Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1


*CONTACT INFORMATION*

Depositor	PHH Mortgage Capital LLC
	3000 Leadenhall Road
	Mt. Laurel, NJ 08054

Underwriter	William J. Mayer Securities, LLC
	60 Arch Street
	Greenwich, CT 06830

Master Servicer	PHH Mortgage Corporation
	3000 Leadenhall Road
	Mt. Laurel, NJ 08054

Trustee	Citibank, N.A.
	388 Greenwich Street, 14th Floor
	New York, NY 10013


*CONTENTS*

Distribution Summary	2

Distribution Summary (Factors)	3

Interest Distribution	4

Principal Distribution	5

Class Rating Detail	6

Reconciliation Detail	7

Collateral Summary	8

Delinquency Information	9

Standard Prepayment and Default Information	10

Credit Enhancement	11

Distribution Waterfall Detail	12

Other Information	14


Deal Contact:	Kristen Driscoll	Citibank, N.A.
	kristen.driscoll@citigroup.com	Agency and Trust
	Tel: (212) 816-5681	388 Greenwich Street, 14th Floor
	Fax: (212) 816-5527	New York, NY 10013

Reports Available at www.sf.citidirect.com

Page 1 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Distribution Summary

DISTRIBUTION IN DOLLARS


Class	Original Balance	Prior Principal Balance	Pass- Through Rate	Accrual Day Count	Accrual Dates	Interest Distributed	Principal Distributed	Total Distributed	Deferred Interest	Realized Loss	Current Principal Balance
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)=(7+8)	(10)	(11)	(12)=(3-8+10-11)
A1	35,015,812.00	33,371,407.44	5.934475%	30 / 360	08/01 - 08/31	165,034.82	215,175.87	380,210.69	0.00	0.00	33,156,231.57
A2	35,015,812.00	33,121,681.96	5.934475%	30 / 360	08/01 - 08/31	163,799.82	254,096.50	417,896.32	0.00	0.00	32,867,585.46
A3	2,540,465.00	2,603,953.46	5.934475%	30 / 360	08/01 - 08/31	0.00	0.00	0.00	12,877.58	0.00	2,616,831.04
A4	22,678,550.00	22,678,550.00	5.384475%	30 / 360	08/01 - 08/31	101,760.07	0.00	101,760.07	0.00	0.00	22,678,550.00
A6	44,687,384.00	41,403,701.77	5.934475%	30 / 360	08/01 - 08/31	204,757.69	432,682.36	637,440.05	0.00	0.00	40,971,019.41
A7	2,598,805.00	2,663,751.43	5.934475%	30 / 360	08/01 - 08/31	0.00	0.00	0.00	13,173.30	0.00	2,676,924.73
A8	1,848,172.00	1,894,359.44	5.934475%	30 / 360	08/01 - 08/31	0.00	0.00	0.00	9,368.36	0.00	1,903,727.80
A9	21,129,541.00	21,657,586.83	5.934475%	30 / 360	08/01 - 08/31	0.00	0.00	0.00	107,105.34	0.00	21,764,692.17
RI	100.00	0.00	5.934475%	30 / 360	08/01 - 08/31	0.00	0.00	0.00	0.00	0.00	0.00
RII	100.00	0.00	5.934475%	30 / 360	08/01 - 08/31	0.00	0.00	0.00	0.00	0.00	0.00
B1	8,451,817.00	8,365,685.17	5.934475%	30 / 360	08/01 - 08/31	41,371.62	12,926.43	54,298.05	0.00	0.00	8,352,758.74
B2	792,358.00	784,283.14	5.934475%	30 / 360	08/01 - 08/31	3,878.59	1,211.85	5,090.44	0.00	0.00	783,071.29
B3	528,239.00	522,855.76	5.934475%	30 / 360	08/01 - 08/31	2,585.73	807.90	3,393.63	0.00	0.00	522,047.86
B4	264,119.00	261,427.39	5.934475%	30 / 360	08/01 - 08/31	1,292.86	403.95	1,696.81	0.00	0.00	261,023.44
B5	264,119.00	261,427.39	5.934475%	30 / 360	08/01 - 08/31	1,292.86	403.95	1,696.81	0.00	0.00	261,023.44
B6	264,118.24	261,426.66	5.934475%	30 / 360	08/01 - 08/31	1,292.86	403.95	1,696.81	0.00	0.00	261,022.71
Totals	176,079,511.24	169,852,097.84				687,066.92	918,112.76	1,605,179.68	142,524.58	0.00	169,076,509.66

