Document:

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                                                                    EXHIBIT 10.8

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (this "Agreement") is entered into effective
as of October 8, 2003 (the "Effective Date"), by and between ORIGEN FINANCIAL,
INC., a Delaware corporation ("Parent"), ORIGEN FINANCIAL L.L.C., a Delaware
limited liability company ("Company"), and W. ANDERSON GEATER, JR. (the
"Executive").

                              W I T N E S S E T H:

         WHEREAS, Company desires to employ the Executive, and the Executive
desires to be employed by Company, on the terms and subject to the conditions
set forth below.

         NOW, THEREFORE, in consideration of the mutual promises contained in
this Agreement, the parties agree as follows:

         1.       Employment.

                  (a)      Company agrees to employ the Executive and the
Executive accepts the employment, on the terms and subject to the conditions set
forth below. During the term of employment hereunder, the Executive shall serve
as the Chief Financial Officer of Company, and shall do and perform diligently
all such services, acts and things as are customarily done and performed by the
Chief Financial Officer of companies in similar business and in size to Company,
together with such other duties as may reasonably be requested from time to time
by the Board of Managers of Company (the "Board"), which duties shall be
consistent with the Executive's positions as set forth above. Executive shall
also serve as the Chief Financial Officer of Parent without additional
compensation therefor.

                  (b)      For service as an officer and employee of Company,
the Executive shall be entitled to the full protection of the applicable
indemnification provisions of the Certificate of Organization and Operating
Agreement of Company, as they may be amended from time to time. Company agrees
that the Executive will be named as an additional insured under Company's and/or
Parent's Directors' and Officers' Errors and Omissions Insurance during his
employment hereunder.

         2.       Term of Employment.

                  Subject to the provisions for termination provided below, the
term of the Executive's employment under this Agreement shall commence on the
date of this Agreement and shall continue thereafter for a period of three
years; provided however, that the term of this Agreement shall be automatically
extended for successive terms of one year each, unless either party notifies the
other party in writing of its desire to terminate this Agreement at least 180
days before the end of the term then in effect. The date that this Agreement is
scheduled to expire in accordance with the foregoing sentence is referred to as
the "Contract Term Date."

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         3.       Devotion to Company's Business.

                  The Executive shall devote his entire productive time, ability
and attention to the business of Company and Parent during the term of this
Agreement; however, the expenditure of reasonable amounts of time to various
charitable and other community activities, or to the Executive's own personal
investments and projects, provided the amount of time so devoted does not
materially impair, detract or adversely affect the performance of the
Executive's duties under this Agreement, shall not be deemed a breach of this
Agreement.

         4.       Compensation.

                  (a)      During the term of this Agreement, Company shall pay
or provide, as the case may be, to the Executive the compensation and other
benefits and rights set forth in Sections 4, 5 and 6 of this Agreement.

                  (b)      Base Compensation. As compensation for the services
to be performed hereafter, Company shall pay to the Executive, during his
employment hereunder, a base salary (the "Base Salary") payable in accordance
with Company's usual pay practices (and in any event no less frequently than
monthly) at the rate of:

                           (i)      Two Hundred Five Thousand Dollars ($205,000)
                  for the first year;

                           (ii)     Two Hundred Fifteen Thousand Dollars
                  ($215,000) for the second year; and

                           (iii)    Two Hundred Twenty-five Thousand Dollars
                  ($225,000) thereafter.

                  (c)      Incentive Compensation. Executive shall be eligible
to receive an award under any bonus plan adopted by the Board of Parent which
may be established for the payment of an annual incentive bonus to the Executive
on the terms and conditions set forth therein and shall also be eligible to
receive such other bonus as determined by Parent's Board or compensation
committee (collectively, "Incentive Compensation"). Employee's opportunity for
Incentive Compensation hereunder shall be up to 100% of his Base Salary.

                  (d)      Disability. During any period that the Executive
fails to perform his duties hereunder as a result of incapacity due to physical
or mental illness (the "Disability Period"), the Executive shall continue to
receive his full Base Salary, bonuses and other benefits at the rate in effect
for such period until his employment is terminated by Company pursuant to
Section 7(a)(iii) hereof; provided, however, that payments so made to the
Executive during the Disability Period shall be reduced by the sum of the
amounts, if any, which were paid to the Executive at or prior to the time of any
such payment under disability benefit plans of Company.

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         5.       Benefits.

                  (a)      Insurance. Company shall provide to the Executive
life, disability, medical, hospitalization and dental insurance for himself, his
spouse and eligible family members as may be determined by the Board to be
consistent with industry standards.

                  (b)      Benefit Plans. The Executive, at his election, may
participate, during his employment hereunder, in all retirement plans, 401(K)
plans and other benefit plans of Company generally available from time to time
to other executive employees of Company, Parent or their subsidiaries (the
"Subsidiaries") and for which the Executive qualifies under the terms of the
plans (and nothing in this Agreement shall or shall be deemed to in any way
affect the Executive's right and benefits under any such plan except as
expressly provided herein). The Executive shall also be entitled to participate
in any equity, stock option or other employee benefit plan that is generally
available to senior executives, as distinguished from general management, of
Company, Parent or the Subsidiaries. The Executive's participation in and
benefits under any such plan shall be on the terms and subject to the conditions
specified in the governing document of the particular plan.

