Content:

Pages

Contact Information:

5/25/2006

Statement to Certificate Holders

Analyst:

Sang Huynh

714.259.6213

Statement to Certificate Holders (Factors)

sang.huynh@abnamro.com

Pool/Non-Pool Funds Cash Reconciliation

4/25/2006

Administrator:

Kim Sturm

312.904.4373

Pool Detail and Performance Indicators

kimberly.sturm@abnamro.com

Bond Interest Reconciliation Part I

LaSalle Website:

www.etrustee.net

Bond Interest Reconciliation Part II

6/26/2006

Bond Principal Reconciliation

Rating Information

Outside Parties To The Transaction

End of Month Balance Reporting

5/24/2006

15 Month Loan Status Summary Part I

15 Month Loan Status Summary Part II

15 Month Historical Payoff Summary

Prepayment Summary

Mortgage Loan Characteristics Part I

Mortgage Loan Characteristics Part II

16-18

Geographic Concentration

3/30/2006

Current Period Realized Loss Detail

Historical Realized Loss Summary

21-22

Realized Loss Summary

4/25/2006

Material Breaches Detail

Modified Loan Detail

4/25/2036

5/15/2006

Determination

Date:

15-May-06

First Pay. Date:

25-Apr-06

Rated Final

Payment Date:

25-Apr-36

Master Servicer: EMC Mortgage Corporation

Closing Date:

30-Mar-06

Rating Agency: Moody's Investors Service, Inc./Standard & Poor's Ratings Services

Record Date:

24-May-06

Depositor: Structured Asset Mortgage Investments II Inc.

Distribution Count:

Underwriter: Bear Stearns & Co. Inc.

Prior Payment:

25-Apr-06

Next Payment:

26-Jun-06

ABN AMRO Acct : 723563.1

Payment Date:

25-May-06

Distribution Date: 25-May-06

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

23-May-2006 11:50

A-1

785778RD5

320,908,000.00

303,919,255.60

11,323,238.09

0.00

292,596,017.51

1,299,097.79

0.00

5.1293800000%

A-2

785778RU7

19,022,000.00

17,169,113.65

1,234,974.93

0.00

15,934,138.72

71,958.33

0.00

5.0293800000%

A-3

785778RV5

15,978,000.00

0.00

15,978,000.00

68,830.29

0.00

5.1693800000%

M-1

785778RE3

37,775,000.00

0.00

37,775,000.00

168,394.02

0.00

5.3493800000%

M-2

785778RF0

25,697,000.00

0.00

25,697,000.00

114,766.66

0.00

5.3593800000%

M-3

785778RG8

11,050,000.00

0.00

11,050,000.00

49,443.04

0.00

5.3693800000%

M-4

785778RH6

11,050,000.00

0.00

11,050,000.00

50,640.12

0.00

5.4993800000%

M-5

785778RJ2

10,279,000.00

0.00

10,279,000.00

47,278.09

0.00

5.5193800000%

M-6

785778RK9

7,966,000.00

0.00

7,966,000.00

37,037.78

0.00

5.5793800000%

B-1

785778RL7

8,480,000.00

0.00

8,480,000.00

43,526.29

0.00

6.1593800000%

B-2

785778RM5

7,195,000.00

0.00

7,195,000.00

37,829.99

0.00

6.3093800000%

B-3

785778RN3

5,653,000.00

0.00

5,653,000.00

34,433.27

0.00

7.3093800000%

B-4

785778RP8

6,938,000.00

0.00

6,938,000.00

48,909.32

0.00

8.4593800000%

785778RW3

513,946,331.64 N

495,103,659.00

0.00

482,545,445.98

2,269,077.33

14,003.99

N/A

R-1

785778RQ6

0.00

N/A

R-2

785778RR4

0.00

N/A

R-3

785778RS2

0.00

N/A

785778RT0

0.00

N/A

Total

487,991,000.00

469,149,369.25

12,558,213.02

0.00

456,591,156.23

4,341,222.32

14,003.99

Total P&I Payment

16,899,435.34

Current Realized

Loss

Class

CUSIP

Beginning

Certificate Balance

Principal Payment

Original Face Value

(1)

N denotes notional balance not included in total

(2)

Accrued Interest plus/minus Interest Adjustment minus Deferred Interest equals Interest Payment * Denotes Controlling Class

Interest

Adjustment

Bond Payments

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

Distribution Date: 25-May-06

Pass-Through

Rate

Deferred Interest

Ending Certificate

Balance

Interest Payment

(2)

