Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.

com

PROPERTY SECURITIZATION REPORT

This is a Securitization Analysis Report and not a Forensic Audit Report

Prepared For

Attorney

Prepared on behalf of:

Robert Lee XXXXX and Ami Cheri XXXXX xxxxx xxxStreet East Sonoma, CA 95478

Prepared on:

April 20, 2011

Disclosure: You have retained Robert K. Ramers to examine your real estate documents. This information is not to be construed as legal advice or the practice of law pursuant to Business and Professions Code 6125 et seq. It is my intent not to engage in activities that could be considered the practice of law by conduct exhibiting any of the following practices: the doing and/or performing of service in a court of justice in any matter depending therein throughout the various stages and in conformity with the adopted rules of procedure. It includes legal advice and counsel and the preparation of legal instruments and contacts by which the legal rights are secured although such matter may or may not be depending in a court.

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com

SECTION 1:

TRANSACTION DETAILS

BORROWER & CO-BORROWER:

BORROWER Ami Cheri Elizabeth XXXXX CURRENT ADDRESS xxxxx xxxStreet East Sonoma, CA 95478 CO-BORROWER Robert Lee XXXXX SUBJECT ADDRESS xxxxx xxxStreet East Sonoma, CA 95478

TRANSACTION PARTICIPANTS

MORTGAGE SERVICER MORTGAGE BROKER

MORTGAGE NOMINEE/BENEFICIARY

N/A

Washington Mutual Bank

Washington Mutual Bank, FA

ORIGINAL MORTGAGE LENDER Washington Mutual Bank, FA 3050 Highland Pkwy, 5th Floor Donners Grove, IL 60515

MORTGAGE TRUSTEE California Reconveyance Company 9200 Oakdale Ave. Chatsworth, CA 91311 Agent for service: CT Corporation System 818 W. 7th St Los Angeles, CA 90017

TITLE COMPANY

Liberty Title Company 3569 Round Barn Circle Santa Rosa, CA 95403

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com

SECTION 2:

SECURITIZATION

SECURITIZATION PARTICIPANTS:
ORIGINATOR/LENDER SPONSOR/SELLER DEPOSITOR

Washington Mutual Bank

Washington Mutual Bank

WaMu Asset Acceptance Corporation

ISSUING ENTITY

TRUSTEE LaSalle Bank National Association 135 South LaSalle Street, Suite 1511, Chicago, Illinois, 60603, and Christiana Bank and Trust Company (Delaware) CUT OFF DATE

MASTER SERVICER/ SERVICER Washington Mutual Bank/ Washington Mutual Mortgage Securities Corporation

WaMu Mortgage Pass Through Certificates Series 2006-AR15

CUSTODIAN

CLOSING DATE

Washington Mutual Bank, FSB

October 1, 2006

October 25, 2006

NOTE: Washington Mutual was replaced as servicer for the loan by: BAC Home Loans Servicing, LP 4500 Park Granada Calabasas, CA 91302

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com Note: Highlighted, italic and underlined sections provided by the author

Assignments of Mortgages to the Trustee or the Trust Will Not Be Prepared or Recorded For transactions in which WMB fsb holds some or all of the mortgage notes and mortgages as custodian on behalf of the trust, investors should consider the following: With respect to each mortgage held by WMB fsb as custodian on behalf of the trust, an assignment of the mortgage transferring the beneficial interest under the mortgage to the trustee or the trust will not be prepared or recorded. In addition, an assignment of the mortgage will not be prepared or recorded in connection with the sale of the mortgage loan from the mortgage loan seller to the depositor. In many states, the recording of a separate assignment of the mortgage is not required to validly transfer ownership of the mortgage loan. However, at any time until an assignment of the mortgage with respect to a mortgage loan is recorded in the name of the trustee or the trust in the appropriate jurisdiction, (a) the mortgage loan seller, as the existing mortgagee of record, could execute another assignment of mortgage to any party with respect to such mortgage, which assignment of mortgage could be recorded prior to any recording of an assignment of the mortgage to the trustee or the trust and which would support an adverse claim of such other party with respect to the mortgage loan and/or result in delay in enforcing the mortgage, (b) the mortgage loan seller, as the existing mortgagee of record, could execute and deliver to the mortgagor an instrument of discharge and satisfaction with respect to the mortgage, which would generally be effective upon recording to release the lien of such mortgage loan, (c) the trustee or the trust may not have a claim against the mortgagor for payments made to the mortgage loan seller, as the existing mortgagee of record, but instead may be required to proceed against the mortgage loan seller to recover the amount of any such payment made, (d) the trustee or the trust may not be able, acting directly in its own name, to enforce the mortgage against the related mortgaged property or mortgagor and may be required to act indirectly through the mortgage loan seller, as the existing mortgagee of record, and (e) the mortgage loan seller, and not the trustee or the trust, would be entitled to receive any notice with respect to any mortgage required to be given to the mortgagee of record. The occurrence of any of these could result in delays or reductions in distributions on the certificates.