                  (c)      Annual Vacation. The Executive shall be entitled to
four weeks vacation time each year without loss of compensation. The Executive
may be absent from his employment for vacation on dates to be mutually agreed
upon by Company and the Executive, and approval of Company shall not be
unreasonably withheld. In the event that the Executive is unable for any reason
to take the total amount of vacation time authorized herein during any year, he
may accrue such unused time and add it to the vacation time for any following
year. Upon any termination of this Agreement for any reason whatsoever, accrued
and unused vacation time shall be paid to the Executive within ten days of such
termination based on the Base Salary in effect on the date of such termination;
provided, however, that no more than 20 days of accrued vacation time may be
carried over at any time.

         6.       Reimbursement of Business Expenses.

                  Company shall reimburse the Executive or provide him with an
expense allowance during the term of this Agreement for travel, entertainment,
business development and other expenses reasonably and necessarily incurred by
the Executive in connection with Company's business. The Executive shall furnish
such documentation with respect to reimbursement to be paid hereunder as Company
shall reasonably request.

         7.       Termination of Employment.

                  (a)      The Executive's employment under this Agreement may
be terminated:

                           (i)      by either the Executive or Company at any
         time for any reason whatsoever or for no reason upon not less than 60
         days written notice;

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                           (ii)     by Company at any time for "cause" as
         defined below, without prior notice;

                           (iii)    by Company upon the Executive's "permanent
         disability" (as defined below) upon not less than 30 days written
         notice; and

                           (iv)     upon the Executive's death.

                  (b)      For purposes hereof, for "cause" shall mean the
material breach of any provision of this Agreement by the Executive which
breach, if curable, continues uncured for a period of 20 days after the
Executive's receipt of written notice of such breach from Company, or any action
of the Executive (or the Executive's failure to act), which, in the reasonable
determination of the Board of Parent or the Board of Company, involves fraud, or
moral turpitude, or which, if generally known, would or might have a material
adverse effect on Company, Parent and/or either of its reputation.

                  (c)      For purposes hereof, the Executive's "permanent
disability" shall be deemed to have occurred after 120 consecutive days during
which the Executive, by reason of his physical or mental disability or illness,
shall have been unable to discharge his duties under this Agreement. The date of
permanent disability shall be such 121st day. In the event either Company or the
Executive, after receipt of notice of the Executive's permanent disability from
the other, disputes that the Executive's permanent disability shall have
occurred, the Executive shall promptly submit to a physical examination by the
chief of medicine of any major accredited hospital in Michigan and, unless such
physician shall issue his written statement to the effect that in his opinion,
based on his diagnosis, the Executive is capable of resuming his employment and
devoting his full time and energy to discharging his duties within 30 days after
the date of such statement, such permanent disability shall be deemed to have
occurred.

         8.       Compensation Upon Termination or Disability.

                  (a)      If Company terminates the Executive's employment
under this Agreement without "cause" pursuant to paragraph 7(a)(i) hereof or if
Executive voluntarily terminates this Agreement for Good Reason (as defined
below), or if the Company notifies the Executive of its desire to terminate this
Agreement pursuant to paragraph 2 hereof, the Executive shall be entitled to any
unpaid Base Salary, Incentive Compensation and benefits accrued and earned by
him hereunder up to and including the effective date of such termination, which
shall be paid by Company to the Executive within 30 days of the effective date
of such termination, and, if the Executive fully complies with paragraph 10 of
this Agreement, Company shall pay the Executive during each of the 12 months
following the effective date of termination an amount equal to a pro rata
portion of the annual Base Salary that would otherwise be payable during such
month (the "Severance Payment"). For purposes hereof, "Good Reason" means the
occurrence of the following events: (i) a substantial adverse change, not
consented to by Executive, in the nature or scope of Executive's
responsibilities, authority or duties hereunder, or (ii) the requirement that
Executive relocate to another location of the Company outside a thirty-five (35)
mile radius from the location of Executive's office as of the date hereof for a
period of greater than 30 days. Notwithstanding the foregoing, Company, in its
sole discretion, may elect to make the Severance

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Payment to the Executive in one lump sum due within 30 days of the Executive's
termination of employment.

                  (b)      In the event of termination of the Executive's
employment under this Agreement for "cause" or if the Executive voluntarily
terminates his employment hereunder, the Executive shall be entitled to no
further compensation or other benefits under this Agreement, except only as to
any unpaid Base Salary, Incentive Compensation and benefits accrued and earned
by him hereunder up to and including the effective date of such termination.

                  (c)      In the event of termination of the Executive's
employment under this Agreement due to the Executive's permanent disability or
death, the Executive (or his successors and assigns in the event of his death)
shall be entitled to any unpaid Base Salary, Incentive Compensation and benefits
accrued and earned by him hereunder up to and including the effective date of
such termination, which shall be paid by Company to the Executive or his
successors and assigns, as appropriate, within 30 days of the effective date of
such termination, and Company shall pay the Executive monthly an amount equal to
one-twelfth of the Base Salary that would otherwise be payable under this
Agreement for a period of 12 months if the Executive fully complies with
paragraph 10 of this Agreement (the "Disability Payment"); provided, however,
that payments so made to the Executive shall be reduced by the sum of the
amounts, if any, which: (i) were paid to the Executive at or prior to the time
of any such payment under disability benefit plans of Company, and (ii) did not
previously reduce the Base Salary, Incentive Compensation and other benefits due
the Executive under paragraph 4(d) of this Agreement. Notwithstanding the
foregoing, Company, in its sole discretion, may elect to make the Disability
Payment to the Executive in one lump sum due within 30 days of the Executive's
termination of employment.

