UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, STATED.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 Loan-Backed Notes, Series 2006-HI4)

                RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
             (Exact name of registrant as specified in its charter)

            Delaware                 333-131196-06                41-1808858
 (STATE OR OTHER JURISDICTION  (COMMISSION FILE NUMBER)        (IRS EMPLOYER
      OF INCORPORATION)                                     IDENTIFICATION NO.)

8400 Normandale Lake Boulevard, Suite 250
       Minneapolis, Minnesota                                   55437
     (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)                  (ZIP CODE)

                                 (952) 857-7000
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE )


                                       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:

[ ] 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>








                    INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 8.01.     OTHER EVENTS.

On September 28, 2006,  Residential  Funding Mortgage Securities II, Inc. caused
the issuance and sale of the Home Loan-Backed Notes,  Series 2006-HI4,  pursuant
to an  Indenture,  dated as of  September  28,  2006,  between  Home Loan  Trust
2006-HI4, as issuer and JPMorgan Chase Bank, National Association,  as Indenture
Trustee. The home loans were sold to Residential Funding Mortgage Securities II,
Inc.  pursuant to the Home Loan  Purchase  Agreement,  dated as of  September 1,
2006, between Residential Funding Mortgage Securities II, Inc., as purchaser and
Residential Funding Corporation, as seller.

ITEM 9.01.     FINANCIAL STATEMENTS 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,    National
                             Association,  as  indenture  trustee,  and the Home
                             Loan Trust 2006-HI4, 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 Loan Trust  2006-HI4,  as issuer and  JPMorgan
                             Chase  Bank,  National  Association,  as  indenture
                             trustee, and Appendix A thereto.

                      10.1   Home Loan Purchase  Agreement dated as of September
                             1, 2006 by Residential  Funding Mortgage Securities
                             II, Inc.,  as  purchaser  and  Residential  Funding
                             Corporation, as seller.

                      10.2   Financial   Guaranty   Insurance   Policy,    dated
                             September  28, 2006,  issued by Financial  Guaranty
                             Insurance  Company relating to the Home Loan-Backed
                             Notes, Series 2006-HI4, Class A Notes.

                      99.1   Home 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 hereunto duly authorized.


                               RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.



                               By: /s/ Joseph Orning
                               Name: Joseph Orning
                              Title: Vice President




Dated:  October 13, 2006




<PAGE>


                                  EXHIBIT INDEX


Exhibit No.           Description

4.3  Servicing  Agreement  dated as of  September  28,  2006  among  Residential
     Funding  Corporation,  as master  servicer,  JPMorgan Chase Bank,  National
     Association,  as indenture  trustee,  and the Home Loan Trust 2006-HI4,  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 Loan Trust 2006-HI4,
     as issuer and  JPMorgan  Chase Bank,  National  Association,  as  indenture
     trustee, and Appendix A thereto.

10.1 Home Loan Purchase  Agreement  dated as of September 1, 2006 by Residential
     Funding Mortgage  Securities II, Inc., as purchaser and Residential Funding
     Corporation, as seller.

10.2 Financial  Guaranty  Insurance Policy,  dated September 28, 2006, issued by
     Financial  Guaranty  Insurance  Company  relating  to the Home  Loan-Backed
     Notes, Series 2006-HI4, Class A Notes.

99.1 Home Loan Schedule.
[{"type": "8-K", "sequence": "1", "filename": "hi48kod.txt", "secsgml_size_bytes": 6524}]
{"company-data": {"conformed-name": "Home Loan Trust 2006-HI4", "cik": "0001374279", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-131196-06", "film-number": "061143296"}, "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"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, STATED.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 Loan-Backed Notes, Series 2006-HI4)

                RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
             (Exact name of registrant as specified in its charter)

            Delaware                 333-131196-06                41-1808858
 (STATE OR OTHER JURISDICTION  (COMMISSION FILE NUMBER)        (IRS EMPLOYER
      OF INCORPORATION)                                     IDENTIFICATION NO.)

8400 Normandale Lake Boulevard, Suite 250
       Minneapolis, Minnesota                                   55437
     (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)                  (ZIP CODE)

                                 (952) 857-7000
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE )

                                       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:

[ ] 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))
INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 8.01.     OTHER EVENTS.

On September 28, 2006,  Residential  Funding Mortgage Securities II, Inc. caused
the issuance and sale of the Home Loan-Backed Notes,  Series 2006-HI4,  pursuant
to an  Indenture,  dated as of  September  28,  2006,  between  Home Loan  Trust
2006-HI4, as issuer and JPMorgan Chase Bank, National Association,  as Indenture
Trustee. The home loans were sold to Residential Funding Mortgage Securities II,
Inc.  pursuant to the Home Loan  Purchase  Agreement,  dated as of  September 1,
2006, between Residential Funding Mortgage Securities II, Inc., as purchaser and
Residential Funding Corporation, as seller.

ITEM 9.01.     FINANCIAL STATEMENTS 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,    National
                             Association,  as  indenture  trustee,  and the Home
                             Loan Trust 2006-HI4, 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 Loan Trust  2006-HI4,  as issuer and  JPMorgan
                             Chase  Bank,  National  Association,  as  indenture
                             trustee, and Appendix A thereto.

                      10.1   Home Loan Purchase  Agreement dated as of September
                             1, 2006 by Residential  Funding Mortgage Securities
                             II, Inc.,  as  purchaser  and  Residential  Funding
                             Corporation, as seller.

                      10.2   Financial   Guaranty   Insurance   Policy,    dated
                             September  28, 2006,  issued by Financial  Guaranty
                             Insurance  Company relating to the Home Loan-Backed
                             Notes, Series 2006-HI4, Class A Notes.

                      99.1   Home 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 hereunto duly authorized.

                               RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.

                               By: /s/ Joseph Orning
                               Name: Joseph Orning
                              Title: Vice President

Dated:  October 13, 2006
EXHIBIT INDEX

Exhibit No.           Description

4.3  Servicing  Agreement  dated as of  September  28,  2006  among  Residential
     Funding  Corporation,  as master  servicer,  JPMorgan Chase Bank,  National
     Association,  as indenture  trustee,  and the Home Loan Trust 2006-HI4,  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 Loan Trust 2006-HI4,
     as issuer and  JPMorgan  Chase Bank,  National  Association,  as  indenture
     trustee, and Appendix A thereto.

10.1 Home Loan Purchase  Agreement  dated as of September 1, 2006 by Residential
     Funding Mortgage  Securities II, Inc., as purchaser and Residential Funding
     Corporation, as seller.

10.2 Financial  Guaranty  Insurance Policy,  dated September 28, 2006, issued by
     Financial  Guaranty  Insurance  Company  relating  to the Home  Loan-Backed
     Notes, Series 2006-HI4, Class A Notes.

99.1 Home Loan Schedule.