ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

<PAGE>

                                                                    Exhibit 99.2

                APPOINTMENT, ASSUMPTION AND RECOGNITION AGREEMENT

          This is an Appointment, Assumption and Recognition Agreement (this
"AAR Agreement") made as of January 1, 2007, among Merrill Lynch Mortgage
Investors, Inc. as depositor (the "Depositor"), Merrill Lynch Mortgage Lending,
Inc. as servicing rights owner (the "Servicing Rights Owner"), Wells Fargo Bank,
National Association as master servicer (the "Master Servicer") and securities
administrator (the "Securities Administrator"), HSBC Bank USA, National
Association as trustee (the "Trustee") and Wells Fargo Bank, National
Association as successor servicer (the "Company").

                                   WITNESSETH

          WHEREAS, the Depositor, the Master Servicer, the Securities
Administrator and the Trustee entered into the Stack II Pooling and Servicing
Terms (the "Pooling and Servicing Agreement"), dated as of October 1, 2006,
relating to Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Mortgage
Pass-Through Certificates;

          WHEREAS, PHH Mortgage Corporation ("PHH"), formerly known as Cendant
Mortgage Corporation having an address at 3000 Leadenhall Rd, Mt. Laurel, New
Jersey 08054, is currently servicing the Mortgage Loans identified on Attachment
1 attached hereto until January 1, 2007 (the "Subject Mortgage Loans") pursuant
to a servicing agreement between the Depositor and PHH;

          WHEREAS, pursuant to Section 3.20 of the Pooling and Servicing
Agreement, the Servicing Rights Owner has the right to transfer the servicing
responsibilities of PHH with respect to the Subject Mortgage Loans without cause
upon the satisfaction of certain conditions set forth in the Pooling and
Servicing Agreement;

          WHEREAS, the Depositor and the Servicing Rights Owner desire to
effectuate the replacement of PHH as the Servicer with respect to the Subject
Mortgage Loans;

          NOW, THEREFORE, in consideration of the mutual promises contained
herein the parties hereto agree that the Subject Mortgage Loans shall be subject
to the terms of this AAR Agreement. Capitalized terms used herein but not
defined shall have the meanings ascribed to them in the Pooling and Servicing
Agreement and the Wells Fargo Servicing Agreement.

Appointment of Company

     1. (a) The Servicing Rights Owner hereby appoints the Company as successor
servicer under the Pooling and Servicing Agreement with respect to the Subject
Mortgage Loans. In addition, the Servicing Rights Owner hereby provides written
notification to PHH of its

<PAGE>

termination as Servicer with respect to the Subject Mortgage Loans to be
effective on January 1, 2007 (the "Termination Date").

               (b) Each of the Master Servicer and the Trustee acknowledges the
     appointment of Company as a "qualified servicer" under the Pooling and
     Servicing Agreement and hereby designates the Company as the Servicer of
     the Subject Mortgage Loans from and after the Termination Date.

               (c) PHH acknowledges the transfer of the servicing of the Subject
     Mortgage Loans to the Company on the Termination Date and, notwithstanding
     such transfer, PHH acknowledges and confirms that it will fulfill its
     ongoing obligations under the Mortgage Loan Flow Purchase, Sale and
     Servicing Agreement, dated as of March 27, 2001, among Merrill Lynch
     Mortgage Capital, Inc. ("MLMC"), Bishop's Gate Residential Mortgage Trust
     and PHH, as modified by the Assignment, Assumption and Recognition
     Agreement, dated as of October 1, 2006, among MLMC, the Servicing Rights
     Owner and PHH, and as further modified by the Assignment, Assumption and
     Recognition Agreement, dated as of October 1, 2006, among PHH, the
     Depositor and the Servicing Rights Owner (collectively, the "PHH Servicing
     Agreement") in respect of the period during which it acted as servicer of
     the Subject Mortgage Loans, including without limitation, its obligations
     to provide a compliance statement pursuant to Section 7A.04 of the PHH
     Servicing Agreement, an Assessment of Compliance, an Accountant's
     Attestation and a Sarbanes Certification pursuant to Section 7A.05 of the
     PHH Servicing Agreement.

