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BEAR STEARNS   [GRAPHIC OMITTED]

                                            BEAR STEARNS FINANCIAL PRODUCTS INC.
                                                              383 MADISON AVENUE
                                                        NEW YORK, NEW YORK 10179
                                                                    212-272-4009

DATE:                            September 28, 2006

TO:                              U.S.   Bank   National   Association,   not   in   its
                                 individual   capacity   but solely as Trustee   for
                                the benefit of RFMSI Series 2006-S9 Trust,   Home
                                Equity    Mortgage    Asset-Backed     Pass-Through
                                Certificates, Series 2006-S9
ATTENTION:                       Structured Finance - RFMSI Series 2006-S9
TELEPHONE:                       1-651-495-3880
FACSIMILE:                       1-651-495-8090

TO:                              The Royal Bank of Scotland plc
ATTENTION:                       Liz Stotler
FACSIMILE:                       203-618-2580

FROM:                            Derivatives Documentation
TELEPHONE:                       212-272-2711
FACSIMILE:                       212-272-9857

RE:                               NOVATION CONFIRMATION

REFERENCE NUMBER(S):             FXNEC8720-BXNE197318

The   purpose   of this   letter is to   confirm   the terms   and   conditions   of the
Novation   Transaction   entered into between the parties and   effective   from the
Novation   Date   specified   below.   This   Novation   Confirmation    constitutes   a
"Confirmation" as referred to in the New Agreement specified below.

1.   The   definitions   and   provisions    contained   in   the   2004   ISDA   Novation
    Definitions   (the   "Definitions")   and the terms and   provisions of the 2000
    ISDA Definitions,   as published by the   International   Swaps and Derivatives
    Association,   Inc. and amended from time to time, are   incorporated   in this
    Novation   Confirmation.   In the event of any   inconsistency   between (i) the
    Definitions,   (ii) the 2000 ISDA   Definitions,   and/or   (iii)   the   Novation
    Agreement and this Novation   Confirmation,   this Novation   Confirmation will
    govern.

2.   The terms of the Novation   Transaction   to which this Novation   Confirmation
    relates are as follows:

        Novation Trade Date:                 September 28, 2006
        Novation Date:                       September 28, 2006
        Novated Amount:                      USD 53,500,000
        Transferor 1:                        The Royal Bank of Scotland plc
        Transferor 2:                        Bear Stearns Bank plc
        Transferee 1:                        U.S. Bank National Association, not
                                             in its individual capacity but
                                            solely as Trustee for the benefit
                                            of RFMSI Series 2006-S9 Trust,
                                            Home Equity Mortgage Asset-Backed
                                            Pass-Through Certificates,
                                            Series 2006-S9
        Transferee 2:                        Bear Stearns Financial Products Inc.
        New Agreement (between               The Master   Agreement   as defined
        Transferee 1 AND Transferee 2):      in the New Confirmation


                                       1
<PAGE>


Reference Number: FXNEC8720-BXNE197318 - Novation Confirmation
U.S. Bank National Association, not in its individual capacity but solely as
Trustee for the benefit of RFMSI Series 2006-S9 Trust, Home Equity Mortgage
Asset-Backed Pass-Through Certificates, Series 2006-S9
September 28, 2006


3.   The   terms   of the Old   Transaction   to   which   this   Novation   Confirmation
    relates, for identification purposes, are as follows:

        Reference Number of Old Transaction:           BXNE197318
        Trade Date of Old Transaction:                 August 30, 2006
        Effective Date of Old Transaction:             September 28, 2006
        Termination Date of Old Transaction:           March 25, 2016

4.   The terms of the New Transaction to which this Novation Confirmation relates
    shall be as specified in the New Confirmation attached hereto as Exhibit A.

          Full First Calculation Period:                 Applicable

5. Offices:

        Transferor 1:                                  London
        Transferor 2:                                  Not Applicable
        Transferee 1:                                   Minnesota
        Transferee 2:                                  Not Applicable

The parties confirm their   acceptance to be bound by this Novation   Confirmation
as of the Novation   Date by executing a copy of this Novation   Confirmation   and
returning   a   facsimile   of   the    fully-executed    Novation    Confirmation    to
212-272-9857.   Transferor 1 and Transferor 2, by their respective execution of a
copy of this   Novation   Confirmation,   each agrees to the terms of the   Novation
Confirmation as it relates to the Old   Transaction.   Transferee 1 and Transferee
2, by their respective execution of a copy of this Novation   Confirmation,   each
agrees   to the   terms of the   Novation   Confirmation   as it   relates   to the New
Transaction.    For   inquiries   regarding   U.S.    Transactions,    please   contact
DERIVATIVES DOCUMENTATION by telephone at 212-272-2711.   For all other inquiries
please contact DERIVATIVES DOCUMENTATION by telephone at 353-1-402-6223.


BEAR STEARNS FINANCIAL PRODUCTS INC.        U.S. BANK NATIONAL ASSOCIATION, NOT
                                           IN ITS INDIVIDUAL CAPACITY BUT SOLELY
                                           AS TRUSTEE FOR THE BENEFIT OF RFMSI
By:   _____________________________          SERIES 2006-S9 TRUST, HOME EQUITY
     Name:                                  MORTGAGE ASSET-BACKED PASS-THROUGH
     Title:                                 CERTIFICATES, SERIES 2006-S9
     Date:

                                           By:   _____________________________
                                                Name:
                                                Title:
                                                Date:

BEAR STEARNS BANK PLC                       THE ROYAL BANK OF SCOTLAND PLC


By:   _____________________________          By:   _____________________________
     Name:                                       Name:
     Title:                                      Title:
     Date:                                       Date:

