	Exhibit 99.1
	MONTHLY DISTRIBUTION STATEMENT TO CERTIFICATEHOLDERS

	HSBC Home Equity Loan Trust (USA) 2006-4

	Distribution Number	13
	Beginning Date of Collection Period	1-Dec-07
	Ending Date of Collection Period	31-Dec-07
	Distribution Date	22-Jan-08
	Previous Distribution Date	20-Dec-07
	Floating-Rate Certificates Interest Period Beginning On	20-Dec-07
	Floating-Rate Certificates Interest Period Ending On	21-Jan-08

	Funds Disbursement
	Collected Funds (including Servicing Fee)	14,357,938.66
	Available Distribution Amount	13,995,643.48
	Principal Collections	8,983,864.37
		8,983,864.37
	Net Interest Collections	5,011,779.11

	Interest Collections	5,374,074.29
	Principal recoveries	0.00
	Compensating Interest	0.00
	Servicing Fee (after Compensating Interest)	362,295.18

	Disbursements	14,357,938.66
	Current Interest and Interest Carryforward Amount Distributed to Certificateholders	3,167,952.91
	Principal Distribution Amount to Certificateholders	9,410,385.41
	Unpaid Realized Loss Amount to Certificateholders	0.00
	Net Rate Carryover Amount to Certificateholders	0.00
	Remaining Available Distribution Amount to Class R Certificateholder	1,417,305.16
	Servicing Fee after Compensating Interest (to Servicer)	362,295.18

	Other payments or reimbursements to Servicer pursuant to Section 3.03	0.00

	Pool Balance
	Beginning Pool Balance	869,508,428.61
	Principal Collections (including repurchases)	8,983,864.37
	Realized Loss	426,521.04
	Ending Pool Balance	860,098,043.20

	Certificate Balance
	Beginning Certificate Balance	678,901,470.85
	Certificate Paydown	9,410,385.41
	Applied Realized Loss Amount	0.00
	Ending Certificate Balance	669,491,085.44


Collateral Performance
Cash yield (% of beginning balance, annualized)	7.42%
Loss rate (% of beginning balance, net of principal recoveries)	0.59%
Net yield	6.83%
Realized Losses (including recoveries)	426,521.04
Cumulative Realized Losses	1,395,485.68
Cumulative Loss Percentage	0.12%
Delinquent Loans:
One payment principal balance of loans	17,016,395.83
One payment number of loans	127
Two payments principal balance of loans	2,830,768.23
Two payments number of loans	24
Three payments plus principal balance of loans	14,419,757.43
Three payments plus number of loans	113
One Payment Delinquency Percentage (for related Collection Period)	1.98%
Two Payment Delinquency Percentage (for related Collection Period)	0.33%
Two Payment Plus Delinquency Percentage (for related Collection Period)	2.01%
Two Payment Plus Rolling Average (for such Distribution Date)	1.85%
Three Payment Plus Delinquency Percentage (for related Collection Period)	1.68%

Aggregate Principal Balance of Loans that were restructured during such Collection Period	5,483,489.22
Aggregate Principal Balance of Loans restructured in Collection Period as % of EOP Pool Balance		0.64%

Home Equity Loan Detail
Number of loans purchased or substituted pursuant to Section 2.02	-
Principal balance of loans purchased or substituted pursuant to Section 2.02	0.00
Number of loans purchased or substituted pursuant to Section 2.04	-
Principal balance of loans purchased or substituted pursuant to Section 2.04	0.00
Number of loans purchased or substituted pursuant to Section 3.01	-
Principal balance of loans purchased or substituted pursuant to Section 3.01	0.00
Substitution Adjustment Amounts	0.00

Number outstanding beginning of period	7,867
Number outstanding end of period	7,759
Principal balance of all REO as of the end of the Collection Period	1,163,829.68
Number of loans that went into REO during the Collection Period	3
Principal balance of loans that went into REO during the Collection Period	287,051.37


Overcollateralization
Beginning OC Amount	190,606,957.76
Realized Loss	426,521.04
OC Release Amount	0.00

Extra Principal Distribution Amount	426,521.04
Ending OC Amount	190,606,957.76

Target OC Amount	190,606,957.76
Interim OC Amount	190,180,436.72
Interim OC Deficiency	426,521.04

Monthly Excess Cashflow	1,843,826.20

Other
Stepdown	No
Trigger Event	No
Servicer Termination Event	No
Original Certificate Balance	937,240,000.00
Total EOP Certificate Principal Amount divided by Total Original Certificate Principal Amount		71.432193%
Total EOP Certificate Principal Amount divided by Total Original Certificate Principal Amount <15.00%			No

