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): August 24, 2006


                    RESIDENTIAL ASSET SECURITIES CORPORATION,
                  on behalf of the RASC Series 2006-EMX7 Trust
           (Exact name of issuing entity as specified in its charter)

           Delaware                   333-131209-09              51-0362653
 (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 or about August 25, 2006,  Residential Asset Securities  Corporation,
as depositor for the RASC Series  2006-EMX7  Trust (the "Trust") will issue Home
Equity  Mortgage  Asset-Backed  Pass-Through  Certificates,   Series  2006-EMX7,
including the following  publicly-offered  classes:  Class A-1, Class A-2, Class
A-3,  Class A-4,  Class M-1,  Class M-2,  Class M-3, Class M-4, Class M-5, Class
M-6, Class M-7, Class M-8 and Class M-9 (the "Certificates").

        Copies of the  opinions  of  Orrick,  Herrington  &  Sutcliffe  LLP with
respect to legality of the Certificates and with respect to the Certificates and
its opinion with respect to certain  federal tax matters,  together with related
consents of Orrick, Herrington & Sutcliffe LLP to the incorporation by reference
of such  opinions  as  exhibits  to the  Registration  Statement,  are  filed as
Exhibits to this Report.


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 with respect to legality.

8.1     Opinion of Orrick,  Herrington  & Sutcliffe  LLP with respect to certain
        tax matters.

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 hereunto duly authorized.


                            RESIDENTIAL ASSET SECURITIES CORPORATION



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




Dated:  August 24, 2006





<PAGE>


EXHIBIT 5.1

Opinion of Orrick, Herrington & Sutcliffe LLP with respect to legality.

EXHIBIT 8.1

Opinion  of Orrick,  Herrington  &  Sutcliffe  LLP with  respect to certain  tax
matters.

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).
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{"company-data": {"conformed-name": "RASC Series 2006-EMX7 Trust", "cik": "0001371606", "assigned-sic": "6189", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-131209-09", "film-number": "061052412"}, "business-address": {"street1": "8400 NORMANDALE LAKE BLVD", "street2": "SUITE 600", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437", "phone": "9528577000"}, "mail-address": {"street1": "8400 NORMANDALE BLVD STE 6", "street2": "8400 NORMANDALE BLVD STE 6", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437"}, "former-company": {"former-conformed-name": "RASC Series 2006-EXM7 Trust", "date-changed": "20060804"}}
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): August 24, 2006

                    RESIDENTIAL ASSET SECURITIES CORPORATION,
                  on behalf of the RASC Series 2006-EMX7 Trust
           (Exact name of issuing entity as specified in its charter)

           Delaware                   333-131209-09              51-0362653
 (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 or about August 25, 2006,  Residential Asset Securities  Corporation,
as depositor for the RASC Series  2006-EMX7  Trust (the "Trust") will issue Home
Equity  Mortgage  Asset-Backed  Pass-Through  Certificates,   Series  2006-EMX7,
including the following  publicly-offered  classes:  Class A-1, Class A-2, Class
A-3,  Class A-4,  Class M-1,  Class M-2,  Class M-3, Class M-4, Class M-5, Class
M-6, Class M-7, Class M-8 and Class M-9 (the "Certificates").

        Copies of the  opinions  of  Orrick,  Herrington  &  Sutcliffe  LLP with
respect to legality of the Certificates and with respect to the Certificates and
its opinion with respect to certain  federal tax matters,  together with related
consents of Orrick, Herrington & Sutcliffe LLP to the incorporation by reference
of such  opinions  as  exhibits  to the  Registration  Statement,  are  filed as
Exhibits to this Report.

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 with respect to legality.

8.1     Opinion of Orrick,  Herrington  & Sutcliffe  LLP with respect to certain
        tax matters.

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 hereunto duly authorized.

                            RESIDENTIAL ASSET SECURITIES CORPORATION

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

Dated:  August 24, 2006
EXHIBIT 5.1

Opinion of Orrick, Herrington & Sutcliffe LLP with respect to legality.

EXHIBIT 8.1

Opinion  of Orrick,  Herrington  &  Sutcliffe  LLP with  respect to certain  tax
matters.

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).