23-May-2006 11:50

Page 2 of 25

A-1

785778RD5

320,908,000.00

947.060389894

35.284997850

0.000000000

911.775392044

4.048193844

0.000000000

5.25125000%

A-2

785778RU7

19,022,000.00

902.592453475

64.923505940

0.000000000

837.668947534

3.782900326

0.000000000

5.15125000%

A-3

785778RV5

15,978,000.00

1000.000000000

0.000000000

1000.000000000

4.307816373

0.000000000

5.29125000%

M-1

785778RE3

37,775,000.00

1000.000000000

0.000000000

1000.000000000

4.457816545

0.000000000

5.47125000%

M-2

785778RF0

25,697,000.00

1000.000000000

0.000000000

1000.000000000

4.466150134

0.000000000

5.48125000%

M-3

785778RG8

11,050,000.00

1000.000000000

0.000000000

1000.000000000

4.474483258

0.000000000

5.49125000%

M-4

785778RH6

11,050,000.00

1000.000000000

0.000000000

1000.000000000

4.582816290

0.000000000

5.62125000%

M-5

785778RJ2

10,279,000.00

1000.000000000

0.000000000

1000.000000000

4.599483413

0.000000000

5.64125000%

M-6

785778RK9

7,966,000.00

1000.000000000

0.000000000

1000.000000000

4.649482802

0.000000000

5.70125000%

B-1

785778RL7

8,480,000.00

1000.000000000

0.000000000

1000.000000000

5.132817217

0.000000000

6.28125000%

B-2

785778RM5

7,195,000.00

1000.000000000

0.000000000

1000.000000000

5.257816539

0.000000000

6.43125000%

B-3

785778RN3

5,653,000.00

1000.000000000

0.000000000

1000.000000000

6.091149832

0.000000000

7.43125000%

B-4

785778RP8

6,938,000.00

1000.000000000

0.000000000

1000.000000000

7.049484001

0.000000000

8.58125000%

785778RW3

513,946,331.64 N

963.337275743

0.000000000

938.902403370

4.415008320

0.027247962

N/A

R-1

785778RQ6

0.00

0.000000000

N/A

R-2

785778RR4

0.00

0.000000000

N/A

R-3

785778RS2

0.00

0.000000000

N/A

785778RT0

0.00

0.000000000

N/A

Bond Payments

Current Realized

Loss *

Original Face

Value

Class

CUSIP

Beginning Certificate

Balance *

Principal Payment

Series 2006-4

Mortgage-Backed Certificates

* Per $1,000 of Original Face Value ** Estimated

SACO I Trust

Next Rate **

Deferred Interest *

Ending Certificate

Balance *

Interest Payment *

Interest Adjustment*

Statement to Certificate Holders (FACTORS)

Distribution Date: 25-May-06

23-May-2006 11:50

Page 3 of 25

Interest Summary

Principal Summary

Reserve Fund

Interest Summary

Principal Summary

Beginning Balance

5,000.00

Scheduled Interest

4,593,854.82

Scheduled Prin Distribution

204,215.40

Withdrawal from Trust

0.00

Fees

212,275.69

Curtailments

387,911.23

Reimbursement from Waterfall

0.00

Remittance Interest

4,381,579.13

Prepayments in Full

11,966,086.40

Ending Balance

5,000.00

Other Interest Proceeds/Shortfalls

Liquidation Proceeds

0.00

Prepayment Penalties

14,003.99

Repurchase Proceeds

0.00

Swap Agreement

Other Interest Loss

0.00

Other Principal Proceeds

3.52

Other Interest Proceeds

0.00

Remittance Principal

12,558,216.55

Net Swap payment payable to the Swap

Non-advancing Interest

0.00

Administrator

0.00

Net PPIS/Relief Act Shortfall

0.00

Net Swap payment payable to the Swap Provider

54,364.31

Modification Shortfall

0.00

Other Interest Proceeds/Shortfalls

14,003.99

Swap Termination payment payable to the Swap

Interest Adjusted

4,395,583.12

Administrator

0.00

Fee Summary

Swap Termination payment payable to the Swap

0.00

Total Servicing Fees

206,293.19

Provider

Total Trustee Fees

5,982.50

LPMI Fees

0.00

Credit Manager's Fees

0.00

Misc. Fees / Trust Expense

0.00

Insurance Premium

0.00

Total Fees

212,275.69

Advances (Principal & Interest)

Prior Month's Outstanding Advances

3,648,929.99

Current Advances

N/A

Reimbursement of Prior Advances

N/A

Outstanding Advances

3,648,930.00

P&I Due Certificate Holders

17,013,163.98

Pool Source of Funds

Non-Pool Source of Funds

P&I Advances as of the end of the Due Period do not reflect the amount of advances remitted by the Servicer on the Servicer Remittance Date due to additional proceeds received between the end of the Due Period and the Servicer Remittance Date and netted from the P&I Advances stated as of the end
of the Due Period.

Distribution Date: 25-May-06

Cash Reconciliation Summary

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

23-May-2006 11:50

Page 4 of 25

Pool Detail

Performance Indicators

Factors Impacting Principal Payment Rules

WA Rates/Life

Historical

Amount

Count

Delinquency Levels

Num

Den

Fixed

Adj

Overall

Cut-off Pool Balance

513,946,331.64

9,141

3 mo. Rolling Average

1,732,320.83

488,824,552

0.36%

WAC - Current

10.61%

0.00%

10.61%

Cum Scheduled Principal

409,014.94

6 mo. Rolling Average

1,732,320.83

488,824,552

0.36%

WAC - Original

10.63%

0.00%

10.63%

Cum Unscheduled Principal

30,945,863.64

12 mo. Rolling Average

1,732,320.83

488,824,552

0.36%

WAL - Current

239.79

0.00

239.79

Cum Liquidations

46,007.09

Loss Levels

Amount

Count

WAL - Original

240.76

0.00

240.76

Cum Deferred Interest

0.00

3 mo. Cum Loss

46,003.57

6 mo. Cum loss

46,003.57

Current Index Rate

Current

Amount

Count

12 mo. Cum Loss

46,003.57

Next Index Rate

Beginning Pool

495,103,659.01

8,858

96.33%

Scheduled Principal

204,215.40

0.04%

Triggers

Unscheduled Principal

12,353,997.63

206

2.40%

Deferred Interest

0.00

0.00%

> Delinquency Trigger Event

(2)

Liquidations

0.00

0.00%

Delinquency Event Calc

(1)

3,186,164.91

482,545,446

0.66%

Repurchases

0.00

0.00%

Ending Pool

482,545,445.98

8,652

93.89%

> Loss Trigger Event?

