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  <TITLE> ECC Capital Corporation (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	May 12, 2006
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  	ECC Capital Corporation
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Maryland
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  	001-32430
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  	841642470
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	1833 Alton Parkway, Irvine, California
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  	92606
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  _________________________________<BR>
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	(949) 856-8300
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  On May 12, 2006, Encore Credit Corp., a direct wholly owned subsidiary of the registrant ("Encore"), Bravo Credit Corporation, an indirect wholly owned subsidiary of the registrant ("Bravo"), and the registrant entered into a $300 million uncommitted Second Amended and Restated Master Repurchase Agreement with IXIS Real Estate Capital Inc. (the "IXIS Master Repurchase Agreement"), which amends the Amended and Restated Master Repurchase Agreement, dated as of February 18, 2005.  The IXIS Master Repurchase Agreement terminates on May 11, 2007.  The IXIS Master Repurchase Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K.<br><br>On May 12, 2006, Encore, Bravo and the registrant, as guarantors and originators, and ECC SPV II, Encore SPV II and Bravo SPV II, as sellers, entered into Amendment Number Four to the Master Repurchase Agreement and Pricing Side Letter with DB Structured Products, Inc., Aspen Funding Corp. and Newport Funding Corp., as buyers ("Amendment No. 4"). The purpose of Amendment No. 4 was to reduce the Maximum Purchase Price from $400 million, of which $150 million was uncommitted, to $200 million uncommitted and to extend the Termination Date to May 14, 2007.  Amendment No. 4 is filed as Exhibit 10.2 to this Current Report on Form 8-K. <br><br>On May 12, 2006, the registrant entered into a Separation and General Release Agreement (the "Separation Agreement") with John Kohler, the registrant&#x2019;s Executive Vice President, Capital Markets and Secondary Marketing, in connection with Mr. Kohler's resignation of employment with the registrant on April 30, 2006 (the "Resignation Date").  The Separation Agreement terminated Mr. Kohler&#x2019;s employment agreement dated as of February 15, 2005 (the "Employment Agreement"), effective as of the Resignation Date.  The Separation Agreement supersedes Mr. Kohler's Employment Agreement.  Pursuant to the Separation Agreement, Mr. Kohler will be entitled to receive eight monthly payments in the amount of $23,437.50 and two monthly payments in the amount of $31,250.00 through February 2007. <br><br>The foregoing summary of certain terms of the Separation Agreement is qualified in its entirety by the complete text of the Separation Agreement.  The Separation Agreement is filed as Exhibit 10.3 to this Current Report on Form 8-K.<br>
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  	Item 1.02 Termination of a Material Definitive Agreement.
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  As described in Item 1.01 of this Current Report on Form 8-K, effective April 30, 2006, Mr. Kohler's Employment Agreement with the registrant was terminated and superseded by the Separation Agreement.<br><br>
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  	Item 9.01 Financial Statements and Exhibits.
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  (c) Exhibits. <br><br>10.1    Second Amended and Restated Master Repurchase Agreement, dated as of May 12, 2006, by and among Encore Credit Corp., ECC Capital Corporation, Bravo Credit Corporation, ConquistAmerica, Inc. and IXIS Real Estate Capital Inc. <br>  <br>10.2    Amendment Number Four to Master Repurchase Agreement and Pricing Side Letter, dated as of May 12, 2006, by and among ECC Capital Corporation, Encore Credit Corp. and Bravo Credit Corporation, as guarantors and originators, ECC SPV II, Encore SPV II and Bravo SPV II, as sellers, and DB Structured Products, Inc., Aspen Funding Corp. and Newport Funding Corp., as buyers. <br><br>10.3    Separation and General Release Agreement, dated as of May 12, 2006, by and among ECC Capital Corporation, Encore Credit Corp. and John Kohler.
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	ECC Capital Corporation
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  	&nbsp;&nbsp;
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  <I>
  	May 18, 2006
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  	&nbsp;
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  	By:
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  <I>
  	/s/  Shahid S. Asghar
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  <I>
  	Name: Shahid S. Asghar
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  <I>
  	Title: President & Co-Chief Executive Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  	&nbsp;
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  Second Amended and Restated Master Repurchase Agreement, dated as of May 12, 2006, by and among Encore Credit Corp., ECC Capital Corporation, Bravo Credit Corporation, ConquistAmerica, Inc. and IXIS Real Estate Capital Inc.
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  	10.2
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  Amendment No. Four to Master Repurchase Agreement and Pricing Side Letter, dated as of May 12, 2006, by and among ECC Capital Corporation, Encore Credit Corp. and Bravo Credit Corporation as guarantors and originators, ECC SPV II, Encore SPV II and Bravo SPV II, as sellers and DB Structured Products, Inc., Aspen Funding Corp. and Newport Funding Corp., as buyers.
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  	10.3
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  Separation and General Release Agreement, dated as of May 12, 2006, by and among ECC Capital Corporation, Encore Credit Corp. and John Kohler.
