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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
      D.C. 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
      8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
      REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to Section 13 or 15(d) of the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
      Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report: May 31, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Date
      of
      earliest event reported)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIRST
      HORIZON ASSET SECURITIES INC., (as depositor under the Pooling Agreement,
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">dated
      as
      of May 31, 2006, providing for the issuance of the First Horizon Alternative
      Mortgage </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
      Trust 2006-RE2, Mortgage Pass-Through Certificates, Series 2006-RE2).
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIRST
      HORIZON ASSET SECURITIES INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of Registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</font></div>
            </td>
            <td valign="top" width="27%">
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            </td>
            <td valign="top" width="27%">
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            </td>
          </tr>
          <tr>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                of Incorporation)</font></div>
            </td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File No.)</font></div>
            </td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                No.)</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4000
                Horizon Way</font></div>
            </td>
            <td valign="top" width="23%">&#160;</td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">75063</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Irving,
                Texas</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                of Principal executive offices)</font></div>
            </td>
            <td valign="top" width="23%">&#160;</td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                Code)</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
      Telephone Number, Including Area Code: (214) 441-4000</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the
        appropriate box if the Form 8-K filing is intended to simultaneously satisfy
        the
        filing obligation of the registrant under any of the following
        provisions:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o
</font>Written
          communications
          pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font>
          <div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o
</font>Soliciting
            material pursuant to Rule
            14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o
</font>Pre-commencement
            communications pursuant
            to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o
</font>Pre-commencement
            communications pursuant
            to Rule 13e-4(c) under the Exchange Act (17 CFR
            240.13e-4(c))</font></div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      8.01.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Other
      Events</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reference
      is hereby made to the Registrant&#8217;s Registration Statement on Form S-3 (File No.
      333-132046) filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;)
      on April 20, 2006 (the &#8220;Registration Statement&#8221;), pursuant to which the
      Registrant registered $5,737,198,489 aggregate principal amount of its mortgage
      pass-through certificates, issuable in various series, for sale in accordance
      with the provisions of the Securities Act of 1933, as amended. Reference is
      also
      hereby made to the Prospectus and the related Prospectus Supplement
      (collectively, the &#8220;Prospectus&#8221;), which was filed with the Commission pursuant
      to Rule 424(b)(5) on May 26, 2006, with respect to the Registrant&#8217;s Mortgage
      Pass-Through Certificates, Series 2006-RE2 (the &#8220;Offered
      Securities&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to an Underlying Certificates Purchase Agreement dated as of May 31, 2006
      (&#8220;UCPA&#8221;), by and between UBS Securities LLC (&#8220;UBS&#8221;) and First Horizon Asset
      Securities Inc. (&#8220;FHASI&#8221;), UBS sold two classes of previously issued non-agency
      mortgage-backed securities evidencing an undivided beneficial ownership interest
      in a pool of conventional, fixed rate, first lien, fully amortizing, one-to-four
      family residential mortgage loans (the &#8220;Underlying Certificates&#8221;) to FHASI. A
      copy of the UCPA is filed herewith as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      10.1</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      31, 2006, the Registrant caused the issuance and sale of the Offered Securities.
