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Prepared and filed by St Ives Financial
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<p align="center"><font size="2" face="serif">UNITED STATES<br>
</font><font size="2" face="serif">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center"><font size="2" face="serif">Washington, D.C.  20549</font></p>
<p align="center"><font size="2" face="serif">FORM 8-K</font></p>
<p align="center"><font size="2" face="serif">CURRENT REPORT</font></p>
<p align="center"><font size="2" face="serif">PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
</font><font size="2" face="serif">SECURITIES EXCHANGE ACT OF 1934</font></p>
<p align="center"><font size="2" face="serif">Date of Report (Date of earliest event reported)<br>
</font><font size="2" face="serif">October 27, 2006</font></p>
<p align="left"><font size="2" face="serif">CHASE MORTGAGE FINANCE CORPORATION (as Depositor under the Pooling and Servicing Agreement, dated as of October 1, 2006, providing for the issuance of Chase Mortgage Finance Trust Multi-Class Mortgage Pass-Through Certificates, Series 2006-S3)</font></p>
<p align="center"><font size="2" face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Trust Series 2006-S3&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u></font><font size="2" face="serif">(Issuing Entity)</font></p>
<p align="center"><font size="2" face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u></font><font size="2" face="serif">(Depositor)</font></p>
<p align="center"><font size="2" face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Home Finance LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u></font><font size="2" face="serif">(Sponsor)</font></p>
<p align="center"><font size="2" face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u></font><font size="2" face="serif">(Registrant)</font></p>
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<td><font size="2" face="serif">Delaware</font></td>
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<td width="30%"><font size="2" face="serif">333-130223</font></td>
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<td width="30%"><font size="2" face="serif">52-1495132</font></td>
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<td><font size="2" face="serif">(State or Other Jurisdiction </font><br>
  <font size="2" face="serif">Of Incorporation)</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">(Commission</font><br>
  <font size="2" face="serif">File Number)</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">(I.R.S. Employer </font><br>
  <font size="2" face="serif">Identification No.)</font></td>
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<br><br>
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<td><font size="2" face="serif">194 Wood Avenue South, 3<sup>rd</sup> Floor</font><br>
  <font size="2" face="serif">Iselin, New Jersey</font></td>
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<td width="31%"><font size="2" face="serif">&nbsp;</font></td>
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<td width="30%"><font size="2" face="serif">08830</font></td>
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<td><font size="2" face="serif">(Address of Principal Executive Offices)</font></td>
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<td><font size="2" face="serif">&nbsp;</font></td>
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<td><font size="2" face="serif">(Zip Code)</font></td>
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<p align="center"><font size="2" face="serif">Registrant&#8217;s telephone number, including area code:  (732) 205-0600</font></p>
<p align="center"><font size="2" face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Change&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u></font><font size="2" face="serif">(Former Name or Former Address, if Changed Since Last Report)</font></p>
<p align="left"><font size="2" face="serif">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></p>
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    <td width="1%" align="left">&nbsp;</td>
    <td><font size="2" face="serif">Written communications pursuant to Rule
    425 under the Securities Act (17 CFR 230.425)</font></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td><img src="emptybox.gif"></td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">Soliciting material pursuant to Rule
    14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td>
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    <td>&nbsp;</td>
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    <td><font size="2" face="serif">Pre-commencement communications pursuant
    to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td>
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    <td><font size="2" face="serif">Pre-commencement communications pursuant
    to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td>
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<div style="text-indent: 3%">
<p align="left"><font size="2" face="serif">Item 8.01.&nbsp;&nbsp;<u>Other Events</u></font></p>
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<p align="left"><font size="2" face="serif">A Legal Opinion by Dechert LLP to be incorporated into the Registration Statement is attached hereto as Exhibit 8.1.</font></p>
