Registrants
telephone number, including area code, is (212) 272-2000
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 (see General Instruction A.2. below):
[
]
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))
Item
6.04Failure
to Make a Required Distribution.
On
October 23, 2006, the Securities Administrator determined the Group One service
fee strip for Bear Stearns Alt-A Trust 2006-3, was erroneously applied to
all
loans in the group at issuance. As a result, the strip fee has been paid
incorrectly since May 2006. Additional interest in aggregate amount of
$1,179,948.54 was paid on October 25, 2006 to the B-IO class. These funds
are
being paid from the distribution account where they have been accumulating
since
May 2006. The October 25, 2006 remittance report reflects this correction,
and a
footnote was added to disclose the reason for the additional interest being
paid
to the B-IO class.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on behalf of the Registrant by the
undersigned thereunto duly authorized.