(3)

Average Loan Balance

55,772.71

Cumulative Loss

46,004

0.01%

Current Loss Detail

Amount

> Overall Trigger Event?

Liquidation

0.00

Pool Composition

Realized Loss

0.00

Step Down Date

Realized Loss Adjustment

(7.04)

Distribution Count

Properties

%/Score

Net Liquidation

7.04

Current Specified Enhancement %

(4)

32.75%

Cut-off LTV

96.93%

Step Down %

(5)

61.50%

Cash Out/Refinance

14.90%

Credit Enhancement

Amount

% of Current Specified Enhancement %

(6)

7.00%

SFR

51.53%

Original OC

25,955,331.64

5.05%

> Step Down Date?

Target OC

25,954,289.75

5.05%

Min

Max

Beginning OC

25,954,289.76

Extra Principal

0.00

FICO

525

820

699.25

OC Amount per PSA

25,954,293.28

5.05%

Cumulative Extra Principal

44,965.20

Ending OC

25,954,289.75

OC Release

3.53

Mezz Certificates

103,817,000.00 20.20%

Legend: (1) 60 Days+, REO, F/C % (3) Condn: Cum Loss > specified thresholds (5) Defined Benchmark (7) Condn: Distn Cnt > 36, (4) > (5)
(2) (1) > (6) * (4), then TRUE (4) Mezzanine Certs + OC Amount / Ending Pool Bal (6) Defined Benchmark (Used in Delinq Event Calc)

Owner Occupied

380,260,787.85

73.99%

Balance

498,144,451.28

76,558,424.23

264,821,080.89

Misc/Additional Information

Pool Level Information

4.959380%

5.081250%

Distribution Date: 25-May-06

Pool Detail and Performance Indicators Total (All Loans)

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

23-May-2006 11:50

Page 5 of 25

A-1

Act/360

303,919,255.60

5.129380000%

1,299,097.79

0.00

1,299,097.79

0.00

A-2

Act/360

17,169,113.65

5.029380000%

71,958.33

0.00

71,958.33

0.00

A-3

Act/360

15,978,000.00

5.169380000%

68,830.29

0.00

68,830.29

0.00

M-1

Act/360

37,775,000.00

5.349380000%

168,394.02

0.00

168,394.02

0.00

M-2

Act/360

25,697,000.00

5.359380000%

114,766.66

0.00

114,766.66

0.00

M-3

Act/360

11,050,000.00

5.369380000%

49,443.04

0.00

49,443.04

0.00

M-4

Act/360

11,050,000.00

5.499380000%

50,640.12

0.00

50,640.12

0.00

M-5

Act/360

10,279,000.00

5.519380000%

47,278.09

0.00

47,278.09

0.00

M-6

Act/360

7,966,000.00

5.579380000%

37,037.78

0.00

37,037.78

0.00

B-1

Act/360

8,480,000.00

6.159380000%

43,526.29

0.00

43,526.29

0.00

B-2

Act/360

7,195,000.00

6.309380000%

37,829.99

0.00

37,829.99

0.00

B-3

Act/360

5,653,000.00

7.309380000%

34,433.27

0.00

34,433.27

0.00

B-4

Act/360

6,938,000.00

8.459380000%

48,909.32

0.00

48,909.32

0.00

30/360

495,103,659.00

5.465700000%

2,255,073.34

14,003.99

0.00

2,269,077.33

0.00

Total

469,149,369.25

4,327,218.33

14,003.99

0.00

4,341,222.32

0.00

- - Accrual - -

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

- - - - - - - - Outstanding - - - - - - - -

Class

Accrual

Certificate

Interest

Distribution Date: 25-May-06

Pass-Thru Rate

Total Interest

Additions

Distributable

Certificate

Interest

Bond Interest Reconciliation

Opening Balance

(1)

Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap.

Interest Payment

Amount

Remaining Int

Carry-Forward

Shortfall

Current Period

(Shortfall) /

Recovery

Net Cap

Rate in

Effect Y/N

Total Interest

Deductions

Method

Days

Remaining

Basis Risk Carry-

Fwd Shortfall

Outstanding Relief

Act / Prepayment

Interest Shortfalls

23-May-2006 11:50

Page 6 of 25

A-1

24-May-06

25-Apr-06

25-May-06

0.00

A-2

24-May-06

25-Apr-06

25-May-06

0.00

A-3

24-May-06

25-Apr-06

25-May-06

0.00

M-1

24-May-06

25-Apr-06

25-May-06

0.00

M-2

24-May-06

25-Apr-06

25-May-06

0.00

M-3

24-May-06

25-Apr-06

25-May-06

0.00

M-4

24-May-06

25-Apr-06

25-May-06

0.00

M-5

24-May-06

25-Apr-06

25-May-06

0.00

M-6

24-May-06

25-Apr-06

25-May-06

0.00

B-1

24-May-06

25-Apr-06

25-May-06

0.00

B-2

24-May-06

25-Apr-06

25-May-06

0.00

B-3

24-May-06

25-Apr-06

25-May-06

0.00

B-4

24-May-06

25-Apr-06

25-May-06

0.00

28-Apr-06

1-Apr-06

1-May-06

0.00

14,003.99

0.00

Total

0.00

14,003.99

0.00

SACO I Trust

Current Int Carry-

Fwd Shortfall

(2)

Current Basis Risk

Carry-Fwd

Shortfall

(1)

Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

(2)

Interest Carry-Forward Shortfall is unpaid interest with interest thereon.