                  (d)      Regardless of the reason for termination of the
Executive's employment hereunder, Incentive Compensation and benefits shall be
prorated and paid for any period of employment not covering an entire year of
employment.

                  (e)      Notwithstanding anything to the contrary in this
paragraph 8, Company's obligation to pay, and the Executive's right to receive,
any compensation under this paragraph 8, including, without limitation, the
Severance Payment and the Disability Payment, shall terminate upon the
Executive's breach of any provision of paragraph 10 hereof. In addition, the
Executive shall promptly forfeit any compensation received from Company under
this paragraph 8, including, without limitation, the Severance Payment and the
Disability Payment, upon the Executive's breach of any provision of paragraph 10
hereof.

                  (f)      Notwithstanding anything to the contrary in this
paragraph 8, all Severance Payments are contingent on Executive signing a
release of claims, substantially in the form attached hereto as Exhibit A.

         9.       Stock Options. In the event of termination of the Executive's
employment under this Agreement for "cause", all stock options in Parent or
other stock-based compensation awarded to the Executive shall lapse and be of no
further force or effect whatsoever. In the event that the Company terminates the
Executive's employment under this Agreement without "cause",

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a stock option or award may be exercised within 90 days following termination,
but only to the extent it was otherwise exercisable at the time of termination.

         10.      Covenant Not To Compete and Confidentiality.

                  (a)      The Executive acknowledges Company's and Parent's
reliance and expectation of the Executive's continued commitment to performance
of his duties and responsibilities under this Agreement. In light of such
reliance and expectation on the part of Company and Parent, the Executive agrees
to the provisions set forth below:

                           (i)      Executive shall not compete with the Company
         or Parent as defined in this paragraph 10(a)(i), for a period
         commencing on the Effective Date and ending upon:

                                    (A)      if this Agreement terminates on the
                           Contract Term Date having run its full course, the
                           first anniversary of the terminate date,

                                    (B)      if this Agreement is terminated by
                           the Company under paragraph 7(a)(ii) or by Executive
                           under paragraph 7(a)(i), the later to occur of (I)
                           the Contract Term Date or (II) one year from the date
                           of termination, or

                                    (C)      The Company terminates this
                           Agreement under paragraph 7(a)(i), the first
                           anniversary of the termination date.

                           The phrase "shall not compete with the Company or
         Parent" means that Executive shall not, directly or indirectly, engage
         in, or have an interest in or be associated with (whether as an
         officer, director, stockholder, partner, associate, employee,
         consultant, owner or otherwise) any corporation, firm or enterprise
         which is engaged in the manufactured home finance business or any other
         business activity of the Company or Parent in which Executive has any
         involvement during the term of this Agreement anywhere within the
         continental United States or Canada (the "Business"); provided,
         however, that Executive shall be permitted to make passive investments
         in real estate and technology, active investments in real estate and
         technology that do not interfere or conflict with the performance of
         Executive's duties or directly compete with the Business, and passive
         investments in the stock of any publicly traded business (including a
         competitive business), so long as the stock investment in any
         competitive business does not rise above one percent (1%) of the
         outstanding shares of such business.

                           (ii)     the Executive will not at any time, for so
         long as any Confidential Information (as defined below) shall remain
         confidential or otherwise remain wholly or partially protectable,
         either during the term of this Agreement or thereafter, use or
         disclose, directly or indirectly, to any person outside of Company,
         Parent or any Affiliate any Confidential Information;

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                           (iii)    promptly upon the termination of this
         Agreement for any reason, the Executive (or in the event of the
         Executive's death, his personal representative) shall return to Company
         any and all copies (whether prepared by or at the direction of Company
         or Executive) of all records, drawings, materials, memoranda and other
         data constituting or pertaining to Confidential Information;

                           (iv)     for a period commencing on the date of this
         Agreement and ending upon the expiration of 12 months from the
         termination of this Agreement for any reason, or in the event that the
         Executive is terminated without "cause", then for such period as the
         Executive is covered by the Severance Payment, the Executive shall not,
         either directly or indirectly, divert, or by aid to others, do anything
         which would tend to divert, from Company, Parent or any Affiliate any
         trade or business with any customer or supplier with whom the Executive
         had any contact or association during the term of the Executive's
         employment with Company or with any party whose identity or potential
         as a customer or supplier was confidential or learned by the Executive
         during his employment by Company; and

                           (v)      for a period commencing on the date of this
         Agreement and ending upon the expiration of 12 months from the
         termination of this Agreement for any reason, or in the event that the
         Executive is terminated without "cause", then for such period as the
         Executive is covered by the Severance Payment, the Executive shall not,
         either directly or indirectly, solicit for employment any person with
         whom the Executive was acquainted while in Company's employ.

         As used in this Agreement, the term "Confidential Information" shall
mean all business information of any nature and in any form which at the time or
times concerned is not generally known to those persons engaged in business
similar to that conducted or contemplated by Company, Parent or any Affiliate
(other than by the act or acts of an employee not authorized by Company to
disclose such information) and which relates to any one or more of the aspects
of the present or past business of Company, Parent or any of the Affiliates or
any of their respective predecessors, including, without limitation, patents and
patent applications, inventions and improvements (whether or not patentable),
development projects, policies, processes, formulas, techniques, know-how, and
other facts relating to sales, advertising, promotions, financial matters,
customers, customer lists, customer purchases or requirements, and other trade
secrets.

