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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES AND
EXCHANGE COMMISSION </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Washington,
D.C.  20549 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 8-K </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT REPORT </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to Section 13
OR 15(d) of </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Securities
Exchange Act of 1934 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date
of Report (Date of earliest event reported): June 27, 2006 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>RESIDENTIAL FUNDING
MORTGAGE SECURITIES I, INC., </U></FONT><BR>

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<FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>on behalf of the
RFMSI Series 2006-S5 Trust <BR> (Exact name of registrant as specified in its charter) </U></FONT></h1>








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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Delaware</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">333-131201-02</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">75-2006294</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN="TOP" align=center>
     <TD WIDTH="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(State or other jurisdiction<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of incorporation)
</FONT></TD>
     <TD WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Commission File Number)
</FONT></TD>
     <TD WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;(IRS Employer<BR>
Identification No.)
</FONT></TD></TR>
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<BR>
<BR>














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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
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     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 Normandale Lake Boulevard,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suite 250<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis, StateMinnesota     <BR>
&nbsp;(Address of principal executive office)
</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;55437<BR>
(Zip Code)
</FONT></TD></TR>
</TABLE>
<BR><BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(952) 857-7000 <BR>(Registrant&#146;s telephone number, including area code ) </font></h1>

               <BR>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>N/A <BR>
 (Former name or address, if changed since last report) </font></h1>

<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" 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><BR>

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<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[ ] Written communication pursuant to
Rule 425 under the Securities Act (17 CFR 230.425) </FONT><br>

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<FONT FACE="Times New Roman, Times, Serif" SIZE=2>[ ] Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT><br>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>[ ] Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT><br>

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<FONT FACE="Times New Roman, Times, Serif" SIZE=2>[ ] Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></P>

<br>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Information to be
Included in the Report </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section 8 &#150; Other
Events. </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 8.01. Other Events. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On or about June 29, 2006,
Residential Funding Mortgage Securities I, Inc. will cause the issuance and sale of the
Mortgage Pass-Through Certificates, Series, 2006-S5, pursuant to a Series Supplement,
dated as of June 1, 2006, to the Standard Terms of Pooling and Servicing Agreement, dated
as of June 1, 2006, among Residential Funding Mortgage Securities I, Inc., as company,
Residential Funding Corporation, as master servicer and the U.S. Bank National
Association, as trustee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with the sale of the
Certificates, Mayer, Brown, Rowe &amp; Maw LLP, as counsel to the Registrant, has prepared
an opinion on legality and an opinion on tax matters (collectively, the
&#147;Opinions&#148;) with respect to the Certificates following the effective date of
Registration Statement No. 333-131201, which Opinions are being filed electronically as
exhibits to this report. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section 9 &#150;
Financial Statements and Exhibits </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 9.01 (d). Exhibits</B>. </FONT></P>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Exhibits: The following execution copies of Exhibits to the Form S-3
               Registration Statement of the Registrant are hereby filed. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
5.1 Opinion on legality of Mayer, Brown, Rowe &amp; Maw LLP, counsel to the registrant,
dated June 27, 2006. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
8.1 Opinion on tax matters of Mayer, Brown, Rowe &amp; Maw LLP, counsel to the registrant,
dated June 27, 2006. </FONT></TD>
</TR>
</TABLE>
<BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>














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     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.<BR>
<BR>
<BR>
<BR>
&nbsp;By: /s/ Heather Anderson<BR>
&nbsp;Name: Heather Anderson<BR>
&nbsp;Title:   Vice President
</FONT></TD></TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: June 27, 2006 </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>              </U></FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                        </FONT></P>





<BR>



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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit Index</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit No. Description</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.1
</FONT></TD>
     <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Opinion on legality of Mayer, Brown, Rowe, Maw LLP, counsel to the registrant, dated
June 27, 2006.
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Opinion on tax matters of Mayer, Brown, Rowe, Maw LLP, counsel to the registrant,
dated June 27, 2006.
</FONT></TD></TR>
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</HTML>
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{"company-data": {"conformed-name": "RFMSI Series 2006-S5 Trust", "cik": "0001363535", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-131201-02", "film-number": "06929990"}, "business-address": {"street1": "8400 NORMANDALE LAKE BLVD", "street2": "SUITE 250", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437", "phone": "9528327000"}}
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): June 27, 2006
RESIDENTIAL FUNDING
MORTGAGE SECURITIES I, INC.,
on behalf of the
RFMSI Series 2006-S5 Trust
(Exact name of registrant as specified in its charter)
Delaware
333-131201-02
75-2006294
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
8400 Normandale Lake Boulevard,
Suite 250
Minneapolis, StateMinnesota
(Address of principal executive office)
55437
(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
Section 8 – Other
Events.
ITEM 8.01. Other Events.
On or about June 29, 2006,
Residential Funding Mortgage Securities I, Inc. will cause the issuance and sale of the
Mortgage Pass-Through Certificates, Series, 2006-S5, pursuant to a Series Supplement,
dated as of June 1, 2006, to the Standard Terms of Pooling and Servicing Agreement, dated
as of June 1, 2006, among Residential Funding Mortgage Securities I, Inc., as company,
Residential Funding Corporation, as master servicer and the U.S. Bank National
Association, as trustee.
In connection with the sale of the
Certificates, Mayer, Brown, Rowe & Maw LLP, as counsel to the Registrant, has prepared
an opinion on legality and an opinion on tax matters (collectively, the
"Opinions") with respect to the Certificates following the effective date of
Registration Statement No. 333-131201, which Opinions are being filed electronically as
exhibits to this report.
Section 9 –
Financial Statements and Exhibits
ITEM 9.01 (d). Exhibits
.
(d)
Exhibits: The following execution copies of Exhibits to the Form S-3
               Registration Statement of the Registrant are hereby filed.
Exhibit
5.1 Opinion on legality of Mayer, Brown, Rowe & Maw LLP, counsel to the registrant,
dated June 27, 2006.
Exhibit
8.1 Opinion on tax matters of Mayer, Brown, Rowe & Maw LLP, counsel to the registrant,
dated June 27, 2006.
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 I, INC.
By: /s/ Heather Anderson
Name: Heather Anderson
Title:   Vice President
Dated: June 27, 2006
Exhibit Index
Exhibit No. Description
5.1
Opinion on legality of Mayer, Brown, Rowe, Maw LLP, counsel to the registrant, dated
June 27, 2006.
8.1
Opinion on tax matters of Mayer, Brown, Rowe, Maw LLP, counsel to the registrant,
dated June 27, 2006.