Notional Classes
A5	22,678,550.00	22,678,550.00	0.550000%	30 / 360	08/01 - 08/31	10,394.34	0.00	10,394.34	0.00	0.00	22,678,550.00

Reports Available at www.sf.citidirect.com

Page 2 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Distribution Summary (Factors)

PER $1,000 OF ORIGINAL BALANCE


Class	CUSIP	Record Date	Prior Principal Balance	Interest Distributed	Principal Distributed	Total Distributed	Deferred Interest	Realized Loss	Current Principal Balance
			(3/2 x 1000)	(7/2 x 1000)	(8/2 x 1000)	(9/2 x 1000)	(10/2 x 1000)	(11/2 x 1000)	(12/2 x 1000)
A1	69336RDD9	08/31/2006	953.038229	4.713151	6.145106	10.858257	0.000000	0.000000	946.893123
A2	69336RDE7	08/31/2006	945.906437	4.677882	7.256622	11.934503	0.000000	0.000000	938.649815
A3	69336RDF4	08/31/2006	1,024.990882	0.000000	0.000000	0.000000	5.068985	0.000000	1,030.059867
A4	69336RDG2	08/31/2006	1,000.000000	4.487062	0.000000	4.487062	0.000000	0.000000	1,000.000000
A6	69336RDJ6	08/31/2006	926.518808	4.582002	9.682428	14.264430	0.000000	0.000000	916.836381
A7	69336RDK3	08/31/2006	1,024.990882	0.000000	0.000000	0.000000	5.068984	0.000000	1,030.059866
A8	69336RDL1	08/31/2006	1,024.990877	0.000000	0.000000	0.000000	5.068987	0.000000	1,030.059865
A9	69336RDP2	08/31/2006	1,024.990880	0.000000	0.000000	0.000000	5.068986	0.000000	1,030.059866
RI	69336RDM9	08/31/2006	0.000000	0.000000	0.000000	0.000000	0.000000	0.000000	0.000000
RII	69336RDN7	08/31/2006	0.000000	0.000000	0.000000	0.000000	0.000000	0.000000	0.000000
B1	69336RDQ0	08/31/2006	989.809075	4.894997	1.529426	6.424423	0.000000	0.000000	988.279649
B2	69336RDR8	08/31/2006	989.809076	4.894997	1.529422	6.424419	0.000000	0.000000	988.279654
B3	69336RDS6	08/31/2006	989.809083	4.895000	1.529421	6.424422	0.000000	0.000000	988.279661
B4	69336RDT4	08/31/2006	989.809101	4.894991	1.529424	6.424415	0.000000	0.000000	988.279677
B5	69336RDU1	08/31/2006	989.809101	4.894991	1.529424	6.424415	0.000000	0.000000	988.279677
B6	69336RDV9	08/31/2006	989.809185	4.895005	1.529429	6.424433	0.000000	0.000000	988.279757
A5	69336RDH0	08/31/2006	1,000.000000	0.458334	0.000000	0.458334	0.000000	0.000000	1,000.000000

Reports Available at www.sf.citidirect.com

Page 3 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Interest Distribution Detail

