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                                                                EXHIBIT 10.81(b)


        THIS AMENDMENT NO. 2, dated as of November 8, 2005 (the "Amendment"), to
the Master Repurchase Agreement, dated November 12, 2004 (the "Repurchase
Agreement"), is by and among New Century Mortgage Corporation, NC Capital
Corporation, NC Residual II Corporation and New Century Credit Corporation, each
as a seller (each, a "Seller" and, collectively, the "Sellers") and Barclays
Bank PLC (the "Buyer").


                               W I T N E S S E T H

        WHEREAS, each Seller and the Buyer desires to amend the Repurchase
Agreement to extend the maturity date to December 31, 2005.

        NOW, THEREFORE, the parties hereto agree as follows:

        Section 1. Defined Terms.

        For purposes of this Amendment, unless the context clearly requires
otherwise, all capitalized terms which are used but not otherwise defined herein
shall have the respective meanings assigned to such terms in the Repurchase
Agreement.

        Section 2. Amendment.

        (1) Section 27 is hereby amended by deleting clause (i) of subparagraph
(a) in its entirety and replacing it with the following: "(i) December 31,
2005".

        Section 3. Effect of Amendment.

        Upon execution of this Amendment, the Repurchase Agreement shall be, and
be deemed to be, modified and amended in accordance herewith, and the respective
rights, limitations, obligations, duties, liabilities and immunities of the
Sellers and the Buyer shall hereafter be determined, exercised and enforced
subject in all respects to such modifications and amendments, and all the terms
and conditions of this Amendment shall be deemed to be part of the terms and
conditions of the Repurchase Agreement for any and all purposes. Except as
modified and expressly amended by this Amendment, the Repurchase Agreement is in
all respects ratified and confirmed, and all the terms, provisions and
conditions thereof shall be and remain in full force and effect.

        Section 4. Binding Effect.

        This Amendment shall be binding and inure to the benefit of the parties
hereto and their respective successors and assigns, except that neither any
Seller nor the Guarantor may assign or



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transfer any of its rights or obligations under this Agreement or any other
Program Document without the prior written consent of Buyer.

        Section 5. Binding Effect; Governing Law.

        THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY,
THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF (EXCEPT FOR SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK
GENERAL OBLIGATIONS LAW).

        Section 6. Severability of Provisions.

        If any provision of this Amendment or the Program Documents is declared
invalid by any court of competent jurisdiction, such invalidity shall not affect
any other provision of the Amendment or the Program Documents, and this
Amendment and each Program Document shall be enforced to the fullest extent
permitted by law.

        Section 7. Section Headings.

        The section headings herein are for convenience of reference only, and
shall not limit or otherwise affect the meaning hereof.

        Section 8. Counterparts.

        This Amendment may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same
instrument.

                            [signature pages follow]



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

                                         NC CAPITAL CORPORATION, as Seller


                                         By:  /s/ Kevin Cloyd
                                              ----------------------------------
                                                 Name: Kevin Cloyd
                                                 Title: President

                                         NEW CENTURY MORTGAGE CORPORATION,
                                         as Seller


                                         By:  /s/ Kevin Cloyd
                                              ----------------------------------
                                                 Name: Kevin Cloyd
                                                 Title: Executive Vice President

Pursuant to Section 29 of the            NC RESIDUAL II CORPORATION, as Seller
Repurchase Agreement, New Century
Financial Corp, as Guarantor,
hereby Consents to the Amendment
contemplated herein
                                         By:  /s/ Kevin Cloyd
                                              ----------------------------------
                                                 Name: Kevin Cloyd
                                                 Title: Executive Vice President
By: /s/ Kevin Cloyd
    ----------------------------------
    Name: Kevin Cloyd
    Title: Executive Vice President      NEW CENTURY CREDIT CORPORATION,
                                         as Seller


By: /s/ Brad A. Morrice
    ----------------------------------
    Name: Brad A. Morrice
    Title: President and COO
                                         By:  /s/ Kevin Cloyd
                                              ----------------------------------
                                                 Name: Kevin Cloyd
                                                 Title: Executive Vice President

                                         BARCLAYS BANK PLC, as Buyer and Agent,
                                         as applicable


                                         By:  /s/ Joseph O'Doherty
                                              ----------------------------------
                                                 Name: Joseph O'Doherty
                                                 Title: Director



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