      The Offered Securities evidence a beneficial ownership interest in the Mortgage
      Loans. The Offered Securities were created pursuant to a Pooling Agreement
      dated
      as of May 31, 2006 (the &#8220;Pooling Agreement&#8221;) by and between the Registrant, as
      Depositor and The Bank of New York, as Trustee. A copy of the Pooling Agreement
      is filed herewith as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      4.1</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Offered Securities, having an aggregate principal balance of approximately
      $114,341,872 have been sold by the Registrant to UBS pursuant to an Underwriting
      Agreement dated as of May 26, 2006 (the &#8220;UBS Underwriting Agreement&#8221;), as
      supplemented by a Terms Agreement dated as of May 26, 2006 (the &#8220;UBS Terms
      Agreement&#8221;), each by and among UBS, the Registrant and First Horizon Home Loan
      Corporation (&#8220;FHHLC&#8221;). </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      UBS
      Underwriting Agreement and the UBS Terms Agreement are filed herewith as
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibits
      1.1 and 1.2</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Registrant is also filing this Current Report on Form 8-K to report certain
      rate
      cap transactions between Swiss Re Financial Products Corporation (&#8220;SRFP&#8221;) and
      The Bank of New York, as Trustee. The rate caps are described in the
      Confirmation (Corridor), dated June 1, 2006 and filed herewith as <u>Exhibit
      99.1</u>. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reference
      is also made to a Guaranty, dated June 1, 2006 (the &#8220;Guaranty&#8221;) from Swiss
      Reinsurance Company to The Bank of New York, as Trustee to The Separate Interest
      Trust, in which Swiss Reinsurance Company absolutely and unconditionally
      guaranteed the prompt payment of all obligations of its indirect, wholly-owned
      subsidiary Swiss Re Financial Products Corporation. The Guaranty is filed
      herewith as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      99.2</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
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      9.01</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Financial
      Statements and Exhibits</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
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            <td align="left" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
              (c)</font></td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
            </td>
          </tr>

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          <tr bgcolor="white">
            <td width="5%"><u><font size="2">Exhibit No.</font></u></td>
            <td width="1%">&#160;</td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></td>
          </tr>
          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td width="1%">&#160;</td>
            <td width="33%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="5%"><font size="2">1.1</font></td>
            <td width="1%">&#160;</td>
            <td valign="top" width="33%"><font size="2">Underwriting Agreement
              dated May
              26, 2006, by and among UBS, the Registration and FHHLC</font></td>
          </tr>
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            <td width="5%">&#160;</td>
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            <td valign="top" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Terms
              Agreement dated May 26, 2006 to Underwriting Agreement dated May 26,
              2006,
              by and among UBS, the Registration and FHHLC</font></td>
          </tr>
          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td width="1%">&#160;</td>
            <td width="33%">&#160;</td>
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            <td width="1%">&#160;</td>
            <td valign="top" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pooling
              Agreement dated as of May 31, 2006, by and between the Registrant,
              as
              Depositor and The Bank of New York, as Trustee</font></td>
          </tr>
          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td width="1%">&#160;</td>
            <td width="33%">&#160;</td>
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            <td width="1%">&#160;</td>
            <td valign="top" width="33%"><font size="2">Underlying Certificates
              Purchase
              Agreement dated as of May 31, 2006, by and between UBS, as Seller,
              and
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          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td width="1%">&#160;</td>
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              dated June
              1, 2006 between Swiss Re Financial Products Corporation (&#8220;SRFP&#8221;) and The
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          </tr>
          <tr bgcolor="white">
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            <td width="1%">&#160;</td>
            <td width="33%">&#160;</td>
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            <td valign="top" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty
              dated as of June 1, 2006, from Swiss Reinsurance Company to The Bank
              of
              New York, as Trustee to The Separate Interest
              Trust</font></td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      as of
      the date first written above has duly caused this Report to be signed on its
      behalf by the undersigned hereunto duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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                HORIZON ASSET SECURITIES INC.</font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">June
              5,
              2006</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Alfred
              Chang<font size="3"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></font></font></td>
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                <hr style="COLOR: black" align="left" noshade size="2" width="80%">
              </div>
              <div><font size="2">Alfred Chang</font></div>
              <div><font size="2">Vice President</font></div>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td>&#160;</td>
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    <div>&#160;</div>
    <div>&#160;</div>
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        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
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      TO
      EXHIBITS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
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            <tr bgcolor="white">