DISTRIBUTION IN DOLLARS


Class	Prior Principal Balance	Pass- Through Rate	Next Pass- Through Rate	Interest Accrual Day Cnt Fraction	Optimal Accrued Interest	Prior Unpaid Interest	Interest on Prior Unpaid Interest	Non-Recov. Interest Shortfall	Interest Due	Deferred Interest	Interest Distributed	Current Unpaid Interest
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)=(6)+(7)+(8)-(9)	(11)	(12)	(13)=(10)-(11)-(12)
A1	33,371,407.44	5.93448%	5.93348%	30 / 360	165,034.82	0.00	0.00	0.00	165,034.82	0.00	165,034.82	0.00
A2	33,121,681.96	5.93448%	5.93348%	30 / 360	163,799.82	0.00	0.00	0.00	163,799.82	0.00	163,799.82	0.00
A3	2,603,953.46	5.93448%	5.93348%	30 / 360	12,877.58	0.00	0.00	0.00	12,877.58	12,877.58	0.00	0.00
A4	22,678,550.00	5.38448%	5.38348%	30 / 360	101,760.07	0.00	0.00	0.00	101,760.07	0.00	101,760.07	0.00
A6	41,403,701.77	5.93448%	5.93348%	30 / 360	204,757.69	0.00	0.00	0.00	204,757.69	0.00	204,757.69	0.00
A7	2,663,751.43	5.93448%	5.93348%	30 / 360	13,173.30	0.00	0.00	0.00	13,173.30	13,173.30	0.00	0.00
A8	1,894,359.44	5.93448%	5.93348%	30 / 360	9,368.36	0.00	0.00	0.00	9,368.36	9,368.36	0.00	0.00
A9	21,657,586.83	5.93448%	5.93348%	30 / 360	107,105.34	0.00	0.00	0.00	107,105.34	107,105.34	0.00	0.00
RI	0.00	5.93448%	5.93348%	30 / 360	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RII	0.00	5.93448%	5.93348%	30 / 360	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
B1	8,365,685.17	5.93448%	5.93348%	30 / 360	41,371.62	0.00	0.00	0.00	41,371.62	0.00	41,371.62	0.00
B2	784,283.14	5.93448%	5.93348%	30 / 360	3,878.59	0.00	0.00	0.00	3,878.59	0.00	3,878.59	0.00
B3	522,855.76	5.93448%	5.93348%	30 / 360	2,585.73	0.00	0.00	0.00	2,585.73	0.00	2,585.73	0.00
B4	261,427.39	5.93448%	5.93348%	30 / 360	1,292.86	0.00	0.00	0.00	1,292.86	0.00	1,292.86	0.00
B5	261,427.39	5.93448%	5.93348%	30 / 360	1,292.86	0.00	0.00	0.00	1,292.86	0.00	1,292.86	0.00
B6	261,426.66	5.93448%	5.93348%	30 / 360	1,292.86	0.00	0.00	0.00	1,292.86	0.00	1,292.86	0.00
Totals	169,852,097.84				829,591.50	0.00	0.00	0.00	829,591.50	142,524.58	687,066.92	0.00

Notional Classes
A5	22,678,550.00	0.55000%	0.55000%	30 / 360	10,394.34	0.00	0.00	0.00	10,394.34	0.00	10,394.34	0.00

Reports Available at www.sf.citidirect.com

Page 4 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Principal Distribution Detail

DISTRIBUTION IN DOLLARS


Class	Original Balance	Prior Principal Balance	Principal Distribution	Accreted Principal	Current Realized Losses	Current Principal Recoveries	Current Principal Balance	Cumulative Realized Losses
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)=(3)-(4)+(5)-(6)+(7)	(9)
A1	35,015,812.00	33,371,407.44	215,175.87	0.00	0.00	0.00	33,156,231.57	0.00
A2	35,015,812.00	33,121,681.96	254,096.50	0.00	0.00	0.00	32,867,585.46	0.00
A3	2,540,465.00	2,603,953.46	0.00	12,877.58	0.00	0.00	2,616,831.04	0.00
A4	22,678,550.00	22,678,550.00	0.00	0.00	0.00	0.00	22,678,550.00	0.00
A6	44,687,384.00	41,403,701.77	432,682.36	0.00	0.00	0.00	40,971,019.41	0.00
A7	2,598,805.00	2,663,751.43	0.00	13,173.30	0.00	0.00	2,676,924.73	0.00
A8	1,848,172.00	1,894,359.44	0.00	9,368.36	0.00	0.00	1,903,727.80	0.00
A9	21,129,541.00	21,657,586.83	0.00	107,105.34	0.00	0.00	21,764,692.17	0.00
RI	100.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RII	100.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
B1	8,451,817.00	8,365,685.17	12,926.43	0.00	0.00	0.00	8,352,758.74	0.00
B2	792,358.00	784,283.14	1,211.85	0.00	0.00	0.00	783,071.29	0.00
B3	528,239.00	522,855.76	807.90	0.00	0.00	0.00	522,047.86	0.00
B4	264,119.00	261,427.39	403.95	0.00	0.00	0.00	261,023.44	0.00
B5	264,119.00	261,427.39	403.95	0.00	0.00	0.00	261,023.44	0.00
B6	264,118.24	261,426.66	403.95	0.00	0.00	0.00	261,022.71	0.00
Totals	176,079,511.24	169,852,097.84	918,112.76	142,524.58	0.00	0.00	169,076,509.66	0.00

