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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>
    <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">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"><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: February 28, 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., </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">(as
      depositor under the Pooling and Servicing&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement,
      dated as of February 1, 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">providing
      for the issuance of the First Horizon Alternative Mortgage Securities Trust
      2006-FA1, </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">Mortgage
      Pass-Through Certificates, Series 2006-FA1). </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.</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 width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td valign="top" width="32%" style="border-bottom: black thin solid;">
              <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">333-125158</font></div>
            </td>
            <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td valign="top" width="32%" style="border-bottom: black thin solid;">
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            </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">(State
                of Incorporation)</font></div>
            </td>
            <td width="2%">&#160;</td>
            <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">(Commission
                File No.)</font></div>
            </td>
            <td width="2%">&#160;</td>
            <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">(I.R.S.
                Employer 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="justify">&#160;</div>
    <div align="left">
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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">4000
                Horizon Way</font></div>
            </td>
            <td valign="top" width="20%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td valign="top" width="40%" style="border-bottom: black thin solid;">
              <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="40%">
              <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="20%">&#160;</td>
            <td valign="top" width="40%">
              <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="left"><br></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">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="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="justify">&#160;</div>
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                <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: Wingdings">o</font></div>
              </td>
              <td align="left" valign="top" width="95%">
                <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: 14pt; FONT-FAMILY: Times New Roman">&#8234;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="95%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%"><font style="FONT-FAMILY: Wingdings" size="2">o</font></td>
              <td align="left" valign="bottom" width="95%">
                <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: 14pt; FONT-FAMILY: Times New Roman">&#8234;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
                  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                  240.14a-12)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="bottom" width="95%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%"><font style="FONT-FAMILY: Wingdings" size="2">o</font></td>
              <td align="left" valign="bottom" width="95%">
                <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: 14pt; FONT-FAMILY: Times New Roman">&#8234;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act
                  (17 CFR
                  240.14d-2(b))</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="bottom" width="95%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%"><font style="FONT-FAMILY: Wingdings" size="2">o</font></td>
              <td align="left" valign="bottom" width="95%">
                <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: 14pt; FONT-FAMILY: Times New Roman">&#8234;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act
                  (17 CFR
                  240.13e-4(c))</font></div>
              </td>
            </tr>

        </table>
      </div>
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    </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">Item
      8.01.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#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.
      333-125158) filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;)
      on July 29, 2005 (the &#8220;Registration Statement&#8221;), pursuant to which the
      Registrant registered $12,000,000,000 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 March 1, 2006, with respect to the Registrant&#8217;s Mortgage
      Pass-Through Certificates, Series 2006-FA1 (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 a Mortgage Loan Purchase Agreement dated as of February 28, 2006 (&#8220;MLPA&#8221;), by
      and between First Horizon Home Loan Corporation (&#8220;FHHLC&#8221;) and First Horizon
      Asset Securities Inc. (&#8220;FHASI&#8221;), FHHLC sold two pools of conventional, fixed
      rate, first lien, fully amortizing, one-to-four family residential mortgage
      loans (the &#8220;Mortgage Loans&#8221;) to FHASI. A copy of the MLPA 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
      February 28, 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
      and Servicing Agreement dated as of February 1, 2006 (the &#8220;Pooling and Servicing
      Agreement&#8221;) by and among the Registrant, as Depositor, FHHLC, as Master
      Servicer, and The Bank of New York, as Trustee. A copy of the Pooling and
      Servicing 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
      $582,388.715 have been sold by the Registrant to (i) Lehman Brothers, Inc.
