ASSET BACKED FUNDING CORPORATION



                                  as Purchaser



                                       and



                      BANK OF AMERICA, NATIONAL ASSOCIATION



                                    as Seller



                        MORTGAGE LOAN PURCHASE AGREEMENT



                  Fixed Rate and Adjustable Rate Mortgage Loans



  Asset Backed Funding Corporation Asset-Backed Certificates, Series 2006-OPT1



                            Dated as of July 1, 2006



================================================================================



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                                TABLE OF CONTENTS



                                                                            Page



                                    ARTICLE I

                                   DEFINITIONS



Section 1.01  Definitions .....................................................2



                                   ARTICLE II

                SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE



Section 2.01  Sale of Mortgage Loans...........................................2

Section 2.02  Obligations of Seller Upon Sale..................................2

Section 2.03  Payment of Purchase Price for the Mortgage Loans.................4



                                   ARTICLE III

               REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH



Section 3.01  Seller Representations and Warranties Relating to the

              Mortgage Loans...................................................4

Section 3.02  Seller Representations and Warranties............................9



                                   ARTICLE IV

                               SELLER'S COVENANTS



Section 4.01  Covenants of the Seller.........................................10



                                    ARTICLE V

                                   TERMINATION



Section 5.01  Termination.....................................................11



                                   ARTICLE VI

                            MISCELLANEOUS PROVISIONS



Section 6.01  Amendment.......................................................11

Section 6.02  Governing Law...................................................11

Section 6.03  Notices.........................................................11

Section 6.04  Severability of Provisions......................................12

Section 6.05  Counterparts....................................................12

Section 6.06  Further Agreements..............................................12

Section 6.07  Intention of the Parties........................................12

Section 6.08  Successors and Assigns; Assignment of this Agreement............12

Section 6.09  Survival........................................................13



Schedule I..-  Mortgage Loan Schedule



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          MORTGAGE LOAN PURCHASE AGREEMENT, dated as of July 1, 2006 (the

"Agreement"), between BANK OF AMERICA, NATIONAL ASSOCIATION ("Bank of America"

or the "Seller") and ASSET BACKED FUNDING CORPORATION (the "Purchaser").



                              W I T N E S S E T H:



          WHEREAS, pursuant to (i) the Flow Sale and Servicing Agreement (the

"Option One Sale Agreement"), dated as of July 28, 2006, by and among Bank of

America, as the purchaser, Option One Mortgage Corporation, as company and

seller ("Option One"), and Option One Owner Trust 2001-1A, Option One Owner

Trust 2001-1B, Option One Owner Trust 2001-2, Option One Owner Trust 2002-3,

Option One Owner Trust 2003-4, Option One Owner Trust 2003-5, Option One Owner

Trust 2005-6, Option One Owner Trust 2005-7, Option One Owner Trust 2005-8 and

Option One Owner Trust 2005-9 (collectively, the "Option One Owner Trusts"), as

sellers, and the related Memorandum of Sale, dated as of July 28, 2006, between

Bank of America, Option One and the Option One Owner Trusts, and (ii) the

Mortgage Loan Purchase and Warranties Agreement (the "Ownit Sale Agreement" and

together with the Option One Sale Agreement, the "Underlying Sale Agreements"),

dated as of March 1, 2005, by and between Bank of America, as purchaser, and

Ownit Mortgage Solutions, Inc. ("Ownit Mortgage"), as seller, and the related

Memorandum of Sale, dated as of March 17, 2005, as amended by the Assignment,

Assumption and Recognition Agreement (the "Ownit AAR"), dated August 10, 2006,

among the Purchaser, Bank of America, Wells Fargo Bank, N.A. ("Wells Fargo

Bank"), Option One and Ownit Mortgage, the Seller is the owner of either the

notes or other evidence of indebtedness (the "Mortgage Notes") or other evidence

of ownership so indicated on Schedule I hereto, and the other documents or

instruments constituting the Mortgage File (collectively, the "Mortgage Loans");



          WHEREAS, the Seller, as of the date hereof, owns the mortgages (the

"Mortgages") on the properties (the "Mortgaged Properties") securing such

Mortgage Loans, including rights (a) to any property acquired by foreclosure or

deed in lieu of foreclosure or otherwise, and (b) to the proceeds of any

insurance policies covering the Mortgage Loans or the Mortgaged Properties or

the obligors on the Mortgage Loans;



          WHEREAS, the parties hereto desire that the Seller sell the Mortgage

Loans to the Purchaser and the Purchaser purchase the Mortgage Loans from the

Seller pursuant to the terms of this Agreement; and



          WHEREAS, pursuant to the terms of a Pooling and Servicing Agreement,

dated as of July 1, 2006 (the "Pooling and Servicing Agreement"), among the

Purchaser, as depositor, Option One, as servicer (the "Servicer"), and Wells

Fargo Bank, as trustee (the "Trustee"), the Purchaser will convey the Mortgage

Loans to the Trustee on behalf of the ABFC 2006-OPT1 Trust (the "Trust"), which

is created pursuant to the Pooling and Servicing Agreement.

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