Exhibit 10.2

 

CDC Mortgage Capital Inc.

36th Floor

9 West 57th Street

New York, NY 10019

Attention: John Racy

 

May 14, 2004

 

Dear Mr. Racy:

 

Reference is made to the Master Agreement dated as of June 23, 2003 among New
Century Mortgage Corporation, NC Capital Corporation (collectively, the
“Sellers”), and CDC Mortgage Capital Inc. (the “Buyer”), as amended (the
“Agreement”). Terms used in this letter not otherwise defined shall have meaning
ascribed to them in the Agreement.

 

Sellers would like to request a temporary increase in the Maximum Amount under
the Agreement to $700,000,000 (the “Temporary Increase”) from the date hereof to
the opening of business on June 1, 2004. Except for this Temporary Increase, all
other terms and conditions in the Agreement and all other Repurchase Documents
shall remain in full force and effect in accordance with their respective terms.
New Century Financial Corporation, as Guarantor, consents to this Temporary
Increase and reaffirms its Guaranty.

 

Kindly execute below to signify your consent to our request of Temporary
Increase.

 

Sincerely,

 

NEW CENTURY MORTGAGE CORPORATION

/s/    KEVIN CLOYD

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Name: Kevin Cloyd

Title: Executive Vice President

 

NC CAPITAL CORPORATION

/s/    KEVIN CLOYD

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Name: Kevin Cloyd

Title: President

 

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NEW CENTURY FINANCIAL CORPORATION, as Guarantor /s/    KEVIN CLOYD

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Name: Kevin Cloyd

Title: Executive Vice President

 

Acknowledged and Agreed as of the date first written above

 

CDC MORTGAGE CAPITAL INC.

/s/    ANTHONY MALANGA

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Name: Anthony Malanga

Title: Managing Director

 

CDC MORTGAGE CAPITAL INC. /s/    WILLIAM BRANAGH

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Name: William Branagh

Title: Managing Director