CREDIT INSURANCE POLICY OLD REPUBLIC INSURANCE COMPANY GREENSBURG, PENNSYLVANIA A STOCK COMPANY

                                                                    Exhibit 99.3

No. V 10

Renewal of
Policy No. _______________

                             CREDIT INSURANCE POLICY

                         OLD REPUBLIC INSURANCE COMPANY

                            GREENSBURG, PENNSYLVANIA
                                 A STOCK COMPANY
                        (hereinafter called the Company)

In consideration of the stipulations and provisions hereinafter set forth and of
the premium hereinafter specified, does insure The Bank of New York, as Trustee
for the Holders of CWHEQ, Inc. Home Equity Loan Asset Backed Certificates,
Series 2006-S5 and Financial Guaranty Insurance Company, a corporation organized
under the laws of New York, hereinafter called the Assured, whose address is New
York, New York, against loss (only as herein defined and limited) due to Default
by a Borrower from the Assured in the repayment to the Assured of Loans
evidenced by Eligible Notes, reported to the Company and insured hereunder which
were made to finance the alteration, repair, conversion, improvement or
modernization of real property.

This Policy shall be effective from the 1st day of September, 2006, at 12:01
A.M. at the place of business of the Assured and shall remain in force
continuously until cancelled. The coverage afforded by this Policy shall attach
to a particular loan coincident with the actual disbursement by the Assured of
the Loan during such period.

The Assured shall pay the Company a premium calculated upon the entire term of
the Note at the rate of [As Assured Hereunder]% per annum of the net proceeds
(as hereinafter defined) of any Loan reported for insurance, which premium shall
be payable within 15 days after the close of the month in which the Loan is made
or purchased. In computing the premium, no charge shall be made for a fractional
period of a month consisting of 15 days or less and a charge for a full month
shall be made for a fractional period of a month consisting of more than 15
days.

Loans shall be reported to the Company for insurance on the form prescribed by
the Company within 15 days after the close of the month in which the Loan is
made or purchased.

The Company's liability for loss with respect to any Insured Loan or Loans to an
individual Borrower who defaults to the Assured hereunder shall be limited to
five thousand dollars ($5,000.00) unless a higher limit is specifically approved
by the Company and is endorsed hereon. The Company's maximum cumulative
liability for Loss under this Policy is further limited to ten percent (10%) of
the Aggregate net proceeds of loans insured hereunder made by the Assured during
the 12 month period immediately following the effective date of this Policy and
during each succeeding 12 month period in which this Policy is in full force and
effect. The Company's maximum liability under this Policy shall in no event
exceed $75,375,690 during each such 12 month period.

This Policy is made and accepted subject to the foregoing provisions and
stipulations and those hereinafter stated which are hereby made part of this
Policy, together with such other provisions, stipulations and agreements as may
be added hereto, as provided in this Policy.

IN WITNESS WHEREOF, the Company has duly executed these presents; but this
Policy shall not be valid unless countersigned by a duly authorized
representative of the Company.

Countersigned this 26th day of September, 2006         _________________________
                                                                       President

OLD REPUBLIC INSURANCE COMPANY                         _________________________
                                                                       Secretary

By:_____________________________
     Authorized Representative


ICS--1C-Rev. 8/59                                                          01/06

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                           PROVISIONS AND STIPULATIONS

1. DEFINITIONS

     a.   "Loan" means an advance of funds, or the purchase of an obligation,
          evidenced by an Eligible Note, the proceeds of which have been or are
          to be used for the alteration, repair, conversion, improvement or
          modernization of real property located within the continental limits
          of the United States of America.

     b.   "Eligible Note" or "Note" means any written evidence of obligation,
          including a note, bond, mortgage or indenture which:

          (1)  Bears the genuine signature of the Borrower and all other parties
               to the instrument, is complete and regular on its face, and is
               valid and enforceable against the Borrower; and

          (2)  Contains an acceleration clause which provides for acceleration
               of maturity either automatically or at the option of the holder,
               in the event of default in payment of any installment upon the
               due date thereof; and

          (3)  Contains payment and maturity requirements meeting the following
               specifications: The Note shall be payable in approximately equal
               monthly installments, the first of which shall fall due within
               six months and the last within sixty months and 32 days from the
               date of the Note. If the principal income of the Borrower is
               derived from a seasonal operation or business, the Note may be
               made payable in installments corresponding with the seasonal
               variation in Borrower's income shown on his application for
               credit; provided the first installment is payable within twelve
               months of the date of the Note; and further provided that the sum
               of installments to be paid in any year subsequent to the first
               year shall not be greater than the proportion of the total debt
               which is to be paid in the first year; and further provided that
               a token payment is due in each off-season month; and