(3)

Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap.

- - - - - - - - - - - - - - - - - - - - - - - - - - - Additions - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - Deductions - - - - - - - - - -

Bond Interest Reconciliation

Other Interest

Losses

Prepayment

Premiums

Record Date

Class

Interest Rate

SWAP Agreement

Deposits from YM

Agreement

Prior Int Carry-Fwd

Shortfall

Distribution Date: 25-May-06

Mortgage-Backed Certificates

Series 2006-4

Prior Interest Due

Date

Current Interest

Due Date

Prior Shortfall

Reimbursement

Other Interest

Proceeds

(1)

23-May-2006 11:50

Page 7 of 25

A-1

320,908,000.00

303,919,255.60

184,132.85

11,139,105.24

0.00

292,596,017.51

25-Apr-36

N/A

A-2

19,022,000.00

17,169,113.65

20,082.55

1,214,892.38

0.00

15,934,138.72

25-Apr-36

N/A

A-3

15,978,000.00

0.00

15,978,000.00

25-Apr-36

N/A

M-1

37,775,000.00

0.00

37,775,000.00

25-Apr-36

N/A

M-2

25,697,000.00

0.00

25,697,000.00

25-Apr-36

N/A

M-3

11,050,000.00

0.00

11,050,000.00

25-Apr-36

N/A

M-4

11,050,000.00

0.00

11,050,000.00

25-Apr-36

N/A

M-5

10,279,000.00

0.00

10,279,000.00

25-Apr-36

N/A

M-6

7,966,000.00

0.00

7,966,000.00

25-Apr-36

N/A

B-1

8,480,000.00

0.00

8,480,000.00

25-Apr-36

N/A

B-2

7,195,000.00

0.00

7,195,000.00

25-Apr-36

N/A

B-3

5,653,000.00

0.00

5,653,000.00

25-Apr-36

N/A

B-4

6,938,000.00

0.00

6,938,000.00

25-Apr-36

N/A

513,946,331.64

495,103,659.00

0.00

482,545,445.98

25-Apr-36

N/A

Total

487,991,000.00

469,149,369.25

204,215.40

12,353,997.62

0.00

456,591,156.23

Ending

Class Balance

Rated

Final

Maturity

- Credit Support -

Class

Original Class

Balance

Beginning Class

Balance

Current

Losses

Distribution Date: 25-May-06

Bond Principal Reconciliation

Unscheduled

Principal
Payment

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

Current

Original

Interest on

Losses

Scheduled Principal

Payment

Cumulative

Losses

- - - - - - - - - - - - - - - - Losses - - - - - - - - - - - - - - -

Extra

Principal
Payment

Prior
Loss

Reimburs.

23-May-2006 11:50

Page 8 of 25

Class

CUSIP

Fitch

Moody's

S&P

A-1

785778RD5

Aaa

AAA

A-2

785778RU7

Aaa

AAA

A-3

785778RV5

Aaa

AAA

M-1

785778RE3

Aa1

AA+

M-2

785778RF0

Aa2

M-3

785778RG8

Aa3

AA-

M-4

785778RH6

A+

M-5

785778RJ2

M-6

785778RK9

A-

B-1

785778RL7

Baa1

BBB+

B-2

785778RM5

Baa2

BBB

B-3

785778RN3

Baa3

BBB-

B-4

785778RP8

Ba1

BB+

785778RW3

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

NR - Designates that the class was not rated by the rating agency.

(1)

Changed ratings provided on this report are based on information provided by the applicable rating agency via electronic transmission. It shall be understood that this transmission will generally have been provided to LaSalle within 30 days of the payment

date listed on this statement. Because ratings may have changed during the 30 day window, or may not be being provided by the rating agency in an electronic format and therefore not being updated on this report, LaSalle recommends that investors obtain
current rating information directly from the rating agency.

