  interest would be determined 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.

               Notwithstanding  the  foregoing,  (i) the Master  Servicer  shall
retain all servicing rights (including,  without  limitation,  primary servicing
and master servicing)  relating to or arising out of the Mortgage Loans, and all
rights to receive  servicing fees,  servicing  income and other payments made as
compensation  for such  servicing  granted to it under the Pooling and Servicing
Agreement pursuant to the terms and conditions set forth therein  (collectively,
the  "Servicing  Rights") and (ii) the Servicing  Rights are not included in the
collateral in which RFC grants a security  interest  pursuant to the immediately
preceding paragraph.

               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 Class A-P Certificates,  the Class A-V Certificates and a
de  minimis  portion  of each of the  Class  R-I  Certificates  and  Class  R-II
Certificates as part of the consideration payable to RFC by the Company pursuant
to this Agreement.

               4. RFC represents and warrants to the Company that on the date of
execution  hereof  (or,  if  otherwise  specified  below,  as  of  the  date  so
specified):

               (a) The  information  set  forth  in  Exhibit  One to the  Series
Supplement with respect to each Mortgage Loan or the Mortgage Loans, as the case
may be,  is true and  correct  in all  material  respects,  at the date or dates
respecting which such information is furnished;

               (b) Each  Mortgage  Loan is  required to be covered by a standard
hazard  insurance  policy.  Each  Mortgage  Loan with a  Loan-to-Value  Ratio at
origination  in excess of 80% will be  insured  by a  Primary  Insurance  Policy
covering  at  least  35% of  the  principal  balance  of the  Mortgage  Loan  at
origination if the  Loan-to-Value  Ratio is between 100.00% and 95.01%, at least
30% of the  principal  balance  of  the  Mortgage  Loan  at  origination  if the
Loan-to-Value Ratio is between 95.00% and 90.01%, at least 25% of the balance if
the  Loan-to-Value  Ratio is  between  90.00% and 85.01% and at least 12% of the
balance if the Loan-to-Value  Ratio is between 85.00% and 80.01%. To the best of
the Company's knowledge, each such Primary Insurance Policy is in full force and
effect and the Trustee is entitled to the benefits thereunder;

               (c) Each Primary  Insurance  Policy insures the named insured and
its successors and assigns, and the issuer of the Primary Insurance Policy is an
insurance  company whose  claims-paying  ability is currently  acceptable to the
Rating Agencies;

               (d) Immediately  prior to the assignment 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, encumbrance or security interest (other
than rights to servicing and related  compensation  and, with respect to certain
Mortgage  Loans,  the monthly  payment due on the first Due Date  following  the
Cut-off  Date),  and no action  has been taken or failed to be taken by RFC that
would materially adversely affect the enforceability of any Mortgage Loan or the
interests therein of any holder of the Certificates;

               (e) No Mortgage Loan was 30 or more days delinquent in payment of
principal  and interest as of the Cut-off Date and no Mortgage  Loan has been so
delinquent more than once in the 12-month period prior to the Cut-off Date;

               (f) Subject to clause (e) above as respects delinquencies,  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,