Interest Calculations
1 month LIBOR	4.94875%
Class A-1F Formula Rate (5.79%)	5.79000%
Class A-1F Pass-Through Rate	5.79000%
Class A-1V Formula Rate (1-mo. Libor plus 7 bps)	5.01875%
Class A-1V Pass-Through Rate	5.01875%
Class A-2F Formula Rate (5.32%)	5.32000%
Class A-2F Pass-Through Rate	5.32000%
Class A-2V Formula Rate (1-mo. Libor plus 11 bps)	5.05875%
Class A-2V Pass-Through Rate	5.05875%
Class A-3F Formula Rate (5.30%)	5.30000%
Class A-3F Pass-Through Rate	5.30000%
Class A-3V Formula Rate (1-mo. Libor plus 15 bps)	5.09875%
Class A-3 Pass-Through Rate	5.09875%
Class A-4 Formula Rate (1-mo. Libor plus 23 bps)	5.17875%
Class A-4 Pass-Through Rate	5.17875%
Class M-1 Formula Rate (1-mo. Libor plus 26 bps)	5.20875%
Class M-1 Pass-Through Rate	5.20875%
Class M-2 Formula Rate (1-mo. Libor plus 28 bps)	5.22875%
Class M-2 Pass-Through Rate	5.22875%

Net Rate Cap for Fixed Rate Certificates	7.69020%
Net Rate Cap for Floating Rate Certificates	6.99109%


	Class A-1F Certficateholder's Statement

	A. Information on Distributions
	Original Class A-1F Certificate Balance	250,000,000.00
	1. Total Distributions per $1,000	22.958945
	2. Principal Distributions per $1,000	20.902677
	3. Interest Distribution per $1,000	2.056267

	B. Calculation of Class A-1F Interest
	1. Class A-1F Pass-Through Rate	5.79000%
	2. Days in Accrual Period	30

	3. Class A-1F Interest Due	514,066.86
	4. Class A-1F Interest Paid	514,066.86
	5. Class A-1F Interest Carry Forward Amount Due	0.00
	6. Class A-1F Interest Carry Forward Amount Paid	0.00
	7. Class A-1F Net Rate Carryover Amount Due	0.00
	8. Class A-1F Net Rate Carryover Amount Paid	0.00

	9. Class A-1F Unpaid Interest Carry Forward Amount, EOP	0.00
	10. Class A-1F Unpaid Net Rate Carryover Amount, EOP	0.00

	C. Calculation of Class A-1F Principal
	1. Class A-1F Certificate Principal Amount, BOP	106,542,353.87
	2. Class A-1F Principal Due	5,225,669.37
	3. Class A-1F Principal Paid	5,225,669.37
	4. Class A-1F Certificate Principal Amount, EOP	101,316,684.50

	5. Class A-1F Certificate Principal Amount as a % of Original Class A-1F Certificate Principal Amount, EOP	40.526674%

	6. Class A-1F Certificate Principal Amount as a % of the Pool Balance, EOP	11.779667%
	7. Class A-1F Certificate principal distribution percentage	55.530875116%

	Class A-1V Certficateholder's Statement

	A. Information on Distributions
	Original Class A-1V Certificate Balance	200,200,000.00
	1. Total Distributions per $1,000	22.863279
	2. Principal Distributions per $1,000	20.902678
	3. Interest Distribution per $1,000	1.960601

	B. Calculation of Class A-1V Interest
	1. Class A-1V Pass-Through Rate	5.01875%
	2. Days in Accrual Period	33

	3. Class A-1V Interest Due	392,512.38
	4. Class A-1V Interest Paid	392,512.38
	5. Class A-1V Interest Carry Forward Amount Due	0.00
	6. Class A-1V Interest Carry Forward Amount Paid	0.00
	7. Class A-1V Net Rate Carryover Amount Due	0.00
	8. Class A-1V Net Rate Carryover Amount Paid	0.00

	9. Class A-1V Unpaid Interest Carry Forward Amount, EOP	0.00
	10. Class A-1V Unpaid Net Rate Carryover Amount, EOP	0.00

	C. Calculation of Class A-1V Principal
	1. Class A-1V Certificate Principal Amount, BOP	85,319,116.98
	2. Class A-1V Principal Due	4,184,716.04
	3. Class A-1V Principal Paid	4,184,716.04
	4. Class A-1V Certificate Principal Amount, EOP	81,134,400.94

