EXECUTION VERSION

AMENDMENT NO. 12
TO SECOND MASTER REPURCHASE AGREEMENT

Amendment No. 12, dated as of June 19, 2006 (this ‘‘Amendment’’), among CREDIT
SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (the ‘‘Buyer’’), MORTGAGEIT, INC.
(‘‘MortgageIT’’), MHL Funding Corp. (‘‘MHL’’) and MORTGAGEIT HOLDINGS, INC.
(‘‘Holdings,’’ and together with MortgageIT and MHL, the ‘‘Sellers’’).

RECITALS

The Buyer and the Sellers are parties to that certain Master Repurchase
Agreement, dated as of March 11, 2005, as amended by that certain Amendment No.
1, dated as of June 17, 2005, Amendment No. 2, dated as of July 18, 2005,
Amendment No. 3, dated as of September 19, 2005, Amendment No. 4, dated as of
November 19, 2005, Amendment No. 5, dated as of January 30, 2006, Amendment No.
6, dated as of February 28, 2006, Amendment No. 7, dated as of March 13, 2006,
Amendment No. 8, dated as of April 5, 2006, Amendment No. 9, dated as of April
27, 2006, Amendment No. 10, dated as of May 5, 2006 and Amendment No. 11, dated
as of May 31, 2006 (as the same may have been amended and supplemented from time
to time, and as amended by this Amendment, the ‘‘Repurchase Agreement’’).
Capitalized terms used but not otherwise defined herein shall have the meanings
given to them in the Repurchase Agreement.

The Buyer and the Sellers have agreed, subject to the terms and conditions of
this Amendment, that the Repurchase Agreement be amended to reflect certain
agreed upon revisions to the terms of the Repurchase Agreement.

Accordingly, the Buyer and the Sellers hereby agree, in consideration of the
mutual premises and mutual obligations set forth herein, that the Repurchase
Agreement is hereby amended as follows:

SECTION 1.    Definitions.

1.1    Section 2 of the Repurchase Agreement is hereby amended by adding the
following definitions:

‘‘‘‘Aged 120 Day Loan’’ means a Mortgage Loan which has been subject to a
Transaction hereunder for period of greater than 120 days but not greater than
180 days.’’

‘‘‘‘Aged 180 Day Loan’’ means a Mortgage Loan which has been subject to a
Transaction hereunder for period of greater than 180 days but not greater than
250 days.’’

‘‘‘‘Delinquent Mortgage Loan’’ means any Mortgage Loan for which any payment of
principal or interest is up to eighty-nine (89) days past due.’’

‘‘‘‘Delinquent 90 Mortgage Loan’’ means any Mortgage Loan for which any payment
of principal or interest is more than eighty-nine (89) days past due, (ii) any
Mortgage Loan with respect to which the related Mortgagor is in bankruptcy, or
(iii) any Mortgage Loan with respect to which the related Mortgaged Property is
in foreclosure.’’

‘‘‘‘Pricing Side Letter’’ means that certain letter agreement, dated as of June
    , 2006, among the Buyer and the Sellers, a copy of which is attached as
Exhbiti1 hereto.’’

1.2    Section 2 of the Repurchase Agreement is hereby amended by deleting the
definitions of ‘‘Aged Loan,’’ ‘‘LIBOR,’’ ‘‘Market Value,’’ ‘‘Maximum Aggregate
Purchase Price,’’ ‘‘Mortgage Loan,’’ ‘‘Pricing Rate,’’ ‘‘Purchase Price,’’
‘‘Purchase Price Percentage,’’ ‘‘Repurchase Date,’’ ‘‘Repurchased Mortgage
Loan’’ and ‘‘Termination Date’’ in their entirety and replacing the same with
the following:

‘‘‘‘Aged Loan’’ means a Loan which is an Aged 120 Day Loan or an Aged 180 Day
Loan.’’

