<PAGE>

                       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): January 30, 2006
                                                         ----------------

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.
--------------------------------------------------------------------------------
                 (Exact name of registrant specified in Charter)


        Delaware                 333-127233                  13-3416059
--------------------------------------------------------------------------------
     (State or other            (Commission                (IRS Employer
     jurisdiction of            File Number)            Identification No.)
   incorporation)


                 250 Vesey Street
        4 World Financial Center 28th Floor
                New York, New York                              10080
--------------------------------------------------------------------------------
     (Address of principal executive offices)                  Zip Code



           REGISTRANT'S TELEPHONE, INCLUDING AREA CODE: (212) 449-0357

                                    No Change
--------------------------------------------------------------------------------
         (Former name and 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 (see General Instruction A.2. below):

[ ] 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))

<PAGE>

ITEM 8.01.  Other Events.

         Filing of Legality Opinion

         Attached as Exhibit 99.1 is the opinion of Dechert LLP with respect to
the legality of the Ownit Mortgage Loan Asset-Backed Certificates, Series
2006-1.

<PAGE>

ITEM 9.01.  Financial Statements; Pro Forma Information and Exhibits.

              (a) Not applicable.

              (b) Not applicable.

              (c) Exhibits:

                  Item 601(a)
                  of Regulation S-K
                  Exhibit No.                    Description
                  -----------                    -----------

                  (99.1)                         Legal Opinion

<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.

                                       MERRILL LYNCH MORTGAGE INVESTORS, INC.


                                       By:    /s/ Tom Saywell
                                              ------------------------
                                       Name:  Tom Saywell
                                       Title: Vice President

Date:  January 30, 2006

<PAGE>

                                  EXHIBIT INDEX

Exhibit No.                              Description
-----------                              -----------

 99.1                                    Legal Opinion
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{"company-data": {"conformed-name": "MERRILL LYNCH MORTGAGE INVESTORS INC", "cik": "0000809940", "assigned-sic": "6189", "irs-number": "135674085", "state-of-incorporation": "DE", "fiscal-year-end": "1228"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-29051", "film-number": "06561838"}, "business-address": {"street1": "4LD FINANCIAL CENTER FLOOR 10", "city": "NEW YORK", "state": "NY", "zip": "10281-1310", "phone": "2124491000"}, "mail-address": {"street1": "WORLD FINANCIAL CTR N TOWER", "street2": "250 VESEY ST 10TH FL", "city": "NEW YORK", "state": "NY", "zip": "10281-1310"}}
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): January 30, 2006
                                                         ----------------

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.
--------------------------------------------------------------------------------
                 (Exact name of registrant specified in Charter)

        Delaware                 333-127233                  13-3416059
--------------------------------------------------------------------------------
     (State or other            (Commission                (IRS Employer
     jurisdiction of            File Number)            Identification No.)
   incorporation)

                 250 Vesey Street
        4 World Financial Center 28th Floor
                New York, New York                              10080
--------------------------------------------------------------------------------
     (Address of principal executive offices)                  Zip Code

           REGISTRANT'S TELEPHONE, INCLUDING AREA CODE: (212) 449-0357

                                    No Change
--------------------------------------------------------------------------------
         (Former name and 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 (see General Instruction A.2. below):

[ ] 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))
ITEM 8.01.  Other Events.

         Filing of Legality Opinion

         Attached as Exhibit 99.1 is the opinion of Dechert LLP with respect to
the legality of the Ownit Mortgage Loan Asset-Backed Certificates, Series
2006-1.
ITEM 9.01.  Financial Statements; Pro Forma Information and Exhibits.

              (a) Not applicable.

              (b) Not applicable.

              (c) Exhibits:

                  Item 601(a)
                  of Regulation S-K
                  Exhibit No.                    Description
                  -----------                    -----------

                  (99.1)                         Legal Opinion
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.

                                       MERRILL LYNCH MORTGAGE INVESTORS, INC.

                                       By:    /s/ Tom Saywell
                                              ------------------------
                                       Name:  Tom Saywell
                                       Title: Vice President

Date:  January 30, 2006
EXHIBIT INDEX

Exhibit No.                              Description
-----------                              -----------

 99.1                                    Legal Opinion