</div>
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<p align="left"><font size="2" face="serif">Item 9.01.&nbsp;&nbsp;<u>Financial Statements and Exhibits</u></font></p>
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<font size="2" face="serif">(a)</font></td>
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<font size="2" face="serif">Not applicable.</font></td>
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<font size="2" face="serif">Not applicable.</font></td>
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<font size="2" face="serif">(c)</font></td>
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<font size="2" face="serif">Not applicable.</font></td>
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  <td><font size="2" face="serif">(d)</font></td>
  <td><font size="2" face="serif">Exhibits:</font></td>
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<div style="text-indent: 6%">
<p align="left"><font size="2" face="serif">8.1&nbsp;&nbsp;Opinion of Dechert LLP as to legality and certain tax matters.</font></p>
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<p align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the  requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
<p align="left"><div style="margin-left: 50%"><font size="2" face="serif">CHASE MORTGAGE FINANCE</font><br>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CORPORATION</font></div>
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    <td>&nbsp;</td>
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    <td><font size="2">&nbsp;</font></td>
    <td><font size="2" face="serif">By:</font></td>
    <td colspan="2"><font size="2">&nbsp;</font><font size="2">/s/ Bruce J. Friedman</font></td>
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    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2" face="serif">Name: </font></td>
    <td><font size="2" face="serif">Bruce
J. Friedman</font></td>
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    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2" face="serif">Title:</font></td>
    <td><font size="2" face="serif">Vice
President</font></td>
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    <td><font size="2">&nbsp;</font></td>
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<p align="left"><font size="2" face="serif">Dated:  October 27, 2006</font></p>
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"><u>EXHIBIT INDEX</u></font></p>
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    <td><font size="2"><u>Exhibit No.</u></font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2" face="serif"> <u>Description</u></font></td>
    <td align="left">&nbsp;</td>
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<td width="12%"><font size="2" face="serif">  8.1</font></td>
<td width="2%"><font size="2">&nbsp;</font></td>
<td align="left">
<font size="2" face="serif"> Opinion of Dechert LLP as to legality and certain tax matters.</font></td>
<td width="40%" align="left">&nbsp;</td>
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{"company-data": {"conformed-name": "Chase Mortgage Finance Trust Series 2006-S3", "cik": "0001378281", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-130223-08", "film-number": "061170088"}, "business-address": {"street1": "194 WOOD AVENUE SOUTH", "street2": "C/O A HARDY EUBANKS III", "city": "ISELIN", "state": "NJ", "zip": "08830", "phone": "7322050600"}, "mail-address": {"street1": "194 WOOD AVENUE SOUTH", "street2": "3RD FLOOR", "city": "ISELIN", "state": "NJ", "zip": "08830"}}
Prepared and filed by St Ives Financial
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)
October 27, 2006
CHASE MORTGAGE FINANCE CORPORATION (as Depositor under the Pooling and Servicing Agreement, dated as of October 1, 2006, providing for the issuance of Chase Mortgage Finance Trust Multi-Class Mortgage Pass-Through Certificates, Series 2006-S3)
Chase Mortgage Finance Trust Series 2006-S3
(Issuing Entity)
Chase Mortgage Finance Corporation
(Depositor)
Chase Home Finance LLC
(Sponsor)
Chase Mortgage Finance Corporation
(Registrant)
Delaware
333-130223
52-1495132
(State or Other Jurisdiction
Of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
194 Wood Avenue South, 3
rd
Floor
Iselin, New Jersey
08830
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:  (732) 205-0600
No Change
(Former Name or Former 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 communications 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))
Back to Contents
Item 8.01.
Other Events
A Legal Opinion by Dechert LLP to be incorporated into the Registration Statement is attached hereto as Exhibit 8.1.
Item 9.01.
Financial Statements and Exhibits
(a)
Not applicable.
(b)
Not applicable.
(c)
Not applicable.
(d)
Exhibits:
8.1  Opinion of Dechert LLP as to legality and certain tax matters.
Back to Contents
SIGNATURES
Pursuant to the  requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CHASE MORTGAGE FINANCE
CORPORATION
By:
/s/ Bruce J. Friedman
Name:
Bruce
J. Friedman
Title:
Vice
President
Dated:  October 27, 2006
Back to Contents
EXHIBIT INDEX
Exhibit No.
Description
8.1
Opinion of Dechert LLP as to legality and certain tax matters.