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Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com Assignment of the Mortgage Loans and Other Assets to the Trust A pool of mortgage loans, as described in this prospectus supplement, will be sold to the Trust on October 25, 2006 (the Closing Date). The Trust will own the right to receive all payments of principal and interest on the mortgage loans due after October 1, 2006 (the Cut-Off Date). A schedule to the pooling agreement will include information about each mortgage loan, including: the applicable loan group; the outstanding principal balance as of the close of business on the Cut-Off Date; the term of the mortgage loan; and the mortgage interest rate as of the close of business on the Cut-Off Date and information about how that mortgage interest rate adjusts. The mortgage notes will not be endorsed to the Trust and no assignment of the mortgages to the Trust will be prepared. Washington Mutual Bank fsb, a wholly-owned subsidiary of the servicer, will have possession of and will review the mortgage notes and mortgages as custodian for the Trust and financing statements will be filed evidencing the Trusts interest in the mortgage loans. The mortgage pool will be the primary asset of the Trust. The Trust will also contain other assets, including: insurance policies related to individual mortgage loans, if applicable; any property that secured a mortgage loan that the Trust acquires after the Cut-Off Date by foreclosure or deed in lieu of foreclosure; and amounts held in the certificate account. In exchange for the mortgage loans and the other assets described above, the trustee will authenticate and deliver the certificates pursuant to the order of the depositor. S-39 It is the intent of the parties to the pooling agreement that the conveyance of the mortgage loans and the related assets to the Trust constitute an absolute sale of those assets. However, in the event that the pooling agreement for any reason is held or deemed to create a security interest in those assets, then the pooling agreement will constitute a security agreement and the depositor grants to the Trust a security interest in those assets. The depositor will file financing statements perfecting such security interest. Discretionary Activities With Respect to the Trust The following is a description of material discretionary activities that may be taken with regard to the administration of the mortgage loans or the certificates: The servicer will be authorized to exercise discretion with regard to its servicing of the mortgage loans in accordance with the servicing standard specified in the pooling agreement. See The ServicersThe ServicerServicing Procedures in this prospectus supplement. Each of the sponsor and the depositor will have discretion to determine whether to 5

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com repurchase a mortgage loan or to substitute for a mortgage loan, if required under the mortgage loan sale agreement or the pooling agreement, as applicable, to repurchase or substitute for a defective mortgage loan. See Description of the Mortgage PoolRepresentations and Warranties Regarding the Mortgage Loans in this prospectus supplement. On any Distribution Date after the Clean-Up Call Option Date, the servicer will be permitted to purchase all of the mortgage loans owned by the Trust. See Description of the CertificatesOptional Termination in this prospectus supplement. S-40

THE TRUSTEES The Trustee General LaSalle Bank National Association (LaSalle) will be the trustee under the pooling agreement. LaSalle is a national banking association formed under the federal laws of the United States of America. Its parent company, LaSalle Bank Corporation, is an indirect subsidiary of ABN AMRO Bank N.V., a Netherlands banking corporation. Material Duties of the Trustee The trustee will have the following material duties under the pooling agreement: to authenticate and deliver the certificates, pursuant to the order of the depositor; to maintain a certificate register and, upon surrender of certificates for registration of transfer or exchange, to authenticate and deliver new certificates; to make the required distributions to certificateholders on each Distribution Date, in accordance with the monthly distribution report prepared by the administrative agent; to deliver or make available to certificateholders the monthly distribution reports and any other reports required to be delivered by the trustee under the pooling agreement; in the event that the trustee has received notice from the servicer that the remaining Class Principal Balance of a class of certificates is to be paid on a specified Distribution Date, to send a notice to that effect to the holders of that class of certificates; and to act as successor servicer, or to appoint a successor servicer, to the extent described under Events of Default Under the Pooling Agreement below.

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com THE SERVICERS General All of the mortgage loans owned by the Trust will be serviced by Washington Mutual Bank, as servicer, pursuant to the pooling agreement. Washington Mutual Mortgage Securities Corp. will act as administrative agent of the servicer with respect to the mortgage loans, pursuant to an administrative agent agreement between the administrative agent and the servicer. The administrative agent will be responsible for calculating monthly distributions on the certificates, preparing monthly distribution reports and other functions, as described under The Administrative Agent below. Washington Mutual Bank fsb, a wholly- owned subsidiary of the servicer, will have possession of the mortgage files as custodian for the Trust. . S-42

Servicing Procedures Servicing Functions. The functions to be performed by the servicer will include payment collection and payment application, investor reporting and other investor services, default management and escrow administration. The servicer will perform its servicing functions at loan servicing centers located in Florence, South Carolina; Milwaukee, Wisconsin; Northridge/Chatsworth, California; and Jacksonville, Florida. Servicing Standard; Waivers and Modifications. Pursuant to the pooling agreement, the servicer will be required to service the mortgage loans consistent with prudent mortgage loan servicing practices and (unless inconsistent with those servicing practices) in the same manner in which, and with the same care, skill, prudence and diligence with which, it services and administers similar mortgage loans for other portfolios. The servicer will be required to make reasonable efforts to collect or cause to be collected all payments under the mortgage loans and, to the extent consistent with the pooling agreement and applicable insurance policies, follow such collection procedures as are followed with respect to comparable mortgage loans that are held in portfolios of responsible mortgage lenders in the local areas where each mortgaged property is located. Consistent with the servicing standard described above, the servicer will be permitted to waive, modify or vary any term of any mortgage loan, subject to certain conditions, as described in Description of the SecuritiesCollection and Other Servicing Procedures Employed by the Servicer, Manager, Bond Administrator or Certificate Administrator in the prospectus. S-43

Assignment of Trust Assets; Review of Files by Trustee At the time of issuance of any series of securities, the depositor will cause the pool of mortgage assets or Mortgage Securities to be transferred to the related trust, together with all principal and interest received on or with respect to the mortgage assets or Mortgage Securities after the related cut-off date, other than principal and interest due on or before the cut-off date and other than any retained interest. The trustee will, concurrently with the assignment of mortgage assets or Mortgage 7

