EXHIBIT 10.2(B) ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

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                                                                 Exhibit 10.2(B)


                ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

     THIS   ASSIGNMENT,   ASSUMPTION  AND   RECOGNITION   AGREEMENT  (this  "AAR
Agreement")   dated  as  of  November  21,  2006,  among  PNC  Bank,  N.A.  (the
"Assignor"),  Bank of America,  National  Association  (the  "Assignee") and PHH
Mortgage Corporation, formerly known as Cendant Mortgage Corporation ("PHH") and
Bishop's Gate Residential  Mortgage Trust (formerly known as Cendant Residential
Mortgage Trust) (the "Trust," together with PHH, the "Sellers" and individually,
each a "Seller"), and PHH ("Servicer"):

     For  and in  consideration  of the  sum of one  dollar  ($1.00)  and  other
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. Sale and  Assignment.  With  respect  to the  mortgage  loans  listed on
Exhibit A hereto (the  "Assigned  Loans"),  purchased by the  Assignor  from the
Sellers,  the  Assignor  hereby  grants,  transfers,  assigns  and  sells to the
Assignee all right, title and interest of the Assignor, in, to and under (a) the
Assigned  Loans and the  related  Mortgage  Files (as  defined  in the  Purchase
Agreement),  (b) that  certain  Mortgage  Loan Flow  Purchase,  Sale & Servicing
Agreement,  dated as of April 30,  2003,  by and between  Assignor,  Sellers and
Servicer (as amended, the "Purchase Agreement"), and (c) that certain Additional
Collateral Assignment and Servicing Agreement dated as of April 30, 2003, by and
between Servicer and Assignor ("ACASA" and together with the Purchase Agreement,
the  "Agreements"),  as they relate to the Assigned  Loans and only the Assigned
Loans and the Assignee  hereby  assumes all of the  Assignor's  obligations  and
duties  arising under the  Agreements  from and after the date hereof,  and each
Seller and Servicer hereby acknowledges such sale, assignment and assumption and
hereby  agrees to the release of the  Assignor  from any  obligations  or duties
under the  Agreements  as to the Assigned  Loans from and after the date hereof.
The  Assignor  specifically  reserves  and does not assign to the  Assignee  any
right,  title and  interest in, to or under any  mortgage  loans  subject to the
Agreements other than the Assigned Loans.  Notwithstanding the foregoing,  it is
understood that no Seller or Servicer is released from liability to the Assignor
for any breaches of any  representations,  warranties or covenants  made by such
Seller or Servicer in the Agreements prior to the date hereof regardless of when
such  breaches  are  discovered  or made known.  Capitalized  terms used but not
defined  herein  shall  have the  respective  meanings  ascribed  to them in the
Agreements.

     2.  Payment.  Simultaneously  with the  execution of this AAR Agreement and
upon completion of the other closing  conditions set forth in the Purchase Price
and Terms  Letter (the  "PPTL"),  dated as of October 5, 2006 by and between the
Assignee and the Assignor,  the Assignee  shall pay to the Assignor the purchase
price as calculated  pursuant to the PPTL.  The Assignee  shall pay the purchase
price payable under the PPTL by wire transfer of immediately  available funds to
the account specified by the Assignor.  Upon payment of such purchase price, the
Assignee assumes all right,  title and interest in and to the Assigned Loans and
the related  Mortgage  Files.  The Assignee  shall be entitled to all  scheduled
payments due on the Assigned Loans after  November 1, 2006 (the "Assigned  Loans
Cut-off  Date")  and  all  unscheduled  payments  or  other  proceeds  or  other
recoveries  on the  Assigned  Loans  received  on and after the  Assigned  Loans
Cut-off Date. The Assignor, at its expense, shall have caused to be delivered to
the Assignee or its designee  the Mortgage File for  each  Assigned Loan in  the



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Assignor's or its  custodian's  possession  prior to the date hereof,  excluding
that portion  under the control of the  Servicer.  The Assignor and the Servicer
acknowledge  and agree that the  Assignee  has  designated  U.S.  Bank  National
Association (the "Custodian") as its custodian of the Mortgage Files pursuant to
a Custodial Agreement between the Assignee and the Custodian.

     3. Representations,  Warranties and Covenants of the Assignor. The Assignor
warrants and represents to, and covenants with, the Assignee that:

