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) September 27, 2006

RESIDENTIAL  FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated  Trust  Agreement,  dated as of September 27, 2006, and pursuant to
which an Indenture was entered into,  providing for, inter alia, the issuance of
Home Equity Loan-Backed Term Notes, Series 2006-HSA5)

                Residential Funding Mortgage Securities II, Inc.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

            DELAWARE                 333-131196-05               41-1808858
    (STATE OR OTHER JURISDICTION     (COMMISSION)             (I.R.S. EMPLOYER
        OF INCORPORATION)            FILE NUMBER)            IDENTIFICATION NO.)

          8400 Normandale Lake Blvd., Suite 250, Minneapolis, MN 55437
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

        Registrant's telephone number, including area code (952) 857-7000

          (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)

                         Exhibit Index located on Page 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 .

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

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

[ ] 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))



<PAGE>




Item 8.01.  Other Events.

        On  September  27,  2006,  the Home  Equity  Loan Trust  2006-HSA5  (the
"Trust") issued Home Equity Loan-Backed Term Notes, Series 2006-HSA5,  including
the following publicly-offered class: Class A (the "Term Notes").

        On September 27, 2006, Orrick,  Herrington & Sutcliffe LLP delivered its
legality  opinion with respect to the Term Notes and its opinion with respect to
certain federal income tax matters.


Item 9.01.  Financial Statements, Pro Forma Financial Information and Exhibits.

               (a) Not applicable

               (b) Not applicable

               (c) Exhibits: The following are filed as Exhibits to this Report:


Exhibit
Number

5.1     Opinion of Orrick, Herrington & Sutcliffe LLP.

8.1     Opinion of Orrick, Herrington & Sutcliffe LLP.

23.1 Consent of Orrick, Herrington & Sutcliffe LLP (included in opinion filed as
Exhibit 5.1).

23.2 Consent of Orrick, Herrington & Sutcliffe LLP (included in opinion filed as
Exhibit 8.1).



<PAGE>







                                   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 thereunto duly authorized.

                                       RESIDENTIAL FUNDING MORTGAGE SECURITIES
                                       II, INC.


                                       By:        /s/Christopher Martinez
                                          Name:   Christopher Martinez
                                          Title:  Vice President

Dated:  September 27, 2006


<PAGE>


EXHIBIT 5.1

Opinion of Orrick, Herrington & Sutcliffe LLP.

EXHIBIT 8.1

Opinion of Orrick, Herrington & Sutcliffe LLP.

EXHIBIT 23.1

Consent of Orrick,  Herrington & Sutcliffe  LLP  (included  in opinion  filed as
Exhibit 5.1).

EXHIBIT 23.2

Consent of Orrick,  Herrington & Sutcliffe  LLP  (included  in opinion  filed as
Exhibit 8.1).
[{"type": "8-K", "sequence": "1", "filename": "hsa58kopin.txt", "secsgml_size_bytes": 3997}]
{"company-data": {"conformed-name": "Home Equity Loan Trust 2006-HSA5", "cik": "0001375155", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-131196-05", "film-number": "061111435"}, "business-address": {"street1": "8400 NORMANDALE LAKE BLVD", "street2": "SUITE 600", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437", "phone": "9528327000"}, "mail-address": {"street1": "8400 NORMANDALE LAKE BLVD", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437"}}
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) September 27, 2006

RESIDENTIAL  FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated  Trust  Agreement,  dated as of September 27, 2006, and pursuant to
which an Indenture was entered into,  providing for, inter alia, the issuance of
Home Equity Loan-Backed Term Notes, Series 2006-HSA5)

                Residential Funding Mortgage Securities II, Inc.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

            DELAWARE                 333-131196-05               41-1808858
    (STATE OR OTHER JURISDICTION     (COMMISSION)             (I.R.S. EMPLOYER
        OF INCORPORATION)            FILE NUMBER)            IDENTIFICATION NO.)

          8400 Normandale Lake Blvd., Suite 250, Minneapolis, MN 55437
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

        Registrant's telephone number, including area code (952) 857-7000

          (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)

                         Exhibit Index located on Page 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 .

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

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

[ ] 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))
Item 8.01.  Other Events.

        On  September  27,  2006,  the Home  Equity  Loan Trust  2006-HSA5  (the
"Trust") issued Home Equity Loan-Backed Term Notes, Series 2006-HSA5,  including
the following publicly-offered class: Class A (the "Term Notes").

        On September 27, 2006, Orrick,  Herrington & Sutcliffe LLP delivered its
legality  opinion with respect to the Term Notes and its opinion with respect to
certain federal income tax matters.

Item 9.01.  Financial Statements, Pro Forma Financial Information and Exhibits.

               (a) Not applicable

               (b) Not applicable

               (c) Exhibits: The following are filed as Exhibits to this Report:

Exhibit
Number

5.1     Opinion of Orrick, Herrington & Sutcliffe LLP.

8.1     Opinion of Orrick, Herrington & Sutcliffe LLP.

23.1 Consent of Orrick, Herrington & Sutcliffe LLP (included in opinion filed as
Exhibit 5.1).

23.2 Consent of Orrick, Herrington & Sutcliffe LLP (included in opinion filed as
Exhibit 8.1).
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 thereunto duly authorized.

                                       RESIDENTIAL FUNDING MORTGAGE SECURITIES
                                       II, INC.

                                       By:        /s/Christopher Martinez
                                          Name:   Christopher Martinez
                                          Title:  Vice President

Dated:  September 27, 2006
EXHIBIT 5.1

Opinion of Orrick, Herrington & Sutcliffe LLP.

EXHIBIT 8.1

Opinion of Orrick, Herrington & Sutcliffe LLP.

EXHIBIT 23.1

Consent of Orrick,  Herrington & Sutcliffe  LLP  (included  in opinion  filed as
Exhibit 5.1).

EXHIBIT 23.2

Consent of Orrick,  Herrington & Sutcliffe  LLP  (included  in opinion  filed as
Exhibit 8.1).