- - - - - - - - - Original Ratings - - - - - - -

Fitch

Moody's

S&P

- - - - - - - - - - - - - - - - Ratings Change / Change Date

(1)

- - - - - - - - - - - - - - - - -

Distribution Date: 25-May-06

Ratings Information

23-May-2006 11:50

Page 9 of 25

Type

Count

Count (%)

Scheduled UPB

Sched UPB (%)

Arrears

Arrears (%)

REO Book Value

8629

97.4148%

479,775,871.38

98.1819%

0.00

0.0000%

0.00

0.9596%

5,550,529.26

1.1359%

0.00

0.0000%

0.00

0.4064%

3,097,947.54

0.6340%

0.00

0.0000%

0.00

BKY0

0.0790%

235,609.43

0.0482%

0.00

0.0000%

0.00

PIF

101

1.1402%

0.00

0.0000%

0.00

0.0000%

0.00

Total (Prior Month End):

8858

100.0000%

488,659,957.00

100.0000%

0.00

0.0000%

0.00

Delinq Total (Prior Month End):

121

1.3660%

8,648,476.00

1.7698%

0.00

0.0000%

0.00

Total (Prior Month End):
Delinq Total (Prior Month End):

F/C Quick Sale

Value

Total

Distribution Date: 25-May-06

End of Month Balance Reporting

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

23-May-2006 11:50

Page 10 of 25

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

Count

Balance

25-May-06

8,527

5,450,529

2,950,555

235,609

25-Apr-06

8,780

5,092,738

278,477

25-May-06

98.56%

0.96%

1.13%

0.39%

0.61%

0.00%

0.08%

0.05%

0.00%

25-Apr-06

99.13%

0.77%

1.03%

0.00%

0.09%

0.06%

0.00%

Total (All Loans)

Delinq 3+ Months

Bankruptcy

Foreclosure

REO

Distribution

Date

Current

Delinq 1 Month

Delinq 2 Months

Distribution Date: 25-May-06

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

23-May-2006 11:50

Page 11 of 25

Balance

25-May-06

235,609

25-Apr-06

278,477

25-May-06

####

0.00%

####

0.00%

####

0.00%

####

0.00%

####

0.00%

####

0.00%

####

0.00%

####

0.00%

####

0.05%

####

0.00%

####

0.00%

####

0.00%

25-Apr-06

####

0.00%

####

0.00%

####

0.00%

####

0.00%

####

0.00%

####

0.00%

####

0.00%

####

0.00%

####

0.06%

####

0.00%

####

0.00%

####

0.00%

61-90 Days

90 + Days

Total (All Loans)

61-90 Days

90 + Days

Current

31-60 Days

- - - - - - - - - - - In Foreclosure and Delinquent - - - - - - - - - - - - -

- - - - - - - - - - - - - - - In REO and Delinquent - - - - - - - - - - - - - -

- - - - - - - - - - - - - In Bankruptcy and Delinquent - - - - - - - - - - - - -

Distribution

Date

Current

31-60 Days

61-90 Days

90 + Days

Current

31-60 Days

Distribution Date: 25-May-06

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

23-May-2006 11:50

Page 12 of 25

Insurance

Substitution

Liquidation

Remaining Term

Balance

Proceeds

Amount

Life

Coupon

Remit

25-May-06

8,652

482,545,446

206

11,966,086

0.00

118

25-Apr-06

8,857

495,103,659

283

18,125,131

0.00

46,007

122

Curr Weighted Avg.

Total (All Loans)

Distribution

Date

Ending Pool

Payoffs

Realized Losses

Distribution Date: 25-May-06

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

23-May-2006 11:50

Page 13 of 25

SMM (Single Monthly Mortality)

Total

Current Period

2.42%

3-Month Average

2.97%

6-Month Average

2.97%

12-Month Average

2.97%

Average Since Cut-Off

2.97%

CPR (Conditional Prepayment Rate)

Total

Current Period

25.45%

3-Month Average

30.23%

6-Month Average

30.23%

12-Month Average

30.23%

Average Since Cut-Off

30.23%

PSA (Public Securities Association)

Total

Current Period

424%

3-Month Average

504%

6-Month Average

504%

12-Month Average

504%

Average Since Cut-Off

504%

SMM

Single Monthly Mortality

(Partial and Full Prepayments + Repurchases + Liquidations) / (Beginning Collateral Balance - Scheduled Principal)

CPR

Conditional Prepayment Rate

1 - ((1 - SMM)^12)

PSA

Public Securities Association

100 * CPR / (0.2 * MIN(30,WAS))

WAS

Weighted Average Seasoning

((Original Term - Remaining Term) * (Current Scheduled Balance / Deal Scheduled Principal Balance)