‘‘‘‘LIBOR’’ means for each day, the rate of interest (calculated on a per annum
basis) equal to the one month British Bankers Association Rate as reported on
the display designated as

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‘‘BBAM’’ ‘‘Page DG8 4a’’ on Bloomberg (or such other display as may replace
‘‘BBAM’’ ‘‘Page DG8 4a’’ on Bloomberg) on such date of determination, and if
such rate shall not be so quoted, the rate per annum at which Buyer is offered
Dollar deposits at or about 11:00 a.m., (New York City time), on such day, by
prime banks in the interbank eurodollar market where the eurodollar and foreign
currency exchange operations in respect of its loans are then being conducted
for delivery on such day for a period of one month, and in an amount comparable
to the amount of the Purchase Price of Transactions to be outstanding on such
day.’’

‘‘‘‘Market Value’’ shall have the meaning ascribed thereto in the Pricing Side
Letter.’’

‘‘‘‘Maximum Aggregate Purchase Price’’ means SEVEN HUNDRED FIFTY MILLION DOLLARS
($750,000,000); provided, for the avoidance of doubt, the ‘‘Maximum Committed
Purchase Price’’ means TWO HUNDRED MILLION DOLLARS ($200,000,000) as more
particularly described in the definition thereof.’’

‘‘‘‘Mortgage Loan’’ means any Conforming Mortgage Loan, Jumbo Mortgage Loan,
Alt-A Mortgage Loan (including, without limitation, any Pay-Option Arm),
Sub-Prime Mortgage Loan, Second Lien Mortgage Loan, HELOC, Home Equity Mortgage
Loan, Co-op Loan, Repurchased Mortgage Loan, Aged Loan, Delinquent Mortgage
Loan, Delinquent 90 Mortgage Loan or Exception Mortgage Loan which is fixed or
floating-rate, one-to-four family residential mortgage or home equity loan
evidenced by a promissory note and secured by a mortgage, which satisfies the
requirements set forth in the Underwriting Guidelines and Section 13(b) hereof;
provided, however, that, except as expressly approved in writing by Buyer,
Mortgage Loans shall not include any ‘‘high-LTV’’ loans (i.e., a mortgage loan
having a loan-to-value ratio in excess of 100% or in excess of such lower
percentage set forth in the Underwriting Guidelines or with respect to Second
Lien Mortgage Loans, a combined loan-to-value ratio, in excess of the lower of
(i) the percentage specified in the Underwriting Guidelines, or (ii) 100%) or
any High Cost Mortgage Loans.’’

‘‘‘‘Pricing Rate’’ shall have the meaning ascribed thereto in the Pricing Side
Letter.’’

‘‘‘‘Purchase Price’’ shall have the meaning ascribed thereto in the Pricing Side
Letter.’’

‘‘‘‘Purchase Price Percentage’’ shall have the meaning ascribed thereto in the
Pricing Side Letter.’’

‘‘‘‘Repurchase Date’’ means the earliest of (i) the Termination Date, (ii) the
date set forth in the applicable Purchase Confirmation, (iii) the date
determined by application of Section 16 hereof, or (iv) the date identified to
Buyer by a Seller as the date that the related Mortgage Loan is to be sold
pursuant to a Take-Out commitment. Notwithstanding the foregoing, for any
Mortgage Loan that is designated as a Repurchased Mortgage Loan, a Delinquent
Mortgage Loan or a Delinquent 90 Mortgage Loan, the Repurchase Date shall not be
a date that is greater than 120 days from the date of such designation.’’

‘‘‘‘Repurchased Mortgage Loan’’ means a Mortgage Loan (a) which is repurchased
by a Seller from any third party purchaser as a result of a breach of
representations and warranties under the agreed upon terms in which the claimed
breach is not a result of fraud or material representation of a fact by any
party to the Mortgage Loan or consumer credit law violation, (b) where the
claimed breach or early payment default is expressly identified to Buyer in
writing, (c) which is subject to a Transaction hereunder for no more than 120
days, and (d) which has not been foreclosed upon or converted to REO Property.
In addition to the foregoing, in no event will a Repurchased Mortgage Loan be
subject to a Transaction hereunder as a ‘‘Repurchased Mortgage Loan’’ if there
is a breach of representation or warranty in respect of such Repurchased
Mortgage Loan other than the breach identified in writing to the Buyer pursuant
to clause (b) of this definition.’’

‘‘‘‘Termination Date’’ means the earlier of (a) July 31, 2007, and (b) the date
of the occurrence of an Event of Default.’’

