United Guaranty Residential Insurance Company of North Carolina

                                 EXHIBIT 99.1


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[LOGO OMITTED] AIG United Guaranty                             SECOND MORTGAGE
                                                         BULK INSURANCE POLICY
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United Guaranty Residential Insurance Company of North Carolina
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230 N. Elm Street / 27401      Telephone 336-373-0232
P.O. Box 20327                 Nationwide 800-334-0296
Greensboro, NC 27420           Facsimile 336-273-1785


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UNITED GUARANTY RESIDENTIAL INSURANCE COMPANY OF NORTH CAROLINA, a stock
insurance company herein called the Company, in consideration of the premium
which has been paid as hereinafter specified and in reliance upon the
Insured's representations and statements made in the Policy Commitment Letter
and in any application for coverage for a loan under this Policy and in any
documents and writings, including any data transferred by electronic media
related thereto, agrees to pay to the Insured identified below benefits as
herein set forth upon Default by a Borrower on a Loan, subject to the terms
and conditions of this Policy.


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INSURED'S IDENTIFICATION NUMBER: 107-3007-000


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INSURED:          Chase Bank USA, National Association, 500 Stanton Christiana
                  Road, Ops 4, Floor 3, Newark, DE, 19713, in its capacity as
                  co-trustee, for the benefit of the holders of the Revolving
                  Home Equity Loan Asset Backed Notes, Series 2006-E, and not
                  in its individual capacity (the "Co-Trustee") under an
                  Indenture, dated as of June 29, 2006, by and among CWHEQ
                  Revolving Home Equity Loan Trust, Series 2006-E, JPMorgan
                  Chase Bank, N.A., as Indenture Trustee, and the Co-Trustee.

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SECURITY:
CWHEQ Revolving Home Equity Loan Trust, Series 2006-E

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<S>                            <C>                                             <C>                  <C>
TOTAL INSURED AMOUNT:          $715,570,425.00                                 BULK POLICY          EFFECTIVE DATE

INITIAL PREMIUM:               The initial monthly premium rate is 0.101%.         GKA                6/22/2006
                              
                               The initial premium is due 45 days following
                               the effective date of coverage.

SUBSEQUENT PREMIUM:            The monthly renewal premium is 0.101%.
                               Renewal premiums are due by the 15th of
                               each month and are based on the
                               outstanding loan balances at the end of
                               the previous month. Renewal premiums may
                               be paid by wire or check.
                                                                               ENDORSEMENTS        EFFECTIVE DATES
LOAN LOSS PERCENTAGE:          100%
                                                                                 GKA 2092             6/22/2006
MAXIMUM CUMULATIVE LIABILITY PERCENTAGE:  8.50%

COVERAGE PERIOD:               Not Applicable

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IN WITNESS WHEREOF, the Company has caused this Policy to be signed by its
duly authorized officers to become effective and binding on the Company when
executed by its duly authorized representative.


        UNITED GUARANTY RESIDENTIAL INSURANCE COMPANY OF NORTH CAROLINA



        /s/ Signature     
        -------------------
        President                  
                                   


        /s/ Elizabeth M. Tuck
        ----------------------
        Elizabeth M. Tuck
        Secretary


                                    /s/ Signature
                                    ------------------------------------------
                                    Authorized Representative


             ATTACH TO BULK INSURANCE POLICY TERMS AND CONDITIONS

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                                INSURED'S COPY



                                      2
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                                                                    AMENDATORY
                                                                   ENDORSEMENT

UNITED GUARANTY
RESIDENTIAL INSURANCE COMPANY OF NORTH CAROLINA
230 N. Elm Street/27401
P.O. Box 20327 Greensboro, NC 27420-1367
336.373.0232
800.334.0296
                                      FOR

                     SECOND MORTGAGE BULK INSURANCE POLICY

               QUALIFIED; CANCELLATION OF POLICY BY THE INSURED

The above Second Mortgage Bulk Insurance Policy is hereby amended as of the
date stated on the face of this Policy as follows:

A.    A new Section 1.36A (Qualified) is added reading as follows:

      1.36A Qualified--Qualified means the Company

            (a)   maintains at least an A or equivalent rating by Standard &
                  Poor's or its successor so long as that company provides
                  ratings of insurance companies writing the kind of insurance
                  written by the Company and