      (&#8220;Lehman&#8221;) pursuant to an Underwriting Agreement dated as of February 24, 2006
      (the &#8220;Lehman Underwriting Agreement&#8221;), as supplemented by a Terms Agreement
      dated as of February 24, 2006 (the &#8220;Lehman Terms Agreement&#8221;), each by and among
      Lehman, the Registrant and FHHLC, and (ii) Bear, Stearns &amp; Co. Inc. (&#8220;Bear
      Stearns&#8221;) pursuant to an Underwriting Agreement dated as of February 24, 2006
      (the &#8220;Bear Stearns Underwriting Agreement&#8221;), as supplemented by a Terms
      Agreement dated as of February 24, 2006 (the &#8220;Bear Stearns Terms Agreement&#8221;),
      each by and among Bear Stearns, the Registrant and FHHLC. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Lehman Underwriting Agreement, the Bear Stearns Underwriting Agreement, the
      Lehman Terms Agreement and the Bear Stearns Terms Agreement are filed herewith
      as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibits
      1.1, 1.2, 1.3 and 1.4</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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    <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
      9.01</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#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>
    <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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              <td align="left" valign="top" width="5%" style="border-bottom: medium none;">
                <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">(c)</font></div>
              </td>
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              <td align="left" valign="top" width="5%">&#160;</td>
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              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="15%">&#160;</td>
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              <td align="left" valign="top" width="5%" style="border-bottom: medium none;">&#160;</td>
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                  Agreement dated February 24, 2006, by and among Bear Stearns, the
                  Registration and FHHLC</font></div>
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              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="15%">&#160;</td>
              <td align="left" valign="top" width="75%">&#160;</td>
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              <td align="left" valign="top" width="5%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="top" width="5%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="top" width="15%" style="border-bottom: medium none;">
                <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">1.3</font></div>
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                  February
                  24, 2006, by and among Lehman, the Registration and
                  FHHLC</font></div>
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              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="15%">&#160;</td>
              <td align="left" valign="top" width="75%">&#160;</td>
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              <td align="left" valign="top" width="5%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="top" width="15%" style="border-bottom: medium none;">
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                  Agreement dated February 24, 2006 to Underwriting Agreement dated
                  February
                  24, 2006, by and among Bear Stearns, the Registration and
                  FHHLC</font></div>
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            <tr>
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              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="15%">&#160;</td>
              <td align="left" valign="top" width="75%">&#160;</td>
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              <td align="left" valign="top" width="5%" style="border-bottom: medium none;">&#160;</td>
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                  of New
                  York, as Trustee</font></div>
              </td>
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            <tr>
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              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="15%">&#160;</td>
              <td align="left" valign="top" width="75%">&#160;</td>
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              <td align="left" valign="top" width="5%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="top" width="15%" style="border-bottom: medium none;">
                <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">10.1</font></div>
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                  Purchaser</font></div>
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                <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">Alfred
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            <td align="left" valign="top" width="80%">&#160;</td>
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            </td>
          </tr>
          <tr>
            <td width="5%">&#160;</td>
            <td align="left" valign="top" width="15%">&#160;</td>
            <td align="left" valign="top" width="80%">&#160;</td>
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                Registration and FHHLC</font></div>
            </td>
          </tr>
          <tr>
            <td width="5%">&#160;</td>
            <td align="left" valign="top" width="15%">&#160;</td>
            <td align="left" valign="top" width="80%">&#160;</td>
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            <td align="left" valign="top" width="15%">&#160;</td>
            <td align="left" valign="top" width="80%">&#160;</td>
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                FHHLC</font></div>
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            <td align="left" valign="top" width="80%">&#160;</td>
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{"company-data": {"conformed-name": "First Horizon Asset Sec Mort Pass Thr Certs Ser 2006-FA1", "cik": "0001352653", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-125158-19", "film-number": "06684951"}, "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: February 28, 2006
(Date
      of
      earliest event reported)
FIRST
      HORIZON ASSET SECURITIES INC.,
(as
      depositor under the Pooling and Servicing
Agreement,
      dated as of February 1, 2006,
providing
      for the issuance of the First Horizon Alternative Mortgage Securities Trust
      2006-FA1,
Mortgage
      Pass-Through Certificates, Series 2006-FA1).
FIRST
      HORIZON ASSET SECURITIES INC.
(Exact
      name of Registrant as specified in its charter)
Delaware
333-125158
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.
      333-125158) filed with the Securities and Exchange Commission (the "Commission")
      on July 29, 2005 (the "Registration Statement"), pursuant to which the
      Registrant registered $12,000,000,000 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 March 1, 2006, with respect to the Registrant's Mortgage
      Pass-Through Certificates, Series 2006-FA1 (the "Offered
      Securities").