	5. Class A-1V Certificate Principal Amount as a % of Original Class A-1V Certificate Principal Amount, EOP	40.526674%

	6. Class A-1V Certificate Principal Amount as a % of the Pool Balance, EOP	9.433157%
	7. Class A-1V Certificate principal distribution percentage	44.469124884%

	Class A-2F Certficateholder's Statement

	A. Information on Distributions
	Original Class A-2F Certificate Balance	50,000,000.00
	1. Total Distributions per $1,000	4.433333
	2. Principal Distributions per $1,000	0.000000
	3. Interest Distribution per $1,000	4.433333

	B. Calculation of Class A-2F Interest
	1. Class A-2F Pass-Through Rate	5.32000%
	2. Days in Accrual Period	30

	3. Class A-2F Interest Due	221,666.67
	4. Class A-2F Interest Paid	221,666.67
	5. Class A-2F Interest Carry Forward Amount Due	0.00
	6. Class A-2F Interest Carry Forward Amount Paid	0.00
	7. Class A-2F Net Rate Carryover Amount Due	0.00
	8. Class A-2F Net Rate Carryover Amount Paid	0.00

	9. Class A-2F Unpaid Interest Carry Forward Amount, EOP	0.00
	10. Class A-2F Unpaid Net Rate Carryover Amount, EOP	0.00

	C. Calculation of Class A-2F Principal
	1. Class A-2F Certificate Principal Amount, BOP	50,000,000.00
	2. Class A-2F Principal Due	0.00
	3. Class A-2F Principal Paid	0.00
	4. Class A-2F Certificate Principal Amount, EOP	50,000,000.00

	5. Class A-2F Certificate Principal Amount as a % of Original Class A-2F Certificate Principal Amount, EOP	100.000000%


	6. Class A-2F Certificate Principal Amount as a % of the Pool Balance, EOP	5.813291%
	7. Class A-2F Certificate principal distribution percentage	0.000000000%

	Class A-2V Certficateholder's Statement

	A. Information on Distributions
	Original Class A-2V Certificate Balance	68,200,000.00
	1. Total Distributions per $1,000	4.637188
	2. Principal Distributions per $1,000	0.000000
	3. Interest Distribution per $1,000	4.637188

	B. Calculation of Class A-2V Interest
	1. Class A-2V Pass-Through Rate	5.05875%
	2. Days in Accrual Period	33

	3. Class A-2V Interest Due	316,256.19
	4. Class A-2V Interest Paid	316,256.19
	5. Class A-2V Interest Carry Forward Amount Due	0.00
	6. Class A-2V Interest Carry Forward Amount Paid	0.00
	7. Class A-2V Net Rate Carryover Amount Due	0.00
	8. Class A-2V Net Rate Carryover Amount Paid	0.00

	9. Class A-2V Unpaid Interest Carry Forward Amount, EOP	0.00
	10. Class A-2V Unpaid Net Rate Carryover Amount, EOP	0.00

	C. Calculation of Class A-2V Principal
	1. Class A-2V Certificate Principal Amount, BOP	68,200,000.00
	2. Class A-2V Principal Due	0.00
	3. Class A-2V Principal Paid	0.00
	4. Class A-2V Certificate Principal Amount, EOP	68,200,000.00

	5. Class A-2V Certificate Principal Amount as a % of Original Class A-2V Certificate Principal Amount, EOP	100.000000%

	6. Class A-2V Certificate Principal Amount as a % of the Pool Balance, EOP	7.929329%
	7. Class A-2V Certificate principal distribution percentage	0.000000000%

	Class A-3F Certficateholder's Statement

	A. Information on Distributions
	Original Class A-3F Certificate Balance	79,900,000.00
	1. Total Distributions per $1,000	4.416667
	2. Principal Distributions per $1,000	0.000000
	3. Interest Distribution per $1,000	4.416667

	B. Calculation of Class A-3F Interest
	1. Class A-3F Pass-Through Rate	5.30000%
	2. Days in Accrual Period	30

	3. Class A-3F Interest Due	352,891.67
	4. Class A-3F Interest Paid	352,891.67
	5. Class A-3F Interest Carry Forward Amount Due	0.00
	6. Class A-3F Interest Carry Forward Amount Paid	0.00
	7. Class A-3F Net Rate Carryover Amount Due	0.00
	8. Class A-3F Net Rate Carryover Amount Paid	0.00

	9. Class A-3F Unpaid Interest Carry Forward Amount, EOP	0.00
	10. Class A-3F Unpaid Net Rate Carryover Amount, EOP	0.00

	C. Calculation of Class A-3F Principal
	1. Class A-3F Certificate Principal Amount, BOP	79,900,000.00
	2. Class A-3F Principal Due	0.00
	3. Class A-3F Principal Paid	0.00
	4. Class A-3F Certificate Principal Amount, EOP	79,900,000.00

