Exhibit 10.1

 

BEAR STEARNS MORTGAGE CAPITAL CORPORATION

383 MADISON AVENUE

NEW YORK, NEW YORK 10179

 

As of October 29, 2004

 

NC Capital Corporation

18400 Van Karman

Suite 1000

Irvine, CA 92617

 

Attention: Mr. Richard Holguin

 

Re:    Master Repurchase Agreement between Bear Stearns Mortgage Capital
Corporation and NC Capital Corporation dated as of October 31, 2003 (the
“Agreement) and amended as of October 1, 2004 to include NC Residual II Corp,
and New Century Credit Corporation

 

Dear Mr. Holguin:

 

This letter will confirm the mutual agreement between Bear Stearns Mortgage
Capital Corporation and NC Capital Corporation, NC Residual II Corp, New Century
Credit Corp, to extend the term of the Agreement as described in paragraph 21,
“Non-assignability; Termination” to November 30, 2004. The extension shall be
subject to the same terms and conditions as set forth in the Agreement.

 

Very truly yours, BEAR STEARNS MORTGAGE CAPITAL CORPORATION By:  

/s/ Eileen M. Albus

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Name:   Eileen M. Albus Title:   Managing Director

 

AGREED AND ACCEPTED:

NC CAPITAL CORPORATION

BY:  

/s/ Rick Holguin

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Name:   Rick Holguin Title:   Vice President