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 28, 2006


                    RESIDENTIAL ASSET SECURITIES CORPORATION,
                   on behalf of the RASC Series 2006-KS7 Trust
           (Exact name of issuing entity as specified in its charter)

           Delaware                     333-131209-08            51-0362653
(State or other jurisdiction of   (Commission File Number)     (IRS Employer
        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 28, 2006, Residential Asset Securities  Corporation,
as depositor  for the RASC Series  2006-KS7  Trust (the "Trust") will issue Home
Equity  Mortgage  Asset-Backed  Pass-Through   Certificates,   Series  2006-KS7,
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 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/Christopher Martinez
                           Name: Christopher Martinez
                              Title: Vice President




Dated:  August 28, 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-KS7 Trust", "cik": "0001371774", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-131209-08", "film-number": "061057412"}, "business-address": {"street1": "8400 NORMANDALE LAKE BLVD", "street2": "SUITE 600", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437", "phone": "9528327000"}, "mail-address": {"street1": "8400 NORMANDALE BLVD STE 6", "street2": "8400 NORMANDALE BLVD STE 6", "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): August 28, 2006

                    RESIDENTIAL ASSET SECURITIES CORPORATION,
                   on behalf of the RASC Series 2006-KS7 Trust
           (Exact name of issuing entity as specified in its charter)

           Delaware                     333-131209-08            51-0362653
(State or other jurisdiction of   (Commission File Number)     (IRS Employer
        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 28, 2006, Residential Asset Securities  Corporation,
as depositor  for the RASC Series  2006-KS7  Trust (the "Trust") will issue Home
Equity  Mortgage  Asset-Backed  Pass-Through   Certificates,   Series  2006-KS7,
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 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/Christopher Martinez
                           Name: Christopher Martinez
                              Title: Vice President

Dated:  August 28, 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).