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1.3    Section 2 of the Repurchase Agreement is hereby amended by deleting the
definitions of ‘‘Aggregation Mortgage Loan,’’ ‘‘Origination 180 Day Loan’’ and
‘‘Non-Performing Mortgage Loan’’ in their entirety.

SECTION 2.    Additional Modifications.

2.1    Section 14(a) of the Existing Repurchase Agreement is hereby amended by
deleting it in its entirety and replacing the same with the following:

‘‘(a)    Adjusted Tangible Net Worth. Sellers, on a consolidated basis, shall
maintain an Adjusted Tangible Net Worth of at least $275,000,000.’’

2.2    Exhibit D to the Existing Repurchase Agreement (Form of Officer’s
Compliance Certificate) is hereby amended by deleting it in its entirety and
replacing the same with Exhibit 2 hereto.

SECTION 3.    Conditions Precedent.    This Amendment shall become effective on
June     , 2006 (the ‘‘Amendment Effective Date’’), subject to the satisfaction
of the following conditions precedent:

3.1    Delivered Documents. On the Amendment Effective Date, the Buyer shall
have received the following documents, each of which shall be satisfactory to
the Buyer in form and substance:

(a)    this Amendment, executed and delivered by a duly authorized officer of
the Buyer and Sellers;

(b)    such other documents as the Buyer or counsel to the Buyer may reasonably
request.

SECTION 4.    Representations and Warranties. Each of the Sellers hereby
represents and warrants to the Buyer that they are in compliance with all the
terms and provisions set forth in the Repurchase Agreement on their part to be
observed or performed, and that no Event of Default has occurred or is
continuing, and hereby confirm and reaffirm the representations and warranties
contained in Section 13 of the Repurchase Agreement.

SECTION 5.    Limited Effect.    Except as expressly amended and modified by
this Amendment, the Repurchase Agreement shall continue to be, and shall remain,
in full force and effect in accordance with its terms.

SECTION 6.    Counterparts.    This Amendment may be executed by each of the
parties hereto on any number of separate counterparts, each of which shall be an
original and all of which taken together shall constitute one and the same
instrument.

SECTION 7.    GOVERNING LAW.    THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by
their respective officers thereunto duly authorized as of the day and year first
above written.

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[spacer.gif] [spacer.gif] [spacer.gif] [spacer.gif] [spacer.gif] [spacer.gif]
[spacer.gif] Buyer: [spacer.gif] [spacer.gif] CREDIT SUISSE FIRST BOSTON
MORTGAGE CAPITAL LLC,
as Buyer   [spacer.gif] [spacer.gif] By: [spacer.gif] [spacer.gif] /s/ Bruce S.
Kaiserman   [spacer.gif] [spacer.gif]   [spacer.gif] [spacer.gif] Name: Bruce S.
Kaiserman
Title: Vice President MortgageIT: [spacer.gif] [spacer.gif] MORTGAGEIT, INC.,
as Seller   [spacer.gif] [spacer.gif] By: [spacer.gif] [spacer.gif] /s/ Robert
A. Gula   [spacer.gif] [spacer.gif]   [spacer.gif] [spacer.gif] Name: Robert A.
Gula
Title: Chief Financial Officer Holdings: [spacer.gif] [spacer.gif] MORTGAGEIT
HOLDINGS, INC.,
as Seller   [spacer.gif] [spacer.gif] By: [spacer.gif] [spacer.gif] /s/ Glenn J.
Mouridy   [spacer.gif] [spacer.gif]   [spacer.gif] [spacer.gif] Name: Glenn J.
Mouridy
Title: President and Chief Financial Officer MHL: [spacer.gif] [spacer.gif] MHL
FUNDING CORP.,
as Seller   [spacer.gif] [spacer.gif] By: [spacer.gif] [spacer.gif] /s/ Donald
Epstein   [spacer.gif] [spacer.gif]   [spacer.gif] [spacer.gif] Name: Donald
Epstein
Title: Treasurer [spacer.gif]

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Exhibit 1

Pricing Side Letter

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Exhibit 2

[Exhibit D]

[Form of] Officer’s Compliance Certificate

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