               In addition, PHH represents and warrants to the parties hereto as
     of the date hereof that it has been assigned a servicer rating of "Strong"
     from S&P and "RPS1-" from Fitch.

Representations, Warranties and Covenants

     2. The following representations and warranties are hereby made by the
Depositor to the Servicing Rights Owner, the Company, the Master Servicer and
the Trustee as of the date hereof:

               (a) The Depositor is duly organized and is validly existing as a
     corporation in good standing under the laws of the jurisdiction of its
     formation and has full power and authority (corporate and other) necessary
     to own or hold its properties and to conduct its business as now conducted
     by it and to enter into and perform its obligations under this AAR
     Agreement.

               (b) It has the full corporate power and authority to execute,
     deliver and perform, and to enter into and consummate the transactions
     contemplated by this AAR Agreement and has duly authorized by all necessary
     corporate action on its part the execution, delivery and performance of
     this AAR Agreement; and this AAR Agreement, assuming the due authorization,
     execution and delivery hereof by the other parties hereto, constitutes its
     legal, valid and binding obligation, enforceable against it in accordance
     with its terms, except that (1) the enforceability hereof may be limited by
     bankruptcy, insolvency, moratorium, receivership and other similar laws
     relating to creditors' rights generally and (2) the remedy of specific
     performance and injunctive and other forms of equitable relief may be
     subject to equitable defenses and to the discretion of the court before
     which any proceeding therefor may be brought and further subject to public
     policy with respect to indemnity and contribution under applicable
     securities law.


                                       2

<PAGE>

               (c) The execution and delivery of this AAR Agreement by it, the
     consummation of any other of the transactions contemplated by this AAR
     Agreement, and the fulfillment of or compliance with the terms hereof are
     in its ordinary course of business and will not (1) result in a material
     breach of any term or provision of its charter or by-laws, (2) materially
     conflict with, result in a material breach, violation or acceleration of,
     or result in a material default under, the terms of any other material
     agreement or instrument to which it is a party or by which it may be bound,
     or (3) constitute a material violation of any statute, order or regulation
     applicable to it of any court, regulatory body, administrative agency or
     governmental body having jurisdiction over it; and it is not in breach or
     violation of any material indenture or other material agreement or
     instrument, or in violation of any statute, order or regulation of any
     court, regulatory body, administrative agency or governmental body having
     jurisdiction over it which breach or violation may impair its ability to
     perform or meet any of its obligations under this AAR Agreement.

               (d) No litigation is pending or, to the best of its knowledge,
     threatened, against it that would materially and adversely affect the
     execution, delivery or enforceability of this AAR Agreement or its ability
     to perform any of its obligations under this AAR Agreement in accordance
     with the terms hereof.

               (e) No consent, approval, authorization or order of any court or
     governmental agency or body is required for its execution, delivery and
     performance of, or compliance with, this AAR Agreement or the consummation
     of the transactions contemplated hereby, or if any such consent, approval,
     authorization or order is required, it has obtained the same.

     3. The following representations and warranties are hereby made by the
Servicing Rights Owner to the Depositor, the Company, the Master Servicer and
the Trustee as of the date hereof:

               (a) The Servicing Rights Owner is duly organized and is validly
     existing as a corporation in good standing under the laws of the
     jurisdiction of its formation and has full power and authority (corporate
     and other) necessary to own or hold its properties and to conduct its
     business as now conducted by it and to enter into and perform its
     obligations under this AAR Agreement.

               (b) It has the full corporate power and authority to execute,
     deliver and perform, and to enter into and consummate the transactions
     contemplated by this AAR Agreement and has duly authorized by all necessary
     corporate action on its part the execution, delivery and performance of
     this AAR Agreement; and this AAR Agreement, assuming the due authorization,
     execution and delivery hereof by the other parties hereto, constitutes its
     legal, valid and binding obligation, enforceable against it in accordance
     with its terms, except that (1) the enforceability hereof may be limited by
     bankruptcy, insolvency, moratorium, receivership and other similar laws
     relating to creditors' rights generally and (2) the remedy of specific
     performance and injunctive and other forms of equitable relief may be
     subject to equitable defenses and to the discretion of the court


                                       3

<PAGE>

     before which any proceeding therefor may be brought and further subject to
     public policy with respect to indemnity and contribution under applicable
     securities law.

