ACE Securities Corp. Home Equity Loan Trust, Series 2006-FM1 – ‘10-K/A’ for 12/31/06

On:  Tuesday, 5/29/07, at 3:45pm ET   ·   For:  12/31/06   ·   Accession #:  1056404-7-1966   ·   File #:  333-131727-11

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Amendment to Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K/A      Amendment to Annual Report                             6±    27K 

Document Table of Contents

           UNITED STATES
            SECURITIES AND EXCHANGE COMMISSION
            WASHINGTON, D.C. 20549

               FORM 10-K/A
               Amendment No. 2

(Mark one)                                                                  

/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES         
EXCHANGE ACT OF 1934                                                
For the fiscal year ended December 31, 2006                         

OR                                                                  

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES     
EXCHANGE ACT OF 1934                                                

Commission file number:  333-131727-11                            

ACE Securities Corp. Home Equity Loan Trust, Series 2006-FM1      
(exact name of issuing entity as specified in its charter)        

ACE Securities Corp.                                              
  (exact name of the depositor (as registrant on behalf of the issuing
entity) as specified in its charter)                              

DB Structured Products, Inc.                                      
(exact name of the sponsor as specified in its charter)           

Delaware                                          06-1442101                
(State or other jurisdiction of                   Depositor                 
incorporation or organization)                    (I.R.S. Employer          
                                           Identification No.)

ACE Securities Corp.                                                      
6525 Morrison Boulevard Suite 318                                         
Charlotte, NC                                 28211                       
(Address of principal executive offices)    (Zip Code)                      

Registrant's telephone number, including area code: (704) 365-0569          

Securities registered pursuant to Section 12(b) of the Act:                 

NONE.                                                           

Securities registered pursuant to Section 12(g) of the Act:                 

NONE.                                                           

Indicate by check mark if the registrant is a well-known seasoned issuer,   
as defined in Rule 405 of the Securities Act.                               

Yes  ___     No  X                                              

Indicate by check mark if the registrant is not required to file reports    
pursuant to Section 13 or Section 15(d) of the Act.                         

Yes  ___     No  X                                              

Indicate by check mark whether the registrant (1) has filed all reports     
required to be filed by Section 13 or 15(d) of the Securities Exchange      
Act of 1934 during the preceding 12 months (or for such shorter period      
that the registrant was required to file such reports), and (2) has been    
subject to such filing requirements for the past 90 days.                   

Yes  X       No  ___                                            

Indicate by check mark if disclosure of delinquent filers pursuant to       
Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained      
herein, and will not be contained, to the best of registrant's knowledge,   
in definitive proxy or information statements incorporated by reference     
in Part III of this Form 10-K or any amendment to this Form 10-K.           

Not applicable.                                                 

Indicate by check mark whether the registrant is a large accelerated filer, 
an accelerated filer, or a non-accelerated filer. See definition of         
"accelerated filer and large accelerated filer" in Rule 12b-2 of the        
Exchange Act. (Check one):                                                  

Large accelerated filer ___  Accelerated filer ___  Non-accelerated filer X 

Indicate by check mark whether the registrant is a shell company (as        
defined in Rule 12b-2 of the Act).                                          

Yes  ___     No  X                                              

State the aggregate market value of the voting and non-voting common        
equity held by non-affiliates computed by reference to the price at which   
the common equity was last sold, or the average bid and asked price of      
such common equity, as of the last business day of the registrant's most    
recently completed second fiscal quarter.                                   

Not applicable.                                                 

Documents Incorporated by Reference                                   

Not applicable.                                                 

EXPLANATORY NOTE      

This Amendment No. 2 to the Annual Report on Form 10-K is being filed to    
include a revised attestation report from Fremont Investment & Loan, which  
corrects certain clerical errors in the attestation report originally filed 
on a Form 10-K/A on May 18, 2007. This Amendment No. 2 does not modify or   
update disclosure in any other item of, or exhibits to, the previously filed
Form 10-K or Form 10-K/A or reflect any events that have occurred after the 
original filings of the Form 10-K or the Form 10-K/A.                       

