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): July 21, 2006

RESIDENTIAL  FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated Trust  Agreement,  dated as of July 21, 2006, and pursuant to which
an Indenture was entered into,  providing  for, inter alia, the issuance of Home
Loan-Backed Notes, Series 2006-HI3)

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

      Delaware                        333-131196-03               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 July 21, 2006,  Residential  Funding Mortgage  Securities II, Inc. caused the
issuance and sale of the Home Loan-Backed Notes, Series 2006-HI3, pursuant to an
Indenture,  dated as of July 21,  2006,  between  Home Loan Trust  2006-HI3,  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 July 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  July  21,  2006  among
                    Residential   Funding   Corporation,   as  master  servicer,
                    JPMorgan  Chase Bank,  National  Association,  as  indenture
                    trustee, and the Home Loan Trust 2006-HI3, as issuer.

               4.4  Amended and Restated  Trust  Agreement  dated as of July 21,
                    2006 between  Residential  Funding  Mortgage  Securities II,
                    Inc., as depositor and Wilmington  Trust  Company,  as owner
                    trustee.

               4.5  Indenture  dated as of July 21, 2006 between Home Loan Trust
                    2006-HI3,  as  issuer  and  JPMorgan  Chase  Bank,  National
                    Association, as indenture trustee, and Appendix A thereto.

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

               10.2 Financial  Guaranty  Insurance Policy,  dated July 21, 2006,
                    issued by Financial  Guaranty  Insurance Company relating to
                    the Home Loan-Backed Notes, Series 2006-HI3, 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/ Christopher Martinez
                              Name:    Christopher Martinez
                              Title:   Vice President




Dated:  August 5, 2006



<PAGE>


                                                 EXHIBIT INDEX


Exhibit No.           Description

               4.3  Servicing   Agreement  dated  as  of  July  21,  2006  among
                    Residential   Funding   Corporation,   as  master  servicer,
                    JPMorgan  Chase Bank,  National  Association,  as  indenture
                    trustee, and the Home Loan Trust 2006-HI3, as issuer.

               4.4  Amended and Restated  Trust  Agreement  dated as of July 21,
                    2006 between  Residential  Funding  Mortgage  Securities II,
                    Inc., as depositor and Wilmington  Trust  Company,  as owner
                    trustee.

               4.5  Indenture  dated as of July 21, 2006 between Home Loan Trust
                    2006-HI3,  as  issuer  and  JPMorgan  Chase  Bank,  National
                    Association, as indenture trustee, and Appendix A thereto.

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

               10.2 Financial  Guaranty  Insurance Policy,  dated July 21, 2006,
                    issued by Financial  Guaranty  Insurance Company relating to
                    the Home Loan-Backed Notes, Series 2006-HI3, Class A Notes.

               99.1 Home Loan Schedule.
[{"type": "8-K", "sequence": "1", "filename": "hi38kod.txt", "secsgml_size_bytes": 6600}]
{"company-data": {"conformed-name": "Home Loan Trust 2006-HI3", "cik": "0001368323", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-131196-03", "film-number": "061005121"}, "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): July 21, 2006

RESIDENTIAL  FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated Trust  Agreement,  dated as of July 21, 2006, and pursuant to which
an Indenture was entered into,  providing  for, inter alia, the issuance of Home
Loan-Backed Notes, Series 2006-HI3)

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

      Delaware                        333-131196-03               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 July 21, 2006,  Residential  Funding Mortgage  Securities II, Inc. caused the
issuance and sale of the Home Loan-Backed Notes, Series 2006-HI3, pursuant to an
Indenture,  dated as of July 21,  2006,  between  Home Loan Trust  2006-HI3,  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 July 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  July  21,  2006  among
                    Residential   Funding   Corporation,   as  master  servicer,
                    JPMorgan  Chase Bank,  National  Association,  as  indenture
                    trustee, and the Home Loan Trust 2006-HI3, as issuer.

               4.4  Amended and Restated  Trust  Agreement  dated as of July 21,
                    2006 between  Residential  Funding  Mortgage  Securities II,
                    Inc., as depositor and Wilmington  Trust  Company,  as owner
                    trustee.

               4.5  Indenture  dated as of July 21, 2006 between Home Loan Trust
                    2006-HI3,  as  issuer  and  JPMorgan  Chase  Bank,  National
                    Association, as indenture trustee, and Appendix A thereto.

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

               10.2 Financial  Guaranty  Insurance Policy,  dated July 21, 2006,
                    issued by Financial  Guaranty  Insurance Company relating to
                    the Home Loan-Backed Notes, Series 2006-HI3, 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/ Christopher Martinez
                              Name:    Christopher Martinez
                              Title:   Vice President

Dated:  August 5, 2006
EXHIBIT INDEX

Exhibit No.           Description

               4.3  Servicing   Agreement  dated  as  of  July  21,  2006  among
                    Residential   Funding   Corporation,   as  master  servicer,
                    JPMorgan  Chase Bank,  National  Association,  as  indenture
                    trustee, and the Home Loan Trust 2006-HI3, as issuer.

               4.4  Amended and Restated  Trust  Agreement  dated as of July 21,
                    2006 between  Residential  Funding  Mortgage  Securities II,
                    Inc., as depositor and Wilmington  Trust  Company,  as owner
                    trustee.

               4.5  Indenture  dated as of July 21, 2006 between Home Loan Trust
                    2006-HI3,  as  issuer  and  JPMorgan  Chase  Bank,  National
                    Association, as indenture trustee, and Appendix A thereto.

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

               10.2 Financial  Guaranty  Insurance Policy,  dated July 21, 2006,
                    issued by Financial  Guaranty  Insurance Company relating to
                    the Home Loan-Backed Notes, Series 2006-HI3, Class A Notes.

               99.1 Home Loan Schedule.