10-K/A 1 lb14_form10k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


FORM 10-K/A
(AMENDMENT NO. 1)

 


(Mark One)

x

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: December 31, 2006

or

 

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For Transition period                     

 

 

 

 

Commission File Number of issuing entity: 333-131252-08

Long Beach Mortgage Loan Trust 2006-10

 

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-131252

 


LONG BEACH SECURITIES CORP.

(Exact name of depositor as specified in its charter)

 

 


WASHINGTON MUTUAL BANK

(Exact name of sponsor as specified in its charter)

 


 

 

 

 

Delaware

 

(State or other jurisdiction of Incorporation

or organization of the issuing entity)

 

 

1400 South Douglass Road, Suite 100, Anaheim, California 92806

 

(Address of principal executive offices

of issuing entity)

 

 

(714) 939-5200

 

(Telephone number, including area code)

 

 


20-5934778

 

(I.R.S. Employer Identification No.)

 

 

N/A

 

(Former name, former address, if changed since last report)

 


Securities registered pursuant to Section 12(b) of the Act: None

Securities Registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes   ¨    No  x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes   ¨    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x  Yes    ¨  No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part II of the Form 10-K or any amendment to this form 10-K.     ¨  [Item 405 of Regulation S-K is not applicable.]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer   ¨    Accelerated filer  ¨    Non-accelerated filer  x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes   ¨    No  x

Registrant has no voting or non-voting common equity outstanding held by non-affiliates.

 




 

 PART III

The Item labeled "Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria." is hereby amended by replacing the last sentence thereof with the following:

None of the Servicing Reports or Attestation Reports has identified any material instance of noncompliance with the servicing criteria as applicable to the respective Servicing Party, except that, with respect to:

1.  WMMSC and its compliance with Item 1122 (d)(2)(vii)(B), two of twelve bank statement reconciliations examined were not prepared within 30 calendar days after the bank statement cutoff date, but were prepared within 30 calendar days after month end, which was 32 calendar days after the bank statement cutoff date.

2.  American Security Insurance Company and Standard Guaranty Insurance Company (together, "Assurant") and their compliance with Item 1122(d)(4)(xii), during the reporting period covered by this 10-K Annual Report, Assurant did not have sufficient policies and procedures in place to capture the information necessary to determine its compliance with Item 1122(d)(4)(xii). As stated in a letter dated January 30, 2008 and attached hereto as an exhibit to this 10-K/A, Assurant has implemented policies and procedures to capture the information required to comply with this provision.


PART IV

Item 15. Exhibits, Financial Statement Schedules.

 

 

(a)(1)

Not Applicable.

 

 

(a)(2)

Not Applicable.

 

 

(a)(3)

Not Applicable.

 

 

(b)

Exhibits

 

 

Exhibit No.

  Exhibit Description

 

 

4.1*

Pooling and Servicing Agreement (incorporated herein by reference from Exhibit 4.1 to the Form 8-K filed by the issuing entity on November 22, 2006).

 

4.2*

Mortgage Loan Purchase Agreement (incorporated herein by reference from Exhibit 4.2 to the Form 8-K filed by the issuing entity on November 22, 2006).

 

4.3*

ISDA Master Agreement including Schedule and Swap Confirmation (incorporated herein by reference from Exhibit 4.3 to the Form 8-K filed by the issuing entity on November 22, 2006).

 

4.4*

Administrative Agent Agreement (incorporated herein by reference from Exhibit 4.4 to the Form 8-K filed under File No. 333-131252 on July 26, 2006).

 

31*

Certification of Douglas A. Potolsky pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

31.2** Restated Certification of Douglas A. Potolsky pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

33.1*

Report on Assessment of Compliance with Servicing Criteria for Long Beach Securities Corp.

33.2*

Report on Assessment of Compliance with Servicing Criteria for Washington Mutual Bank.

33.3*

Report on Assessment of Compliance with Servicing Criteria for Washington Mutual Mortgage Securities Corp.

33.4*

Report on Assessment of Compliance with Servicing Criteria for Deutsche Bank National Trust Company.

33.5*

Report on Assessment of Compliance with Servicing Criteria for American Security Insurance Company and Standard Guaranty Insurance Company.

33.6*** Restated Report on Assessment of Compliance with Servicing Criteria for American Security Insurance Company, Standard Guaranty Insurance Company and TrackSure Insurance Agency, Inc.
33.7*** Letter dated January 30, 2008 regarding Restated Assessment for the Reporting Period of January 1, 2006 through December 31, 2006 for American Security Insurance Company, Standard Guaranty Insurance Company and TrackSure Insurance Agency, Inc.

34.1*

Attestation Report of Deloitte & Touche on Assessment of Compliance with Servicing Criteria for Long Beach Securities Corp.

