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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="center"><br>&#160;</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: 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, dated
      as of May 31, 2006, providing for the issuance of the First Horizon Alternative
      Mortgage Securities Trust 2006-RE1, Mortgage Pass-Through Certificates, Series
      2006-RE1). </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>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <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">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>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="34%">
              <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="19%">&#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="34%">
              <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="19%">&#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>

      </table>
    </div>
    <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="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>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="bottom" width="80%">
              <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>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 45pt; 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="bottom" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 45pt; 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="bottom" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 45pt; 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="bottom" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 45pt; 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 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-RE1 (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 Citigroup Global Markets Inc. (&#8220;Citigroup&#8221;) and First
      Horizon Asset Securities Inc. (&#8220;FHASI&#8221;), Citigroup 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
      Underlying Certificates. 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
      $97,771,194 have been sold by the Registrant to Citigroup pursuant to an
      Underwriting Agreement dated as of May 26, 2006 (the &#8220;Citigroup Underwriting
      Agreement&#8221;), as supplemented by a Terms Agreement dated as of May 26, 2006 (the
&#8220;Citigroup Terms Agreement&#8221;), each by and among Citigroup, the Registrant and
      FHHLC. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Citigroup Underwriting Agreement was previously filed with the Commission and
      is
      incorporated herein by reference as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      1.1</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Citigroup Underwriting Agreement and the Citigroup 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>
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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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="2%">
              <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>
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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">Exhibits</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="57%">&#160;</td>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="57%">&#160;</td>
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            <td align="left" valign="top" width="8%">
              <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"><u>Exhibit
                No.</u></font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="57%">
              <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"><u>Description</u></font></div>
            </td>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="57%">&#160;</td>
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          <tr>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="8%">
              <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">1.1</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="57%">
              <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">Underwriting
                Agreement dated May 26, 2006, by and among Citigroup, the Registration
                and
                FHHLC</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="57%">&#160;</td>
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          <tr>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="8%">
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                Agreement dated May 26, 2006 to Underwriting Agreement dated May
                26, 2006,
                by and among Citigroup, the Registration and FHHLC</font></div>
            </td>
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            <td align="left" valign="top" width="2%">&#160;</td>
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            <td align="left" valign="top" width="57%">&#160;</td>
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                Agreement dated as of May 31, 2006, by and among the Registrant,
                as
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            <td align="left" valign="top" width="57%">&#160;</td>
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            <td align="left" valign="top" width="57%">
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                between
                Citigroup, as Seller, and FHASI, as
                Purchaser</font></div>
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      as of
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      behalf by the undersigned hereunto duly authorized.</font></div>
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                HORIZON ASSET SECURITIES INC.</font></div>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">June
              5,
              2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/
              Alfred Chang</font></td>
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              </div>
              <div><font size="2">Alfred Chang</font></div>
              <div><font size="2">Vice President</font></div>
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      EXHIBITS</font><br></div>
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                No.</u></font></div>
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            <td align="left" valign="top" width="57%" style="border-bottom: medium none;">
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            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="57%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="10%">
              <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">1.1</font></div>
            </td>
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            <td align="left" valign="top" width="57%">
              <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">Underwriting
                Agreement dated May 26, 2006, by and among Citigroup, the Registration
                and
                FHHLC</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="10%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="57%">&#160;</td>
          </tr>
          <tr>
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                Agreement dated May 26, 2006 to Underwriting Agreement dated May
                26, 2006,
                by and among Citigroup, the Registration and FHHLC</font></div>
            </td>
          </tr>
          <tr>
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            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="57%">&#160;</td>
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            <td align="left" valign="top" width="57%">
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                Agreement dated as of May 31, 2006, by and among the Registrant,
                as
                Depositor, and The Bank of New York, as Trustee</font></div>
            </td>
          </tr>
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            <td align="left" valign="top" width="10%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="57%">&#160;</td>
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                Certificates Purchase Agreement dated as of May 31, 2006, by and
                between
                Citigroup, as Seller, and FHASI, as
                Purchaser</font></div>
            </td>
          </tr>

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{"company-data": {"conformed-name": "First Horizon Asset Sec Mort Pass Thr Certs Ser 2006-RE1", "cik": "0001363224", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-132046-06", "film-number": "06888852"}, "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-RE1, Mortgage Pass-Through Certificates, Series
      2006-RE1).
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:
‪
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
.
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-RE1 (the "Offered
      Securities").
Pursuant
      to an Underlying Certificates Purchase Agreement dated as of May 31, 2006
      ("UCPA"), by and between Citigroup Global Markets Inc. ("Citigroup") and First
      Horizon Asset Securities Inc. ("FHASI"), Citigroup 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
      Underlying Certificates. 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
      $97,771,194 have been sold by the Registrant to Citigroup pursuant to an
      Underwriting Agreement dated as of May 26, 2006 (the "Citigroup Underwriting
      Agreement"), as supplemented by a Terms Agreement dated as of May 26, 2006 (the
"Citigroup Terms Agreement"), each by and among Citigroup, the Registrant and
      FHHLC.
The
      Citigroup Underwriting Agreement was previously filed with the Commission and
      is
      incorporated herein by reference as
Exhibit
      1.1
.
      The
      Citigroup Underwriting Agreement and the Citigroup Terms Agreement are filed
      herewith as
Exhibits
      1.1 and 1.2
,
      respectively.
Item
      9.01
Financial
      Statements and Exhibits
.
(c)
Exhibits
Exhibit
                No.
Description
1.1
Underwriting
                Agreement dated May 26, 2006, by and among Citigroup, the Registration
                and
                FHHLC
1.2
Terms
                Agreement dated May 26, 2006 to Underwriting Agreement dated May
                26, 2006,
                by and among Citigroup, the Registration and FHHLC
4.1
Pooling
                Agreement dated as of May 31, 2006, by and among 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
                Citigroup, 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.
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 Citigroup, the Registration
                and
                FHHLC
1.2
Terms
                Agreement dated May 26, 2006 to Underwriting Agreement dated May
                26, 2006,
                by and among Citigroup, the Registration and FHHLC
4.1
Pooling
                Agreement dated as of May 31, 2006, by and among 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
                Citigroup, as Seller, and FHASI, as
                Purchaser