                  (b)      The Executive agrees and understands that the remedy
at law for any breach by him of this paragraph 10 will be inadequate and that
the damages flowing from such breach are not readily susceptible to being
measured in monetary terms. Accordingly, it is acknowledged that, upon adequate
proof of the Executive's violation of any legally enforceable provision of this
paragraph 10, Company shall be entitled to immediate injunctive relief and may
obtain a temporary order restraining any threatened or further breach. Nothing
in this paragraph 10 shall be deemed to limit Company's remedies at law or in
equity for any breach by the Executive of any of the provisions of this
paragraph 10 which may be pursued or availed of by Company.

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                  (c)      The parties acknowledge and agree that the covenants
set forth in this Section 10 above are reasonable and valid in geographical and
temporal scope and in all other respects. If any court determines that any
covenant set forth in this Section 10, or any portion of any such covenant, is
invalid or unenforceable, the remainder of the covenants set forth in this
Section 10 shall not be affected and shall be given full force and effect,
without regard to the invalid covenant or the invalid portion. If any court
determines that any covenant set forth in this Section 10, or any portion of any
such covenant, is unenforceable because of its duration or geographic scope,
such court shall have the power to reduce such duration or scope, as the case
may be, and to enforce such covenant or portion in such reduced form.

         11.      No Conflicting Agreements. The Executive represents and
warrants that other than his position as an executive of Parent, he is not a
party to any agreements, contracts, understandings or arrangements, whether
written or oral, in effect which would prevent him from rendering exclusive
services to Company during the term hereof, and that he has not made and will
not make any commitment to do any act in conflict with this Agreement.

         12.      Arbitration. Any dispute or controversy arising out of or
relating to this Agreement shall be settled finally and exclusively by
arbitration in the State of Michigan in accordance with the rules of the
American Arbitration Association then in effect. Such arbitration shall be
conducted by an arbitrator(s) appointed by the American Arbitration Association
in accordance with its rules and any finding by such arbitrator(s) shall be
final and binding upon the parties. Judgment upon any award rendered by the
arbitrator(s) may be entered in any court having jurisdiction thereof, and the
parties consent to the jurisdiction of the Oakland County, Michigan Circuit
Court for this purpose. Nothing contained in this Section 12 shall be construed
to preclude Company from obtaining injunctive or other equitable relief to
secure specific performance or to otherwise prevent a breach or contemplated
breach of this Agreement by the Executive as provided in Section 10 hereof.

         13.      Notice. All notices, requests, consents and other
communications, required or permitted to be given hereunder to be given under
this Agreement shall be personally delivered in writing or shall have been
deemed duly given when received after it is posted in the United States mail,
postage prepaid, registered or certified, return receipt requested addressed as
follows:

                  If to Company:

                           Origen Financial L.L.C.
                           27777 Franklin Road
                           Suite 1700
                           Southfield, Michigan 48034

                  If to Parent:

                           Origen Financial, Inc.
                           27777 Franklin Road
                           Suite 1700
                           Southfield, Michigan 48034

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                  If to the Executive:

                           _________________________
                           _________________________
                           _________________________

                  In all events, with a copy to:

                           Jaffe, Raitt, Heuer & Weiss,
                             Professional Corporation
                           One Woodward Avenue, Suite 2400
                           Detroit, Michigan  48226
                           Attn:  Peter Sugar

                  14.      Miscellaneous.

                  (a)      The provisions of this Agreement are severable and if
any one or more provisions may be determined to be illegal or otherwise
unenforceable, in whole or in part, the remaining provisions and any partially
unenforceable provision to the extent enforceable in any jurisdiction
nevertheless shall be binding and enforceable.

                  (b)      The rights and obligations of Company under this
Agreement shall inure to the benefit of, and shall be binding on, Company and
its successors and assigns, and the rights and obligations (other than
obligations to perform services) of the Executive under this Agreement shall
inure to the benefit of, and shall be binding upon, the Executive and his heirs,
personal representatives and assigns. This Agreement is personal to Executive
and he may not assign his obligations under this Agreement in any manner
whatsoever.

                  (c)      The failure of any party to enforce any provision or
protections of this Agreement shall not in any way be construed as a waiver of
any such provision or provisions as to any future violations thereof, nor
prevent that party thereafter from enforcing each and every other provision of
this Agreement. The rights granted the parties herein are cumulative and the
waiver of any single remedy shall not constitute a waiver of such party's right
to assert all other legal remedies available to it under the circumstances.

                  (d)      This Agreement supersedes all agreements and
understandings between the parties and may not be modified or terminated orally.
No modification, termination or attempted waiver shall be valid unless in
writing and signed by the party against whom the same is sought to be enforced.

                  (e)      This Agreement shall be governed by and construed
according to the laws of the State of Michigan.

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                  (f)      Captions and section headings used herein are for
convenience and are not a part of this Agreement and shall not be used in
construing it.

                  (g)      This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                    [Signatures contained on following page]

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         IN WITNESS WHEREOF, the parties have executed this Employment Agreement
effective as of the date first written above.

EXECUTIVE:                      COMPANY:
                                ORIGEN FINANCIAL L.L.C.,
                                a Delaware limited liability company

/s/ W. Anderson Geater, Jr.     By: /s/ Ronald A. Klein
---------------------------         ----------------------------
W. Anderson Geater, Jr.         Its: CEO
                                    ----------------------------

                                PARENT:
                                ORIGEN FINANCIAL, INC.,
                                a Delaware corporation

                                By: /s/ Ronald A. Klein
                                   -----------------------------
                                Its: CEO
                                    ----------------------------

                                       11<PAGE>

                                                                    EXHIBIT 10.9

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (this "Agreement") by and between ORIGEN
FINANCIAL, INC., a Delaware corporation ("Parent"), ORIGEN FINANCIAL L.L.C., a
Delaware limited liability company (the "Company") and RONALD A. KLEIN
("Executive") is made and entered into on October 8, 2003 (the "Effective
Date").