	5. Class A-3F Certificate Principal Amount as a % of Original Class A-3F Certificate Principal Amount, EOP	100.000000%

	6. Class A-3F Certificate Principal Amount as a % of the Pool Balance, EOP	9.289639%
	7. Class A-3F Certificate principal distribution percentage	0.000000000%

	Class A-3V Certficateholder's Statement

	A. Information on Distributions
	Original Class A-3V Certificate Balance	61,500,000.00
	1. Total Distributions per $1,000	4.673854
	2. Principal Distributions per $1,000	0.000000
	3. Interest Distribution per $1,000	4.673854

	B. Calculation of Class A-3V Interest
	1. Class A-3V Pass-Through Rate	5.09875%
	2. Days in Accrual Period	33

	3. Class A-3V Interest Due	287,442.03

	4. Class A-3V Interest Paid	287,442.03
	5. Class A-3V Interest Carry Forward Amount Due	0.00
	6. Class A-3V Interest Carry Forward Amount Paid	0.00
	7. Class A-3V Net Rate Carryover Amount Due	0.00
	8. Class A-3V Net Rate Carryover Amount Paid	0.00

	9. Class A-3V Unpaid Interest Carry Forward Amount, EOP	0.00
	10. Class A-3V Unpaid Net Rate Carryover Amount, EOP	0.00

	C. Calculation of Class A-3V Principal
	1. Class A-3V Certificate Principal Amount, BOP	61,500,000.00
	2. Class A-3V Principal Due	0.00
	3. Class A-3V Principal Paid	0.00
	4. Class A-3V Certificate Principal Amount, EOP	61,500,000.00

	5. Class A-3V Certificate Principal Amount as a % of Original Class A-3V Certificate Principal Amount, EOP	100.000000%

	6. Class A-3V Certificate Principal Amount as a % of the Pool Balance, EOP	7.150348%
	7. Class A-3V Certificate principal distribution percentage	0.000000000%

	Class A-4 Certficateholder's Statement

	A. Information on Distributions
	Original Class A-4 Certificate Balance	132,140,000.00
	1. Total Distributions per $1,000	4.747188
	2. Principal Distributions per $1,000	0.000000
	3. Interest Distribution per $1,000	4.747188

	B. Calculation of Class A-4 Interest
	1. Class A-4 Pass-Through Rate	5.17875%
	2. Days in Accrual Period	33

	3. Class A-4 Interest Due	627,293.36
	4. Class A-4 Interest Paid	627,293.36
	5. Class A-4 Interest Carry Forward Amount Due	0.00
	6. Class A-4 Interest Carry Forward Amount Paid	0.00
	7. Class A-4 Net Rate Carryover Amount Due	0.00
	8. Class A-4 Net Rate Carryover Amount Paid	0.00

	9. Class A-4 Unpaid Interest Carry Forward Amount, EOP	0.00
	10. Class A-4 Unpaid Net Rate Carryover Amount, EOP	0.00

	C. Calculation of Class A-4 Principal
	1. Class A-4 Certificate Principal Amount, BOP	132,140,000.00
	2. Class A-4 Principal Due	0.00
	3. Class A-4 Principal Paid	0.00

	4. Class A-4 Certificate Principal Amount, EOP	132,140,000.00

	5. Class A-4 Certificate Principal Amount as a % of Original Class A-4 Certificate Principal Amount, EOP	100.000000%

	6. Class A-4 Certificate Principal Amount as a % of the Pool Balance, EOP	15.363365%
	7. Class A-4 Certificate principal distribution percentage	0.000000000%

	Class M-1 Certficateholder's Statement

	A. Information on Distributions
	Original Class M-1 Certificate Balance	51,880,000.00
	1. Total Distributions per $1,000	4.774688
	2. Principal Distributions per $1,000	0.000000
	3. Interest Distribution per $1,000	4.774688

	B. Calculation of Class M-1 Interest
	1. Class M-1 Pass-Through Rate	5.20875%
	2. Days in Accrual Period	33

	3. Class M-1 Interest Due	247,710.79
	4. Class M-1 Interest Paid	247,710.79
	5. Class M-1 Interest Carry Forward Amount Due	0.00
	6. Class M-1 Interest Carry Forward Amount Paid	0.00
	7. Class M-1 Net Rate Carryover Amount Due	0.00
	8. Class M-1 Net Rate Carryover Amount Paid	0.00