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_12616.htm", "description": "LIVE FILING", "secsgml_size_bytes": 14413}]
metadata_filer: {"company-data": {"conformed-name": "ECC Capital CORP", "cik": "0001300317", "assigned-sic": "6798", "irs-number": "841642470"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32430", "film-number": "06852987"}, "business-address": {"street1": "1833 ALTON PARKWAY", "city": "IRVINE", "state": "CA", "zip": "92606", "phone": "9498568300"}, "mail-address": {"street1": "1833 ALTON PARKWAY", "city": "IRVINE", "state": "CA", "zip": "92606"}}
text: ECC Capital Corporation (Form: 8-K)
  UNITED STATES
  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 12, 2006
  ECC Capital Corporation
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Maryland
  001-32430
  841642470
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  1833 Alton Parkway, Irvine, California
  92606
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  (949) 856-8300
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  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))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  On May 12, 2006, Encore Credit Corp., a direct wholly owned subsidiary of the registrant ("Encore"), Bravo Credit Corporation, an indirect wholly owned subsidiary of the registrant ("Bravo"), and the registrant entered into a $300 million uncommitted Second Amended and Restated Master Repurchase Agreement with IXIS Real Estate Capital Inc. (the "IXIS Master Repurchase Agreement"), which amends the Amended and Restated Master Repurchase Agreement, dated as of February 18, 2005.  The IXIS Master Repurchase Agreement terminates on May 11, 2007.  The IXIS Master Repurchase Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K.
  On May 12, 2006, Encore, Bravo and the registrant, as guarantors and originators, and ECC SPV II, Encore SPV II and Bravo SPV II, as sellers, entered into Amendment Number Four to the Master Repurchase Agreement and Pricing Side Letter with DB Structured Products, Inc., Aspen Funding Corp. and Newport Funding Corp., as buyers ("Amendment No. 4"). The purpose of Amendment No. 4 was to reduce the Maximum Purchase Price from $400 million, of which $150 million was uncommitted, to $200 million uncommitted and to extend the Termination Date to May 14, 2007.  Amendment No. 4 is filed as Exhibit 10.2 to this Current Report on Form 8-K.
  On May 12, 2006, the registrant entered into a Separation and General Release Agreement (the "Separation Agreement") with John Kohler, the registrant's Executive Vice President, Capital Markets and Secondary Marketing, in connection with Mr. Kohler's resignation of employment with the registrant on April 30, 2006 (the "Resignation Date").  The Separation Agreement terminated Mr. Kohler's employment agreement dated as of February 15, 2005 (the "Employment Agreement"), effective as of the Resignation Date.  The Separation Agreement supersedes Mr. Kohler's Employment Agreement.  Pursuant to the Separation Agreement, Mr. Kohler will be entitled to receive eight monthly payments in the amount of $23,437.50 and two monthly payments in the amount of $31,250.00 through February 2007.
  The foregoing summary of certain terms of the Separation Agreement is qualified in its entirety by the complete text of the Separation Agreement.  The Separation Agreement is filed as Exhibit 10.3 to this Current Report on Form 8-K.
  Item 1.02 Termination of a Material Definitive Agreement.
  As described in Item 1.01 of this Current Report on Form 8-K, effective April 30, 2006, Mr. Kohler's Employment Agreement with the registrant was terminated and superseded by the Separation Agreement.
  Item 9.01 Financial Statements and Exhibits.
  (c) Exhibits.
  10.1    Second Amended and Restated Master Repurchase Agreement, dated as of May 12, 2006, by and among Encore Credit Corp., ECC Capital Corporation, Bravo Credit Corporation, ConquistAmerica, Inc. and IXIS Real Estate Capital Inc.
  10.2    Amendment Number Four to Master Repurchase Agreement and Pricing Side Letter, dated as of May 12, 2006, by and among ECC Capital Corporation, Encore Credit Corp. and Bravo Credit Corporation, as guarantors and originators, ECC SPV II, Encore SPV II and Bravo SPV II, as sellers, and DB Structured Products, Inc., Aspen Funding Corp. and Newport Funding Corp., as buyers.
  10.3    Separation and General Release Agreement, dated as of May 12, 2006, by and among ECC Capital Corporation, Encore Credit Corp. and John Kohler.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  ECC Capital Corporation
  May 18, 2006
  By:
  /s/  Shahid S. Asghar
  Name: Shahid S. Asghar
  Title: President & Co-Chief Executive Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Second Amended and Restated Master Repurchase Agreement, dated as of May 12, 2006, by and among Encore Credit Corp., ECC Capital Corporation, Bravo Credit Corporation, ConquistAmerica, Inc. and IXIS Real Estate Capital Inc.
  10.2
  Amendment No. Four to Master Repurchase Agreement and Pricing Side Letter, dated as of May 12, 2006, by and among ECC Capital Corporation, Encore Credit Corp. and Bravo Credit Corporation as guarantors and originators, ECC SPV II, Encore SPV II and Bravo SPV II, as sellers and DB Structured Products, Inc., Aspen Funding Corp. and Newport Funding Corp., as buyers.
  10.3
  Separation and General Release Agreement, dated as of May 12, 2006, by and among ECC Capital Corporation, Encore Credit Corp. and John Kohler.