Reports Available at www.sf.citidirect.com

Page 5 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Class Rating Detail

Fitch

Moody's

S & P

Class

Cusip

Original

Current

Status

Date

Original

Current

Status

Date

Original

Current

Status

Date

69336RDD9

AAA

30-Mar-06

69336RDE7

AAA

30-Mar-06

69336RDF4

AAA

30-Mar-06

69336RDG2

AAA

30-Mar-06

69336RDH0

AAA

30-Mar-06

69336RDJ6

AAA

30-Mar-06

69336RDK3

AAA

30-Mar-06

69336RDL1

AAA

30-Mar-06

69336RDP2

AAA

30-Mar-06

69336RDM9

AAA

30-Mar-06

RII

69336RDN7

AAA

30-Mar-06

69336RDQ0

30-Mar-06

69336RDR8

30-Mar-06

69336RDS6

BBB

30-Mar-06

69336RDT4

30-Mar-06

69336RDU1

30-Mar-06

69336RDV9

All ratings are updated through the last day of the prior month, however some ratings may include more recent updates.

Reports Available at www.sf.citidirect.com

Page 6 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Reconciliation Detail


*SOURCE OF FUNDS*
Interest Funds Available
Scheduled Interest	877,140.94
Uncompensated PPIS	0.00
Relief Act Interest Shortfall	0.00
Interest Adjustments	0.00
Total Interest Funds Available:		877,140.94
Principal Funds Available
Scheduled Principal	262,450.79
Curtailments	25,653.10
Prepayments in Full	487,484.29
Liquidation Proceeds	0.00
Repurchased Principal	0.00
Substitution Principal	0.00
Other Principal	0.00
Total Principal Funds Available:		775,588.18
Total Funds Available		1,652,729.12


*ALLOCATION OF FUNDS*
Scheduled Fees
Servicing Fee	35,385.83
Trustee Fee	1,769.27
Total Scheduled Fees:		37,155.10
Additional Fees, Expenses, etc.
Extraordinary Trust Fund Expenses	0.00
Other Expenses	0.00
Total Additional Fees, Expenses, etc.:		0.00
Distribution to Certificateholders
Interest Distribution	697,461.26
Principal Distribution	918,112.76
Total Distribution to Certificateholders:		1,615,574.02
Total Funds Allocated		1,652,729.12

Reports Available at www.sf.citidirect.com

Page 7 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Collateral Summary


*ASSET CHARACTERISTICS*

	Cut-Off			Prior			Current

Aggregate Stated Principal Balance		176,079,511.24			169,852,097.84			169,076,509.66

Loan Count		297			291			290

Weighted Average Coupon Rate (WAC)		6.205980	%		6.196974	%		6.198881	%

Net Weighted Average Coupon Rate (Net WAC)		5.943480	%		5.934474	%		5.936381	%

Weighted Average Remaining Term (WART in months)		321			316			315


*AVAILABLE PRINCIPAL*

Scheduled Principal	262,450.79
Curtailments	25,653.10
Principal Prepayments	487,484.29
Liquidation Proceeds	0.00
Repurchased Principal	0.00
Trailing Recoveries	0.00
TOTAL AVAILABLE PRINCIPAL	775,588.18

Current Realized Losses	0.00
Current Bankruptcy Losses	0.00
Cumulative Realized Losses	0.00


*AVAILABLE INTEREST*

Scheduled Interest		877,140.94

Less:	Servicing Fee	35,385.83
	Trustee Fee	1,769.27
	Uncompensated PPIS	0.00
	Relief Act Interest Shortfall	0.00
TOTAL AVAILABLE INTEREST		839,985.84

Reports Available at www.sf.citidirect.com

Page 8 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Delinquency Information