PART IV         

Item 15. Exhibits, Financial Statement Schedules.                           

(a) Exhibits                                                              

(34) Attestation reports on assessment of compliance with servicing   
criteria for asset-backed securities.                       

                                                                      [Download Table]
                                              

                                              

a) Fremont Investment & Loan, as Servicer <F1>

                                                                          
(b) See Exhibits identified in Paragraph (a) above.                       

(c) Not applicable.                                                       

<F1> Filed herewith.                                                        

SIGNATURES      

Pursuant to the requirements of Section 13 or 15(d) of the Securities       
Exchange Act of 1934, the registrant has duly caused this report to be      
signed on its behalf by the undersigned, thereunto duly authorized.         

ACE Securities Corp. Home Equity Loan Trust, Series 2006-FM1            
(Issuing Entity)                                                        

/s/ Evelyn Echevarria                                                   
Evelyn Echevarria, Vice President                                       

Date: May 29, 2007                                                      

Exhibit Index                                                               

Exhibit No.                                                                 

(34) Attestation reports on assessment of compliance with servicing   
criteria for asset-backed securities.                       

                                                                      [Download Table]
                                         

                                         

a) Fremont Investment & Loan, as Servicer

                                                                          
EX-31 Rule 13a-14(d)/15d-14(d) Certifications                               

I, Evelyn Echevarria, certify that:                                         

1. I have reviewed this report on Form 10-K/A and all reports on Form 10-D  
required to be filed in respect of the period covered by this report  
on Form 10-K/A of ACE Securities Corp. Home Equity Loan Trust, Series 
2006-FM1 (the "Exchange Act periodic reports");                       

2. Based on my knowledge, the Exchange Act periodic reports, taken as a     
whole, do not contain any untrue statement of a material fact or omit 
to state a material fact necessary to make the statements made, in    
light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;         

3. Based on my knowledge, all of the distribution, servicing and other      
information required to be provided under Form 10-D for the period    
covered by this report is included in the Exchange Act periodic       
reports;                                                              

4. I am responsible for reviewing the activities performed by the           
servicers and based on my knowledge and the compliance reviews        
conducted in preparing the servicer compliance statements required in 
this report under Item 1123 of Regulation AB, and except as disclosed 
in the Exchange Act periodic reports, the servicers have fulfilled    
their obligations under the servicing agreements; and                 

5. All of the reports on assessment of compliance with servicing            
criteria for asset-backed securities and their related attestation    
reports on assessment of compliance with servicing criteria for       
asset-backed securities required to be included in this report in     
accordance with Item 1122 of Regulation AB and Exchange Act Rules     
13a-18 and 15d-18 have been included as an exhibit to this report,    
except as otherwise disclosed in this report. Any material instances  
of noncompliance described in such reports have been disclosed in     
this report on Form 10-K/A.                                           

In giving the certifications above, I have reasonably relied on       
information provided to me by the following unaffiliated parties:     
 Fremont Investment & Loan as Servicer, Wells Fargo Bank, N.A. as Master
Servicer and Securities Administrator.                                

Dated: May 29, 2007                                                   

/s/ Evelyn Echevarria                                                 
Signature                                                             

Vice President                                                        
Title                                                                 

EX-34 (a)                                                                       
(logo) SQUAR MILNER                                                             

REPORT OF INDEPENDENT REGISTERED                                                
PUBLIC ACCOUNTING FIRM                                                          

Board of Directors                                                              
Fremont Investment & Loan                                                       