	9. Class M-1 Unpaid Interest Carry Forward Amount, EOP	0.00
	10. Class M-1 Unpaid Net Rate Carryover Amount, EOP	0.00

	C. Calculation of Class M-1 Principal
	1. Class M-1 Certificate Principal Amount, BOP	51,880,000.00
	2. Class M-1 Principal Due	0.00
	3. Class M-1 Principal Paid	0.00
	4. Class M-1 Certificate Applied Realized Loss Amount	0.00
	5. Class M-1 Certificate Principal Amount, EOP	51,880,000.00

	6. Class M-1 Certificate Principal Amount as a % of Original Class M-1 Certificate Principal Amount, EOP	100.000000%

	7. Class M-1 Certificate Principal Amount as a % of the Pool Balance, EOP	6.031870%
	8. Class M-1 Certificate principal distribution percentage	0.000000000%
	9. Class M-1 Certificate Reimbursements to Unpaid Realized Loss Amount	0.00
	10. Class M-1 Certificate Unpaid Realized Loss Amount, EOP	0.00

	Class M-2 Certficateholder's Statement

	A. Information on Distributions
	Original Class M-2 Certificate Balance	43,420,000.00
	1. Total Distributions per $1,000	4.793021
	2. Principal Distributions per $1,000	0.000000
	3. Interest Distribution per $1,000	4.793021

	B. Calculation of Class M-2 Interest
	1. Class M-2 Pass-Through Rate	5.22875%
	2. Days in Accrual Period	33

	3. Class M-2 Interest Due	208,112.96
	4. Class M-2 Interest Paid	208,112.96
	5. Class M-2 Interest Carry Forward Amount Due	0.00
	6. Class M-2 Interest Carry Forward Amount Paid	0.00
	7. Class M-2 Net Rate Carryover Amount Due	0.00
	8. Class M-2 Net Rate Carryover Amount Paid	0.00

	9. Class M-2 Unpaid Interest Carry Forward Amount, EOP	0.00
	10. Class M-2 Unpaid Net Rate Carryover Amount, EOP	0.00

	C. Calculation of Class M-2 Principal
	1. Class M-2 Certificate Principal Amount, BOP	43,420,000.00
	2. Class M-2 Principal Due	0.00
	3. Class M-2 Principal Paid	0.00
	4. Class M-2 Certificate Applied Realized Loss Amount	0.00
	5. Class M-2 Certificate Principal Amount, EOP	43,420,000.00

	6. Class M-2 Certificate Principal Amount as a % of Original Class M-2 Certificate Principal Amount, EOP	100.000000%

	7. Class M-2 Certificate Principal Amount as a % of the Pool Balance, EOP	5.048262%
	8. Class M-2 Certificate principal distribution percentage	0.000000000%
	9. Class M-2 Certificate Reimbursements to Unpaid Realized Loss Amount	0.00
	10. Class M-2 Certificate Unpaid Realized Loss Amount, EOP	0.00

	HSBC FINANCE CORPORATION,
	HSBC Home Equity Loan Trust (USA) 2006-4

	The undersigned, a duly authorized representative of HSBC Finance Corporation,
	as Servicer (the "Servicer"), pursuant to a Pooling and Servicing Agreement
	dated as of December 14, 2006 (the "Pooling and Servicing Agreement"), by and among
	HSBC Home Equity Loan Corporation II, as Depositor, the Servicer,
	U.S. Bank National Association, as Trustee, HSBC Bank USA, National
	Association, as Administrator, and HSBC Home Equity Loan Trust (USA) 2006-4, the
	Trust, does hereby certify with respect to the information set forth below as follows:

	1. Capitalized terms used in this Servicing Certificate shall have the respective
	meanings set forth in the Pooling and Servicing Agreement.

	2. HSBC Finance Corporation is, as of the date hereof, the
	Servicer under the Pooling and Servicing Agreement.

	3. The undersigned is a Servicing Officer.

	4. This Certificate relates to the Distribution Date occurring on January 22, 2008.

	5. As of the date hereof, to the best knowledge of the undersigned, the
	Servicer has performed in all material respects all its obligations under the
	Pooling and Servicing Agreement through the Collection Period preceding such
	Distribution Date and that, except as may be noted on the Servicing Certificate
	related to a Trigger Event, no Servicer Termination Event has occurred
	since the prior Determination Date.

	IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate
	the 15th day of January, 2008

	HSBC FINANCE CORPORATION
	as Servicer

	By: /s/ Joyce A. Bevacqua
	Title: Servicing Officer

HSBC Home Equity Loan Trust (USA) 2006-4 10-D