Distribution Date: 25-May-06

Prepayment Summary

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

0.00%

0.60%

1.20%

1.80%

2.40%

3.00%

3.60%

4.20%

Jun-05

Jul-05

Aug-05

Sep-05

Oct-05

Nov-05

Dec-05

Jan-06

Feb-06

Mar-06

Apr-06

May-06

0.00%

5.60%

11.20%

16.80%

22.40%

28.00%

33.60%

39.20%

Jun-05

Jul-05

Aug-05

Sep-05

Oct-05

Nov-05

Dec-05

Jan-06

Feb-06

Mar-06

Apr-06

May-06

86%

171%

257%

343%

429%

514%

600%

Jun-05

Jul-05

Aug-05

Sep-05

Oct-05

Nov-05

Dec-05

Jan-06

Feb-06

Mar-06

Apr-06

May-06

23-May-2006 11:50

Page 14 of 25

Min

Max

Count

% of Total

Balance

% of Total

Min

Max

Count

% of Total

Balance

% of Total

20,000

922

10.66%

14,041,123

2.91%

2,000

20,000

964

10.55%

14,823,173

2.88%

20,000

25,000

729

8.43%

16,685,139

3.46%

20,000

25,000

747

8.17%

17,114,018

3.33%

25,000

30,000

819

9.47%

22,623,995

4.69%

25,000

30,000

873

9.55%

24,134,154

4.70%

30,000

35,000

797

9.21%

25,972,873

5.38%

30,000

35,000

833

9.11%

27,184,718

5.29%

35,000

40,000

723

8.36%

27,197,492

5.64%

35,000

40,000

759

8.30%

28,564,335

5.56%

40,000

43,000

313

3.62%

13,008,254

2.70%

40,000

44,000

445

4.87%

18,727,406

3.64%

43,000

55,000

1,241

14.34%

60,642,975

12.57%

44,000

56,000

1,286

14.07%

64,059,142

12.46%

55,000

67,000

872

10.08%

53,075,774

11.00%

56,000

68,000

924

10.11%

57,198,605

11.13%

67,000

79,000

631

7.29%

45,940,572

9.52%

68,000

80,000

659

7.21%

48,872,729

9.51%

79,000

91,000

398

4.60%

33,536,817

6.95%

80,000

92,000

393

4.30%

33,669,610

6.55%

91,000

105,000

338

3.91%

33,115,394

6.86%

92,000

106,000

338

3.70%

33,408,874

6.50%

105,000

450,000

869

10.04%

136,705,040

28.33%

106,000

450,000

920

10.06%

146,189,568

28.44%

8,652

100.00%

482,545,446

100.00%

9,141

100.00%

513,946,332

100.00%

Min

Max

Count

% of Total

Balance

% of Total

Min

Max

Count

% of Total

Balance

% of Total

5.88%

8.13%

947

10.95%

54,731,561

11.34%

5.88%

8.13%

981

10.73%

57,097,749

11.11%

8.13%

8.77%

417

4.82%

22,510,962

4.67%

8.13%

8.77%

432

4.73%

23,285,495

4.53%

8.77%

9.41%

376

4.35%

21,260,300

4.41%

8.77%

9.41%

387

4.23%

21,821,927

4.25%

9.41%

10.05%

876

10.12%

48,249,312

10.00%

9.41%

10.05%

904

9.89%

50,626,668

9.85%

10.05%

10.69%

785

9.07%

49,941,055

10.35%

10.05%

10.69%

825

9.03%

52,767,406

10.27%

10.69%

11.38%

991

11.45%

56,731,360

11.76%

10.69%

11.38%

1,043

11.41%

60,439,699

11.76%

11.38%

11.84%

595

6.88%

33,401,307

6.92%

11.38%

11.88%

929

10.16%

53,858,285

10.48%

11.84%

12.31%

868

10.03%

53,096,814

11.00%

11.88%

12.38%

767

8.39%

47,395,453

9.22%

12.31%

12.78%

755

8.73%

41,800,459

8.66%

12.38%

12.88%

880

9.63%

49,764,231

9.68%

12.78%

13.25%

615

7.11%

31,379,998

6.50%

12.88%

13.38%

575

6.29%

27,916,611

5.43%

13.25%

13.75%

586

6.77%

29,226,549

6.06%

13.38%

13.88%

600

6.56%

30,399,872

5.91%

13.75%

18.38%

841

9.72%

40,215,770

8.33%

13.88%

18.38%

818

8.95%

38,572,934

7.51%

8,652

100.00%

482,545,446

100.00%

9,141

100.00%

513,946,332

100.00%

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

Distribution Date: 25-May-06

Mortgage Loan Characteristics Part I

Distribution by Current Ending Principal Balance

Distribution by Current Mortgage Rate

Distribution by Cut-off Principal Balance

Distribution by Original Mortgage Rate

23-May-2006 11:50

Page 15 of 25

8,652

482,545,446

100.00%

239.51

11.12%

9,141

513,946,332

100.00%

244.97

11.15%

8,652

482,545,446

100.00%

9,141

513,946,332

100.00%

4,502

244,560,662

50.68%

240.15

11.05%

4,765

260,660,300

50.72%

245.71

11.08%

2,308

133,464,750

27.66%

243.27

10.93%

2,446

143,487,178

27.92%

249.04

10.97%

821

53,057,833

11.00%

228.04

11.95%

851

55,285,862

10.76%

232.32

11.97%

873

42,669,150

8.84%

234.26

10.92%

919

44,957,321

8.75%

239.94

10.99%

5,290,534

1.10%

256.79

12.29%

5,394,890

1.05%

263.07

12.30%

3,502,518

0.73%

262.94

11.26%

4,160,781

0.81%

257.59

11.53%

8,652

482,545,446

100.00%

9,141

513,946,332

100.00%

SF Unattached Dwelling

PUD

Multifamily

Condo - Low Facility

Condo - High Facility

SF Attached Dwelling

Total

SF Unattached Dwelling

PUD

Multifamily

Condo - Low Facility

Condo - High Facility

SF Attached Dwelling

Total

WAMM

WAC

Fixed 2nd Lien

Property Type

# of Loans

Ending Scheduled

Balance

% of

Balance

Property Type

# of

Loans

Ending Scheduled

Balance

% of

Balance

WAMM

WAC

# of

Loans

Ending Scheduled

Balance

% of

Balance

WAMM

WAC

Distribution by Product Characteristics (Current)

Mortgage Loan Characteristics Part II

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

Distribution Date: 25-May-06

WAMM

WAC

Distribution by Product Characteristics (Cut-off)

