Home Loan Trust 2006-HI5 – ‘8-K’ for 12/20/06

On:  Wednesday, 12/20/06, at 4:50pm ET   ·   For:  12/20/06   ·   Accession #:  1383189-6-11   ·   File #:  333-131196-07

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         4     11K 
 2: EX-5        Ex 5.1                                                 2      9K 
 3: EX-8        Ex 8.1                                                 2      9K 

8-K   —   Current Report
Document Table of Contents

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

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
 THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) DECEMBER 20, 2006

 Commission File Number of issuing entity:
 333-131196-07

HOME LOAN TRUST 2006-HI5
(Exact name of issuing entity)

 COMMISSION FILE NUMBER OF DEPOSITOR: 333-131196

RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
 (EXACT NAME OF DEPOSITOR AS SPECIFIED IN ITS CHARTER)

RESIDENTIAL FUNDING COMPANY, LLC
 (EXACT NAME OF SPONSOR AS SPECIFIED IN ITS CHARTER)

    DELAWARE                              None
(STATE OR OTHER JURISDICTION OF INCORPORATION)      (I.R.S. EMPLOYER        
                                               IDENTIFICATION NO.)

c/o 8400 Normandale Lake Boulevard, Suite 250                               
Minneapolis, Minnesota                       55437    
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)           (ZIP CODE)         

 (952) 857-7000 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA
 CODE)

 N/A
 (FORMER NAME, FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)

 EXHIBIT INDEX LOCATED ON PAGE 2

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions .                                                          

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)                                                                        

[ ] Soliciting  material  pursuant to Rule 14a-12(b)  under the Exchange Act (17
CFR 240.14a-12(b))                                                              

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))                                                       

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))                                                       

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INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 8.01.     OTHER EVENTS.                                                    

On December 28, 2006,  Residential  Funding  Mortgage  Securities  II, Inc.,  as
depositor for Home Loan Trust  2006-HI5 (the "Trust") will cause the issuance of
the Home Loan-Backed  Notes,  Series 2006-HI5,  including the following  classes
offered pursuant to a Registration  Statement on Form S-3 (File No.  333-131196)
filed by the Registrant with the Securities and Exchange Commission:  Class A-1,
Class A-2, Class A-3 and Class A-4 (the "Notes").                               

Copies of the opinions of Mayer,  Brown, Rowe & Maw LLP with respect to legality
of the Notes and with  respect to certain  federal tax  matters,  together  with
related  consents  of  Mayer,  Brown,  Rowe & Maw  LLP to the  incorporation  by
reference of such opinions as exhibits to the Registration Statement,  are filed
as Exhibits to this Report.                                                     

ITEM 9.01.     FINANCIAL STATEMENTS AND EXHIBITS.                               

(a) Not applicable.                                             

(b) Not applicable.                                             

(c) Not applicable.                                             

 (d) Exhibits. The following are filed as Exhibits to this Report:

                      5.1    Opinion  of  Mayer,  Brown,  Rowe  & Maw  LLP  with
respect to legality.  

                      8.1    Opinion  of  Mayer,  Brown,  Rowe  & Maw  LLP  with
         respect to certain tax matters.

                      23.1   Consent of Mayer,  Brown,  Rowe & Maw LLP (included
           in opinion filed as Exhibit 5.1).

                      23.2   Consent of Mayer,  Brown,  Rowe & Maw LLP (included
           in opinion filed as Exhibit 8.1).

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SIGNATURES

        Pursuant to the requirements 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.                                          

                   RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.,

AS DEPOSITOR FOR THE TRUST    

By: /s/ Jeffrey Blaschko      
Name: Jeffrey Blaschko        
Title:Vice President          

Dated:  December 20, 2006                                                       

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 EXHIBIT INDEX

EXHIBIT NO.           DESCRIPTION                                               

5.1 Opinion of Mayer, Brown, Rowe & Maw LLP with respect to legality.           

8.1 Opinion of Mayer, Brown, Rowe & Maw LLP with respect to certain tax matters.

23.1  Consent of Mayer,  Brown,  Rowe & Maw LLP  (included  in opinion  filed as
Exhibit 5.1).                                                                   

23.2  Consent of Mayer,  Brown,  Rowe & Maw LLP  (included  in opinion  filed as
Exhibit 8.1).                                                                   

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		12/28/06		2
Filed on / For Period End:		12/20/06		1		3			8-K
									List all Filings