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 13, 2006


                    RESIDENTIAL ASSET SECURITIES CORPORATION,
                  on behalf of the RASC Series 2006-EMX5 Trust
             (Exact name of registrant as specified in its charter)

           Delaware                   333-131209-05               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 (see General Instruction A.2. below):

[ ] 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

SECTION 8 - OTHER EVENTS.

ITEM 8.01.     OTHER EVENTS.


        On June 29, 2006,  Residential Asset Securities  Corporation  caused the
issuance and sale of the Residential  Asset  Securities  Corporation Home Equity
Mortgage Asset-Backed Pass-Through Certificates, Series 2006-EMX5, pursuant to a
Pooling and Servicing Agreement dated as of June 1, 2006 among Residential Asset
Securities Corporation, as depositor, Residential Funding Corporation, as master
servicer and the U.S. Bank National Association,  as trustee. The mortgage loans
were sold to Residential Asset Securities  Corporation pursuant to an Assignment
and Assumption Agreement,  dated as of June 29, 2005 between Residential Funding
Corporation and Residential Asset Securities Corporation.

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 (D). EXHIBITS.


        The following  execution copies of Exhibits to the Form S-3 Registration
Statement of the Registrant are hereby filed.

                  10.1    Pooling and Servicing  Agreement,  dated as of June 1,
                          2006 among Residential  Asset Securities  Corporation,
                          as  depositor,  Residential  Funding  Corporation,  as
                          master servicer and U.S. Bank National Association, as
                          trustee.

                  10.2    Assignment and Assumption Agreement,  dated as of June
                          29, 2006, between  Residential Funding Corporation and
                          Residential Asset Securities Corporation.

                  10.3    Confirmation,  dated as of June 29, 2006, between U.S.
                          Bank National Association, as trustee on behalf of the
                          RASC Series 2006-EMX5 Trust and Barclays Bank PLC.

                  99.1    Mortgage 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 ASSET SECURITIES CORPORATION



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




Dated:  July 13, 2006


<PAGE>


                                  Exhibit Index


Exhibit No.                  Description

10.1 Pooling  and  Servicing  Agreement,   dated  as  of  June  1,  2006,  among
     Residential Asset Securities Corporation, as depositor, Residential Funding
     Corporation,  as master servicer and the U.S. Bank National Association, as
     trustee.

10.2 Assignment and  Assumption  Agreement,  dated as of June 29, 2006,  between
     Residential   Funding   Corporation   and  Residential   Asset   Securities
     Corporation.

10.3 Confirmation,  dated as of the June 29, 2006,  between U.S.  Bank  National
     Association,  as trustee on behalf of the RASC Series  2006-EMX5  Trust and
     Barclays Bank PLC.

99.1 Mortgage Loan Schedule.
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{"company-data": {"conformed-name": "RASC Series 2006-EMX5 Trust", "cik": "0001365247", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-131209-05", "film-number": "06961070"}, "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): July 13, 2006

                    RESIDENTIAL ASSET SECURITIES CORPORATION,
                  on behalf of the RASC Series 2006-EMX5 Trust
             (Exact name of registrant as specified in its charter)

           Delaware                   333-131209-05               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 (see General Instruction A.2. below):

[ ] 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 June 29, 2006,  Residential Asset Securities  Corporation  caused the
issuance and sale of the Residential  Asset  Securities  Corporation Home Equity
Mortgage Asset-Backed Pass-Through Certificates, Series 2006-EMX5, pursuant to a
Pooling and Servicing Agreement dated as of June 1, 2006 among Residential Asset
Securities Corporation, as depositor, Residential Funding Corporation, as master
servicer and the U.S. Bank National Association,  as trustee. The mortgage loans
were sold to Residential Asset Securities  Corporation pursuant to an Assignment
and Assumption Agreement,  dated as of June 29, 2005 between Residential Funding
Corporation and Residential Asset Securities Corporation.

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 (D). EXHIBITS.

        The following  execution copies of Exhibits to the Form S-3 Registration
Statement of the Registrant are hereby filed.

                  10.1    Pooling and Servicing  Agreement,  dated as of June 1,
                          2006 among Residential  Asset Securities  Corporation,
                          as  depositor,  Residential  Funding  Corporation,  as
                          master servicer and U.S. Bank National Association, as
                          trustee.

                  10.2    Assignment and Assumption Agreement,  dated as of June
                          29, 2006, between  Residential Funding Corporation and
                          Residential Asset Securities Corporation.

                  10.3    Confirmation,  dated as of June 29, 2006, between U.S.
                          Bank National Association, as trustee on behalf of the
                          RASC Series 2006-EMX5 Trust and Barclays Bank PLC.

                  99.1    Mortgage 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 ASSET SECURITIES CORPORATION

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

Dated:  July 13, 2006
Exhibit Index

Exhibit No.                  Description

10.1 Pooling  and  Servicing  Agreement,   dated  as  of  June  1,  2006,  among
     Residential Asset Securities Corporation, as depositor, Residential Funding
     Corporation,  as master servicer and the U.S. Bank National Association, as
     trustee.

10.2 Assignment and  Assumption  Agreement,  dated as of June 29, 2006,  between
     Residential   Funding   Corporation   and  Residential   Asset   Securities
     Corporation.

10.3 Confirmation,  dated as of the June 29, 2006,  between U.S.  Bank  National
     Association,  as trustee on behalf of the RASC Series  2006-EMX5  Trust and
     Barclays Bank PLC.

99.1 Mortgage Loan Schedule.