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com Securities, deliver the securities to the depositor in exchange for the trust assets. Each mortgage asset will be identified in a schedule appearing as an exhibit to the related agreement. The schedule of mortgage assets will include detailed information as to the mortgage assets held by the trust, including the outstanding principal balance of each mortgage asset after application of payments due on the cut-off date, information regarding the interest rate on the mortgage asset, the interest rate net of the sum of the rates at which the servicing fee and the retained interest, if any, are calculated, the retained interest, if any, the current scheduled monthly payment of principal and interest, the maturity of the mortgage note, the value of the mortgaged property and other information with respect to the mortgage assets. Each Mortgage Security will be identified in the related agreement, which will specify as to each Mortgage Security information regarding the original principal amount and outstanding principal balance of each Mortgage Security as of the cut-off date, as well as the annual pass-through rate or interest rate for each Mortgage Security sold to the trust. If so specified in the related prospectus supplement, and in accordance with the rules of membership of Merscorp, Inc. and/or Mortgage Electronic Registration Systems, Inc., or MERS, assignments of the mortgages for the mortgage loans held by the related trust will be registered electronically through Mortgage Electronic Registration Systems, Inc., or MERS System. With respect to mortgage loans registered through the MERS System, MERS shall serve as mortgagee of record solely as a nominee in an administrative capacity on behalf of the trust and will not have any interest in any of those mortgage loans. The depositor will, with respect to each mortgage asset, deliver or cause to be delivered to the trustee, or to the custodian, a mortgage note endorsed to the trustee, the trust, or in blank, the original recorded mortgage with evidence of recording or filing indicated on it, and an assignment (except as to any mortgage loan registered on the MERS System) to the trustee, the trust, or in blank of the mortgage in a form for recording or filing as may be appropriate in the state where the mortgaged property is located; or, in the case of each cooperative loan, the related cooperative note endorsed to the trustee, the trust, or in blank, the original security agreement, the proprietary lease or occupancy agreement, the assignment of the proprietary lease to the originator of the cooperative loan, the recognition agreement, the related stock certificate and related blank stock powers, a copy of the original filed financing statement, and an assignment to the trustee or the trust of the security agreement, the assignment of proprietary lease and the financing statement; provided, however, that if so indicated in the applicable prospectus supplement, the depositor will not deliver to the trustee or to the custodian mortgage notes endorsed to the trustee, the trust or in blank, assignments of mortgage to the trustee, the trust, or in blank, or assignments to the trustee or the trust of the other documents relating to cooperative loans described above. 51

If stated in the related prospectus supplement, for up to 50% of the total number of mortgage loans as of the cut-off date, the depositor may deliver all or a portion of each related mortgage file (including the related mortgage note) to the trustee within 30 days after the Closing Date. Should the depositor fail to deliver all or a portion of any mortgage files to the trustee within that period,

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com the depositor will be required to use its best efforts to deliver a replacement mortgage loan for the related delay delivery mortgage loan or repurchase the related delay delivery mortgage loan. The trustee will be authorized, with the consent of the depositor and the servicer, to appoint a custodian pursuant to a custodial agreement to maintain possession of documents relating to the mortgage loans as the agent of the trustee. Representations and Warranties Regarding the Mortgage Loans; Remedies for Breach

Representations by the Depositor. The depositor will only represent and warrant, in respect of the mortgage loans, that as of the Closing Date, the trust will be the legal owner of each mortgage loan, free and clear of any encumbrance or lien (other than (i) any lien arising before the depositors purchase of the mortgage loan from the mortgage loan seller and (ii) any lien under the agreement governing the trust). Remedies for Breach. Upon a breach of any representation and warranty of the depositor, a mortgage loan seller, an originator or another party on behalf of a mortgage loan seller or originator that materially and adversely affects the value of a mortgage asset or the interests of the securityholders or the trust in the mortgage asset, the person who made the representation and warranty will be obligated either to cure the breach in all material respects, repurchase the mortgage asset at the Purchase Price or substitute for that mortgage asset as described in the next paragraph. 53 424B5 for WaMu Mortgage Pass Through Certificates Series 2006-AR15 trust
http://www.sec.gov/Archives/edgar/data/1317069/000095011706004341/a44834.htm

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com The Pooling and servicing agreement Full text of the PSA: http://www.sec.gov/Archives/edgar/data/1374627/000127727706000796/exh41to8kpsawamu2006_ ar15.htm

Creation of the Trust; Conveyance of the Mortgage Pool Assets, REMIC I Regular Interests, REMIC II Regular Interests and REMIC III Regular Interests; REMIC Election and Designations; Original Issuance of Certificates Section 2.01. Creation of the Trust. The Trust was created pursuant to the Original Trust Agreement and is hereby continued. As set forth in the Original Trust Agreement, the Trust shall be known as WaMu Mortgage Pass-Through Certificates Series 2006-AR15 Trust. The purpose of the Trust is, and the Trust shall have the power and authority, to engage in the following activities, all as provided by and subject to the terms of this Agreement: (i) to acquire, hold, lease, manage, administer, control, invest, reinvest, operate and/or transfer the Mortgage Pool Assets, the REMIC II Assets, the REMIC III Assets and the REMIC III Regular Interests; (ii) to issue the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests, the Class R-1, Class R-2 and Class R-3 Residual Interests and the Certificates; (iii) to make distributions to the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the Certificates; and (iv) to engage in such other activities, including entering into agreements, as are described in or required by the terms of this Agreement or as are necessary, suitable or convenient to accomplish the foregoing or incidental thereto.