            (b)   either

                  (i)   maintains at least an A or equivalent rating by either
                        Moody's Investors Service or Fitch IBCA, Inc. their
                        successors so long as those companies provide ratings
                        of insurance companies writing the kind insurance
                        written by the Company or

                  (ii)  maintains an excess of loss reinsurance agreement with
                        an insurer which maintains at least an A equivalent
                        rating by Standard & Poor's and by either Moody's
                        Investors Service or Fitch IBCA, Inc. their successors,
                        except that if the Company does not satisfy the
                        requirement of this Section 1.36A(b)(i it shall have
                        ninety (90) days to satisfy the requirement of Section
                        1.36A(b)(i).

B.    Section 2.10 (Cancellation of Policy by the Insured) is deleted and a new
Section 2.10 (Cancellation of Policy by the Insured) i substituted reading as
follows:

      2.10 Cancellation of Policy by the Insured --The Insured may terminate
      this Policy upon thirty (30) written days' notiice to the Company if the
      Company shall cease to be Qualified or if on any date the total
      outstanding principal balances of Loans listed on the Schedule as of the
      Effective Date of the Policy have been reduced to no more than ten
      percent (10%) the total outstanding principal balances of all Loans
      listed on the Schedule as of the Effective Date of the Policy. The
      Company shall use diligent effort to remain Qualified. There shall be no
      other right of cancellation of this Policy by the Insured. There shall
      be no refund of premium on cancellation of this Policy pursuant to this
      Section if the Insured chose pay premium on any basis other than a
      single premium. If the Insured has paid a single premium for this Policy
      and the Policy is cancelled pursuant to this Section, the Company shall
      pay a refund in accordance with the applicable rate schedule if the rate
      schedule provides for a refund.

NOTHING CONTAINED HEREIN SHALL BE HELD TO VARY, ALTER, WAIVE OR AMEND ANY OF
THE TERMS, CONDITIONS OR PROVISIONS OF THIS POLICY OR ANY ENDORSEMENTS THERETO
EXCEPT AS STATED ABOVE.

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                               Title of Contents

<S>                                                                                                             <C>
1 Definitions ....................................................................................................1
     1.1 Borrower ................................................................................................1
     1.2 Certificate .............................................................................................1
     1.3 Claim ...................................................................................................1
     1.4 Claim Amount ............................................................................................1
     1.5 Closed-end Equity Loan ..................................................................................1
     1.6 Combined Loan-to-Value ..................................................................................1
     1.7 Commitment ..............................................................................................1
     1.8 Commitment Letter .......................................................................................1
     1.9 Consummated .............................................................................................2
     1.10 Court Expenses .........................................................................................2
     1.11 Default ................................................................................................2
     1.12 Due-on-Sale Clause .....................................................................................2
     1.13 Effective Date .........................................................................................2
     1.14 Eligible Note ..........................................................................................2
     1.15 Environmental Impairment ...............................................................................3
     1.16 First Deed of Trust ....................................................................................4
     1.17 Indemnified Persons ....................................................................................4
     1.18 Insured ................................................................................................4
     1.19 Insured Loan Amount ....................................................................................4
     1.20 Loan ...................................................................................................4
     1.21 Loan File ..............................................................................................4
     1.22 Loan File Documents ....................................................................................5
     1.23 Loan Loss Percentage ...................................................................................5
     1.24 Loan Transaction .......................................................................................6
     1.25 Loss ...................................................................................................6
     1.26 Maximum Cumulative Liability ...........................................................................6
     1.27 Maximum Cumulative Liability Percentage ................................................................6
     1.28 Open-end Equity Loan ...................................................................................6
     1.29 Permitted Encumbrances .................................................................................6
     1.30 Person .................................................................................................6
     1.31 Physical Damage ........................................................................................6
     1.32 Policy .................................................................................................7
     1.33 Program Criteria .......................................................................................7
     1.34 Property ...............................................................................................7
     1.35 Property Value .........................................................................................7
     1.36 Purchase Money Loan ....................................................................................7
     1.37 Residential ............................................................................................7
     1.38 Schedule ...............................................................................................7
     1.39 Second Deed of Trust ...................................................................................8
     1.40 Security ...............................................................................................8
     1.41 Servicer ...............................................................................................8
     1.42 Total Insured Amount ...................................................................................8
2 Coverage .......................................................................................................8
     2.1 Obtaining Coverage ......................................................................................8
     2.2 Representations of the Insured ..........................................................................8
     2.3 Initial Premium .........................................................................................9
     2.4 Cancellation of Policy for Non-Payment of Subsequent Premium ............................................9
     2.5 Company's Remedies for Misrepresentation ................................................................9
     2.6 Coverage Period .........................................................................................9
     2.7 Cancellation of a Certificate by the Insured ...........................................................10
     2.8 Cancellation of a Certificate by the Company ...........................................................10
     2.9 Termination of Coverage ................................................................................10
     2.10 Cancellation of Policy by the Insured .................................................................10