	1 Month			2 Months			3+ Months			Totals
Delinquency
Scheduled Principal Balance		0.00			0.00			0.00			0.00
Percentage of Total Pool Balance		0.0000	%		0.0000	%		0.0000	%		0.0000	%
Number of Loans		0			0			0			0
Percentage of Total Loans		0.0000	%		0.0000	%		0.0000	%		0.0000	%
Bankruptcy
Scheduled Principal Balance		0.00			0.00			0.00			0.00
Percentage of Total Pool Balance		0.0000	%		0.0000	%		0.0000	%		0.0000	%
Number of Loans		0			0			0			0
Percentage of Total Loans		0.0000	%		0.0000	%		0.0000	%		0.0000	%
Foreclosure
Scheduled Principal Balance		0.00			0.00			0.00			0.00
Percentage of Total Pool Balance		0.0000	%		0.0000	%		0.0000	%		0.0000	%
Number of Loans		0			0			0			0
Percentage of Total Loans		0.0000	%		0.0000	%		0.0000	%		0.0000	%
REO
Scheduled Principal Balance		0.00			0.00			0.00			0.00
Percentage of Total Pool Balance		0.0000	%		0.0000	%		0.0000	%		0.0000	%
Number of Loans		0			0			0			0
Percentage of Total Loans		0.0000	%		0.0000	%		0.0000	%		0.0000	%
Total
Scheduled Principal Balance		0.00			0.00			0.00			0.00
Percentage of Total Pool Balance		0.0000	%		0.0000	%		0.0000	%		0.0000	%
Number of Loans		0			0			0			0
Percentage of Total Loans		0.0000	%		0.0000	%		0.0000	%		0.0000	%

Principal and Interest Advances		446,144.14

Reports Available at www.sf.citidirect.com

Page 9 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Standard Prepayment and Default Information


Payment Date	Wtd. Avg. Age (Months)	Current Collateral Balance	Scheduled Principal	Unscheduled Principal	Liquidation Principal	SMM	CPR	PSA	MDR	CDR	SDA
18-Sep-2006	0.00	169,076,509.66	262,450.79	513,137.39	0.00	0.303%	3.571%	0%	0.000%	0.000%	0%
18-Aug-2006	0.00	169,852,097.84	261,085.36	97,048.68	0.00	0.057%	0.683%	0%	0.000%	0.000%	0%
18-Jul-2006	0.00	170,210,231.88	259,505.85	642,176.37	0.00	0.376%	4.418%	0%	0.000%	0.000%	0%
19-Jun-2006	0.00	171,111,914.10	259,148.71	2,439,986.49	0.00	1.406%	15.626%	0%	0.000%	0.000%	0%
18-May-2006	0.00	173,811,049.30	259,916.18	10,687.73	0.00	0.006%	0.074%	0%	0.000%	0.000%	0%
18-Apr-2006	0.00	174,081,653.21	258,578.73	1,739,279.30	0.00	0.989%	11.246%	0%	0.000%	0.000%	0%

SMM	(Single Month Mortality) = Unscheduled Principal / (Beginning Balance - Scheduled Principal)	MDR	(Monthly Default Rate) = Beginning Balance of Liquidated Asset / Total Beginning Balance
CPR	(Constant Prepayment Rate) = 1 - ((1-SMM)^12)	CDR	(Conditional Default Rate) = 1 - ((1-MDR)^12)
PSA	(Public Securities Association) = CPR * (min(.2% * Age, 6%))	SDA	(Standard Default Assumption) = CDR * (min(.2% * Age, 6%))

Reports Available at www.sf.citidirect.com

Page 10 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Credit Enhancement


*SUBORDINATION LEVELS*

	Original			Prior			Current

Aggregate Certificate Principal Balance		176,079,511.24			169,852,097.84			169,076,509.66
Senior Principal Balance		165,514,741.00			159,394,992.33			158,635,562.18
Senior Percentage		94.000000	%		93.843405	%		93.824720	%
Senior Credit Support		6.000000	%		6.156595	%		6.175280	%
Class B1 Principal Balance		8,451,817.00			8,365,685.17			8,352,758.74
Class B1 Percentage		4.800000	%		4.925276	%		4.940224	%
Class B1 Credit Support		1.199999	%		1.231319	%		1.235056	%
Class B2 Principal Balance		792,358.00			784,283.14			783,071.29
Class B2 Percentage		0.450000	%		0.461745	%		0.463146	%
Class B2 Credit Support		0.749999	%		0.769574	%		0.771909	%
Class B3 Principal Balance		528,239.00			522,855.76			522,047.86
Class B3 Percentage		0.300000	%		0.307830	%		0.308764	%
Class B3 Credit Support		0.449999	%		0.461744	%		0.463145	%
Class B4 Principal Balance		264,119.00			261,427.39			261,023.44
Class B4 Percentage		0.150000	%		0.153915	%		0.154382	%
Class B4 Credit Support		0.299999	%		0.307829	%		0.308763	%
Class B5 Principal Balance		264,119.00			261,427.39			261,023.44
Class B5 Percentage		0.150000	%		0.153915	%		0.154382	%
Class B5 Credit Support		0.149999	%		0.153914	%		0.154381	%
Class B6 Principal Balance		264,118.24			261,426.66			261,022.71
Class B6 Percentage		0.149999	%		0.153914	%		0.154381	%
Class B6 Credit Support		0.000000	%		0.000000	%		0.000000	%