Pursuant
      to a Mortgage Loan Purchase Agreement dated as of February 28, 2006 ("MLPA"), by
      and between First Horizon Home Loan Corporation ("FHHLC") and First Horizon
      Asset Securities Inc. ("FHASI"), FHHLC sold two pools of conventional, fixed
      rate, first lien, fully amortizing, one-to-four family residential mortgage
      loans (the "Mortgage Loans") to FHASI. A copy of the MLPA is filed herewith as
Exhibit
      10.1
.
On
      February 28, 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
      and Servicing Agreement dated as of February 1, 2006 (the "Pooling and Servicing
      Agreement") by and among the Registrant, as Depositor, FHHLC, as Master
      Servicer, and The Bank of New York, as Trustee. A copy of the Pooling and
      Servicing Agreement is filed herewith as
Exhibit
      4.1
.
The
      Offered Securities, having an aggregate principal balance of approximately
      $582,388.715 have been sold by the Registrant to (i) Lehman Brothers, Inc.
      ("Lehman") pursuant to an Underwriting Agreement dated as of February 24, 2006
      (the "Lehman Underwriting Agreement"), as supplemented by a Terms Agreement
      dated as of February 24, 2006 (the "Lehman Terms Agreement"), each by and among
      Lehman, the Registrant and FHHLC, and (ii) Bear, Stearns & Co. Inc. ("Bear
      Stearns") pursuant to an Underwriting Agreement dated as of February 24, 2006
      (the "Bear Stearns Underwriting Agreement"), as supplemented by a Terms
      Agreement dated as of February 24, 2006 (the "Bear Stearns Terms Agreement"),
      each by and among Bear Stearns, the Registrant and FHHLC.
The
      Lehman Underwriting Agreement, the Bear Stearns Underwriting Agreement, the
      Lehman Terms Agreement and the Bear Stearns Terms Agreement are filed herewith
      as
Exhibits
      1.1, 1.2, 1.3 and 1.4
,
      respectively.
Item
      9.01
Financial
      Statements and Exhibits
.
(c)
Exhibits
Exhibit
                  No.
Description
1.1
Underwriting
                  Agreement dated February 24, 2006, by and among Lehman, the Registration
                  and FHHLC
1.2
Underwriting
                  Agreement dated February 24, 2006, by and among Bear Stearns, the
                  Registration and FHHLC
1.3
Terms
                  Agreement dated February 24, 2006 to Underwriting Agreement dated
                  February
                  24, 2006, by and among Lehman, the Registration and
                  FHHLC
1.4
Terms
                  Agreement dated February 24, 2006 to Underwriting Agreement dated
                  February
                  24, 2006, by and among Bear Stearns, the Registration and
                  FHHLC
4.1
Pooling
                  and Servicing Agreement dated as of February 1, 2006, by and among
                  the
                  Registrant, as Depositor, FHHLC, as Master Servicer, and The Bank
                  of New
                  York, as Trustee
10.1
Mortgage
                  Loan Purchase Agreement dated as of February 28, 2006, by and between
                  FHHLC, as Seller, and FHASI, as
                  Purchaser
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.
March
                13, 2006
By:
/s/ Alfred
              Chang
Alfred
                  Chang
Vice
                  President
INDEX
      TO
      EXHIBITS
Exhibit
                No.
Description
1.1
Underwriting
                Agreement dated February 24, 2006, by and among Lehman, the Registration
                and FHHLC
1.2
Underwriting
                Agreement dated February 24, 2006, by and among Bear Stearns, the
                Registration and FHHLC
1.3
Terms
                Agreement dated February 24, 2006 to Underwriting Agreement dated
                February
                24, 2006, by and among Lehman, the Registration and
                FHHLC
1.4
Terms
                Agreement dated February 24, 2006 to Underwriting Agreement dated
                February
                24, 2006, by and among Bear Stearns, the Registration and
                FHHLC
4.1
Pooling
                and Servicing Agreement dated as of February 1, 2006, by and among
                the
                Registrant, as Depositor, FHHLC, as Master Servicer, and The Bank
                of New
                York, as Trustee
10.1
Mortgage
                Loan Purchase Agreement dated as of February 28, 2006, by and between
                FHHLC, as Seller, and FHASI, as
                Purchaser