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Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com LaSalle Bank National Association is hereby appointed as the trustee of the Trust, to have all the rights, duties and obligations of the Trustee with respect to the Trust expressly set forth hereunder, and LaSalle Bank National Association hereby accepts such appointment and the trust created hereby. Christiana Bank & Trust Company is hereby appointed as the Delaware trustee of the Trust, to have all the rights, duties and obligations of the Delaware Trustee with respect to the Trust hereunder, and Christiana Bank & Trust Company hereby accepts such appointment and the trust created hereby. It is the intention of the Company, the Servicer, the Trustee and the Delaware Trustee that the Trust constitute a statutory trust under the Statutory Trust Statute, that this Agreement constitute the governing instrument of the Trust, and that this Agreement amend and restate the Original Trust Agreement. The parties hereto acknowledge and agree that, prior to the execution and delivery hereof, the Delaware Trustee has filed the Certificate of Trust. The assets of the Trust shall remain in the custody of the Trustee or the Custodian, on behalf of the Trust, and shall be owned by the Trust. Moneys to the credit of the Trust shall be held by the Trustee and invested as provided herein. All assets received and held by the Trust will not be subject to any right, charge, security interest, lien or claim of any kind in favor of either of the institution acting as Trustee or the institution acting as Delaware Trustee in its own right, or any Person claiming through either. Neither the Trustee nor the Delaware Trustee shall have the power or authority to transfer, assign, hypothecate, pledge or otherwise dispose of any of the assets of the Trust to any Person, except as permitted herein. No creditor of a beneficiary of the Trust, of the Trustee, of the Delaware Trustee, of the Servicer or of the Company shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the Trust, except in accordance with the terms of this Agreement. Section 2.04. Conveyance of Mortgage Pool Assets; Security Interest. The Company does hereby irrevocably sell, transfer, assign, set over and otherwise convey to the Trust, without recourse, all the Companys right, title and interest in and to the Mortgage Pool Assets. The Trust, as payment of the purchase price of the Mortgage Pool Assets and in consideration of the Company making the Initial Group 1 Servicing Fee Shortfall Deposit, the Initial Group 2 Servicing Fee Shortfall Deposit and the Initial Interest Shortfall Deposit pursuant to Section 2.01, shall, on the Closing Date, issue the REMIC I Regular Interests and the Class R-1 Residual Interest to the Company. The REMIC I Regular Interests and the Class R-1 Residual Interest shall together be a separate series of beneficial interests in the assets of the Trust consisting of the Mortgage Pool Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute. It is the express intent of the parties hereto that the conveyance of the Mortgage Pool Assets to the Trust by the Company as provided in this Section 2.04 be, and be construed as, an absolute sale of the Mortgage Pool Assets. It is, further, not the intention of the parties that such conveyance be deemed the grant of a security interest in the Mortgage Pool Assets by the Company to the Trust to secure a debt or other obligation of the Company. However, in the event that, notwithstanding the intent of the parties, the Mortgage Pool Assets are held to be the property of the Company, or if for any other reason this Agreement is held or deemed to create a security interest in the Mortgage Pool Assets, then(a) this Agreement shall constitute a security agreement; (b) the conveyance provided for in this Section 2.04 shall be deemed to be a grant by the Company to the Trust of, and the Company hereby grants to the Trust, to secure all of the Companys obligations hereunder, a security interest in all of the Companys right, title, and interest, whether now owned or hereafter acquired, in and to: 11

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com (I) The Mortgage Pool Assets; (II) All accounts, chattel paper, deposit accounts, documents, general intangibles, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, and other minerals, consisting of, arising from, or relating to, any of the foregoing; and (III) All proceeds of the foregoing. The Company shall file such financing statements, and the Company, the Servicer and the Trustee acting on behalf of the Trust at the direction of the Company shall, to the extent consistent with this Agreement, take such other actions as may be necessary to ensure that, if this Agreement were found to create a security interest in the Mortgage Pool Assets, such security interest would be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of the Agreement. In connection herewith, the Trust shall have all of the rights and remedies of a secured party under the Uniform Commercial Code as in force in the relevant jurisdiction. Section 2.05. Delivery of Mortgage Files. On the Closing Date, the Company shall deliver to and deposit with, or cause to be delivered to and deposited with, the Trustee or the Initial Custodian the Mortgage Files, which shall at all times be identified in the records of the Trustee or the Initial Custodian, as applicable, as being held by or on behalf of the Trust. Concurrently with the execution and delivery hereof, the Company shall cause to be filed with respect to each Cooperative Loan the UCC assignment or amendment referred to in clause (Y)(vii) of the definition of Mortgage File. In connection with its servicing of Cooperative Loans, the Servicer shall use its best efforts to file timely continuation statements, if necessary, with regard to each financing statement relating to a Cooperative Loan. The Trustee is authorized, with the Servicers consent, to appoint on behalf of the Trust any bank or trust company approved by each of the Company and the Servicer as Custodian of the documents or instruments referred to in this Section 2.05 or in Section 2.12, and to enter into a Custodial Agreement for such purpose; provided, however, that the Trustee shall be and remain liable for the acts and omissions of any such Custodian to the extent (and only to the extent) that it would have been liable for such acts and omissions hereunder had such acts and omissions been its own acts and omissions. Any documents delivered by the Company or the Servicer to the Custodian, if any, shall be deemed to have been delivered to the Trustee for all purposes hereunder; and any documents held by the Custodian, if any, shall be deemed to be held by the Trustee for all purposes hereunder. There shall be a written Custodial Agreement between the Trustee and each Custodian. Each Custodial Agreement shall contain an acknowledgment by the Custodian that all Mortgage Pool Assets, Mortgage Files, and other documents and property held by it at any time are held by it for the benefit of the Trust. Pursuant to the Initial Custodial Agreement, the Initial Custodian shall perform responsibilities of the Trustee on the Trustees behalf with respect to the delivery, receipt, examination, custody and release of the Mortgage Files related to the Mortgage Loans identified in the Initial Custodial Agreement, as provided therein. The Trustee shall not have any responsibility for the acts or omissions of the Initial Custodian; provided, however, that nothing herein shall relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its willful misconduct. On or promptly after the Closing Date, the Servicer shall cause the MERS System to 12