               (c) The execution and delivery of this AAR Agreement by it, the
     consummation of any other of the transactions contemplated by this AAR
     Agreement, and the fulfillment of or compliance with the terms hereof are
     in its ordinary course of business and will not (1) result in a material
     breach of any term or provision of its charter or by-laws, (2) materially
     conflict with, result in a material breach, violation or acceleration of,
     or result in a material default under, the terms of any other material
     agreement or instrument to which it is a party or by which it may be bound,
     or (3) constitute a material violation of any statute, order or regulation
     applicable to it of any court, regulatory body, administrative agency or
     governmental body having jurisdiction over it; and it is not in breach or
     violation of any material indenture or other material agreement or
     instrument, or in violation of any statute, order or regulation of any
     court, regulatory body, administrative agency or governmental body having
     jurisdiction over it which breach or violation may impair its ability to
     perform or meet any of its obligations under this AAR Agreement.

               (d) No litigation is pending or, to the best of its knowledge,
     threatened, against it that would materially and adversely affect the
     execution, delivery or enforceability of this AAR Agreement or its ability
     to perform any of its obligations under this AAR Agreement in accordance
     with the terms hereof.

               (e) No consent, approval, authorization or order of any court or
     governmental agency or body is required for its execution, delivery and
     performance of, or compliance with, this AAR Agreement or the consummation
     of the transactions contemplated hereby, or if any such consent, approval,
     authorization or order is required, it has obtained the same.

               (f) It has the right to transfer the servicing obligations of PHH
     as the Servicer of the Subject Mortgage Loans pursuant to Section 3.20 of
     the Pooling and Servicing Agreement and such transfer shall be exercised in
     accordance with the terms and conditions of the Pooling and Servicing
     Agreement and all applicable law.

     4. The following representations, warranties and covenants are hereby made
by the Company to the Depositor, the Servicing Rights Owner, the Master Servicer
and the Trustee as of the date hereof:

               (a) The Company is duly organized, validly existing and in good
     standing under the laws of the United States of America, and has all
     requisite power and authority to service and administer the Subject
     Mortgage Loans and otherwise to perform the obligations with respect to the
     Subject Mortgage Loans set forth in the Seller's Warranties and Servicing
     Agreement (WFHM Mortgage Loan Series 2006-W90) (the "Wells Fargo Servicing
     Agreement"), dated as of November 1, 2006, between Merrill Lynch Bank, USA
     and the Company, as modified by this AAR Agreement. A copy of the Wells
     Fargo Servicing Agreement is attached hereto as Attachment 2.


                                       4

<PAGE>

               (b) The Company has full power and authority to execute, deliver
     and perform its obligations under this AAR Agreement, and to consummate the
     transactions set forth herein. The consummation of the transactions
     contemplated by this AAR Agreement is in the ordinary course of the
     Company's business and will not conflict with, or result in a breach of,
     any of the terms, conditions or provisions of the Company's charter or
     by-laws or any legal restriction, or any material agreement or instrument
     to which the Company is now a party or by which it is bound, or result in
     the violation of any law, rule, regulation, order, judgment or decree to
     which the Company or its property is subject. The execution, delivery and
     performance by the Company of this AAR Agreement and the consummation by it
     of the transactions contemplated hereby, have been duly authorized by all
     necessary action on the part of the Company. This AAR Agreement has been
     duly executed and delivered by the Company, and, upon the due
     authorization, execution and delivery by the other parties hereto, will
     constitute the valid and legally binding obligation of the Company,
     enforceable against the Company in accordance with its terms except as
     enforceability may be limited by bankruptcy, reorganization, insolvency,
     moratorium or other similar laws administered by the FDIC affecting the
     contract obligations of insured banks now or hereafter in effect, and by
     general principles of equity regardless of whether enforceability is
     considered in a proceeding in equity or at law.

               (c) No consent, approval, order or authorization of, or
     declaration, filing or registration with, any governmental entity is
     required to be obtained or made by the Company in connection with the
     execution, delivery or performance by the Company of this AAR Agreement, or
     the consummation by it of the transactions contemplated hereby.