        (a) The Assignor 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 Assignor's  business and
will not conflict  with, or result in a breach of, any of the terms,  conditions
or provisions of the Assignor's organizational documents or by-laws or any legal
restriction,  or any material  agreement or  instrument to which the Assignor 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  Assignor  or its
property is subject. The execution,  delivery and performance by the Assignor 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
Assignor.  This AAR  Agreement  has been  duly  executed  and  delivered  by the
Assignor and, upon the due authorization, execution and delivery by the Assignee
and each Seller and  Servicer,  will  constitute  the valid and legally  binding
obligation of the Assignor  enforceable  against the Assignor in accordance with
its terms except as enforceability may be limited by bankruptcy, reorganization,
insolvency, moratorium or other similar laws now or hereafter in effect relating
to creditors' rights generally,  and by general  principles of equity regardless
of whether enforceability is considered in a proceeding in equity or at law. The
execution,  delivery and  performance  by the Assignor of this AAR Agreement and
the  consummation  of the  transactions  contemplated  hereby do not require the
consent or approval of, the giving of notice to, the  registration  with, or the
taking  of any  other  action  in  respect  of,  any  state,  federal  or  other
governmental  authority  or agency,  except  such as has been  obtained,  given,
effected  or taken  prior to the date  hereof.  There are no  actions,  suits or
proceedings pending or, to the knowledge of the Assignor,  threatened, before or
by any court,  administrative  agency,  arbitrator or governmental body (i) with
respect to any of the  transactions  contemplated  by this AAR Agreement or (ii)
with respect to any other  matter that in the  judgment of the Assignor  will be
determined  adversely  to the  Assignor  and,  if  determined  adversely  to the
Assignor,  will  materially  and  adversely  affect its  ability to perform  its
obligations under this AAR Agreement;

        (b) The Assignor is the lawful owner of the Assigned Loans with the full
right to  transfer  the  Assigned  Loans and all of its  interests,  rights  and
obligations  under the  Agreements  free from any and all  encumbrances,  liens,
pledges,  participation  interests,  claims or security  interests of any nature
encumbering  the  Assigned  Loans.  Except  for the  sale to the  Assignee,  the
Assignor has not  assigned or pledged any Mortgage  Note related to any Assigned
Loan or the related Mortgage or any interest or participation therein;

        (c) The Assignor has not  satisfied, canceled, or subordinated  in whole
or in part,  or rescinded  the Mortgage  related to any Assigned  Loan,  and the
Assignor has not released the  Mortgaged  Property from the lien of the Mortgage
related to any Assigned Loan, in whole or in part, nor has the Assignor executed
an instrument that would effect any such release,  cancellation,  subordination,
or rescission;

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        (d) The Assignor has not taken any action that would  serve to impair or
encumber  the  Assignor's  ownership  interest in the  Assigned  Loans since the
applicable  date of the original sale to Assignor  (each,  an "Original  Closing
Date");

        (e) The Assignor has  not received notice of, and  has  no knowledge of,
any offsets, counterclaims or other defenses available to any Seller or Servicer
with respect to the Agreements or the Assigned Loans;

        (f) The Assignor has not waived or agreed to any waiver under, or agreed
to any amendment or other  modification  of, the Agreements,  including  without
limitation the transfer of the servicing  obligations under the Agreements.  The
Assignor has no knowledge of, and has not received  notice of, any waivers under
or amendments or other modifications of, or assignments of rights or obligations
under, or defaults under, the Agreements;

        (g) Neither the Assignor nor anyone  acting on  its behalf has  offered,
transferred,  pledged,  sold or otherwise  disposed of the Assigned  Loans,  any
interest in the Assigned  Loans or any other  similar  security to, or solicited
any  offer to buy or  accept a  transfer,  pledge  or other  disposition  of the
Assigned Loans, any interest in the Assigned Loans or any other similar security
from, or otherwise  approached or negotiated with respect to the Assigned Loans,
any interest in the  Assigned  Loans or any other  similar  security  with,  any
person in any  manner,  or made any  general  solicitation  by means of  general
advertising  or in any  other  manner,  or taken any other  action  which  would
constitute a  distribution  of the Assigned  Loans under the  Securities  Act of
1933, as amended (the "Securities Act") or which would render the disposition of
the  Assigned  Loans a violation of Section 5 of the  Securities  Act or require
registration pursuant thereto; and

        (h) The representations and warranties  contained in Section 3.03 of the
Purchase Agreement, as modified by Section 2(d) of the ACASA with respect to the
Additional  Collateral  Mortgage  Loans,  to the extent  they  relate to matters
arising on or after the applicable  Original  Closing Date, are true and correct
as of the date of this AAR Agreement. For purposes of making the representations
and warranties contemplated in the foregoing sentence, each reference in Section
3.03 of the Purchase Agreement and Section 2(d) of the ACASA (i) to the "Cut-off
Date" shall be deemed to be a reference to the Assigned Loans Cut-off Date, (ii)
to the "Mortgage Loan  Schedule"  shall be deemed to be a reference to Exhibit A
hereto and any other  schedules  of the Assigned  Loans,  provided in writing or
electronically,  providing  any data with respect to the  Assigned  Loans of the
type described in the  definition of "Mortgage  Loan  Schedule"  provided in the
Purchase  Agreement,  and (iii) to the  "Funding  Date"  shall be deemed to be a
reference to the date of this AAR Agreement.

        It is understood and agreed that the representations and  warranties set
forth in this Section 3 shall survive delivery of the respective  Mortgage Loans
to the  Assignee or its  designee and shall inure to the benefit of the Assignee
and its assigns  notwithstanding  any  restrictive  or qualified  endorsement or
assignment. It is understood and agreed that the Assignor shall be deemed not to
have made the  representations and warranties in this Section 3 with respect to,
and to the extent of,  representations  and  warranties  made, as to the matters
covered  in this  Section  3,  by a