NOTE GUARANTY INSURANCE POLICY

                         NOTE GUARANTY INSURANCE POLICY


                                                            POLICY NUMBER: 48572

OBLIGATIONS:          $295,648,000
                      Home Equity Loan Trust  2006-HSA5 Home Equity  Loan-Backed
                      Term Notes,  Series 2006-HSA5 and Home Equity Loan- Backed
                      Variable Funding Notes, Series 2006-HSA5, in an amount not
                      to exceed $40,194,616



        MBIA Insurance  Corporation  (the  "Insurer"),  in  consideration of the
payment of the premium and subject to the terms of this Note Guaranty  Insurance
Policy (this "Policy"), hereby unconditionally and irrevocably guarantees to any
Owner that an amount  equal to each full and  complete  Insured  Amount  will be
received from the Insurer by JPMorgan Chase Bank, National  Association,  or its
successors,  as indenture trustee for the Owners (the "Indenture  Trustee"),  on
behalf of the Owners, for distribution by the Indenture Trustee to each Owner of
each  Owner's   proportionate   share  of  the  Insured  Amount.  The  Insurer's
obligations  hereunder  with  respect to a  particular  Insured  Amount shall be
discharged  to the  extent  funds  equal to the  applicable  Insured  Amount are
received  by the  Indenture  Trustee,  whether or not those  funds are  properly
applied by the Indenture Trustee.  Insured Amounts will be made only at the time
set  forth in this  Policy,  and no  accelerated  Insured  Amounts  will be made
regardless of any acceleration of the Obligations, unless the acceleration is at
the sole option of the Insurer.

        Notwithstanding the foregoing, this Policy does not cover shortfalls, if
any,  attributable  to the liability of the Issuer or the Indenture  Trustee for
withholding  taxes,  if any (including  interest and penalties in respect of any
such liability).

        The Insurer will pay any Insured  Amount that is a Preference  Amount on
the  Business  Day  following  receipt on a Business Day by the Fiscal Agent (as
described  below) of (a) a certified copy of the order requiring the return of a
preference payment,  (b) an opinion of counsel  satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form as
is reasonably required by the Insurer,  irrevocably assigning to the Insurer all
rights and claims of the Owner  relating  to or  arising  under the  Obligations
against the debtor which made such preference  payment or otherwise with respect
to such  preference  payment  and (d)  appropriate  instruments  to  effect  the
appointment  of the  Insurer  as agent for such  Owner in any  legal  proceeding
related  to  such  preference   payment,   such  instruments  being  in  a  form
satisfactory to the Insurer,  provided that if such documents are received after
12:00 noon,  New York City time, on such Business Day, they will be deemed to be
received on the following  Business Day. Such payments shall be disbursed to the
receiver  or  trustee  in  bankruptcy  named in the  final  order  of the  court
exercising  jurisdiction  on behalf  of the Owner and not to any Owner  directly
unless such Owner has returned  principal or interest paid on the Obligations to
such  receiver or trustee in  bankruptcy,  in which case such  payment  shall be
disbursed to such Owner.

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        The Insurer  will pay any other amount  payable  hereunder no later than
12:00 noon,  New York City time,  on the later of the Payment  Date on which the
related Deficiency Amount is due or the second Business Day following receipt in
New York, New York on a Business Day by U.S. Bank Trust National Association, as
Fiscal Agent for the Insurer,  or any  successor  fiscal agent  appointed by the
Insurer (the "Fiscal Agent"), of a Notice (as described below), provided that if
such Notice is received  after 12:00 noon,  New York City time, on such Business
Day, it will be deemed to be received on the following Business Day. If any such
Notice  received  by the  Fiscal  Agent is not in  proper  form or is  otherwise
insufficient for the purpose of making claim  hereunder,  it shall be deemed not
to have been  received by the Fiscal Agent for purposes of this  paragraph,  and
the Insurer or the Fiscal  Agent,  as the case may be, shall  promptly so advise
the Indenture Trustee and the Indenture Trustee may submit an amended Notice.

        Insured Amounts due hereunder,  unless otherwise stated herein,  will be
disbursed by the Fiscal Agent to the  Indenture  Trustee on behalf of the Owners
by wire  transfer of  immediately  available  funds in the amount of the Insured
Amount less, in respect of Insured  Amounts related to Preference  Amounts,  any
amount held by the Indenture  Trustee for the payment of such Insured Amount and
legally available therefor.

        The Fiscal Agent is the agent of the Insurer only,  and the Fiscal Agent
shall in no event be liable to Owners  for any acts of the  Fiscal  Agent or any
failure of the Insurer to deposit, or cause to be deposited, sufficient funds to
make payments due under this Policy.

        Subject to the terms of the  Agreement,  the Insurer shall be subrogated
to the rights of each Owner to receive  payments  under the  Obligations  to the
extent of any payment by the Insurer hereunder.

        As used herein, the following terms shall have the following meanings:

        "Agreement"  means the Indenture  dated as of September 28, 2006,  among
the Home Equity Loan Trust 2006-HSA5,  as Issuer, and the Indenture Trustee,