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com indicate that each MERS Loan, if any, has been assigned to the Trustee or to the Trust, by including in the MERS System computer files (a) the code necessary to identify the Trustee and (b) the code necessary to identify the series of the Certificates issued in connection with such Mortgage Loans. The Servicer shall not alter the codes referenced in this paragraph with respect to any MERS Loan during the term of this Agreement except in connection with an assignment of such MERS Loan or de-registration thereof from the MERS System in accordance with the terms of this Agreement. Section 2.06. REMIC Election for REMIC I. The Servicer shall, on behalf of REMIC I, elect to treat such REMIC I as a REMIC within the meaning of Section 860D of the Code and, if necessary, under applicable state laws. Such election shall be included in the Form 1066 and any appropriate state return to be filed on behalf of each of REMIC I for its first taxable year. The Closing Date is hereby designated as the startup day of REMIC I within the meaning of Section 860G(a)(9) of the Code. The regular interests (as set forth in the table contained in the Preliminary Statement hereto) relating to REMIC I are hereby designated as regular interests in REMIC I for purposes of Section 860G(a)(1) of the Code. The Class R-1 Residual Interest is hereby designated as the sole class of residual interest in REMIC I for purposes of Section 860G(a)(2) of the Code. The parties intend that the affairs of REMIC I shall constitute, and that the affairs of REMIC I shall be conducted so as to qualify REMIC I as a REMIC. In furtherance of such intention, the Servicer shall, on behalf of REMIC I: (a) prepare and file, or cause to be prepared and filed, a federal tax return using a calendar year as the taxable year and using an accrual method of accounting for such REMIC when and as required by the REMIC Provisions and other applicable federal income tax laws; (b) make an election, on behalf of the trust, for REMIC I to be treated as a REMIC on the federal tax return of such REMIC I for its first taxable year, in accordance with the REMIC Provisions; (c) prepare and forward, or cause to be prepared and forwarded, to the Holders of the REMIC I Regular Interests and the Class R-1 Residual Interest and the Trustee, all information reports as and when required to be provided to them in accordance with the REMIC Provisions, and make available the information necessary for the application of Section 860E(e) of the Code; (d) conduct the affairs of REMIC I at all times that any REMIC I Regular Interests are outstanding so as to maintain the status of REMIC I as a REMIC under the REMIC Provisions; (e) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of REMIC I; and (f) pay the amount of any federal prohibited transaction penalty taxes imposed on REMIC I when and as the same shall be due and payable (but such obligation shall not prevent the Servicer from contesting any such tax in appropriate proceedings and shall not prevent the Servicer from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). In the event that a Mortgage Loan is discovered to have a defect which, had such defect been discovered before the startup day, would have prevented such Mortgage Loan from being a qualified mortgage within the meaning of Section 860G(a)(3) of the Code, and the Seller does not repurchase such Mortgage Loan within 90 days of such date pursuant to Section 3.3 of the Mortgage Loan Purchase Agreement, the Servicer, on behalf of the Trust, shall within 90 days of the date such defect is discovered sell such Mortgage Loan at such price as the Servicer, in its 13

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com sole discretion, determines to be the greatest price that will result in the purchase thereof within 90 days of such date, unless the Servicer delivers to the Trustee an Opinion of Counsel to the effect that continuing to hold such Mortgage Loan will not adversely affect the status of the electing portion of REMIC I as a REMIC for federal income tax purposes. Neither the Trustee nor the Tax Matters Person shall knowingly or intentionally take any action that would cause the termination of the REMIC status of REMIC I. Section 2.07. Acceptance by Trustee. The Trustee acknowledges receipt (or with respect to any Mortgage Loan subject to a Custodial Agreement, including the Initial Custodial Agreement, receipt by the Custodian thereunder) on behalf of the Trust of the documents referred to in Section 2.05 above, but without having made the review required to be made within 45 days pursuant to this Section 2.07. The Trustee acknowledges that all Mortgage Pool Assets, Mortgage Files and related documents and property held by it at any time are held by it as Trustee of the Trust for the benefit of the holders of the Certificates. The Trustee shall review (or cause the Initial Custodian to review) each Mortgage File within 45 days after the Closing Date and deliver to the Company a certification (or cause the Initial Custodian to deliver to the Company and the Trustee a certification, which satisfies the applicable requirements of this Agreement; provided, however, that with respect to the Initial Custodian, Exhibit B-2 to the Initial Custodial Agreement is deemed to satisfy the applicable requirements of this Agreement) in the form attached as Exhibit M hereto, to the effect that, except as noted, all documents required (in the case of instruments described in clauses (X)(ii), (X)(iv) and (Y)(ix) of the definition of Mortgage File, known by the Trustee to be required) pursuant to the definition of Mortgage File and Section 2.05 have been executed and received, and that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule. In performing such review, the Trustee may rely upon the purported genuineness and due execution of any such document, and on the purported genuineness of any signature thereon. The Trustee shall not be required to make any independent examination of any documents contained in each Mortgage File beyond the review specifically required herein. The Trustee makes no representations as to: (i) the validity, legality, enforceability or genuineness of any of the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness or suitability of any Mortgage Loan. Section 2.08. Representation and Warranty of the Company Concerning the Mortgage Loans. The Company hereby represents and warrants to the Trust that, immediately upon the sale, transfer and assignment contemplated by Section 2.04, the Trust shall have good title to, and will be the sole legal owner of, each Mortgage Loan, free and clear of any encumbrance or lien, other than (i) any lien arising before the Companys purchase of the Mortgage Loan from the Seller and (ii) any lien arising under this Agreement. Section 2.09. Representations and Warranties of Each Seller Concerning the Mortgage Loans. The Company hereby assigns to the Trust all of its rights under the Mortgage Loan Purchase Agreement, to the extent that the Mortgage Loan Purchase Agreement relates to the Mortgage Loans. Full text of the PSA: http://www.sec.gov/Archives/edgar/data/1374627/000127727706000796/exh41to8kpsawamu2006_ ar15.htm 14