               (d) The Company accepts the appointment as successor Servicer of
     the Subject Mortgage Loans under the Pooling and Servicing Agreement.

               (e) The Company shall service the Subject Mortgage Loans in
     accordance with the terms and provisions of the Wells Fargo Servicing
     Agreement, as modified by this AAR Agreement, for the exclusive benefit of
     the Trustee, on behalf of the holders of the Merrill Lynch Mortgage
     Investors Trust, Series 2006-AF2, Mortgage Pass-Through Certificates (the
     "Certificateholders"). The Company shall establish a Custodial Account and
     an Escrow Account under the Wells Fargo Servicing Agreement with respect to
     the Subject Mortgage Loans in favor of Trustee on behalf of the
     Certificateholders, and shall remit collections received on the Subject
     Mortgage Loans to the appropriate account as required by the Wells Fargo
     Servicing Agreement. The Custodial Account and the Escrow Account each
     shall be entitled "Wells Fargo Bank, National Association, as Servicer, in
     trust for Wells Fargo Bank, National Association, as Securities
     Administrator for Merrill Lynch Mortgage Investors Trust MLMI Series
     2006-AF2 Mortgage Pass-Through Certificates" and shall be an Eligible
     Account.

               (f) (1) No default or servicing related performance trigger has
     occurred as to any other securitization due to any act or failure to act of
     the Company; (2) no material noncompliance with applicable servicing
     criteria as to any other securitization has been disclosed or reported by
     the Company; (3) the Company has not been terminated as servicer in a
     residential mortgage loan securitization, either due to a servicing default
     or


                                       5

<PAGE>

     to application of a servicing performance test or trigger; (4) no material
     changes to the Company's servicing policies and procedures for similar
     loans has occurred in the preceding three years; (5) there are no aspects
     of the Company's financial condition that could reasonably be expected to
     have a material adverse impact on the performance by the Company of its
     obligations hereunder; (6) there are no legal proceedings pending, or known
     to be contemplated by governmental authorities, against the Company that
     could be material to investors in the securities issued; and (7) there are
     no affiliations, relationships or transactions relating to the Company of a
     type that are described under Item 1119 of Regulation AB (other than with
     respect to the Company's affiliation with the Custodian, the Master
     Servicer and the Securities Administrator).

Recognition of Assignee

     5. From and after the Termination Date, the Company shall recognize the
Trustee, on behalf of the Certificateholders, as owner of the Subject Mortgage
Loans and will service the Subject Mortgage Loans in accordance with the Wells
Fargo Servicing Agreement (as modified herein), the terms of which are
incorporated herein by reference. The Company hereby acknowledges that the
Mortgage Loans are part of a REMIC. In no event will the Company service the
Mortgage Loans in a manner that would (i) cause the REMIC to fail to qualify as
a REMIC or (ii) 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 and the tax on contributions to a REMIC set forth in
Section 860G(d) of the Code).

          The Company hereby acknowledges that the Trustee, acting pursuant to
the terms of the Pooling and Servicing Agreement, has the right to enforce all
obligations of the Company, as they relate to the Subject Mortgage Loans, under
the Wells Fargo Servicing Agreement, as modified by this Agreement. Such right
will include, without limitation, the right to indemnification, the right to
terminate the Company under the Wells Fargo Servicing Agreement upon the
occurrence of an Event of Default thereunder and the right to exercise certain
rights of consent and approval relating to actions taken by the Company under
the Wells Fargo Servicing Agreement. In addition, any notice required to be
given by the "Purchaser" pursuant to Section 10.01 of the Wells Fargo Servicing
Agreement shall be given by the Trustee. The Company further acknowledges that
pursuant to the terms of the Pooling and Servicing Agreement, the Master
Servicer is required to monitor the performance of the Company under the Wells
Fargo Servicing Agreement, as modified by this Agreement. The Master Servicer
shall have the right to receive all remittances required to be made by the
Company under the Wells Fargo Servicing Agreement, the right to receive all
monthly reports and other data required to be delivered by the Company under the
Wells Fargo Servicing Agreement, as modified by this Agreement, the right to
examine the books and records of the Company under the Wells Fargo Servicing
Agreement and the right to indemnification under the Wells Fargo Servicing
Agreement. In addition, if the Company shall fail to remit any payment pursuant
to the Wells Fargo Servicing Agreement, as modified by this Agreement, the
Master Servicer shall notify the Trustee and the Trustee shall notify the
Company of such failure as set forth in Section 10.01 of the Wells Fargo
Servicing Agreement.