                                    RECITAL:

         A.       Company desires to employ Executive, and Executive desires to
be employed by Company, in accordance with the terms of this Agreement.

         NOW, THEREFORE, in consideration of the mutual promises contained in
this Agreement, the parties agree as follows:

         1.       Employment.

                  (a)      Company agrees to employ Executive and Executive
accepts the employment, on the terms and subject to the conditions set forth
below. During the term of employment hereunder, Executive shall serve as the
Chief Executive Officer of Company, and shall do and perform diligently all such
services, acts and things as are customarily done and performed by the Chief
Executive Officer of companies in similar business and in size to Company,
together with such other duties as may reasonably be requested from time to time
by the Board of Directors of Company (the "Board"), which duties shall be
consistent with Executive's position as set forth above. Executive will report
and be subordinate to the Board. The Board will define and refine Executive's
job duties and responsibilities from time to time. Executive shall also serve as
the Chief Executive Officer of Parent without additional compensation therefor.

                  (b)      For service as an officer and employee of Company,
Executive shall be entitled to the full protection of the applicable
indemnification provisions of the Certificate of Incorporation of Company, as it
may be amended from time to time. Company agrees that Executive will be named as
an additional insured under Company's Directors' and Officers' Errors and
Omissions Insurance during his employment hereunder.

         2.       Term of Employment.

                  (a)      Subject to the provisions for termination provided
below, the term of Executive's employment under this Agreement shall commence on
the Effective Date and shall continue thereafter until the third anniversary of
the Effective Date; provided however, that the term of this Agreement shall be
automatically extended for successive terms of one (1) year each, unless either
party notifies the other party in writing of its desire to terminate this
Agreement at least ninety (90) days before the end of the term then in effect.
The date that this Agreement is scheduled to expire in accordance with the
foregoing sentence is referred to as the "Contract Term Date". In the event that
the term of this Agreement is automatically extended pursuant to this paragraph
2(a), the Base Salary (as defined in paragraph 4(b) below) then in effect shall
be increased by five percent (5%) for each successive one-year extension.

                  (b)      Executive acknowledges and agrees that Executive is
an "at-will" employee and that Executive's employment may be terminated, with or
without cause, at the option of Executive or Company.

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         3.       Devotion to Company's Business.

                  During the term of this Agreement, Executive shall devote his
entire productive time, ability and attention exclusively to the business of
Company and Parent and Executive shall not engage in any other business
activity, whether or not such business activity is pursued for gain or profit.
The foregoing shall not be construed as preventing Executive from devoting
reasonable amounts of time to various charitable and other community activities
or from managing his personal investments or investing his assets in such form
or manner as will not require any significant services on his part in the
operation of the affairs of the businesses or entities in which such investments
are made, provided the amount of time so devoted does not materially impair,
detract or adversely affect the performance of Executive's duties under this
Agreement.

         4.       Compensation.

                  (a)      General Statement. During the term of this Agreement,
Company shall pay or provide, as the case may be, to Executive the compensation
and other benefits and rights set forth in paragraphs 4, 5 and 6 of this
Agreement.

                  (b)      Base Compensation. As compensation for the services
to be performed hereafter, Company shall pay to Executive, during his employment
hereunder, an annual base salary (the "Base Salary") payable in accordance with
Company's usual pay practices (and in any event no less frequently than monthly)
at the rate of:

                           (i)      Four Hundred Thousand Dollars ($400,000.00)
                                    for the period beginning on the Effective
                                    Date and ending on the day prior to the
                                    first anniversary of the Effective Date;

                           (ii)     Four Hundred Twenty Five Thousand Dollars
                                    ($425,000.00) for the period beginning on
                                    the first anniversary of the Effective Date
                                    and ending on the day prior to the second
                                    anniversary of the Effective Date; and

                           (ii)     Four Hundred Fifty Thousand Dollars
                                    ($450,000.00) thereafter.

                  (c)      Incentive Compensation. As soon as practicable after
the date hereof, the Board of Parent shall prepare and adopt an appropriate
executive bonus plan (the "Bonus Plan") pursuant to which Company pays annual
incentive compensation to Executive (and the other executive-level employees of
Company) based on the Company and Parent achieving certain performance criteria
established by the Board of Parent pursuant to the Bonus Plan. Executive shall
be eligible to receive an award, which may include equity in Parent, under the
Bonus Plan on the terms and conditions as are set forth therein and may also be
eligible to receive such other bonus as determined by the Board of Parent
(collectively, "Incentive Compensation"). Company shall pay Executive a bonus in
an amount not less than $344,161, no later than August 1, 2004.

                  (d)      Equity Compensation. Parent has established the 2003
Equity Incentive Plan (the "Equity Incentive Plan"). Concurrently with the
execution of this Agreement, Parent has granted Executive sixty thousand
(60,000) restricted shares of Parent's common stock, in accordance with the
terms and conditions of the Equity Incentive Plan and that certain Restricted
Stock Award Agreement, of even date herewith. Executive shall be eligible to
receive future option grants and/or restricted share grants as approved by
Parent's Compensation Committee.