Product Type

# of Loans

Original Principal

Balance

% of

Balance

Product Type

Distribution by Property Types (Current)

Total

Distribution by Property Types (Cut-off)

Fixed 2nd Lien

23-May-2006 11:50

Page 16 of 25

Mortgage Loan Characteristics Part II

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

Distribution Date: 25-May-06

5,143

331,654,513

68.73%

235.01

10.52%

5,395

351,192,659

68.33%

240.46

10.54%

2,971

124,225,112

25.74%

247.43

12.66%

3,169

133,685,544

26.01%

252.13

12.68%

538

26,665,821

5.53%

258.62

11.44%

577

29,068,128

5.66%

266.60

11.49%

8,652

482,545,446

100.00%

9,141

513,946,332

100.00%

7,443

410,172,508

85.00%

243.68

11.27%

7,867

437,387,907

85.10%

249.05

11.31%

1,075

65,911,114

13.66%

215.06

10.29%

1,135

69,935,922

13.61%

220.87

10.29%

134

6,461,824

1.34%

223.87

9.96%

139

6,622,503

1.29%

229.96

9.98%

8,652

482,545,446

100.00%

9,141

513,946,332

100.00%

Total

Purchase

Refinance/Equity Takeout

Refinance/No Cash Out

Total

Distribution by Loan Purpose (Cut-off)

Loan Purpose

# of Loans

Ending Scheduled

Balance

% of

Balance

WAMM

WAC

Refinance/No Cash Out

WAMM

WAC

Purchase

Refinance/Equity Takeout

Loan Purpose

# of

Loans

Ending Scheduled

Balance

% of

Balance

Total

Distribution by Loan Purpose (Current)

Total

Owner Occupied - Secondary Residence

Distribution by Occupancy Type (Cut-off)

Occupancy Type

# of Loans

Ending Scheduled

Balance

% of

Balance

WAMM

WAC

Owner Occupied - Primary Residence

Non-Owner Occupied

Owner Occupied - Primary Residence

Non-Owner Occupied

Owner Occupied - Secondary Residence

Distribution by Occupancy Type (Current)

Occupancy Type

# of

Loans

Ending Scheduled

Balance

% of

Balance

WAMM

WAC

23-May-2006 11:50

Page 17 of 25

Mortgage Loan Characteristics Part II

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

Distribution Date: 25-May-06

1,005

68,175,922

14.13%

174.35

10.91%

1,091

75,176,589

14.63%

180.35

10.94%

972

50,122,085

10.39%

176.87

7.76%

1,014

52,580,009

10.23%

183.15

7.78%

American Home Mortgage

New Century Mortgage Corp

Distribution by Originator Concentration > 10% (Current)

Distribution by Originator Concentration > 10% (Cut-off)

Originator

# of

Loans

Ending Scheduled

Balance

% of

Balance

WAMM

WAC

Originator

# of Loans

Ending Scheduled

Balance

% of

Balance

WAMM

WAC

23-May-2006 11:50

Page 18 of 25

WAMM

WAC

California

1,132

102,955,002

21.34%

231

10.58%

Florida

904

44,850,685

9.29%

263

12.24%

Arizona

557

31,214,307

6.47%

239

11.53%

Nevada

491

30,752,324

6.37%

216

11.04%

Virginia

408

30,403,140

6.30%

247

11.40%

Georgia

794

29,474,819

6.11%

275

11.45%

Maryland

376

23,876,177

4.95%

259

11.48%

Colorado

395

20,495,156

4.25%

213

9.84%

Texas

612

19,536,748

4.05%

255

10.62%

New Jersey

279

18,758,747

3.89%

232

11.48%

Remaining

2,704

130,228,341

26.99%

233

11.10%

WAMM

WAC

California

1,198

109,921,143

21.39%

236

10.59%

Florida

964

48,531,200

9.44%

270

12.29%

Arizona

604

33,967,193

6.61%

245

11.55%

Virginia

430

31,935,699

6.21%

254

11.40%

Nevada

508

31,769,511

6.18%

220

11.04%

Georgia

822

30,846,953

6.00%

282

11.47%

Maryland

411

26,127,840

5.08%

264

11.49%

Colorado

427

22,321,063

4.34%

221

9.95%

New Jersey

305

20,457,275

3.98%

238

11.55%

Texas

626

20,011,041

3.89%

259

10.64%

Remaining

2,846

138,057,414

26.86%

238

11.15%

(1)

Based on Current Period Ending Principal Balance

Top 10 Original State Concentration

Geographic Distribution

# of

Loans

Scheduled
Balance

(1)

% of

Balance

Top 10 Current State Concentration

Geographic Distribution

# of

Loans

Scheduled
Balance

(1)

% of

Balance

Distribution Date: 25-May-06

Geographic Concentration

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

Top 10 Current State Concentration

California

Nevada

Arizona

Florida

New Jersey

Texas

Colorado

Maryland

Georgia

Virginia

Remaining

23-May-2006 11:50

Page 19 of 25

13335815

200605

0.00

46,003.57

Current Total

0.00

(3.52)