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     2.11 Cancellation of Policy by Company .....................................................................11
     2.12 Loan Modifications ....................................................................................11
     2.13 Open End Provisions ...................................................................................11
     2.14 Assumptions ...........................................................................................11
     2.15 Change of Servicing ...................................................................................11
     2.16 Loan Assignment .......................................................................................11
     2.17 Premium Payments ......................................................................................12
     2.18 Coordination of Other Insurance Benefits ..............................................................12
3 Exclusions From Coverage ......................................................................................12
     3.1 Balloon Payment ........................................................................................12
     3.2 Effective Date .........................................................................................12
     3.3 Incomplete Construction ................................................................................12
     3.4 Loan Transaction .......................................................................................12
     3.5 Negligence and Fraud ...................................................................................13
     3.6 Non-Approved Servicer ..................................................................................13
     3.7 Physical Damage ........................................................................................13
     3.8 Environmental Impairment ...............................................................................13
     3.9 Combined Loan-to-Value .................................................................................13
     3.10 Down Payment ..........................................................................................13
     3.11 Second Deed of Trust ..................................................................................13
     3.12 Breach of Conditions and Insured's Obligations ........................................................14
     3.13 Defenses ..............................................................................................14
     3.14 Failure to Conform to Program Criteria ................................................................14
     3.15 Failure to Provide Loan File ..........................................................................14
     3.16 Failure to Request Notice of Default ..................................................................14
     3.17 Disbursement of Proceeds After Borrower Two (2) Months in Default .....................................14
     3.18 Loan in Default Thirty Days ...........................................................................14
4 Conditions Precedent to Payment of Claim ......................................................................14
     4.1 Notice of Default ......................................................................................15
     4.2 Monthly Reports ........................................................................................15
     4.3 Company's Option to Accelerate Filing of a Claim .......................................................15
     4.4 Mitigation of Damages ..................................................................................15
     4.5 Claim Information and Other Requirements ...............................................................16
5 Loss Payment Procedure ........................................................................................16
     5.1 Filing of Claim ........................................................................................16
     5.2 Calculation of Claim Amount ............................................................................16
     5.3 Payment of Loss ........................................................................................17
     5.4 Discharge of Obligation; Offset ........................................................................17
6 Additional Conditions .........................................................................................18
     6.1 Proceedings of Eminent Domain ..........................................................................18
     6.2 Subrogation ............................................................................................18
     6.3 Notice .................................................................................................18
     6.4 Reports and Examinations ...............................................................................18
     6.5 Arbitration of Disputes; Suits and Actions Brought by the Insured ......................................18
     6.6 Conformity to Statute; Applicable Law ..................................................................19
     6.7 Parties in Interest ....................................................................................19
     6.8 Agency .................................................................................................19
     6.9 Electronic Media .......................................................................................19
     6.10 Amendments; Waiver ....................................................................................20
     6.11 Indemnification .......................................................................................20
     6.12 Titles ................................................................................................20
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                                                         ii
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                             Terms and Conditions

1     Definitions

      1.1   Borrower--Borrower means any individual legally required to repay
            the debt obligation created pursuant to the Loan. The Borrower
            shall include any co-signor or guarantor of the Loan.

      1.2   Certificate--Certificate means the document extending the
            indicated coverage to a specified Loan under this Policy.