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                  (f)      Disability. During any period that Executive is
Disabled (as defined below) (the "Disability Period"), Executive shall continue
to receive his full Base Salary, Incentive Compensation and other benefits at
the rate in effect for such period until his employment is terminated by Company
pursuant to paragraph 7(a)(ii) hereof; provided, however, that payments so made
to Executive during the Disability Period shall be reduced by the sum of the
amounts, if any, which were paid to Executive at or prior to the time of any
such payment under disability benefit plans of Company. For purposes of this
Agreement, Executive shall be deemed to be "Disabled" if he is eligible to
receive disability benefits under any disability benefit plan or policy provided
by Company to its employees generally or to Executive specifically (an "Company
Sponsored Plan"). If Company does not provide coverage to executive under an
Company Sponsored Plan, Executive shall be deemed to be "Disabled" if he is
unable to perform the essential functions of his duties hereunder (with or
without reasonable accommodation by Company) as a result of incapacity due to
physical or mental illness.

         5.       Benefits.

                  (a)      Insurance. Company shall provide to Executive life,
disability, medical, hospitalization and dental insurance for himself, his
spouse and eligible family members as may be determined by the Board to be
consistent with Company's standard policies.

                  (b)      Benefit Plans. Executive, at his election, may
participate, during his employment hereunder, in all retirement plans, 401(K)
plans and other benefit plans of Company generally available from time to time
to other executive employees of Company, Parent or their subsidiaries (the
"Subsidiaries") and for which Executive qualifies under the terms of the plans
(and nothing in this Agreement shall or shall be deemed to in any way affect
Executive's right and benefits under any such plan except as expressly provided
herein). Executive shall also be entitled to participate in any equity incentive
plan, option plan or other employee benefit plan that is generally available to
senior executives, as distinguished from general management, of Company, Parent
or the Subsidiaries. Executive's participation in and benefits under any such
plan shall be on the terms and subject to the conditions specified in the
governing document of the particular plan.

                  (c)      Annual Vacation. Executive shall be entitled to five
(5) weeks of vacation time each year without loss of compensation. Executive
shall not take more than ten (10) consecutive calendar days of vacation without
the prior approval of the Board. In the event that Executive is unable for any
reason to take the total amount of vacation time authorized herein during any
year, he may accrue such unused time and add it to the vacation time for any
following year; provided, however, that no more than twenty (20) business days
of accrued vacation time may be carried over at any time (the "Carry-Over
Limit"). In the event that Executive has accrued and unused vacation time in
excess of the Carry-Over Limit (the "Excess Vacation Time"), the Excess Vacation
Time shall be paid to Executive within ten (10) days of the end of the year in
which the Excess Vacation Time was earned based on the Base Salary then in
effect. Upon any termination of this Agreement for any reason whatsoever,
accrued and unused vacation time (not to exceed thirty (30) business days) shall
be paid to Executive within ten (10) days of such termination based on the Base
Salary in effect on the date of such termination.

         6.       Reimbursement of Business Expenses.

                  Company shall reimburse Executive or provide him with an
expense allowance during the term of this Agreement for travel, entertainment,
business development and other expenses reasonably and necessarily incurred by
Executive in connection with Company's business. Executive shall furnish such
documentation with respect to reimbursement to be paid hereunder as Company
shall reasonably request.

                                      -3-
<PAGE>

         7.       Termination of Employment.

                  (a)      This Agreement and Executive's employment hereunder
may be terminated:

                           (i) by either Executive or Company at any time for
         any reason whatsoever or for no reason upon not less than sixty (60)
         days written notice;

                           (ii) by Company at any time for "cause" (as defined
         below) without prior notice; and

                           (iii) upon Executive's death.

                  (b)      For purposes hereof, for "cause" means (i) Executive
has been Disabled for a total of at least 120 days in any twelve month period,
(ii) a material breach of any provision of this Agreement by Executive (if the
breach is curable, it will constitute cause only if it continues uncured for a
period of twenty (20) days after Executive's receipt of written notice of such
breach from Company), (iii) Executive's failure or refusal, in any material
manner, to perform all lawful services required of him pursuant to this
Agreement, which failure or refusal continues for more than twenty (20) days
after Executive's receipt of written notice of such deficiency, (iv) Executive's
commission of fraud, embezzlement or theft, or a crime constituting moral
turpitude, in any case whether or not involving Company, that in the reasonable
good faith judgment of the Board of Parent or the Board of Company, renders
Executive's continued employment harmful to Company, (v) Executive's
misappropriation of Company assets or property, including, without limitation,
obtaining reimbursement through fraudulent vouchers or expense reports, or (vi)
Executive's conviction or the entry of a plea of guilty or no contest by
Executive with respect to any felony or other crime that, in the reasonable good
faith judgment of the Board of Parent or the Board of Company, adversely affects
Company, Parent and/or either of its reputation or business.

