SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest Event

Reported): ~~May 19~~January 1, ~~2008~~2011

CWHEQ Home Equity Loan Trust, Series 2006-S1

(Exact name of the issuing entity)

Commission File Number of the issuing entity: 333-126790-12

CWHEQ, ~~INC~~ Inc.

(Exact name of the depositor as specified in its charter)

Commission File Number of the depositor: 333-126790

Countrywide Home Loans, Inc.

(Exact name of the sponsor as specified in its charter)

Delaware	87-0698310
(State or Other Jurisdiction of Incorporation)	(I.R.S. Employer Identification No.)

4500 Park Granada Calabasas, California	91302
4500 Park Granada
Calabasas, California	91302
(Address of Principal Executive Offices)	(Zip Code)
Registrant’s telephone number, including area code (818) 225-3000

~~Check~~Registrant’s ~~the appropriate~~telephone ~~box~~number, ~~below~~including ifarea ~~the~~code ~~Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any following provisions~~ (~~see~~213) ~~General Instruction~~345 ~~A.2. below):~~9874

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 7. Regulation FD

Item 7.01 Regulation FD Disclosure

CWHEQ Home Equity Loan Trust, Series 2006-S1 (the “Issuing Entity”) has the benefit of ~~the Credit~~a Mortgage Insurance Policy (the “Policy”) issued by United Guaranty Residential Insurance Company of North Carolina (the “Mortgage Insurer”) which insures certain Mortgage Loans (referred to as the “Covered Mortgage Loans”) against certain losses. The Issuing Entity also has the benefit of the Sponsor Loss Coverage Obligation provided by Countrywide Home Loans, Inc. (“Countrywide”). The Sponsor Loss Coverage Obligation is intended to cover Realized Losses on the Covered Loans with respect to which a claim for payment is denied by the insurer due to an exclusion in the Policy ~~(such denied claims~~, ~~“Covered Claims”),~~ up to the Sponsor Loss Coverage Amount specified in the Pooling and Servicing Agreement.

~~Historically~~Pursuant itto ~~has~~an ~~been~~agreement ~~Countrywide’s policy~~reached ~~not~~with the Mortgage Insurer, the Mortgage Insurer agreed to ~~make~~pay ~~Loss~~outstanding ~~Coverage~~claims ~~Payments~~filed under ~~its~~the ~~Sponsor~~Policy ~~Loss~~with ~~Coverage Obligation~~respect ~~for~~to Covered ~~Claims~~Mortgage ~~until~~Loans (including any claims that it ~~had~~initially ~~completed~~denied) ~~all~~(each, ofan ~~its~~“Outstanding ~~efforts~~Claim). The ~~to obtain~~Mortgage ~~payment~~Insurer ~~from~~has paid Outstanding Claims in the ~~insurer~~order in which the claims were received by the Mortgage Insurer, ~~including~~up ~~exercising~~to ~~any~~the ~~appeal~~remaining ~~rights~~maximum aggregate amount payable under the Policy ~~with~~(set ~~respect~~forth tobelow). The ~~denied~~proceeds ~~claims.~~from Inany ~~connection~~such ~~with~~payments ~~the~~made ~~implementation of~~by athe ~~change~~Mortgage inInsurer ~~this~~will ~~policy~~be distributed to acertificateholders ~~policy~~in ofthe ~~making~~manner ~~Loss~~and ~~Coverage~~priority ~~Payments~~specified ~~upon~~in the ~~initial~~ ~~denial~~Pooling ofand ~~claims,~~Servicing Agreement. Countrywide ~~included~~has ~~certain~~generally ~~payments~~made ~~for~~a ~~Covered Claims~~Loss onCoverage ~~the~~Payment ~~March~~in ~~2008~~respect ~~and~~of ~~April~~its ~~2008~~Sponsor ~~Distribution~~Loss ~~Dates~~Coverage ~~that~~Obligation ~~related~~for ~~to initial~~the ~~claim~~benefit ~~denials~~of ~~received~~the inIssuing ~~periods~~Entity ~~prior~~upon to the ~~related~~initial ~~Due~~denial ~~Periods~~of ~~for such~~a ~~Distribution~~claim ~~Dates~~by ~~(such~~the ~~Covered~~Mortgage ~~Claims,~~Insurer under the ~~“Aged Claims”)~~Policy. ~~The tables~~To ~~below~~the ~~summarize~~extent the ~~amounts~~Mortgage ofInsurer ~~the~~pays ~~Loss~~a ~~Coverage~~claim ~~Payments~~on bya ~~Countrywide on~~Covered ~~the~~Mortgage ~~March~~Loan ~~2008~~for ~~and~~which ~~April~~Countrywide ~~2008~~previously ~~Distribution~~made ~~Dates~~a ~~that~~Loss ~~would~~Coverage ~~have~~Payment, ~~been~~Countrywide ~~paid~~will ~~on prior~~receive ~~Distribution~~an ~~Dates~~amount ifequal to the previously-paid Loss Coverage ~~Payments~~Payment ~~relating~~related to ~~Aged~~such ~~Claims~~Covered ~~had been~~Mortgage ~~made~~Loan ~~upon~~and the ~~initial~~Sponsor ~~denial~~Loss ofCoverage ~~claims~~Amount will increase by a corresponding amount.

