ASSIGNMENT AND ASSUMPTION AGREEMENT

                             ASSIGNMENT AND ASSUMPTION AGREEMENT

        ASSIGNMENT AND ASSUMPTION  AGREEMENT,  dated  November 29, 2006,  between  Residential

Funding  Company,  LLC,  a Delaware  corporation  ("RFC")  and  Residential  Funding  Mortgage

Securities I, Inc., a Delaware corporation (the "Company").

                                           Recitals

        I.     RFC  has   entered   into   contracts   ("Seller   Contracts")   with   various

seller/servicers, pursuant to which such seller/servicers sell to RFC mortgage loans.

        II.    The Company wishes to purchase from RFC certain  Mortgage Loans (as hereinafter

defined) sold to RFC pursuant to the Seller Contracts.

        III.   The Company,  RFC, as master  servicer and U.S. Bank National  Association,  as

trustee (the "Trustee"),  are entering into a Series Supplement,  dated as of November 1, 2006

(the "Series  Supplement"),  to the Standard Terms of Pooling and Servicing  Agreement,  dated

as of November 1, 2006  (together  with the Series  Supplement,  the  "Pooling  and  Servicing

Agreement"),   pursuant  to  which  the  Company  proposes  to  issue  Mortgage   Pass-Through

Certificates,  Series 2006-S11 (the  "Certificates")  consisting of classes  designated as the

Class A-1,  Class A-2,  Class A-3,  Class A-4,  Class A-V,  Class A-P and Class R Certificates

(collectively,  the "Senior  Certificates"),  Class M-1, Class M-2 and Class M-3  Certificates

(collectively,   the  "Class  M  Certificates")  and  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").

        IV.    In connection with the purchase of the Mortgage Loans,  the Company will assign

to RFC the Class A-P  Certificates,  Class A-V  Certificates  and a de minimis  portion of the

Class R Certificates (collectively the "Retained Certificates").

        V.     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.

        VI.    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:

Section 1.       All  capitalized  terms used but not defined  herein  shall have the meanings

assigned thereto in the Pooling and Servicing Agreement.

Section 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 any Sharia  Mortgage Loans,

all  amounts in respect of profit  payments  and  acquisition  payments,  received  on or with

respect to the Mortgage  Loans after  November 1, 2006 (other than  payments of principal  and

interest,  and with  respect to any Sharia  Mortgage  Loans,  all amounts in respect of profit

payments  and  acquisition  payments,  due  on  the  Mortgage  Loans  in  November  2006).  In

consideration  of such  assignment,  RFC or its  designee  will  receive  from the  Company in

immediately   available  funds  an  amount  equal  to  $621,726,544.46   plus  the  Class  A-P

Certificates,  Class A-V Certificates  and a de minimis portion of 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) 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.  A  "Destroyed

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

Section 3.       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 to, (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,  LLC  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.  However,  in the event that the Mortgage

Loans are held to be property of RFC,  or if for any reason this  Agreement  is held or deemed

to create a security  interest  in the  Mortgage  Loans,  then it is  intended  that  (a) this

Agreement  shall 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, 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 any 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 any  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 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 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.

Section 4.       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

and Class A-V  Certificates  and a de minimis portion of the Retained  Certificates as part of

the consideration payable to RFC by the Company pursuant to this Agreement.

Section 5.       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):

(i)     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;

(ii)    Except in the case of no more than 3.1% of the  Mortgage  Loans,  each  mortgage  loan

with a  Loan-to-Value  Ratio at  origination  in excess of 80%,  will be  insured by a primary

mortgage  insurance  policy  (a  "Primary  Insurance  Policy")  covering  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 of the  mortgage  loan at  origination  if the

Loan-to-Value  Ratio is between  90.00%  and  85.01%,  and at least 12% of the  balance of the

mortgage loan at  origination  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;

(iii)   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;

(iv)    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;

(v)     No  Mortgage  Loan is 30 or more days  delinquent  in the  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.

(vi)    Subject to clause (v) 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,  breach, violation or event

of  acceleration  has been waived by the Seller or by any other entity involved in originating

or servicing a Mortgage Loan;

(vii)   There is no delinquent tax or assessment lien against any Mortgaged Property;

(viii)  No  Mortgagor  has any right of offset,  defense  or  counterclaim  as to the  related

Mortgage  Note or Mortgage  except as may be provided  under the  Servicemembers  Civil Relief

Act;

(ix)    None of the Mortgage Loans are Buy-Down Mortgage Loans;

(x)     There are no  mechanics'  liens or claims for work,  labor or material  affecting  any

Mortgaged  Property  which  are or may be a lien  prior  to,  or equal  with,  the lien of the

related  Mortgage,  except  such liens  that are  insured  or  indemnified  against by a title

insurance policy described under clause (xv) below;

(xi)    Each  Mortgaged  Property  is free of  damage  and in good  repair  and no  notice  of

condemnation  has been given with  respect  thereto  and RFC knows of  nothing  involving  any

Mortgaged  Property  that could  reasonably  be expected to  materially  adversely  affect the

value or marketability of any Mortgaged Property;

(xii)   Each Mortgage Loan at the time it was made complied in all material  respects with all

applicable  local,  state and federal  laws,  including,  but not  limited to, all  applicable

anti-predatory lending laws;

(xiii)  Each Mortgage  contains  customary and enforceable  provisions which render the rights

and  remedies  of the holder  adequate to realize the  benefits  of the  security  against the

Mortgaged  Property,  including  (i) in the case of a  Mortgage  that is a deed of  trust,  by

trustee's sale,  (ii) by summary  foreclosure,  if available  under  applicable law, and (iii)

otherwise  by  foreclosure,  and there is no  homestead  or other  exemption  available to the

Mortgagor  that  would  interfere  with  such  right to sell at a  trustee's  sale or right to

foreclosure,  subject  in each  case  to  applicable  federal  and  state  laws  and  judicial

precedents with respect to bankruptcy and right of redemption;

(xiv)   With respect to each Mortgage that is a de