RECONSTITUTED SERVICING AGREEMENT



                         LUMINENT MORTGAGE TRUST 2006-6



     This Reconstituted Servicing Agreement, dated as of September 28, 2006,

(this "AGREEMENT") is by and among EMC MORTGAGE CORPORATION ("EMC" or the

"SERVICER"), LARES ASSET SECURITIZATION, INC. ("LARES" or the "DEPOSITOR"), MAIA

MORTGAGE FINANCE STATUTORY TRUST ("MAIA" or the "SELLER") and WELLS FARGO BANK,

N.A., as master servicer (in such capacity, the "MASTER SERVICER") and

securities administrator (in such capacity, the "SECURITIES ADMINISTRATOR"), and

is acknowledged by HSBC BANK USA, NATIONAL ASSOCIATION, as trustee (the

"TRUSTEE").



                                    RECITALS



     WHEREAS, the Seller has conveyed the mortgage loans listed on Exhibit Two

hereto (the "SERVICED LOANS") to the Depositor, and the Depositor in turn has

conveyed the Serviced Loans to the Trustee, all pursuant to a pooling agreement,

dated as of September 1, 2006 (the "POOLING AGREEMENT"), among the Seller, the

Depositor, the Master Servicer, the Securities Administrator and the Trustee;



     WHEREAS, the Serviced Loans are currently being serviced by EMC for the

Seller pursuant to a Amended and Restated Purchase, Warranties and Servicing

Agreement, dated as of April 24, 2006 (the "SERVICING AGREEMENT"), among the

Seller, Mercury Mortgage Finance Statutory Trust, and EMC, a copy of which is

annexed hereto as Exhibit Three;



     WHEREAS, the Seller desires that EMC continue to service the Serviced Loans

and EMC has agreed to do so, subject to the rights of the Master Servicer to

terminate the rights and obligations of EMC hereunder as set forth herein and to

the other conditions set forth herein;



     WHEREAS, Section 11.12 of the Servicing Agreement provides that, subject to

certain conditions set forth therein, the Seller may assign the Servicing

Agreement with respect to some or all of the Mortgage Loans (as such term is

defined in the Servicing Agreement). Without limiting the foregoing, EMC has

agreed, in Section 11.18 of the Servicing Agreement, to enter into additional

documents, instruments or agreements as may be reasonably necessary in

connection with any "Pass-Through Transfer" (as such term is defined in the

Servicing Agreement) contemplated by the Seller pursuant to the Servicing

Agreement;



     WHEREAS, the Seller and EMC agree that (a) the transfer of the Serviced

Loans from Seller to the Depositor and from the Depositor to the Trustee to be

accomplished by the Pooling Agreement constitutes a Pass-Through Transfer and

(b) this Agreement shall constitute a "Reconstitution Agreement" (as such term

is defined in the Servicing Agreement) in connection with such Securitization

Transaction that shall govern the Serviced Loans for so long as such Serviced

Loans remain subject to the provisions of the Pooling Agreement;



     WHEREAS, the Master Servicer and any successor master servicer shall be

obligated, among other things, to supervise the servicing of the Serviced Loans

on behalf of the Trustee and the Trust Fund, and shall have the right to

terminate the rights and obligations of EMC upon the occurrence and continuance

of an Event of Default under this Agreement;



{PAGE}



     NOW, THEREFORE, in consideration of the mutual promises contained herein

the parties hereto agree as follows:



                                    ARTICLE I



                                   DEFINITIONS



     Capitalized terms used and not defined in this Agreement (including Exhibit

One hereto) or in the Servicing Agreement shall have the meanings ascribed to

them in the Pooling Agreement.



                                   ARTICLE II



                                    SERVICING



     EMC agrees, with respect to the servicing of the Serviced Loans, to perform

and observe the duties, responsibilities and obligations that are to be

performed and observed by the Company (as such term is defined in the Servicing

Agreement) under the provisions of the Servicing Agreement, except as otherwise

provided herein and on Exhibit One hereto, and that the provisions of the

Servicing Agreement, as so modified, are and shall be a part of this Agreement

to the same extent as if set forth herein in full.



                                   ARTICLE III



                               TRUST CUT-OFF DATE



     The parties hereto acknowledge that by operation of Section 5.01 of the

Servicing Agreement (as modified by this Agreement) the remittance on October

18, 2006 to be made to the Trust Fund is to include all principal collections

due after September 1, 2006 (the "TRUST CUT-OFF DATE"), plus interest thereon at

the weighted average Mortgage Interest Rate collected during the Due Period

immediately preceding October 18, 2006, but exclusive of any portion thereof

allocable to a period prior to the Trust Cut-off Date, and taking into account

the adjustments specified in the first paragraph of Section 5.01 of the

Servicing Agreement.



                                   ARTICLE IV



                                  SERVICING FEE



     Notwithstanding any provision of the Servicing Agreement to the contrary,

the Servicing Fee rate for the Serviced Loans shall be equal to 0.375% per annum

(the "SERVICING FEE RATE"). The Servicing Fee shall be payable monthly from the

interest portion of the related Monthly Payment collected by the Servicer.





                                        2



{PAGE}



                                   ARTICLE V



              RECOGNITION OF THE MASTER SERVICER AND THE TRUST FUND



     (a) From and after the date hereof, EMC, and any successor servicer

hereunder, shall be subject to the supervision of the Master Servicer, which

Master Servicer shall be obligated to enforce EMC's obligation to service the

Serviced Loans in accordance with the provisions of this Agreement. EMC shall

recognize the Luminent Mortgage Trust 2006-6 Trust Fund (the "Trust Fund") as

the owner of the Serviced Loans, and EMC will service the Serviced Loans for the

Trust Fund as if the Trust Fund and EMC had entered into a separate servicing

agreement for the servicing of the Serviced Loans in the form of the Servicing

Agreement. Pursuant to the Pooling Agreement, the Master Servicer and the

Trustee shall have the same rights (but not the obligations, except to the

extent expressly set forth in the Pooling Agreement) as the Purchaser under the

Servicing Agreement to enforce the obligations of EMC, including, without

limitation, the enforcement of (i) the document delivery requirements set forth

in Section 2.07 of the Servicing Agreement and (ii) remedies with respect to

representations and warranties made by EMC in the Servicing Agreement, and shall

be entitled to enforce all of the obligations of EMC thereunder insofar as they

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