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com

TRACKING THE DEED AND THE NOTE

DEED
Washington Mutual Bank, FA 2273 N. Green Valley Parkway, Suite 14 Henderson, NV 89014

DATE

NOTE

DATE

September 13, 2006

Washington Mutual Bank, FA

September 13, 2006

Failed transfer of note to WaMu Mortgage Pass Through Certificates Series 2006-AR15

The Original Deed of Trust states the following in Paragraph 24. Substitute Trustee: Lender, at its option, may from time to time appoint a successor trustee to any Trustee appointed hereunder by an instrument executed and acknowledged by Lender and recorded in the office of the Recorder of the county in which the Property is located. The instrument shall contain the name of the original Lender, Trustee and Borrower, the book and page where this Security Instrument is recorded and the name and address of the successor trustee. Without conveyance of the Property, the successor trustee shall succeed to all the title, powers and duties conferred upon the Trustee herein and by Applicable Law. This procedure for substitution of trustee shall govern to the exclusion of all other provisions for substitution. The Deed of Trust and the Note have both remained in the possession of Washington Mutual Bank, FSB. As of the date of this report, there has been no recorded transfer of the Deed of Trust in the public records. According to the Trust documents, an attempt was made to pool, sell and transfer the borrowers loan of $2,737,500 into the WaMu Mortgage Pass Through Certificates Series 2006-AR15 Trust of loans and mortgages valued at approximately $868,034,100 (approximate). However, the Trust document states that Washington Mutual did not assign the mortgage to the Trust and retained the documents as Custodian of the trust. We did not have the executed copy of the note with any endorsements or allonges to examine, but according to the Trust agreement and the PSA, to properly enter the trust, the note would have to be endorsed by Washington Mutual Bank (the Sponsor) to Washington Mutual Acceptance Corporation (the Depositor) and from Washington Mutual Bank to the WaMu Mortgage Pass Through Certificates Series 2006-AR15 Trust. The Depositor is the only entity which can make this final transfer to the Trust. The Deed of Trust should also have been assigned to the Trustee of the Trust, LaSalle Bank National Association, and this assignment should have been recorded as specified in Paragraph 24 of the original Deed of Trust. 15

Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com Both of the above transfers must have taken place before October 1, 2006, the closing date of the trust. Even though the note in question is shown as an asset of the trust as shown below in the Free Writing Prospectus, this appears to be a failed attempt to securitize the loan. The links are: 424B5 for WaMu Mortgage Pass Through Certificates Series 2006-AR15 trust http://www.sec.gov/Archives/edgar/data/1317069/000095011706004341/a44834.htm Free Writing Prospectus Contains list of loans in the trust http://www.sec.gov/Archives/edgar/data/1317069/000127727706000741/fwp1intialtapewamu2006 _ar15.htm

PSA for WaMu Mortgage Pass Through Certificates Series 2006-AR15 trust http://www.sec.gov/Archives/edgar/data/1374627/000127727706000796/exh41to8kpsawamu2006_ ar15.htm

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Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com

SECURITIZATION STRUCTURE
THE CORRECT PROCESS OF SECURITIZATION
PARTY A ORIGINATOR/LENDER Washington Mutual Bank TRUE SALE LEGAL OPINIONS ASSET PURCHASE / SALE AGREEMENTS DELIVERY & ACCEPTANCE RECEIPTS COMPENSATION / MONEY CAPACITY OF PARTIES TO BUY AND SELL PARTY C DEPOSITOR WaMu Asset Acceptance Corporation

PARTY B SPONSOR Washington Mutual Bank . 1) 2) 3) 4) 5)

PARTY D TRUST/ISSUING ENTITY WaMu Mortgage Pass Through Certificates Series 2006-AR15

HOW LENDERS SIDE-STEPPED THE PROCESS

PARTY A ORIGINATOR/LENDER Washington Mutual Bank TRUE SALE

PARTY B SPONSOR Washington Mutual Bank.

Originator never sold notes to trust

1) 2) 3) 4) 5)

LEGAL OPINIONS ASSET PURCHASE / SALE AGREEMENTS DELIVERY & ACCEPTANCE RECEIPTS COMPENSATION / MONEY CAPACITY OF PARTIES TO BUY AND SELL PARTY C DEPOSITOR WaMu Asset Acceptance Corporation

PARTY D TRUST/ISSUING ENTITY WaMu Mortgage Pass Through Certificates Series 2006-AR15

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Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com

SECTION 3:

Chain of Title and Note

Chain of Title and Chain of Note Recorded Events on the Loan Including Foreclosure Issues and Securitization
Recorded Chain of Deed Possession Date
September 19, 2006 Instrument # xxxxxxxxxxx Official Records, Sonoma County California