34.2*

Attestation Report of Deloitte & Touche on Assessment of Compliance with Servicing Criteria for Washington Mutual Bank.

34.3*

Attestation Report of Deloitte & Touche on Assessment of Compliance with Servicing Criteria for Washington Mutual Mortgage Securities Corp.

34.4*

Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria for Deutsche Bank National Trust Company.

34.5*

Attestation Report of PriceWaterhouseCoopers on Assessment of Compliance with Servicing Criteria for American Security Insurance Company and Standard Guaranty Insurance Company.

34.6**** Restated Attestation Report of PriceWaterhouseCoopers on Assessment of Compliance with Servicing Criteria for American Security Insurance Company, Standard Guaranty Insurance Company and TrackSure Insurance Agency, Inc.

35.1*

Servicer Compliance Statement of Washington Mutual Bank.

35.2*

Servicer Compliance Statement of Washington Mutual Mortgage Securities Corp.

 _________________________________

*   Previously Filed
**   Exhibit 31.2 replaces previously filed Exhibit No. 31
***   Exhibits 33.6 and 33.7 replace previously filed Exhibit No. 33.5
****   Exhibit 34.6 replaces previously filed Exhibit 34.5

 



 


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 Date: May 9, 2008

 

 

 LONG BEACH SECURITIES CORP.

     
     

 

 

By:  /s/ Doug Potolsky

 

 

Name:  Doug Potolsky

 

 

Title:  Senior Vice President and Senior Officer in Charge of Securitization of the Depositor

 

 


 


EXHIBIT INDEX

 

Exhibit No.

  Exhibit Description

 

 

4.1*

Pooling and Servicing Agreement (incorporated herein by reference from Exhibit 4.1 to the Form 8-K filed by the issuing entity on November 22, 2006).

 

4.2*

Mortgage Loan Purchase Agreement (incorporated herein by reference from Exhibit 4.2 to the Form 8-K filed by the issuing entity on November 22, 2006).

 

4.3*

ISDA Master Agreement including Schedule and Swap Confirmation (incorporated herein by reference from Exhibit 4.3 to the Form 8-K filed by the issuing entity on November 22, 2006).

 

4.4*

Administrative Agent Agreement (incorporated herein by reference from Exhibit 4.4 to the Form 8-K filed under File No. 333-131252 on July 26, 2006).

 

31*

Certification of Douglas A. Potolsky pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

31.2** Restated Certification of Douglas A. Potolsky pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

33.1*

Report on Assessment of Compliance with Servicing Criteria for Long Beach Securities Corp.

33.2*

Report on Assessment of Compliance with Servicing Criteria for Washington Mutual Bank.

33.3*

Report on Assessment of Compliance with Servicing Criteria for Washington Mutual Mortgage Securities Corp.

33.4*

Report on Assessment of Compliance with Servicing Criteria for Deutsche Bank National Trust Company.

33.5*

Report on Assessment of Compliance with Servicing Criteria for American Security Insurance Company and Standard Guaranty Insurance Company.

33.6*** Restated Report on Assessment of Compliance with Servicing Criteria for American Security Insurance Company, Standard Guaranty Insurance Company and TrackSure Insurance Agency, Inc.
33.7*** Letter dated January 30, 2008 regarding Restated Assessment for the Reporting Period of January 1, 2006 through December 31, 2006 for American Security Insurance Company, Standard Guaranty Insurance Company and TrackSure Insurance Agency, Inc.

34.1*

Attestation Report of Deloitte & Touche on Assessment of Compliance with Servicing Criteria for Long Beach Securities Corp.

34.2*

Attestation Report of Deloitte & Touche on Assessment of Compliance with Servicing Criteria for Washington Mutual Bank.

34.3*

Attestation Report of Deloitte & Touche on Assessment of Compliance with Servicing Criteria for Washington Mutual Mortgage Securities Corp.

34.4*

Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria for Deutsche Bank National Trust Company.

34.5*

Attestation Report of PriceWaterhouseCoopers on Assessment of Compliance with Servicing Criteria for American Security Insurance Company and Standard Guaranty Insurance Company.

34.6**** Restated Attestation Report of PriceWaterhouseCoopers on Assessment of Compliance with Servicing Criteria for American Security Insurance Company, Standard Guaranty Insurance Company and TrackSure Insurance Agency, Inc.

35.1*

Servicer Compliance Statement of Washington Mutual Bank.

35.2*

Servicer Compliance Statement of Washington Mutual Mortgage Securities Corp.

 _________________________________

*   Previously Filed
**   Exhibit 31.2 replaces previously filed Exhibit No. 31
***   Exhibits 33.6 and 33.7 replace previously filed Exhibit No. 33.5
****   Exhibit 34.6 replaces previously filed Exhibit 34.5