ASSET BACKED FUNDING CORPORATION



                                  as Purchaser



                                       and



                      BANK OF AMERICA, NATIONAL ASSOCIATION



                                    as Seller



                        MORTGAGE LOAN PURCHASE AGREEMENT



                   Fixed and Adjustable Rate Mortgage Loans



                              ABFC 2006-OPT3 Trust



                   Asset-Backed Certificates, Series 2006-OPT3



                           Dated as of October 1, 2006



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                               TABLE OF CONTENTS



ARTICLE I DEFINITIONS...........................................................

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

ARTICLE II SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE....................

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

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

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

   Section 2.04.  Regulation AB Compliance......................................

ARTICLE III REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH.................

   Section 3.01.  Representations and Warranties Relating to the

                  Mortgage Loans................................................

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

ARTICLE IV SELLER'S COVENANTS...................................................

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

ARTICLE V TERMINATION...........................................................

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

ARTICLE VI MISCELLANEOUS PROVISIONS.............................................

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

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

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

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

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

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

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

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

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

Schedule I  Mortgage Loan Schedule



{PAGE}



      MORTGAGE LOAN PURCHASE AGREEMENT, dated as of October 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 the Flow Sale and Servicing Agreement (the "Sale and

Servicing 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 September 27, 2006 (the

"Memorandum of Sale"), among Bank of America, Option One and the Option One

Owner Trusts, 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 related real 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 October 1, 2006 (the "Pooling and Servicing Agreement"), among the

Purchaser, as depositor, Option One, as servicer, and Wells Fargo Bank, N.A., as

trustee (the "Trustee"), the Purchaser will convey the Mortgage Loans to ABFC

2006-OPT3 Trust.



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

the parties hereto agree as follows:



                                    ARTICLE I



                                   DEFINITIONS



      Section 1.01.     Definitions.



      All capitalized terms used but not defined herein shall have the meanings

assigned thereto in the Pooling and Servicing Agreement.



                                   ARTICLE II



              SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE



      Section 2.01.     Sale of Mortgage Loans.



      The Seller does hereby agree to and does hereby sell, assign, set over,

and otherwise convey to the Purchaser, without recourse, on the Closing Date (i)

all of its right, title and interest in and to each Mortgage Loan and the

related Cut-off Date Principal Balance thereof, including any Related Documents;

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