Chain of Note Possession Date Note Holder

Original Deed of Trust

Borrower XXXXX, Robert L & Ami C E $2,737,500.00 MIN: xxxxxxxxxxxxxxxxxx FDIC as Receiver for Washington Mutual Bank

September 19, 2006

Washington Mutual Bank

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Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com

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Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com

REPORT SUMMARY
Deed of Trust: On September 19, 2006, Robert Lee XXXXX and Ami Cheri Elizabeth XXXXX executed negotiable promissory note and a security interest in the form of a Deed of Trust in the amount of $2,737,500.00. This document was filed as document number 2007-xxxxxxxxxx in the Official Records of Sonoma County, California. The original lender of the promissory note is Washington Mutual Bank, FA. The original trustee under this Deed of Trust is California Reconveyance Company. Paragraph 20 of the Deed of Trust provides: The Note or a partial interest in the Note (together with Security Instrument) can be sold one or more times without prior notice to Borrower. Paragraph 24 of the Deed of Trust provides: Lender, at its option, may from time to time appoint a successor trustee to any Trustee appointed hereunder by an instrument executed and acknowledged by Lender and recorded in the office of the Recorder of the county in which the Property is located. The instrument shall contain the name of the original Lender, Trustee and Borrower, the book and page where this Security Instrument is recorded and the name and address of the successor trustee. Without conveyance of the Property, the successor trustee shall succeed to all the title, powers and duties conferred upon the Trustee herein and by Applicable Law. This procedure for substitution of trustee shall govern to the exclusion of all other provisions for substitution.

Notice of Default: As of the date of this report, no notice of default has been recorded against this property

Substitution of Trustee: As of the date of this report, no substitution of trustee has been recorded in the public records. Notice of Trustees Sale: As of the date of this report, no notice of trustees sale has been recorded in the public records. Assignment of Deed of Trust: As of the date of this report, no assignment of the Deed of Trust has been recorded in the public records MERS: The Deed of Trust shows MIN 1001558-xxxxxxxxxxxxx and MERS SERVICER ID website https://www.mers-servicerid.org/sis/search indicates that FDIC as Receiver for Washington Mutual Bank is the servicer and investor for this loan.

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Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com

The California Secretary of State Business Entity websites shows that MERS has an ACTIVE status for agent of process.

Securitization: An attempt was made to securitize the note into the WaMu Mortgage Pass Through Certificates Series 2006-AR15 Trust. However, the Trust agreement and Pooling and Servicing Agreement indicate that Washington Mutual Bank has retained possession of and title to the note.

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Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com

SECTION 4:
NOTE PATH

CONCLUSION
DEED OF TRUST PATH

Chain of Title

Correct note path for proper securitization

PARTY A ORIGINATOR/LENDER

ESCROW/TITLE COMPANY

Liberty Title Company

Washington Mutual Bank

Actual Note Path

PARTY B SPONSOR/SELLER Washington Mutual Bank

Purchases loans from originator; forms pool

Deed of Trust path Deed of Trust Promissory Note

COUNTY RECORDER

Maintains assignment history

PARTY C DEPOSITOR WaMu Asset Acceptance Corporation

Creates issuing entity

BORROWER MORTGAGOR TRUSTOR GRANTOR

MERS Nominee and beneficiary Assigns note and deed of trust to parties

The Trust
PARTY D TRUST/ISSUING ENTITY WaMu Mortgage Pass Through Certificates Series 2006-AR15

Note Payments

Issues Certificates
SERVICERS

Washington Mutual Bank Replaced by: BAC Home Loans Servicing, LP

TRUSTEE/CUSTODIA N LaSalle Bank National Association

Holds loan documents

Certificate Holders/Investors

Beneficial owners of the notes

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Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com The key issues to be investigated with respect to the note and Deed of Trust are as follows: Who owns the note, how and when did they obtain ownership, and what are the consequences? Who holds the security instrument (Deed of Trust), when and how did they get the right to it and what are the consequences?

The Note
Who owns the note? The lender on the original note is Washington Mutual Bank. A copy of the note held by the lender was not available for inspection. The wet ink copy would show any endorsements to the note that might reflect true sales of the note and any changes in ownership. However, the note is shown as an asset of the WaMu Mortgage Pass Through Certificates Series 2006-AR15 Trust. The actual ownership of the note is unclear. How and when did they obtain ownership? According to the trust agreement, Washington Mutual Bank is the Custodian of the trust and holds the actual notes, and an assignment of the mortgage transferring the beneficial interest under the mortgage to the trustee or the trust will not be prepared or recorded. In addition, an assignment of the mortgage will not be prepared or recorded in connection with the sale of the mortgage loan from the mortgage loan seller to the depositor. In other words, Washington Mutual is stating that they do not intend to endorse the notes from the Seller/Sponsor (Washington Mutual Bank) to the Depositor (WaMu Asset Acceptance Corporation), which is the only entity that can deposit the notes into the WaMu Mortgage Pass Through Certificates Series 2006-AR15 Trust. In the Assignment section of the Trust agreement, it states.. A pool of mortgage loans, as described in this prospectus supplement, will be sold to the Trust on October 25, 2006 (the Closing Date). The Trust will own the right to receive all payments of principal and interest on the mortgage loans due after October 1, 2006 (the Cut-Off Date). The assignment section goes on to state: The mortgage notes will not be endorsed to the Trust and no assignment of the mortgages to the Trust will be prepared. Washington Mutual Bank fsb, a wholly-owned subsidiary of the servicer, will have possession of and will review the mortgage notes and mortgages as custodian for the Trust and financing statements will be filed evidencing the Trusts interest in the mortgage loans. Again, Washington Mutual Bank, who is not the Depositor, will not deposit the notes in the trust and will retain possession of the notes as Custodian of the trust. However, in the Assignment of Trust Assets; Review of Files by Trustee section, the document states: At the time of issuance of any series of securities, the depositor will cause the pool of mortgage assets or Mortgage Securities to be transferred to the related trust, together with all principal and interest received on or with respect to the mortgage assets or Mortgage Securities after the related cut-off date, other than principal and interest due on or before the cut-off date and other