                                       6

<PAGE>

     6. In connection therewith, the Company hereby agrees that all remittances
required to be made with respect to the Subject Mortgage Loans pursuant to the
Wells Fargo Servicing Agreement will be made in accordance with the following
wire transfer instructions:

                    Bank: Wells Fargo Bank, N.A.
                    ABA Routing Number: 121-000-248
                    Account Name: Corporate Trust Clearing
                    Account Number: 3970771416
                    For Credit to: MLMI Series 2006-AF2, Acct# 50961200

and the Company shall deliver all reports required to be delivered under the
Wells Fargo Servicing Agreement to the Master Servicer at:

                    Wells Fargo Bank, N.A.
                    9062 Old Annapolis Road
                    Columbia, Maryland 21045
                    Attention: Client Manager - MLMI 2006-AF2

     It is the intention of the parties hereto that this AAR Agreement shall be
binding upon and for the benefit of the respective successors and assigns of the
parties hereto.

Modification of the Wells Fargo Servicing Agreement

     7. In connection with the servicing and administration of the Subject
Mortgage Loans, the Wells Fargo Servicing Agreement shall be modified as
follows:

               (a) The definition of "Remittance Date" in Article I of the Wells
     Fargo Servicing Agreement is modified by deleting the words "immediately
     following" and replacing them with "immediately preceding".

               (b) Article I of the Wells Fargo Servicing Agreement is modified
     by deleting the definition of "Business Day" in its entirety and replacing
     it with the following:

               "Business Day: Any day other than (i) a Saturday or Sunday, or
          (ii) a day on which the New York Stock Exchange or Federal Reserve is
          closed or on which banking and savings and loan institutions in the
          State of Maryland, State of Minnesota or State of California are
          authorized or obligated by law or executive order to be closed."

               (c) Section 3.02 of the Wells Fargo Servicing Agreement is
     modified by deleting such section in its entirety and replacing it with the
     following:

               "[Reserved].

               (d) Section 4.01 of the Wells Fargo Servicing Agreement is
     modified by adding the following new paragraph after the second paragraph
     of such section.

               "Notwithstanding the foregoing, in the event that any Mortgage
          Loan is in default or, in the judgment of the Company, such default is
          reasonably foreseeable, the


                                       7

<PAGE>

          Company, consistent with Accepted Servicing Practices may waive,
          modify or vary any term of such Mortgage Loan (including, but not
          limited to, modifications that change the Mortgage Interest Rate,
          forgive the payment of principal or interest or extend the final
          maturity date of such Mortgage Loan), accept payment from the related
          Mortgagor of an amount less than the scheduled principal balance in
          final satisfaction of such Mortgage Loan, or consent to the
          postponement of strict compliance with any such term or otherwise
          grant indulgence to any Mortgagor if in the Company's determination
          such waiver, modification, postponement or indulgence is not
          materially adverse to the interests of the Purchaser."

               (e) The first paragraph of Section 4.04 of the Wells Fargo
     Servicing Agreement is modified by replacing the phrase "Wells Fargo Bank,
     N.A., in trust for the Purchaser and/or subsequent purchasers of Mortgage
     Loans - P&I." with "Wells Fargo Bank, N.A. in trust for Wells Fargo Bank,
     N.A., as master servicer on behalf of the Merrill Lynch Mortgage Investors
     Trust, Series 2006-AF2."

