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 25, 2006

RESIDENTIAL  FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated Trust Agreement, dated as of May 25, 2006, and pursuant to which an
Indenture  was entered into,  providing  for,  inter alia,  the issuance of Home
Loan-Backed Notes, Series 2006-HI2)

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

           Delaware                  333-131196-01             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 May 25, 2006,  Residential  Funding  Mortgage  Securities II, Inc. caused the
issuance and sale of the Home Loan-Backed Notes, Series 2006-HI2, pursuant to an
Indenture, dated as of May 25, 2006, between Home Loan Trust 2006-HI2, 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 May 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 May 25, 2006 among
                             Residential   Funding   Corporation,    as   master
                             servicer,    JPMorgan    Chase    Bank,    National
                             Association,  as  indenture  trustee,  and the Home
                             Loan Trust 2006-HI2, as issuer.

                      4.4    Amended and Restated  Trust  Agreement  dated as of
                             May 25, 2006 between  Residential  Funding Mortgage
                             Securities  II, Inc., as depositor  and  Wilmington
                             Trust Company, as owner trustee.

                      4.5    Indenture  dated as of May 25,  2006  between  Home
                             Loan Trust  2006-HI2,  as issuer and JPMorgan Chase
                             Bank, National  Association,  as indenture trustee,
                             and Appendix A thereto.

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

                      10.2   Financial Guaranty Insurance Policy,  dated May 25,
                             2006,  issued  by  Financial   Guaranty   Insurance
                             Company  relating  to the Home  Loan-Backed  Notes,
                             Series 2006-HI2, 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/ Tim Jacobson
                               Name: Tim Jacobson
                              Title: Vice President




Dated:  June 9, 2006




<PAGE>


                                  EXHIBIT INDEX


Exhibit No.           Description

4.3  Servicing  Agreement  dated as of May 25,  2006 among  Residential  Funding
     Corporation, as master servicer, JPMorgan Chase Bank, National Association,
     as indenture trustee, and the Home Loan Trust 2006-HI2, as issuer.

4.4  Amended and  Restated  Trust  Agreement  dated as of May 25,  2006  between
     Residential   Funding  Mortgage  Securities  II,  Inc.,  as  depositor  and
     Wilmington Trust Company, as owner trustee.

4.5  Indenture  dated as of May 25, 2006  between Home Loan Trust  2006-HI2,  as
     issuer and JPMorgan Chase Bank, National Association, as indenture trustee,
     and Appendix A thereto.

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

10.2 Financial  Guaranty  Insurance  Policy,  dated  May  25,  2006,  issued  by
     Financial  Guaranty  Insurance  Company  relating  to the Home  Loan-Backed
     Notes, Series 2006-HI2, Class A Notes.

99.1 Home Loan Schedule
[{"type": "8-K", "sequence": "1", "filename": "hi28kod.txt", "secsgml_size_bytes": 6412}]
{"company-data": {"conformed-name": "Home Loan Trust 2006-HI2", "cik": "0001362476", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-131196-01", "film-number": "06895666"}, "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, 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 25, 2006

RESIDENTIAL  FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated Trust Agreement, dated as of May 25, 2006, and pursuant to which an
Indenture  was entered into,  providing  for,  inter alia,  the issuance of Home
Loan-Backed Notes, Series 2006-HI2)

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

           Delaware                  333-131196-01             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 May 25, 2006,  Residential  Funding  Mortgage  Securities II, Inc. caused the
issuance and sale of the Home Loan-Backed Notes, Series 2006-HI2, pursuant to an
Indenture, dated as of May 25, 2006, between Home Loan Trust 2006-HI2, 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 May 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 May 25, 2006 among
                             Residential   Funding   Corporation,    as   master
                             servicer,    JPMorgan    Chase    Bank,    National
                             Association,  as  indenture  trustee,  and the Home
                             Loan Trust 2006-HI2, as issuer.

                      4.4    Amended and Restated  Trust  Agreement  dated as of
                             May 25, 2006 between  Residential  Funding Mortgage
                             Securities  II, Inc., as depositor  and  Wilmington
                             Trust Company, as owner trustee.

                      4.5    Indenture  dated as of May 25,  2006  between  Home
                             Loan Trust  2006-HI2,  as issuer and JPMorgan Chase
                             Bank, National  Association,  as indenture trustee,
                             and Appendix A thereto.

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

                      10.2   Financial Guaranty Insurance Policy,  dated May 25,
                             2006,  issued  by  Financial   Guaranty   Insurance
                             Company  relating  to the Home  Loan-Backed  Notes,
                             Series 2006-HI2, 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/ Tim Jacobson
                               Name: Tim Jacobson
                              Title: Vice President

Dated:  June 9, 2006
EXHIBIT INDEX

Exhibit No.           Description

4.3  Servicing  Agreement  dated as of May 25,  2006 among  Residential  Funding
     Corporation, as master servicer, JPMorgan Chase Bank, National Association,
     as indenture trustee, and the Home Loan Trust 2006-HI2, as issuer.

4.4  Amended and  Restated  Trust  Agreement  dated as of May 25,  2006  between
     Residential   Funding  Mortgage  Securities  II,  Inc.,  as  depositor  and
     Wilmington Trust Company, as owner trustee.

4.5  Indenture  dated as of May 25, 2006  between Home Loan Trust  2006-HI2,  as
     issuer and JPMorgan Chase Bank, National Association, as indenture trustee,
     and Appendix A thereto.

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

10.2 Financial  Guaranty  Insurance  Policy,  dated  May  25,  2006,  issued  by
     Financial  Guaranty  Insurance  Company  relating  to the Home  Loan-Backed
     Notes, Series 2006-HI2, Class A Notes.

99.1 Home Loan Schedule