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 28, 2006

RESIDENTIAL  FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated  Trust  Agreement,  dated as of September 28, 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, Minnesota 55437
               (Address of Principal Executive Offices) (Zip Code)

      Registrant's telephone number, including area code, is (952) 857-7000
                                       N/A
             (Former name or 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 (see General Instruction A.2. below):

[ ] Written communication  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))



<PAGE>


Item 8. Other Events.


On September 28, 2006,  Residential  Funding Mortgage Securities II, Inc. caused
the  issuance  and  sale of the  Home  Equity  Loan-Backed  Term  Notes,  Series
2006-HSA5,  pursuant to an Indenture,  dated as of September  28, 2006,  between
Home Equity Loan Trust  2006-HSA5,  as issuer and JPMorgan Chase Bank,  N.A., as
indenture trustee.

Item 9. Financial Statements, Pro Forma Financial Information and Exhibits.

               (a) Not applicable

               (b) Not applicable

               (c) Not applicable

               (d) Exhibits (executed copies): The following execution copies of
Exhibits to the Form S-3  Registration  Statement of the  Registrant  are hereby
filed:

        4.3 Servicing Agreement dated as of September 28, 2006 among Residential
        Funding Corporation,  as master servicer,  JPMorgan Chase Bank, N.A., as
        indenture trustee, and the Home Equity Loan Trust 2006-HSA5, as issuer.

        4.4 Amended and Restated Trust  Agreement dated as of September 28, 2006
        between  Residential Funding Mortgage Securities II, Inc., as depositor,
        and Wilmington Trust Company, as owner trustee.

        4.5  Indenture  dated as of September  28, 2006 between Home Equity Loan
        Trust 2006-HSA5,  as issuer, and JPMorgan Chase Bank, N.A., as indenture
        trustee, and Appendix A thereto.

        10.1 Home Equity Loan Purchase  Agreement dated as of September 28, 2006
        by Residential Funding Mortgage  Securities II, Inc., as purchaser,  and
        Residential Funding Corporation, as seller.

        10.2  Financial  Guaranty  Insurance  Policy  issued  by MBIA  Insurance
        Corporation  relating to Home Equity Loan-Backed Notes, Series 2006-HSA5
        relating to Notes.

        99.1   Home Equity Loan Schedule.



<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/ Tim Jacobson
                                    Name:  Tim Jacobson
                                    Title: Vice President


Dated:  September 28, 2006



<PAGE>


                                  EXHIBIT INDEX


EXHIBIT NUMBER        DESCRIPTION

     4.3  Servicing  Agreement dated as of September 28, 2006 among  Residential
          Funding Corporation, as master servicer, JPMorgan Chase Bank, N.A., as
          indenture  trustee,  and the Home  Equity  Loan  Trust  2006-HSA5,  as
          issuer.

     4.4  Amended and Restated  Trust  Agreement  dated as of September 28, 2006
          between   Residential   Funding  Mortgage   Securities  II,  Inc.,  as
          depositor, and Wilmington Trust Company, as owner trustee.

     4.5  Indenture  dated as of  September  28, 2006  between  Home Equity Loan
          Trust  2006-HSA5,  as  issuer,  and  JPMorgan  Chase  Bank,  N.A.,  as
          indenture trustee, and Appendix A thereto.

     10.1 Home Equity Loan Purchase  Agreement dated as of September 28, 2006 by
          Residential  Funding Mortgage  Securities II, Inc., as purchaser,  and
          Residential Funding Corporation, as seller.

     10.2 Financial   Guaranty   Insurance   Policy  issued  by  MBIA  Insurance
          Corporation   relating  to  Home  Equity  Loan-Backed  Notes,   Series
          2006-HSA5 relating to the Notes.

     99.1 Home Equity Loan Schedule.
[{"type": "8-K", "sequence": "1", "filename": "hsa58kod.txt", "secsgml_size_bytes": 5646}]
{"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": "061141334"}, "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 28, 2006

RESIDENTIAL  FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated  Trust  Agreement,  dated as of September 28, 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, Minnesota 55437
               (Address of Principal Executive Offices) (Zip Code)

      Registrant's telephone number, including area code, is (952) 857-7000
                                       N/A
             (Former name or 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 (see General Instruction A.2. below):

[ ] Written communication  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))
Item 8. Other Events.

On September 28, 2006,  Residential  Funding Mortgage Securities II, Inc. caused
the  issuance  and  sale of the  Home  Equity  Loan-Backed  Term  Notes,  Series
2006-HSA5,  pursuant to an Indenture,  dated as of September  28, 2006,  between
Home Equity Loan Trust  2006-HSA5,  as issuer and JPMorgan Chase Bank,  N.A., as
indenture trustee.

Item 9. Financial Statements, Pro Forma Financial Information and Exhibits.

               (a) Not applicable

               (b) Not applicable

               (c) Not applicable

               (d) Exhibits (executed copies): The following execution copies of
Exhibits to the Form S-3  Registration  Statement of the  Registrant  are hereby
filed:

        4.3 Servicing Agreement dated as of September 28, 2006 among Residential
        Funding Corporation,  as master servicer,  JPMorgan Chase Bank, N.A., as
        indenture trustee, and the Home Equity Loan Trust 2006-HSA5, as issuer.

        4.4 Amended and Restated Trust  Agreement dated as of September 28, 2006
        between  Residential Funding Mortgage Securities II, Inc., as depositor,
        and Wilmington Trust Company, as owner trustee.

        4.5  Indenture  dated as of September  28, 2006 between Home Equity Loan
        Trust 2006-HSA5,  as issuer, and JPMorgan Chase Bank, N.A., as indenture
        trustee, and Appendix A thereto.

        10.1 Home Equity Loan Purchase  Agreement dated as of September 28, 2006
        by Residential Funding Mortgage  Securities II, Inc., as purchaser,  and
        Residential Funding Corporation, as seller.

        10.2  Financial  Guaranty  Insurance  Policy  issued  by MBIA  Insurance
        Corporation  relating to Home Equity Loan-Backed Notes, Series 2006-HSA5
        relating to Notes.

        99.1   Home Equity Loan Schedule.
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/ Tim Jacobson
                                    Name:  Tim Jacobson
                                    Title: Vice President

Dated:  September 28, 2006
EXHIBIT INDEX

EXHIBIT NUMBER        DESCRIPTION

     4.3  Servicing  Agreement dated as of September 28, 2006 among  Residential
          Funding Corporation, as master servicer, JPMorgan Chase Bank, N.A., as
          indenture  trustee,  and the Home  Equity  Loan  Trust  2006-HSA5,  as
          issuer.

     4.4  Amended and Restated  Trust  Agreement  dated as of September 28, 2006
          between   Residential   Funding  Mortgage   Securities  II,  Inc.,  as
          depositor, and Wilmington Trust Company, as owner trustee.

     4.5  Indenture  dated as of  September  28, 2006  between  Home Equity Loan
          Trust  2006-HSA5,  as  issuer,  and  JPMorgan  Chase  Bank,  N.A.,  as
          indenture trustee, and Appendix A thereto.

     10.1 Home Equity Loan Purchase  Agreement dated as of September 28, 2006 by
          Residential  Funding Mortgage  Securities II, Inc., as purchaser,  and
          Residential Funding Corporation, as seller.

     10.2 Financial   Guaranty   Insurance   Policy  issued  by  MBIA  Insurance
          Corporation   relating  to  Home  Equity  Loan-Backed  Notes,   Series
          2006-HSA5 relating to the Notes.

     99.1 Home Equity Loan Schedule.