ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

                                                                    EXHIBIT 99.2

                                                                Execution Copy
                                                                --------------


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              NEW CENTURY ALTERNATIVE MORTGAGE LOAN TRUST 2006-ALT2

                            ASSET-BACKED CERTIFICATES

                                SERIES 2006-ALT2

                ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

                                      among

                         GOLDMAN SACHS MORTGAGE COMPANY,
                                   as Assignor

                          GS MORTGAGE SECURITIES CORP.,
                                   as Assignee

                                       and

                     WELLS FARGO BANK, NATIONAL ASSOCIATION
                                   as Servicer

                                   Dated as of

                                October 30, 2006


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                ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT


            ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated October 30,
2006 (this "Agreement"), among Goldman Sachs Mortgage Company, a New York
limited partnership (the "Assignor"), GS Mortgage Securities Corp., a Delaware
corporation (the "Assignee") and Wells Fargo Bank, National Association, a
national banking association (the "Servicer").

            WHEREAS, the Assignor and New Century Mortgage Corporation ("New
Century") have entered into the Flow Mortgage Loan Purchase and Warranties
Agreement, dated as of March 1, 2006 (the "Sale Agreement"), pursuant to which
New Century sold to the Assignor certain mortgage loans on a servicing-released
basis listed on the mortgage loan schedule attached as an exhibit to the Trust
Agreement (as defined below);

            WHEREAS, the Assignor and the Servicer have entered into the
Servicing Agreement, dated as of June 30, 2006 (the "Servicing Agreement"),
pursuant to which the Servicer has agreed to service certain mortgage loans
acquired by the Assignor from time to time;

            WHEREAS, the Assignee has agreed on certain terms and conditions to
purchase from the Assignor certain of the mortgage loans acquired from New
Century (the "Mortgage Loans"), which will become subject to the provisions of
the Servicing Agreement as of November 1, 2006, and are listed on the mortgage
loan schedule attached as Exhibit A hereto (the "Mortgage Loan Schedule"); and

            WHEREAS, pursuant to a Trust Agreement, dated as of October 1, 2006
(the "Trust Agreement"), among GS Mortgage Securities Corp., as depositor, U.S.
Bank National Association, as trustee (in such capacity, the "Trustee"), and
Deutsche Bank National Trust Company, as custodian (in such capacity, the
"Custodian"), the Assignee will transfer the Mortgage Loans to the Trustee,
together with the Assignee's rights under the Servicing Agreement, to the extent
relating to the Mortgage Loans (other than the rights of the Assignor (and if
applicable its affiliates, officers, directors and agents) to indemnification
thereunder).

            NOW THEREFORE, in consideration of the mutual promises contained
herein and other good and valuable consideration the receipt and sufficiency of
which are hereby acknowledged, and of the mutual covenants herein contained, the
parties hereto hereby agree as follows:

            1. Assignment, Assumption and Conveyance.

            (a) The Assignor hereby assigns to the Assignee, as of the date
hereof, all of its right, title and interest in and to the Servicing Agreement,
to the extent relating to the Mortgage Loans (other than the rights of the
Assignor (and if applicable its affiliates, officers, directors and agents) to
indemnification thereunder), and the Assignee hereby assumes all of the
Assignor's obligations under the Servicing Agreement, to the extent relating to
the Mortgage Loans, from and after the date hereof, and the Servicer hereby
acknowledges such assignment and assumption and hereby agrees to the release of
the Assignor from any obligations under the

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Servicing Agreement from and after the date hereof, to the extent relating to
the Mortgage Loans.

            The Assignor specifically reserves and does not assign to the
Assignee hereunder (i) any and all right, title and interest in, to and under
and any obligations of the Assignor with respect to any mortgage loans subject
to the Servicing Agreement that are not the Mortgage Loans set forth on the
Mortgage Loan Schedule and are not the subject of this Agreement, (ii) any
rights and obligations of the Assignor pursuant to the Servicing Agreement
arising prior to the date hereof, (iii) the rights and obligations of the Owner
under the following sections of the Servicing Agreement: Section 11.02 (relating
to the Owner's right to terminate the Servicer) or Section 7.01 (relating to the
Owner's right to receive information from the Servicer), which rights shall
survive the execution and delivery of this Agreement.

            The Assignee hereby assumes all of the Assignor's obligations under
the Mortgage Loans and the Servicing Agreement solely insofar as such
obligations relate to the Mortgage Loans, other than the obligations set forth
in clauses (ii) and (iii) of the preceding paragraph.

            (b) The Assignor represents and warrants to the Assignee that the
Assignor has not taken any action which would serve to impair or encumber the
Assignor's ownership interest in the Mortgage Loans since the date of the
Servicing Agreement.