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Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com than any retained interest. The trustee will, concurrently with the assignment of mortgage assets or Mortgage Securities, deliver the securities to the depositor in exchange for the trust assets This section goes on to state: The depositor will, with respect to each mortgage asset, deliver or cause to be delivered to the trustee, or to the custodian, a mortgage note endorsed to the trustee, the trust, or in blank, the original recorded mortgage with evidence of recording or filing indicated on it, and an assignment (except as to any mortgage loan registered on the MERS System) to the trustee, the trust, or in blank of the mortgage in a form for recording or filing as may be appropriate in the state where the mortgaged property is located; In these sections, the trust agreement states that the note must be endorsed, the Deed of Trust must be recorded, and both documents must be delivered to the trustee (LaSalle Bank National Association). This must happen before the closing date of October 25, 2006. Despite the above, which creates uncertainty as to whether Washington Mutual Bank or the WaMu Mortgage Pass Through Certificates Series 2006-AR15 Trust actually owns and has possession of the notes, the trust agreement states on page S-40 It is the intent of the parties to the pooling agreement that the conveyance of the mortgage loans and the related assets to the Trust constitute an absolute sale of those assets. In the Pooling and Servicing Agreement, in Section 2.04Conveyance of Mortgage Pool Assets; Security Interest, it states: The Company does hereby irrevocably sell, transfer, assign, set over and otherwise convey to the Trust, without recourse, all the Companys right, title and interest in and to the Mortgage Pool Assets. Section 2.04 goes on to state: It is the express intent of the parties hereto that the conveyance of the Mortgage Pool Assets to the Trust by the Company as provided in this Section 2.04 be, and be construed as, an absolute sale of the Mortgage Pool Assets. It is, further, not the intention of the parties that such conveyance be deemed the grant of a security interest in the Mortgage Pool Assets by the Company to the Trust to secure a debt or other obligation of the Company. However, in the event that, notwithstanding the intent of the parties, the Mortgage Pool Assets are held to be the property of the Company, or if for any other reason this Agreement is held or deemed to create a security interest in the Mortgage Pool Assets, then(a) this Agreement shall constitute a security agreement; The Pooling and Service Agreement also states that it is the intention of the Depositor to categorize the trust as a REMIC, which is not taxable, to avoid double taxation of the loan proceeds to the Certificate holders. In the PSA agreement, Section 2.06 REMIC Election for REMIC I, states the following: The Servicer shall, on behalf of REMIC I, elect to treat such REMIC I as a REMIC within the meaning of Section 860D of the Code In order for the REMIC to qualify as a tax free entity, the process by which it acquired its assets must be through a clear chain of title and true sales. It must comply with FAS 140, which states:
A transfer of financial assets in which the transferor surrenders control over those assets is accounted for as a sale to the extent that consideration other than beneficial interests in the transferred assets is received in exchange. The transferor has surrendered control over transferred assets if and only if all of the following conditions are met: 1. The transferred assets have been isolated from the transferor-put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership. 2. Each transferee (or, if the transferee is a qualifying special-purpose entity (SPE), each holder of its beneficial interests) has the right to pledge or exchange the assets (or beneficial interests) it received, and no condition both constrains the transferee (or holder) from taking ad-

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Robert K. Ramers Certified Mortgage Securitization Auditor Tel: 415-730-4514 email: ramers@ix.netcom.com
vantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor. 3. The transferor does not maintain effective control over the transferred assets through either (1) an agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity or (2) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.

Based on the trust agreement and the Pooling and Servicing Agreement, it does not appear that a true sale took place, and that the trust does not own the note. What are the consequences? If, indeed, this transaction represents a failed securitization, it is possible that the trustee of the WaMu Mortgage Pass Through Certificates Series 2006-AR15 Trust does not have the right to foreclose on the borrower because it does not have standing. This issue was addressed in an Alabama case, where the judge issued a summary judgment in favor of the homeowner that prevent the lender from foreclosing (Phyllis Horace vs. LaSalle Bank National Association, Et Al 57 CV-2008000362.00).

The Deed of Trust

Who holds the Deed of Trust? The original holder of the Deed of Trust is California Reconveyance Company, the trustee on the original note. In the original Deed of Trust, paragraph 24 states: Lender, at its option, may from time to time appoint a successor trustee to any Trustee appointed hereunder by an instrument executed and acknowledged by Lender and recorded in the office of the Recorder of the county in which the Property is located. The instrument shall contain the name of the original Lender, Trustee and Borrower, the book and page where this Security Instrument is recorded and the name and address of the successor trustee. Without conveyance of the Property, the successor trustee shall succeed to all the title, powers and duties conferred upon the Trustee herein and by Applicable Law. This procedure for substitution of trustee shall govern to the exclusion of all other provisions for substitution. Despite the statements in the trust agreement and the PSA regarding ownership of the security interest in the note, there has been no recorded transfer (as is also required in these agreements) of the Deed of Trust to any other trustee. How and when did it get there? According to the public records, there was no assignment of the Deed of Trust to another party. What are the consequences? The possible consequences are that the separation of the note and Deed of Trust make it impossible for the holder of the note to claim a perfected security interest and foreclose on the property.

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