Reports Available at www.sf.citidirect.com

Page 11 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Waterfall Detail


*DISTRIBUTIONS*	Amount Distributed			Remaining Available Funds

Senior Interest Remittance Funds					839,985.84
Class A-1 Monthly Interest Distributable Amount		(165,034.82	)		674,951.02
Class A-2 Monthly Interest Distributable Amount		(163,799.82	)		511,151.20
Class A-3 Monthly Interest Distributable Amount		0.00			511,151.20
Class A-4 Monthly Interest Distributable Amount		(101,760.07	)		409,391.13
Class A-5 Monthly Interest Distributable Amount		(10,394.34	)		398,996.79
Class A-6 Monthly Interest Distributable Amount		(204,757.69	)		194,239.10
Class A-7 Monthly Interest Distributable Amount		0.00			194,239.10
Class A-8 Monthly Interest Distributable Amount		0.00			194,239.10
Class A-9 Monthly Interest Distributable Amount		0.00			194,239.10
Class R-I Monthly Interest Distributable Amount		0.00			194,239.10
Class R-II Monthly Interest Distributable Amount		0.00			194,239.10

Subordinate Interest Remittance Funds					194,239.10
Class B-1 Monthly Interest Distributable Amount		(41,371.62	)		152,867.48
Class B-2 Monthly Interest Distributable Amount		(3,878.59	)		148,988.89
Class B-3 Monthly Interest Distributable Amount		(2,585.73	)		146,403.16
Class B-4 Monthly Interest Distributable Amount		(1,292.86	)		145,110.30
Class B-5 Monthly Interest Distributable Amount		(1,292.86	)		143,817.44
Class B-6 Monthly Interest Distributable Amount		(1,292.86	)		142,524.58

Accrued Interest Accreted to Other Classes					142,524.58

Senior Principal Distribution Funds Including Accretion Amounts					918,112.76
Class A-1 Principal Amount Distributed		(215,175.87	)		702,936.89
Class A-2 Principal Amount Distributed		(254,096.50	)		448,840.39
Class A-3 Principal Amount Distributed		0.00			448,840.39
Class A-4 Principal Amount Distributed		0.00			448,840.39
Class A-6 Principal Amount Distributed		(432,682.36	)		16,158.03

Reports Available at www.sf.citidirect.com

Page 12 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1


Class A-7 Principal Amount Distributed	0.00		16,158.03
Class A-8 Principal Amount Distributed	0.00		16,158.03
Class A-9 Principal Amount Distributed	0.00		16,158.03
Class R-I Principal Amount Distributed	0.00		16,158.03
Class R-II Principal Amount Distributed	0.00		16,158.03

Subordinate Principal Distribution Funds			16,158.03
Class B-1 Principal Amount Distributed	(12,926.43	)	3,231.60
Class B-2 Principal Amount Distributed	(1,211.85	)	2,019.75
Class B-3 Principal Amount Distributed	(807.90	)	1,211.85
Class B-4 Principal Amount Distributed	(403.95	)	807.90
Class B-5 Principal Amount Distributed	(403.95	)	403.95
Class B-6 Principal Amount Distributed	(403.95	)	0.00

Remaining to the Holders of the Residual Certificates	0.00		0.00

Reports Available at www.sf.citidirect.com

Page 13 of 14

Distribution Date:

Determination Date:

09/18/2006

09/08/2006

PHHMC Mortgage Pass-Through Certificates

Series 2006-1

Other Information



Trigger Information

Has the Credit Support Depletion Date Been Reached?	No

Has the Class A3 Accretion Termination Date Been Reached?	No
Has the Class A7 Accretion Termination Date Been Reached?	No
Has the Class A8 Accretion Termination Date Been Reached?	No
Has the Class A9 Accretion Termination Date Been Reached?	No

Senior Percentage	93.843405%
Senior Prepayment Percentage	100.000000%

Bankruptcy Amount	50,000.00
Fraud Loss Amount	1,760,795.11
Special Hazard Amount	950,829.00

Expenses
Extraordinary Trust Fund Expenses	0.00

Reports Available at www.sf.citidirect.com

Page 14 of 14

PHHMC Series 2006-1 Trust 10-D