            2. Recognition of the Servicer.

            From and after the date hereof (the "Securitization Closing Date"),
the Servicer shall and does hereby recognize that the Assignee will transfer the
Mortgage Loans and assign its rights under the Servicing Agreement (solely to
the extent set forth herein) and this Agreement to the Trustee of the New
Century Alternative Mortgage Loan Trust 2006-ALT2 (the "Trust") created pursuant
to the Trust Agreement. The Servicer hereby acknowledges and agrees that from
and after the date hereof (i) the Trust will be the owner of the Mortgage Loans
and the Servicer will be the servicer of the Mortgage Loans as of November 1,
2006 pursuant to the terms set forth in the Servicing Agreement, (ii) the
Servicer shall look solely to the Trust (including the Trustee acting on the
Trust's behalf) for performance of any obligations of the Assignor under the
Mortgage Loans and the Servicing Agreement (solely insofar as it relates to the
Mortgage Loans) (except for such obligations of the Assignor retained by the
Assignor hereunder), (iii) the Trust (including the Trustee acting on the
Trust's behalf) shall have all the rights and remedies available to the
Assignor, insofar as they relate to (A) the Mortgage Loans, under the Sale
Agreement pursuant to which the Owner purchased the Mortgage Loans from New
Century and (B) the Servicing Agreement, and shall be entitled to enforce all of
the obligations of the Servicer thereunder insofar as they relate to the
Mortgage Loans, including without limitation, the remedies for breaches of
representations and warranties set forth in Section 3.02 of the Servicing
Agreement (except for the rights and remedies retained by the Assignor
hereunder), (iv) all references to the "Owner" under the Servicing Agreement
insofar as they relate to the Mortgage Loans shall be deemed to refer to the
Trust (except to the extent of the rights and obligations retained by the
Assignor hereunder) (including the Trustee acting on the Trust's behalf) and (v)
the Mortgage Loans will be part of a REMIC, and the Servicer shall service the
Mortgage Loans and any real property acquired upon default thereof (including,

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without limitation, making or permitting any modification, waiver or amendment
of any term of any Mortgage Loan) after the applicable Transfer Date in
accordance with the Servicing Agreement but in no event in a manner that would
(A) cause the REMIC to fail to qualify as a REMIC or (B) result in the
imposition of a tax upon the REMIC (including but not limited to the tax on
prohibited transactions as defined in Section 860F(a)(2) of the Code, the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code, and the tax
on "net income from foreclosure property" as set forth in Section 860G(c) of the
Code). Neither the Servicer nor the Assignor shall amend or agree to amend,
modify, waive, or otherwise alter any of the terms or provisions of the
Servicing Agreement which amendment, modification, waiver or other alteration
would in any way affect the Mortgage Loans or the Servicer's performance under
the Servicing Agreement with respect to the Mortgage Loans without the prior
written consent of the Depositor as set forth in the Trust Agreement.

            3. Modifications of the Servicing Agreement. Only in so far as it
relates to the Mortgage Loans, the Servicer and the Assignor hereby amend the
Servicing Agreement as follows:

            (a) The definition of "Remittance Date" set forth in Article I shall
      be deleted in its entirety and replaced with the following:

            "Remittance Date: With respect to any Remittance Date, the 18th day
      (or if such 18th day is not a Business Day, the first Business Day
      immediately succeeding such date) of any month."

            (b) The definition of "Servicing Fee Rate" set forth in Article I
      shall be deleted in its entirety and replaced with the following:

            "Servicing Fee Rate: With respect to any Mortgage Loan, 0.250% per
      annum."

            (c) Section 4.04 shall be amended as follows:

                  (i) clause (viii) of Section 4.04 shall be deleted in its
            entirety and replaced with the following:

            "(viii) with respect to each Principal Prepayment an amount (to be
paid by the Servicer out of its funds without reimburement therefor) which, when
added to all amounts allocable to interest received in connection with the
Principal Prepayment, equals one month's interest on the amount of principal so
prepaid at the Mortgage Loan Remittance Rate (it being understood that such
amounts to be paid by the Servicer shall not exceed the Servicing Fee paid to
the Servicer for such Remittance Date);"

                  (ii) a new sentence shall be added immediately following the
            last paragraph of Section 4.04 which shall be as follows:

            "To the extent the Servicer causes the funds on deposit from time to
      time in the Custodial Account to be invested in the form of time deposit
      accounts, such

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      investments shall mature not later than the Business Day immediately
      preceding the applicable Remittance Date next following the date of such
      investment."

            (d) The first sentence of the fifth paragraph of Section 4.16 shall
      be deleted in its entirety and replaced with the following:

            "Subject to two (2) Business Days' prior written notice to the
Owner, at the address specified in Section 12.05, of its intent to do so, the
disposition of REO Property shall be carried out by the Servicer at such price,
and upon such terms and conditions, as the Servicer deems to be in the best
interests of the Owner and in accordance with Accepted Servicing Practices."

            4. Accuracy of Servicing Agreement.

            The Servicer and the Assignor represent and warrant to the Assignee
that (i) attached hereto as Exhibit B is a true, accurate and complete copy of
the Servicing Agreement, (ii) the Servicing Agreement is in full force and
effect as of the date hereof, (iii) the Servicing Agreement has not been amended
or modified in any respect (other than as set forth herein) and (iv) no notice
of termination has been given to the Servicer under the Servicing Agreement.

            5. Recognition of Assignee.

            From and after the date hereof, the Servicer shall note the transfer
of the Mortgage Loans to the Assignee in its books and records, shall recognize
the Assignee as the owner of the Mortgage Loans and, notwithstanding anything
herein or in the Servicing Agreement to the contrary, shall service all of the
Mortgage Loans for the benefit of the Assignee pursuant to the terms of the
Servicing Agreement, as modified by this Assignment Agreement, the terms of
which are incorporated herein by reference. It is the intention of the Assignor,
Servicer and Assignee that the Servicing Agreement shall be bindi