          (4)  Is for an amount such that the net proceeds, as defined below, of
               such note plus the then unpaid net proceeds of any other loans
               insured by the Company made by the Assured to the individual
               Borrower making the note are not in excess of $5,000.00, except
               that specified notes for greater amounts may be insured hereunder
               upon endorsement of this policy specifically insuring such notes.

     c.   "Borrower" means one, whether individual, partnership, corporation or
          other legal entity, who applies for and receives a Loan, evidenced by
          an Eligible Note, and whose interest in the real property to be
          improved is:

          (1)  A fee title; (2) a life estate; (3) a leasehold estate having a
               fixed term expiring after the maturity of the Note; or (4) an
               equitable interest under a contract or deed of trust to create an
               interest in real property of the character described in (1), (2)
               or (3). No such person shall be accepted by the Assured as a
               Borrower if such person is past due more than fifteen days as to
               the payment of an obligation owed the Assured or any obligation
               insured by the Company or is past due more than thirty days as to
               the payment of any other indebtedness evidenced by a note, bond
               or contract signed by such person and the Assured through its
               usual credit investigation is placed on notice of such fact or
               facts, unless other circumstances known to the Assured make a
               loan to such person a credit risk acceptable to a prudent lender.

     d.   "Payment" or "Installment" means a deposit by the Borrower with the
          Assured of funds which represent the full or partial repayment of a
          Loan according to the terms of the Note evidencing such Loan.

     e.   "Default" means the failure of the Borrower to make any payment to the
          Assured at the time and in the manner and amount specified in the Note
          evidencing the Loan.

     f.   "Date of Default" means the earliest date upon which an installment or
          payment was due which was not paid by the Borrower according to the
          terms of the Note.

     g.   "Loss" means the amount payable to the Assured by the Company as
          provided in paragraph 5 hereof.

     h.   "Net Proceeds" means the amount of the loan actually made or the
          purchase price of the note, exclusive of finance charges, fees, and
          other deductions.

2. CONDITIONS PRECEDENT TO RECOVERY

     Prior to making a Loan, the Assured shall obtain a dated credit application
     fully executed by the Borrower. The credit application supplemented by such
     other information as the Assured deems necessary, must, in the judgment of
     the Assured, clearly show the Borrower to be solvent, with reasonable
     ability to repay the Loan, and in other respects a reasonable credit risk.
     If, after the Loan is made, the Assured discovers any material
     misstatements in the credit application, or misuse of the proceeds of the
     Loan by the Borrower, the Assured shall promptly report such discovery to
     the Company.

     The Assured shall exercise due diligence in disbursing proceeds of loans
     and in effecting collections and shall service its Loans in accordance with
     acceptable practices of prudent lending institutions.

     All payments received on account of the Note, except late charges, must be
     applied to the maturing installments in their order, except that any sum
     received by the Assured in excess of three advanced monthly payments shall
     be credited to the final installments in the absence of specific written
     instructions from the Borrower to do otherwise.

     Claim may be made after Default provided written demand has been made on
     the Borrower for the full unpaid balance of the Note. The Company reserves
     the right to require the Assured to reduce the Note to judgment subject to
     the limitations of the terms of the Note.

3. NOTICE OF DEFAULT AND FILING OF CLAIMS FOR LOSS

     Should a Default continue for a period of 90 days, notice thereof must be
     filed with the Company monthly thereafter, on the form prescribed by the
     Company until the Default is cured or a claim of Loss filed. A claim for
     Loss may be filed as to an individual Loan at any time after Default but in
     no event later than six months after Default unless the Company shall grant
     an extension of the claim period in writing. Claims shall be filed on Proof
     of Loss forms provided by the Company, which shall include an assignment of
     the Assured's interest in the defaulted Note to the Company or such other
     person as may be designated by the Company as assignee.

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4. PAYMENT OF LOSS

     All adjusted claims shall be paid or made good within thirty days after
     presentation of satisfactory evidence of Loss to the Company.