              <td width="5%"><u><font size="2">Exhibit No.</font></u></td>
              <td width="1%">&#160;</td>
              <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></td>
            </tr>
            <tr bgcolor="white">
              <td width="5%">&#160;</td>
              <td width="1%">&#160;</td>
              <td width="33%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="5%"><font size="2">1.1</font></td>
              <td width="1%">&#160;</td>
              <td valign="top" width="33%"><font size="2">Underwriting Agreement
                dated May
                26, 2006, by and among UBS, the Registration and FHHLC</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="5%">&#160;</td>
              <td width="1%">&#160;</td>
              <td width="33%">&#160;</td>
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              <td width="1%">&#160;</td>
              <td valign="top" width="33%"><font size="2">Terms Agreement dated
                May 26, 2006
                to Underwriting Agreement dated May 26, 2006, by and among UBS, the
                Registration and FHHLC</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="5%">&#160;</td>
              <td width="1%">&#160;</td>
              <td width="33%">&#160;</td>
            </tr>
            <tr bgcolor="white">
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              <td width="1%">&#160;</td>
              <td valign="top" width="33%"><font size="2">Pooling Agreement dated
                as of May
                31, 2006, by and between the Registrant, as Depositor and The Bank
                of New
                York, as Trustee</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="5%">&#160;</td>
              <td width="1%">&#160;</td>
              <td width="33%">&#160;</td>
            </tr>
            <tr bgcolor="white">
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              <td width="1%">&#160;</td>
              <td valign="top" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Underlying
                Certificates Purchase Agreement dated as of May 31, 2006, by and
                between
                UBS, as Seller, and FHASI, as Purchaser</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="5%">&#160;</td>
              <td width="1%">&#160;</td>
              <td width="33%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="5%"><font size="2">99.1</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt" size="3">&#160;</font></td>
              <td width="1%">&#160;</td>
              <td valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Confirmation
                  (Corridor) dated June 1, 2006 between Swiss Re Financial Products
                  Corporation (&#8220;SRFP&#8221;) and The Bank of New York, as
                  Trustee</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="5%">&#160;</td>
              <td width="1%">&#160;</td>
              <td width="33%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="5%"><font size="2">99.2</font></td>
              <td width="1%">&#160;</td>
              <td valign="top" width="33%"><font size="2">Guaranty dated as of
                June 1, 2006,
                from Swiss Reinsurance Company to The Bank of New York, as Trustee
                to The
                Separate Interest Trust</font></td>
            </tr>

        </table>
      </div>
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            </div>
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{"company-data": {"conformed-name": "First Horizon Asset Sec Mort Pass Thr Certs Ser 2006-RE2", "cik": "0001363225", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-132046-04", "film-number": "06889557"}, "business-address": {"street1": "4000 HORIZON WAY", "city": "IRVING", "state": "TX", "zip": "75063", "phone": "9724845600"}, "mail-address": {"street1": "4000 HORIZON WAY", "city": "IRVING", "state": "TX", "zip": "78063"}}
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: May 31, 2006
(Date
      of
      earliest event reported)
FIRST
      HORIZON ASSET SECURITIES INC., (as depositor under the Pooling Agreement,
dated
      as
      of May 31, 2006, providing for the issuance of the First Horizon Alternative
      Mortgage
Securities
      Trust 2006-RE2, Mortgage Pass-Through Certificates, Series 2006-RE2).
FIRST
      HORIZON ASSET SECURITIES INC.
(Exact
      name of Registrant as specified in its charter)
Delaware
333-132046
75-2808384
(State
                of Incorporation)
(Commission
                File No.)
(I.R.S.
                Employer
Identification
                No.)
4000
                Horizon Way
75063
Irving,
                Texas
(Address
                of Principal executive offices)
(Zip
                Code)
Registrant's
      Telephone Number, Including Area Code: (214) 441-4000
Check
        the
        appropriate box if the Form 8-K filing is intended to simultaneously satisfy
        the
        filing obligation of the registrant under any of the following
        provisions:
o
Written
          communications
          pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
            material pursuant to Rule
            14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
            communications pursuant
            to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
            communications pursuant
            to Rule 13e-4(c) under the Exchange Act (17 CFR
            240.13e-4(c))
Item
      8.01.
Other
      Events
.
Reference
      is hereby made to the Registrant's Registration Statement on Form S-3 (File No.
      333-132046) filed with the Securities and Exchange Commission (the "Commission")
      on April 20, 2006 (the "Registration Statement"), pursuant to which the
      Registrant registered $5,737,198,489 aggregate principal amount of its mortgage
      pass-through certificates, issuable in various series, for sale in accordance
      with the provisions of the Securities Act of 1933, as amended. Reference is
      also
      hereby made to the Prospectus and the related Prospectus Supplement
      (collectively, the "Prospectus"), which was filed with the Commission pursuant
      to Rule 424(b)(5) on May 26, 2006, with respect to the Registrant's Mortgage
      Pass-Through Certificates, Series 2006-RE2 (the "Offered
      Securities").
Pursuant
      to an Underlying Certificates Purchase Agreement dated as of May 31, 2006
      ("UCPA"), by and between UBS Securities LLC ("UBS") and First Horizon Asset
      Securities Inc. ("FHASI"), UBS sold two classes of previously issued non-agency
      mortgage-backed securities evidencing an undivided beneficial ownership interest
      in a pool of conventional, fixed rate, first lien, fully amortizing, one-to-four
      family residential mortgage loans (the "Underlying Certificates") to FHASI. A
      copy of the UCPA is filed herewith as
Exhibit
      10.1
.