                                        2
<PAGE>



BEAR STEARNS   [GRAPHIC OMITTED]
                                            BEAR STEARNS FINANCIAL PRODUCTS INC.
                                                              383 MADISON AVENUE
                                                         NEW YORK, NEW YORK 10179
                                                                    212-272-4009

                                    EXHIBIT A

DATE:                            September 28, 2006

TO:                               U.S.   Bank   National   Association,   not   in   its
                                individual   capacity   but solely as Trustee   for
                                the benefit of RFMSI Series 2006-S9 Trust,   Home
                                Equity    Mortgage    Asset-Backed     Pass-Through
                                Certificates, Series 2006-S9

ATTENTION:                       Structured Finance - RFMSI Series 2006-S9
TELEPHONE:                       1-651-495-3880
FACSIMILE:                        1-651-495-8090
CC:                              Heather Anderson
FAX:                             952-838-4669

FROM:                            Derivatives Documentation
TELEPHONE:                       212-272-2711
FACSIMILE:                       212-272-9857

SUBJECT:                         Fixed Income Derivatives Confirmation and
                                Agreement


REFERENCE NUMBER(S):   FXNEC8720

The purpose of this letter   agreement (the   "Agreement") is to confirm the terms
and conditions of the Transaction entered into on the Trade Date specified below
(the   "Transaction")   between Bear Stearns Financial   Products Inc. ("BSFP") and
U.S. Bank National   Association,   not in its   individual   capacity but solely as
Trustee for the benefit of RFMSI   Series   2006-S9   Trust,   Home Equity   Mortgage
Asset-Backed   Pass-Through   Certificates,   Series 2006-S9 (the   "Counterparty").
This letter agreement,   which evidences a complete and binding agreement between
you   and us to   enter   into   the   Transaction   on the   terms   set   forth   below,
constitutes a   "Confirmation"   as referred to in the ISDA Form Master   Agreement
(as   defined   below),   as well as a   "Schedule"   as referred to in the ISDA Form
Master Agreement.

1. This Agreement is subject to and   incorporates the 2000 ISDA Definitions (the
"Definitions"),    as   published   by   the   International   Swaps   and   Derivatives
Association,   Inc. ("ISDA"). You and we have agreed to enter into this Agreement
in   lieu   of    negotiating   a   Schedule   to   the   1992   ISDA   Master    Agreement
(Multicurrency--Cross   Border)   form (the "ISDA   Form   Master   Agreement")   but,
rather,   an ISDA Form Master   Agreement shall be deemed to have been executed by
you and us on the date we   entered   into the   Transaction.   In the   event of any
inconsistency   between the provisions of this   Agreement and the   Definitions or
the ISDA Form Master Agreement, this Agreement shall prevail for purposes of the
Transaction.   Terms   used and not   otherwise   defined   herein,   in the ISDA Form
Master Agreement or the Definitions   shall have the meanings assigned to them in
the Series Supplement, dated as of September 1, 2006 (the "Series Supplement"),


                                       1
<PAGE>


Reference Number: FXNEC8720
U.S. Bank National   Association,   not in its   individual   capacity but solely as
Trustee for the benefit of RFMSI   Series   2006-S9   Trust,   Home Equity   Mortgage
Asset-Backed Pass-Through   Certificates,   Series 2006-S9
September 28, 2006


to the   Standard   Terms of the   pooling   and   servicing   agreement,   dated as of
September   1,   2006   (the   "Standard   Terms",    and   together   with   the   Series
Supplement,   the "Pooling and Servicing   Agreement"),   among Residential Funding
Mortgage   Securities   I,   Inc.   ("RFMSI"),   as   Depositor,   Residential   Funding
Corporation ("RFC"), as Master Servicer, and U.S. Bank National Association,   as
trustee.   Each   reference to a "Section" or to a "Section"   "of this   Agreement"
will be   construed   as a   reference   to a Section   of the 1992 ISDA Form   Master
Agreement.

2. The terms of the particular   Transaction to which this   Confirmation   relates
are as follows:

      Notional Amount:                   With respect to any Calculation   Period,
                                         the amount set forth for such   period in
                                        Schedule I attached hereto.

      Trade Date:                        September 28, 2006

      Effective Date:                    September 28, 2006

      Termination Date:                  March 25, 2016

      FIXED AMOUNT (PREMIUM):            Inapplicable.    Premium   has   been   paid
                                        under the Old Transaction   with the Bear
                                        Stearns    Bank   plc    Reference    Number
                                        BXNE197318.

      FLOATING AMOUNTS:

           Floating Rate Payer:          BSFP

           Cap Rate:                     5.60000%

           Floating Rate Payer
           PeriodEnd Dates:              The   25th   calendar   day of   each   month
                                        during   the   Term of   this   Transaction,
                                        commencing   October 25, 2006, and ending
                                         on   the    Termination    Date,    with   No
                                        Adjustment.

           Floating Rate Payer
           Payment Dates:                Early Payment shall be   applicable.   The
                                        Floating   Rate Payer Payment Dates shall
                                        be   one   Business   Day   preceding    each
                                        Floating Rate Payer Period End Date.


                                       2
<PAGE>


           Floating Rate   Option:        USD-LIBOR-BBA,   provided,   however, that
                                        if the   Floating   Rate   determined   from
                                        such    Floating    Rate   Option   for   any
                                         Calculation    Period   is   greater    than
                                        8.85000%   for such   Calculation   Period,
                                        then    the    Floating    Rate    for   such
                                        Calculation Period shall be deemed to be
                                        equal to 8.85000%.

           Designated Maturity:          One month

           Floating Rate Day
           Count Fraction:               30/360

           Reset Dates:                   The   first    day   of   each    Calculation
                                        Period.

           Compounding:                  Inap


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