ASSIGNMENT AND ASSUMPTION AGREEMENT

                                   ASSIGNMENT AND ASSUMPTION AGREEMENT

        ASSIGNMENT AND ASSUMPTION AGREEMENT,  dated as of December 8, 2006 between Residential

Funding  Company,  LLC, a Delaware  limited  liability  company ("RFC") and Residential  Asset

Mortgage Products, Inc., a Delaware corporation (the "Company").

                                           Recitals

        A.     RFC  has  entered  into  seller   contracts   ("Seller   Contracts")  with  the

seller/servicers.

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

defined)  originated  pursuant to the Seller  Contracts  other than the Arrearages (as defined

in the Pooling and Servicing Agreement) with respect thereto.

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

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

November  1,  2006  (the  "Pooling  and  Servicing  Agreement"),  pursuant  to which the Trust

proposes to issue Mortgage Asset-Backed Pass-Through  Certificates,  RAAC Series 2006-SP4 (the

"Certificates")  consisting of classes of senior  certificates  designated as Class A-1, Class

A-2 and Class A-3  (collectively,  the "Senior  Certificates")  and  subordinate  certificates

designated  as  Class  M-1,  Class  M-2,  Class  M-3,  Class  M-4,  Class  M-5 and  Class  M-6

Certificates (collectively,  the "Class M Certificates"),  Class R-I Certificates,  Class R-II

Certificates  and Class SB  Certificates  representing  beneficial  ownership  interests  in a

trust fund  consisting  primarily of a pool of mortgage  loans  identified in Exhibits F-1 and

F-2 to the Pooling and Servicing Agreement (the "Mortgage Loans").

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

to or at  the  direction  of  RFC  the  Class  R-I,  Class  R-II  and  Class  SB  Certificates

(collectively, the "Retained 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 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

November 2006). In  consideration of such  assignment,  RFC will receive from the Company,  in

immediately   available   funds,  an  amount  equal  to   $303,093,260.76   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) 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.  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 also be 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 (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 and (ii) with respect to each  Mortgage  Loan other than a Cooperative

Loan,  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,  payment

intangibles,  accounts,  chattel  paper,  instruments,  documents,  money,  deposit  accounts,

certificates of deposit,  goods, letters of credit,  advices of credit and investment property

and other  property  of whatever  kind or  description  now  existing  or  hereafter  acquired

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,  negotiable  documents or chattel paper shall be deemed to be

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

him, 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,   Section  9-305,   8-313  or  8-321  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 no 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 or

at the  direction of 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):

(a)     The  information  set forth in the Mortgage  Loan  Schedule for such  Mortgage Loan is

               true and correct in all  material  respects as of the date or dates  respecting

               which such information is furnished;

(b)     Each Mortgage Loan  constitutes a qualified  mortgage under Section  860G(a)(3)(A)  of

               the Code and Treasury Regulations Section 1.860G-2(a)(1);

(c)     Immediately  prior to the  conveyance of each  Mortgage  Loan to the Trustee,  RFC had

               good title to, and was the sole owner of, such  Mortgage Loan free and clear of

               any  pledge,  lien,  encumbrance  or  security  interest  (other than rights to

               servicing  and related  compensation)  and such  conveyance  validly  transfers

               ownership  of such  Mortgage  Loan to the Trustee free and clear of any pledge,

               lien, encumbrance or security interest;

(d)     Each Mortgage Note 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;

(e)     To the best of RFC's  knowledge  as of the  Cut-off  Date,  and except as noted in (h)

               below,  there  is no  default,  breach,  violation  or  event  of  acceleration

               existing  under the terms of 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  under the terms of any

               Mortgage Note or Mortgage, and no such default,  breach,  violation or event of

               acceleration  has  been  waived  by RFC  or by any  other  entity  involved  in

               servicing a Mortgage Loan;

(f)     Each Mortgage Loan with a Loan-to-Value Ratio, or combined  Loan-to-Value Ratio in the

               case of Mortgage  Loans Secured by second liens,  at  origination  in excess of

               80% will be  insured  by a Primary  Insurance  Policy,  except for 91.8% of the

               Mortgage  Loans.  The  amount  of this  insurance  covers  the  amount  of such

               Mortgage Loan in excess of 75% of the value of the related  Mortgaged  Property

               used in determining the Loan-to-Value  Ratio, or combined  Loan-to-Value  Ratio

               in the case of Mortgage Loans Secured by second liens.

(g)     As of the Cut-Off  Date,  none of the Mortgage  Loans are 30 to 59 days  Delinquent in

               payment of principal and interest and approximately  0.9% of the Mortgage Loans

               have been 30 to 59 days  delinquent  in the payment of  principal  and interest

               within the last twelve  months.  As of the Cut-Off  Date,  none of the Mortgage

               Loans are currently 60 or more days  delinquent in the payment of principal and

               interest  and none of the Mortgage  Loans have been 60 or more days  delinquent

               in the payment of principal and interest within the last twelve months;

(h)     None of the Mortgage Loans is a Buy-Down Mortgage Loan;

(i)     To the best of RFC's knowledge,  there is no delinquent tax or assessment lien against

               any related Mortgaged Property;

(j)     No Mortgagor has any valid 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 of 1940, as amended;

(k)     No Mortgage Loan  provides for payments  that are subject to reduction by  withholding

               taxes levied by any foreign (non-United States) sovereign government;

(l)     The proceeds of each  Mortgage  Loan have been fully  disbursed and (2) to the best of

               RFC's  knowledge,  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;

(m)     To the best of RFC's  knowledge,  with  respect to each  Mortgage  Loan,  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;

(n)     With respect to each  Mortgage  Loan, a policy of title  insurance was effective as of

               the closing of such Mortgage  Loan,  is valid and binding,  and remains in full

               force and  effect,  unless the  related  Mortgaged  Property  is located in the

               State of Iowa and an attorney's certificate has been provided;

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

               condemnation  has been  given  with  respect  thereto.  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;

(p)     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 or (ii) by judicial  foreclosure  or, if

               applicable,  non  judicial  foreclosure,  and to the best of  RFC's  knowledge,

               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 bankruptc