         8.       Compensation Upon Termination.

                  (a)      If Company terminates this Agreement pursuant to
paragraph 7(a)(i) hereof or if Executive voluntarily terminates this Agreement
for Good Reason (as defined below) or if this Agreement is terminated on a
Contract Term Date because Company notifies Executive that this Agreement will
not be renewed pursuant to paragraph 2(a), then (i) Executive shall be entitled
to any unpaid Base Salary and Incentive Compensation accrued and earned by him
hereunder up to and including the effective date of such termination (which
shall be paid by Company to Executive within thirty (30) days after the
effective date of such termination), (ii) Company shall continue to pay
Executive the Base Salary at the usual intervals during the Severance Period (as
defined below), but only if Executive fully complies with paragraph 9 of this
Agreement, (iii) during the Severance Period, Company shall pay Executive's
COBRA premiums for medical insurance benefits in effect on the date of
termination (provided that the Severance Period counts against, and is not in
addition to, the 18-month statutory COBRA period), but only if Executive fully
complies with paragraph 9 of this Agreement, and (iv) Executive's outstanding
stock options and restricted shares may be exercised, but only to the extent
they were otherwise exercisable on the date of termination, within the ninety
day period following termination of service, provided however, that the
restricted share grant of 60,000 shares granted pursuant to Section 4(d) shall
accelerate and be fully vested upon a termination without "cause".
Notwithstanding any other provision of this Agreement to the contrary, (A)
Company's obligations under this paragraph 8(a) shall be contingent on Executive
executing and delivering to Company a general release of claims, substantially
in the form attached hereto as Exhibit A, and (B) if Executive engages in
full-time employment after the termination of this Agreement (whether as an
executive or as a self-employed person), any employee benefit and

                                      -4-
<PAGE>

welfare benefits received by Executive in consideration of such employment which
are similar in nature to the employee benefit and welfare benefits provided by
Company will relieve Company of its obligations under paragraph 8(a)(iii) to
provide comparable benefits to the extent of the benefits so provided. For
purposes hereof, (1) the "Severance Period" means the period commencing on the
date of termination of this Agreement and ending on the first anniversary of the
date of termination of this Agreement, and (2) "Good Reason" means the
occurrence of any of the following events: (a) a substantial adverse change, not
consented to by Executive, in the nature or scope of Executive's
responsibilities, authorities or duties hereunder, (b) an involuntary reduction
in Executive's Base Salary except for an across-the-board salary reduction
similarly affecting all or substantially all employees, or (c) the requirement
that Executive relocate to another location of Company outside a sixty (60) mile
radius from the location of Executive's office as of the date hereof for a
period greater than thirty (30) consecutive days.

                  (b)      If Company terminates this Agreement pursuant to
paragraph 7(a)(iii) hereof, (i) Executive shall be entitled to any unpaid Base
Salary and Incentive Compensation accrued and earned by him hereunder up to and
including the effective date of such termination (which shall be paid by Company
to Executive's estate within thirty (30) days of the effective date of such
termination) and (ii) Company shall continue to pay Executive's estate the Base
Salary at the usual intervals for the period up to the first anniversary of the
termination.

                  (c)      If Executive voluntarily terminates this Agreement
pursuant to paragraph 7(a)(i) for any reason other than Good Reason or Company
terminates this Agreement pursuant to paragraph 7(a)(ii), (i) Executive shall be
entitled to no further compensation or other benefits under this Agreement,
other than any unpaid Base Salary and Incentive Compensation accrued and earned
by Executive hereunder for the period up to and including the effective date of
such termination, and (ii) Executive shall forfeit all unvested stock options
and restricted shares awarded under the Equity Incentive Plan.

                  (d)      Except as otherwise specified in this paragraph 8,
Executive shall not be entitled to any other compensation or benefits upon the
termination of his employment with Company for any reason whatsoever.

                  (e)      Immediately upon the cessation of Executive's
employment with the Company for any reason whatsoever, notwithstanding anything
else to the contrary contained in this Agreement or otherwise, Executive will
stop serving the functions of his terminated or expired position(s) and shall be
without any of the authority or responsibility for such position(s). Upon
request, at any time following the cessation of his employment for any reason,
Executive shall resign from the Board if then a member.

                  (f)      Notwithstanding anything to the contrary in this
paragraph 8, Company's obligation to pay, and Executive's right to receive, any
compensation under this paragraph 8, shall terminate upon Executive's breach of
any provision of paragraph 9 hereof. In addition, Executive shall promptly
forfeit any compensation received from Company under this paragraph 8 upon
Executive's breach of any provision of paragraph 9 hereof.

         9.       Covenant Not To Compete and Confidentiality.

                  (a)      Executive acknowledges Company's and Parent's
reliance and expectation of Executive's continued commitment to performance of
his duties and responsibilities under this Agreement. In light of such reliance
and expectation on the part of Company and Parent, Executive agrees to the
provisions set forth below.

                                      -5-
<PAGE>

                           (i) Executive shall not compete with Company or
         Parent, as defined in paragraph 9(a)(ii) below, for a period commencing
         on the Effective Date and ending upon:

                            (A) if this Agreement terminates on the Contract
                           Term Date having run its full course, the first
                           anniversary of the termination date,

                           (B) if this Agreement is terminated by Company under
                           paragraph 7(a)(ii) or by Executive under paragraph
                           7(a)(i), the later to occur of (I) the Contract Term
                           Date or (II) one year from the date of termination,
                           or

                           (C) if Company terminates this Agreement under
                           paragraph 7(a)(i), the first anniversary of the
                           termination date.

                           (ii) The phrase "shall not compete with Company or
         Parent" means that Executive shall not, directly or indirectly, engage
         in, or have an interest in or be associated with (whether as an
         officer, director, stockholder, partner, associate, employee,
         consultant, owner or otherwise) any corporation, firm or enterprise
         which is engaged in the manufactured home finance business or any other
         business activity of Company or Parent in which Executive has any
         involvement during the term of this Agreement anywhere within the
         continental United States or Canada (the "Business"); provided,
         however, that Executive shall be permitted to make passive investments
         in real estate and technology, active investments in real estate and
         technology that do not interfere or conflict with the performance of
         Executive's duties or directly compete with the Business, and passive
         investments in the stock of any publicly traded business (including a
         competitive business), so long as the stock investment in any
         competitive business does not rise above one percent (1%) of the
         outstanding shares of such business.