The table below sets forth (i) remaining maximum aggregate amount payable under the Policy as of September 30, 2010 (the “Remaining Policy Amount”); (ii) the aggregate amount of claims paid by the Mortgage Insurer between January 1, 2011 and March ~~2008~~ ~~Distribution~~31, ~~Date~~2011, (iii) the Remaining Policy Amount after giving effect to the payments described in clause (ii) above; and (iv) the available Sponsor Loss Coverage Amount (which amount will be reported on the April 15, 2011 distribution date statement) after giving effect to the last sentence of the previous paragraph.

Month of Distribution (if paid upon Initial Denial)	Number of Loans	Loss Coverage Payment
Remaining Policy Amount (as of September 30, 2010)	$28,444,357.00
August 2007	2	$156,356.10
Aggregate Amount of Claims Paid by the Mortgage Insurer (between January 1, 2011 and March 31, 2011)	$28,444,357.00
September 2007	3	$155,427.02
Remaining Policy Amount after giving effect to claims paid as of March 31, 2011)	$0
November 2007	1	$ 23,996.69
Available Sponsor Loss Coverage Amount	$4,297,405.24
December 2007	1	$ 22,727.30
Total	7	$358,507.11

~~April 2008~~Capitalized ~~Distribution~~terms ~~Date~~used herein and not defined herein shall have the meanings set forth in the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of March 1, 2006, by and among Countrywide, CWHEQ, Inc., as depositor, Park Monaco Inc., as a seller, Park Sienna LLC, as a seller, Countrywide Home Loans Servicing LP, as master servicer, The Bank of New York, as trustee, and The Bank of New York (Delaware), as co-trustee.

Month of Distribution (if paid upon Initial Denial)	Number of Loans	Loss Coverage Payment
Unavailable	1	$ 27,575.88
September 2007	1	$ 61,433.48
January 2008	4	$171,224.85
February 2008	2	$111,687.24
March 2008	4	$248,228.49
Total	12	$620,149.94

Countrywide does not expect the Loss Coverage Payments on subsequent Distribution Dates to include amounts for Aged Claims of a similar magnitude as were paid on the March 2008 and April 2008 Distribution Dates.

The payments described in the preceding paragraph affect the timing of payments from the Sponsor Loss Coverage Obligation. In addition, upon final resolution of each Aged Claim the Sponsor Loss Coverage Obligation may be affected. In cases where the insurer agrees to pay an Aged Claim, Countrywide will be entitled to receive the amount covered by the insurer and the remaining Sponsor Loss Coverage Amount will increase by that amount. In cases where Countrywide’s appeals are unsuccessful, there will be no adjustment to the Sponsor Loss Coverage Amount.

No assurances are being provided herein that Loss Coverage Payments by Countrywide on Distribution Dates prior to the March 2008 Distribution Date did not include payments attributable to Aged Claims. In addition, there can be no assurance that additional Loss Coverage Payments will be made at any time prior to Countrywide making all efforts to obtain payment from the related insurer in respect of claims which are initially denied.

Capitalized terms used herein and not defined herein shall have the meanings set forth in the Pooling and Servicing Agreement, dated as of March 1, 2006, by and among Countrywide, CWHEQ, Inc., as depositor, Park Monaco Inc., as a seller, Park Sienna LLC, as a seller, Countrywide Home Loans Servicing LP, as master servicer, The Bank of New York, as trustee, and The Bank of New York (Delaware), as co-trustee.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CWHEQ, ~~INC~~Inc. By: /s/ ~~Darren~~Elizabeth ~~Bigby~~Chen Name: ~~Darren~~Elizabeth ~~Bigby~~Chen Title: ~~Executive~~Senior Vice President

Dated: ~~May 19~~April 27, ~~2008~~2011

Filing Compare · CWHEQ Home Equity Loan Trust, Series 2006-S1