               (f) Section 4.04(viii) of the Wells Fargo Servicing Agreement is
     modified by deleting such section in its entirety and replacing it with the
     following:

               "with respect to each Principal Prepayment an amount (to be paid
          by the Company out of its funds) 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; provided, however, that
          in no event shall the aggregate of deposits made by the Company
          pursuant to this clause (viii) exceed the aggregate amount of the
          Company's Servicing Fee in the calendar month in which such deposits
          are required;"

               (g) The first paragraph of Section 4.06 of the Wells Fargo
     Servicing Agreement is modified by replacing the phrase "Wells Fargo Bank,
     N.A., in trust for the Purchaser and/or subsequent purchasers of the
     Residential Mortgage Loans, and various Mortgagors - T&I." with "Wells
     Fargo Bank, N.A. in trust for Wells Fargo Bank, N.A., as master servicer on
     behalf of the Merrill Lynch Mortgage Investors Trust, Series 2006-AF2."

               (h) Section 5.01 of the Wells Fargo Servicing Agreement is
     modified by deleting the second paragraph in its entirety and replacing it
     with the following:

               "With respect to any remittance received by the Purchaser after
          the Business Day on which such payment was due, the Company shall pay
          to the Purchaser interest on any such late payment at an annual rate
          equal to the Prime Rate, adjusted as of the date of each change, plus
          three (3) percentage points, but in no event greater than the maximum
          amount permitted by applicable law. Such interest shall be deposited
          in the Custodial Account by the Company on the date such late payment
          is made and shall cover the period commencing with the Business Day on
          which such payment was due and ending with the Business Day on which
          such payment is made, both inclusive. Such interest shall be remitted
          along with the distribution payable on the next succeeding Remittance
          Date. Payments by the Company of any such interest shall not be deemed
          an extension of time for payment or a waiver of any Event of Default
          by the Company."


                                       8

<PAGE>

               (i) Section 5.02 of the Wells Fargo Servicing Agreement is
     modified by deleting such section in its entirety and replacing it with the
     following:

               "On or before the tenth calendar day of each month (or if such
          day is not a Business Day, the immediately preceding Business Day),
          the Company shall furnish to the Master Servicer a delinquency report
          in the form set forth in Exhibit J-1, a monthly remittance advice in
          the form set forth in Exhibit J-2, and a realized loss report in the
          form set forth in Exhibit J-3, each in a mutually agreeable electronic
          format, as to the latest Due Period, together with such other
          information with respect to the Mortgage Loans as the Master Servicer
          may reasonably require to allocate distributions made pursuant to this
          Agreement and to provide appropriate statements in connection
          therewith."

               (j) Section 6.04 of the Wells Fargo Servicing Agreement is
     modified by replacing the phrase "the Purchaser, any Master Servicer and
     any Depositor" with "the Master Servicer".

               (k) Section 6.04 of the Wells Fargo Servicing Agreement is
     further modified by replacing the phrase "the Purchaser, such Master
     Servicer and such Depositor" with "the Master Servicer".

               (l) Section 6.06 of the Wells Fargo Servicing Agreement is
     modified by replacing the phrase "the Purchaser, any Master Servicer and
     any Depositor" with "the Master Servicer".

               (m) Section 6.06 of the Wells Fargo Servicing Agreement is
     further modified by replacing the phrase "the Purchaser, such Master
     Servicer and such Depositor" with "the Master Servicer".

               (n) Section 6.06 of the Wells Fargo Servicing Agreement is
     further modified by replacing the phrase "the Purchaser and such Depositor"
     with "the Master Servicer".

               (o) Section 9.01(e) of the Wells Fargo Servicing Agreement is
     modified by replacing the phrase "subsection (d)" with "subsection (e)" in
     each instance.

               (p) Section 9.01(e)(iv) of the Wells Fargo Servicing Agreement is
     modified by replacing the phrase "If so requested by the Purchaser or any
     Depositor for" with "For".

               (q) Section 9.01(f)(i) of the Wells Fargo Servicing Agreement is
     modified by replacing the phrase "Sections 4.24" with "Sections 4.26".

               (r) Section 9.01(f)(ii) of the Wells Fargo Servicing Agreement is
     modified by replacing the phrase "any breach by the Company of its
     obligations under this Section 9.01(e)" with "any breach by the Company of
     its obligations under Sections 4.26, 6.04, 6.06 and 9.01(e)".

               (s) Section 9.01(f)(iv) of the Wells Fargo Servicing Agreement is
     modified by replacing the phrase "performance under this Section 9.01(e)"
     with "performance under Sections 4.26, 6.04, 6.06 and 9.01(e)".