We have examined management's assertion, included in the accompanying Report on 
Assessment of Compliance, that Fremont Investment & Loan (the "Company")        
complied with the servicing criteria set forth in Item 1122(d) of the Securities
and Exchange Commission's Regulation AB for publicly issued asset-backed        
securities transactions that were completed on or after January 1, 2006, for    
which the Company served as a servicer, and that were registered with the       
Securities and Exchange Commission pursuant to the Securities Act of 1933 for   
related asset-backed securities involving first-lien and second-lien residential
mortgage loans that were outstanding during the year ended December 31, 2006    
(herein referred to as "the Platform"), except for criteria 1122(d)(1)(i),      
1122(d)(1)(iii), 1122(d)(4)(ii) and 1122(d)(4)(xv), which management has        
determined are not applicable to the activities performed by the Company with   
respect to the Platform. With respect to Items 1122(d)(3)(i), 1122(d)(3)(ii),   
1122(d)(3)(iii) and 1122(d)(3)(iv), the Company's responsibilities are limited  
to the timely delivery of contractual payments and other information to the     
Trust Administrator, or the Trustee, and the Company does not take              
responsibility for the reports or cash disbursements to investors. Management is
responsible for the Company's compliance with the applicable servicing criteria.
Our responsibility is to express an opinion on management's assertion about the 
Company's compliance with the applicable servicing criteria for the Platform    
based on our examination.                                                       

Our examination was conducted in accordance with the standards of the Public    
Company Accounting Oversight Board (United States) and, accordingly, included   
examining, on a test basis, evidence about the Company's compliance with the    
applicable servicing criteria for the Platform and performing such other        
procedures as we considered necessary in the circumstances. Our examination     
included selecting a sample of transactions and compliance activities related to
the Platform during the examination period, and evaluating whether the Company  
processed those transactions and performed those activities in compliance with  
the applicable servicing criteria for the period covered by this report.        
Accordingly, our testing may not have included servicing activities related to  
each asset-backed transaction or security constituting the Platform. Our testing
of selected transactions and compliance activities was limited to calculations, 
reports, and                                                                    

SQUAR, MILNER, PETERSON, MIRANDA & WILLIAMSON, LLP                              
Certified Public Accountants & Financial Advisors, Servicing Clients Since 1951 

4100 Newport Place Drive, Third Floor * Newport Beach, CA 92660                 
Tel: 949-222-2999 * Fax: 949-222-2989                                           

3655 Nobel Drive, Suite 500 * San Diego, CA 92122                               
Tel: 858-597-4100 * Fax: 858-597-4111                                           

Website: www.squarmilner.com                                                    

(page)                                                                          

activities performed by the Company during the period covered by this report.   
Our procedures were not designed to determine whether errors may have occurred  
either prior to or subsequent to our tests that may have affected the balances  
or amounts calculated or reported by the Company during the period covered by   
this report for the selected transactions or any other transactions. We         
believe that our examination provides a reasonable basis for our opinion. Our   
examination does not provide a legal determination on the Company's compliance  
with the applicable servicing criteria.                                         

As described in management's assertion included in the accompanying Appendix A, 
for servicing criteria 1122(d)(1)(ii), the Company has engaged various vendors  
to perform activities required by this servicing criteria. The Company has      
determined that these vendors are not considered a "servicer" as defined in Item
1101(j) of Regulation AB, and the Company has elected to take responsibility for
assessing compliance with the servicing criteria applicable to these vendors as 
permitted by Interpretation 17.06 of the SEC Division of Corporation Finance    
Manual of Publicly Available Telephone Interpretations ("Interpretation 17.06").
As permitted by Interpretation 17.06, the Company has asserted that it has      
policies and procedures in place designed to provide reasonable assurance that  
the vendor's activities comply in all material respects with the servicing      
criteria applicable to the vendor. The Company is solely responsible for        
determining that it meets the SEC requirements to apply Interpretation 17.06 for
the vendors and related criteria as described in its assertion, and we performed
no procedures with respect to the Company's eligibility to apply Interpretation 
17.06.                                                                          

In our opinion, management's assertion that the Company complied with the       
aforementioned applicable servicing criteria, including servicing criteria      
1122(d)(2)(i) for which compliance is determined based on Interpretation 17.06  
as described above, as of December 31, 2006 and for twelve months ended December
31, 2006 for the Platform is fairly stated, in all material respects.           

/s/ Squar Milner Peterson Miranda & Williamson, LLP                             

Newport Beach, California                                                       
May 14, 2007                                                                    

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K/A’ Filing		Date		Other Filings
Filed on:		5/29/07
		5/18/07		10-K/A
		5/14/07
For Period End:		12/31/06		10-K,  10-K/A,  NT 10-K
		1/1/06
				List all Filings