5. LIMIT OF LOSS

     In addition to the limitations heretofore set out, the Company shall be
     obligated to pay hereunder only the full unpaid balance of the Note or of
     the actual purchase price thereof, whichever is lesser, less the unearned
     discount thereon, plus

     a.   uncollected earned interest to date of Default and interest at the
          rate of 4% per annum from the date of Default to the date of
          presentation of Proof of Loss; plus

     b.   uncollected court costs (including fees paid for issuing, serving and
          filing summons); plus

     c.   attorneys' fees actually paid, not exceeding:

          (1)  25 percent of the amount collected by the attorney on the
               defaulted Note provided the Assured does not waive its claim
               against the Borrower for such fees, plus

          (2)  $25.00 or 15 percent of the balance due on the Note, whichever is
               the lesser, if a judgment is secured by suit, or $10.00 or 15
               percent of the balance due on the Note, whichever is the lesser,
               if a judgment is secured by confession after default; plus

          (3)  $50.00 plus 5 percent of the balance due on the Note as an
               additional fee where the action is contested and judgment is
               obtained;

     less any part of the foregoing amounts which the Assured has collected from
     others, or which the Assured can collect from a reserve or holdback funds
     in its hands.

6.   SUBROGATION

     In the event of any payment under this Policy, the Company shall be
     subrogated to all of the Assured's rights of recovery against the Borrower
     and any other person or organization liable under the terms of the
     defaulted Note and against any reserve or holdback funds in its hands, and
     the Assured shall execute and deliver at the request of the Company
     instruments and papers and do whatever else is necessary to transfer,
     assign and secure such rights. The Assured shall do nothing after Loss to
     prejudice such rights, and the execution by the Assured of a release or
     waiver of the right to collect the unpaid balance of a Loan shall equally
     release the Company from any further obligation under this Policy as to
     said Loan, anything in this Policy to the contrary notwithstanding.

7. TRANSFER OR PREPAYMENT OF LOANS REPORTED FOR INSURANCE

     All liability under this Policy with respect to any individual loan shall
     terminate upon sale or transfer (including without limiting the generality
     of application of this section, transfers pursuant to, or resulting from
     merger or consolidation of the Assured with any other corporation or
     company) of such loan, or the note evidencing same, to any transferee not
     holding a similar Policy issued by the Company.

     Such sales or transfers may be made to a transferee holding a similar
     Policy issued by the Company only with the prior written approval of the
     Company. In the event of such a sale or transfer, the continuing liability
     of the Company to the transferee with regard to the loan or loans sold or
     transferred shall be ten percent of the aggregate unpaid balance of the net
     proceeds of such loan or loans at the time of transfer or sale, and the
     aggregate limit of liability of the Company to the Assured hereunder shall
     be reduced by an equal amount.

     In no event will the Company refund any premium to the Assured upon the
     sale or transfer of any loan or loans insured hereunder.

     Nothing contained herein shall be construed to prevent the pledging of such
     loans, or the notes evidencing the same, as collateral security under a
     bona fide loan agreement.

     In the event that the Borrower shall prepay an eligible loan for which the
     required premium has been paid by the Assured to the Company, upon receipt
     of a report of such prepayment and application for premium refund on the
     form prescribed by the Company, the Company shall return to the Assured a
     premium refund calculated according to the sum-of-the-digits method, and
     the aggregate cumulative liability of the Company hereunder shall be
     reduced by ten percent of the original net proceeds of said loan.

8.   REPORTS AND EXAMINATION

     The Company may at any time call upon the Assured for such reports as it
     may deem necessary and may inspect the books or the Accounts of the Assured
     as they pertain to the Loans reported for insurance hereunder. All Loans
     reported to the Company for insurance hereunder shall be identified by
     methods satisfactory to the Company on the records of the Assured.

9.   AMENDMENTS

     Notice to any agent or knowledge possessed by any agent or by any other
     person shall not effect a waiver or a change in any part of this Policy or
     estop the Company from asserting any right under the terms of this Policy.
     The terms of this Policy may be waived or changed only after written
     approval of the Company and by an endorsement signed on behalf of the
     Company by its President, Vice President or Secretary and countersigned by
     a duly authorized representative of the Company.

10.  MISREPRESENTATION AND FRAUD

     The Policy shall be void if the Assured has concealed or misrepresented any
     material fact or circumstance concerning this insurance or the subject
     thereof or in case of any fraud, attempted fraud or false swearing by the
     Assured touching any matter relating to this insurance or the subject
     thereof whether before or after a loss, or if the Assured shall make any
     claim which is false or fraudulent either in amount or otherwise.

11.  OTHER INSURANCE

     If at the time of Loss or Default there is any other valid and collectible
     insurance which would attach if this insurance had not been effected, this
     insurance shall apply only as excess and in no event as contributing
     insurance, and then only after all other insurance has been exhausted.

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12.  ASSIGNMENT OF POLICY

     This Policy shall be void if assigned or transferred without the written
     consent of this Company, whether such transfer be voluntary or involuntary.

13.  SUIT AGAINST COMPANY

     No suit, action or proceeding for the