Cumulative

46,007.09

0.00

46,007.09

46,003.57

C
M
N
O
P

REO
Short Pay
Third Party
Write-off

R
S
T
W

1
2
3
4
5

6
7
8
9

3.52

0.00

46,007.09

0.00

Distribution Date: 25-May-06

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

Adjustment Legend
Escrow Bal/Adv
MREC
Rest'd Escrow
Replacement Res.
Suspense

Third Party
Charged Off/Matured
Side Note
Manual

Liq. Type Code - Legend
Charge-off
Matured
Repurchase
Note Sale
Paid in Full

Current Period Realized Loss Detail

Loss-Certs Non-

adjusted

Subsequent

Recov/(Exp)

Original Liquidation

Balance

Adj Type

Liq Type

Loss-Certs

Adjusted

Loss-Loan

Adjusted

Net Liquidation

Proceeds

Disclosure Control #

Period

Loss to Trust

Loss-Loan Non-

adjusted

23-May-2006 11:50

Page 20 of 25

Distribution Date

Beginning Scheduled

Balance

Net Liquidation

Proceeds

Realized Loss

Loan Count

Realized Loss

Adjusted

Cumulative

Realized Loss

Amount

Count

Amount

Count

Amount

Count

25-May-06

0.00

3.52

0.00

(3.52)

46,003.57

25-Apr-06

46,007.09

0.00

46,007.09

0.00

46,007.09

Total

46,007.09

0.00

46,007.09

0.00

3.52

0.00

46,003.57

- - - - - - - - - - - - - - - - - Current Realized Loss - - - - - - - - - - - - - - - - -

Total (All Loans)

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

Distribution Date: 25-May-06

Historical Realized Loss Summary

Recovery on Prior

Liquidations

Claims on Prior Liquidations

(Claims)/Recoveries on

Prior Payoffs

- - - - - - - - - - - - - - Previous Liquidations/Payoffs - - - - - - - - - - - - - -

23-May-2006 11:50

Page 21 of 25

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

Distribution Date: 25-May-06

Historical Realized Loss Summary

Distribution Date

Beginning Scheduled

Balance

Net Liquidation

Proceeds

Realized Loss

Loan Count

Realized Loss

Adjusted

Cumulative

Realized Loss

Amount

Count

Amount

Count

Amount

Count

25-May-06

0.00

3.52

0.00

(3.52)

46,003.57

25-Apr-06

46,007.09

0.00

46,007.09

0.00

46,007.09

Total

46,007.09

0.00

46,007.09

0.00

3.52

0.00

46,003.57

- - - - - - - - - - - - - - - - - Current Realized Loss - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - Previous Liquidations/Payoffs - - - - - - - - - - - - - -

Claims on Prior Liquidations

Recovery on Prior

Liquidations

(Claims)/Recoveries on

Prior Payoffs

23-May-2006 11:50

Page 22 of 25

MDR (monthly Default Rate)

Total

Current Period

0.00%

3-Month Average

0.00%

6-Month Average

0.00%

12-Month Average

0.00%

Average Since Cut-Off

0.00%

CDR (Conditional Default Rate)

Total

Current Period

0.00%

3-Month Average

0.04%

6-Month Average

0.02%

12-Month Average

0.01%

Average Since Cut-Off

0.06%

SDA (Standard Default Assumption)

Total

Current Period

0.00%

3-Month Average

1.24%

6-Month Average

0.62%

12-Month Average

0.31%

Average Since Cut-Off

1.86%

MDR

(Monthly Default Rate)

(Beginning Principal Balance of Liquidated Loans) / (Total Beginning Principal Balance)

CDR

(Conditional Default Rate)

1 - ((1 - MDR)^

SDA

(Standard Default Assumption)

If WAS=30 then CDR/(WAS*0.02) else if 30<WAS=60 then CDR/0.6 else if 60<WAS=120 then CDR/(0.6-((WAS-60)*0.0095)) else if WAS>120 then CDR/0.03

WAS

Weighted Average Seasoning

((Original Term - Remaining Term) * (Current Scheduled Balance / Deal Scheduled Principal Balance)

Distribution Date: 25-May-06

Realized Loss Summary

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

Jun-05

Jul-05

Aug-05

Sep-05

Oct-05

Nov-05

Dec-05

Jan-06

Feb-06

Mar-06

Apr-06

May-06

0.00%

0.01%

0.03%

0.04%

0.06%

0.07%

0.09%

0.10%

Jun-05

Jul-05

Aug-05

Sep-05

Oct-05

Nov-05

Dec-05

Jan-06

Feb-06

Mar-06

Apr-06

May-06

Jun-05

Jul-05

Aug-05

Sep-05

Oct-05

Nov-05

Dec-05

Jan-06

Feb-06

Mar-06

Apr-06

May-06

23-May-2006 11:50

Page 23 of 25

Material breaches of pool asset representation or warranties or transaction covenants.

Material Breach Description

Disclosure Control

Loan Group #

Ending Principal

Balance

Material Breach

Date

Distribution Date: 25-May-06

Material Breaches Detail

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

23-May-2006 11:50

Page 24 of 25

Modifications include any extensions or waivers to the mortgage loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time.

Modification Description

Disclosure Control

Loan Group #

Modified Maturity

Date

Cutoff Maturity

Date

Distribution Date: 25-May-06

Modified Loan Detail

SACO I Trust

Mortgage-Backed Certificates

Series 2006-4

23-May-2006 11:50

Page 25 of 25

SACO I Trust 2006-4 10-D