On
      May
      31, 2006, the Registrant caused the issuance and sale of the Offered Securities.
      The Offered Securities evidence a beneficial ownership interest in the Mortgage
      Loans. The Offered Securities were created pursuant to a Pooling Agreement
      dated
      as of May 31, 2006 (the "Pooling Agreement") by and between the Registrant, as
      Depositor and The Bank of New York, as Trustee. A copy of the Pooling Agreement
      is filed herewith as
Exhibit
      4.1
.
The
      Offered Securities, having an aggregate principal balance of approximately
      $114,341,872 have been sold by the Registrant to UBS pursuant to an Underwriting
      Agreement dated as of May 26, 2006 (the "UBS Underwriting Agreement"), as
      supplemented by a Terms Agreement dated as of May 26, 2006 (the "UBS Terms
      Agreement"), each by and among UBS, the Registrant and First Horizon Home Loan
      Corporation ("FHHLC").
The
      UBS
      Underwriting Agreement and the UBS Terms Agreement are filed herewith as
Exhibits
      1.1 and 1.2
,
      respectively.
The
      Registrant is also filing this Current Report on Form 8-K to report certain
      rate
      cap transactions between Swiss Re Financial Products Corporation ("SRFP") and
      The Bank of New York, as Trustee. The rate caps are described in the
      Confirmation (Corridor), dated June 1, 2006 and filed herewith as
Exhibit
      99.1
.
Reference
      is also made to a Guaranty, dated June 1, 2006 (the "Guaranty") from Swiss
      Reinsurance Company to The Bank of New York, as Trustee to The Separate Interest
      Trust, in which Swiss Reinsurance Company absolutely and unconditionally
      guaranteed the prompt payment of all obligations of its indirect, wholly-owned
      subsidiary Swiss Re Financial Products Corporation. The Guaranty is filed
      herewith as
Exhibit
      99.2
.
Item
      9.01
Financial
      Statements and Exhibits
.
(c)
Exhibits
Exhibit No.
Description
1.1
Underwriting Agreement
              dated May
              26, 2006, by and among UBS, the Registration and FHHLC
1.2
Terms
              Agreement dated May 26, 2006 to Underwriting Agreement dated May 26,
              2006,
              by and among UBS, the Registration and FHHLC
4.1
Pooling
              Agreement dated as of May 31, 2006, by and between the Registrant,
              as
              Depositor and The Bank of New York, as Trustee
10.1
Underlying Certificates
              Purchase
              Agreement dated as of May 31, 2006, by and between UBS, as Seller,
              and
              FHASI, as Purchaser
99.1
Confirmation (Corridor)
              dated June
              1, 2006 between Swiss Re Financial Products Corporation ("SRFP") and The
              Bank of New York, as Trustee
99.2
Guaranty
              dated as of June 1, 2006, from Swiss Reinsurance Company to The Bank
              of
              New York, as Trustee to The Separate Interest
              Trust
Signatures
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      as of
      the date first written above has duly caused this Report to be signed on its
      behalf by the undersigned hereunto duly authorized.
FIRST
                HORIZON ASSET SECURITIES INC.
June
              5,
              2006
By:
/s/ Alfred
              Chang
Alfred Chang
Vice President
INDEX
      TO
      EXHIBITS
Exhibit No.
Description
1.1
Underwriting Agreement
                dated May
                26, 2006, by and among UBS, the Registration and FHHLC
1.2
Terms Agreement dated
                May 26, 2006
                to Underwriting Agreement dated May 26, 2006, by and among UBS, the
                Registration and FHHLC
4.1
Pooling Agreement dated
                as of May
                31, 2006, by and between the Registrant, as Depositor and The Bank
                of New
                York, as Trustee
10.1
Underlying
                Certificates Purchase Agreement dated as of May 31, 2006, by and
                between
                UBS, as Seller, and FHASI, as Purchaser
99.1
Confirmation
                  (Corridor) dated June 1, 2006 between Swiss Re Financial Products
                  Corporation ("SRFP") and The Bank of New York, as
                  Trustee
99.2
Guaranty dated as of
                June 1, 2006,
                from Swiss Reinsurance Company to The Bank of New York, as Trustee
                to The
                Separate Interest Trust