ABFC 2006-OPT1 Trust – ‘8-K’ for 8/30/06

On:  Thursday, 8/31/06, at 12:44pm ET   ·   For:  8/30/06   ·   Accession #:  914121-6-2744   ·   File #:  333-130524-02

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         5     13K 
 2: EX-4.1      Additional Mortgage Loan Purchase Agreement            9±    38K 
 3: EX-10.1     Additional Transfer Instrument                         4     16K 

8-K   —   Current Report
Document Table of Contents

8-K
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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: August 30, 2006 (Date of earliest event reported)               

ABFC 2006-OPT1 Trust
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(Exact name of issuing entity as specified in its charter)

Asset Backed Funding Corporation
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 (Exact name of depositor as specified in its charter)

 Bank of America, National Association
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 (Exact name of sponsor as specified in its charter)

New York                 333-130524-02               Applied For        
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(State or other          (Commission File No.         (IRS Employer             
jurisdiction of           of issuing entity)            Identification No.)   
incorporation of                                                              
of issuing entity)                                                            

214 North Tryon Street, Charlotte, North Carolina           28255         
--------------------------------------------------------------------------------
Address of principal executive offices                     (Zip Code)           

Depositor's telephone number, including area code (704) 386-2400                
                                       -------------------

--------------------------------------------------------------------------------
 (Former name or former address, if changed since last report)

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 under the Exchange Act (17 CFR  
240.14a-12)                                                                     

[_] 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))                                                       

8-K
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Section 2 - Completion of Acquisition or Disposition of Assets                  

Item 2.01 Completion of Acquisition or Disposition of Assets                    

    On August 10, 2006, a single series of certificates, entitled Asset Backed
Funding Corporation Asset-Backed Certificates, Series 2006-OPT1 (the            
"Certificates"), were issued pursuant to a pooling and servicing agreement,     
dated as of July 1, 2006 (the "Agreement"), among Asset Backed Funding          
Corporation (the "Depositor"), Option One Mortgage Corporation (the "Servicer") 
and Wells Fargo Bank, N.A. (the "Trustee").                                     

  On August 30, 2006, following the closing of the initial issuance of the
Certificates, the Trustee purchased from the Depositor certain Additional Group 
3 Mortgage Loans, as defined in the Agreement, with an aggregate principal      
balance equal to $86,052,992.99 with funds on deposit in the pre-funding account
(the "Group 3 Pre-Funding Account") established pursuant to the Agreement at a  
purchase price equal to the principal balance thereof, which Additional Group 3 
Mortgage Loans were conveyed to the Trustee pursuant to an Additional Transfer  
Instrument, dated August 30, 2006 (the "Instrument"), between the Depositor and 
the Trustee. The Instrument is attached as Exhibit 10.1.                        

    The Additional Group 3 Mortgage Loans were purchased by the Depositor from
Bank of America, National Association ("BANA") pursuant to an additional        
mortgage loan purchase agreement, dated as of August 30, 2006 (the "Additional  
Mortgage Loan Purchase Agreement"), between the Depositor and BANA. A copy of   
the Additional Mortgage Loan Purchase Agreement is attached as Exhibit 4.1.     

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Exhibit No.                      Description                                    
-----------                      -----------                                    
4.1                              Additional Mortgage Loan Purchase Agreement,   
                            dated as of August 30, 2006, between Asset
                        Backed Funding Corporation and Bank of
               America, National Association

10.1                             Additional Transfer Instrument, dated August   
                        30, 2006, between Asset Backed Funding
                        Corporation and Wells Fargo Bank, N.A.

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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 the           
undersigned thereunto duly authorized.                                          

Dated: August 30, 2006                                                          

                                  ASSET BACKED FUNDING CORPORATION

                                  By:  /s/ Juanita L. Deane-Warner
                                       ---------------------------
                                 Name:   Juanita L. Deane-Warner
                        Title:  Vice President

8-K
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 Index to Exhibits
 -----------------

                                                                Paper (P) or
Exhibit No.       Description                                     Electronic (E)
-----------       -----------                                     --------------
4.1               Additional Mortgage Loan Purchase               E             
Agreement, dated as of August 30,           
2006, between Asset Backed Funding          
Corporation and Bank of America,            
National Association                        

10.1              Additional Transfer Instrument, dated           E             
August 30, 2006, between Asset Backed       
Funding Corporation and Wells Fargo         
Bank, N.A.                                  

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		8/31/06
For Period End:		8/30/06		1		5
		8/10/06		2					424B5,  8-K
		7/1/06		2
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