                           (iii) Executive shall not at any time, for so long as
         any Confidential Information (as defined below) shall remain
         confidential or otherwise remain wholly or partially protectable,
         either during the term of this Agreement or thereafter, use or disclose
         any Confidential Information, directly or indirectly, to any person
         outside of Company, Parent or any company owned or controlled by
         Company or Parent or under common control with Company, Parent or the
         Subsidiaries (an "Affiliate").

                           (iv) Promptly upon the termination of this Agreement
         for any reason, Executive (or in the event of Executive's death, his
         personal representative) shall return to Company any and all copies
         (whether prepared by or at the direction of Company or Executive) of
         all records, drawings, materials, memoranda and other data constituting
         or pertaining to Confidential Information.

                           (v) For a period commencing on the Effective Date and
         ending upon the expiration of 18 months from the termination of this
         Agreement for any reason, or in the event that the Executive is
         terminated without "cause", then for such period as the Executive is
         covered by the Severance Payment, Executive shall not, either directly
         or indirectly, divert, or by aid to others, do anything which would
         tend to divert, from Company, Parent or any Affiliate any trade or
         business with any customer or supplier with whom Executive had any
         contact or association during the term of Executive's employment with
         Company or with any party whose identity or potential as a customer or
         supplier was confidential or learned by Executive during his employment
         by Company.

                                      -6-
<PAGE>

                           (vi) For a period commencing on the Effective Date
         and ending upon the expiration of 18 months from the termination of
         this Agreement for any reason, or in the event that the Executive is
         terminated without "cause", then for such period as the Executive is
         covered by the Severance Payment, Executive shall not, either directly
         or indirectly, employ, solicit for employment, or advise or recommend
         to any other person that such other person employ or solicit for
         employment, any person employed by Company during the term of this
         Agreement.

         As used in this Agreement, the term "Confidential Information" shall
mean all business information of any nature and in any form which at the time or
times concerned is not generally known to those persons engaged in business
similar to that conducted or contemplated by Company, Parent or any Affiliate
(other than by the act or acts of an employee not authorized by Company to
disclose such information) and which relates to any one or more of the aspects
of the business of Company, Parent or any of the Affiliates or any of their
respective predecessors, including, without limitation, patents and patent
applications, inventions and improvements (whether or not patentable),
development projects, policies, processes, formulas, techniques, know-how, and
other facts relating to sales, advertising, promotions, financial matters,
customers, customer lists, customer purchases or requirements, and other trade
secrets.

                  (b)      Executive agrees and understands that the remedy at
law for any breach by him of this paragraph 9 will be inadequate and that the
damages flowing from such breach are not readily susceptible to being measured
in monetary terms. Accordingly, Executive acknowledges that Company shall be
entitled to immediate injunctive relief and may obtain a temporary order
restraining any threatened or further breach. Nothing in this paragraph 9 shall
be deemed to limit Company's remedies at law or in equity for any breach by
Executive of any of the provisions of this paragraph 9 which may be pursued or
availed of by Company.

                  (c)      Executive acknowledges and agrees that the covenants
set forth above are reasonable and valid in geographical and temporal scope and
in all other respects. If any court determines that any of the covenants, or any
part of any covenant, is invalid or unenforceable, the remainder of the
covenants shall not be affected and shall be given full effect, without regard
to the invalid portion. If any court determines that any of the covenants, or
any part of any covenant, is unenforceable because of its duration or geographic
scope, such court shall have the power to reduce the duration or scope, as the
case may be, and, enforce such provision in such reduced form. Executive and
Company intend to and hereby confer jurisdiction to enforce the covenants upon
the courts of any jurisdiction within the geographical scope of such covenants.
If the courts of any one or more of such jurisdictions hold the covenants, or
any part of any covenant, unenforceable by reason of the breadth of such scope
or otherwise, it is the intention of Executive and Company that such
determination not bar or in any way affect the right of Company to the relief
provided above in the courts of any other jurisdiction within the geographical
scope of such covenants as to breaches of such covenants in such other
respective jurisdictions. For this purpose, such covenants as they relate to
each jurisdiction shall be severable into diverse and independent covenants.

         10.      No Conflicting Agreements. Executive represents and warrants
that other than his position as an executive of Parent, he is not a party to any
agreements, contracts, understandings or arrangements, whether written or oral,
in effect which would prevent him from rendering exclusive services to Company
during the term hereof, and that he has not made and will not make any
commitment to do any act in conflict with this Agreement.

                                      -7-
<PAGE>

         11.      Arbitration. The parties agree that any and all disputes,
controversies or claims of any nature whatsoever relating to, or arising out of,
this Agreement or Executive's employment, whether in contract, tort, or
otherwise (including, without limitation, claims of wrongful termination of
employment, claims under Title VII of the Civil Rights Act, the Fair Labor
Standards Act, the Americans with Disabilities Act, the Age Discrimination in
Employment Act, or comparable state or federal laws, and any other laws dealing
with employees' rights and remedies), shall be settled by mandatory arbitration
administered by the American Arbitration Association under its National Rules
for the Resolution of Employment Disputes (the "Rules") and the following
provisions: (A) a single arbitrator (the "Arbitrator"), mutually agreeable to
Company and Executive, shall preside over the arbitration and shall make all
decisions with respect to the resolution of the dispute, controversy or claim
between the parties; (B) in the event that Company and Executive are unable to
agree on an Arbitrator within fifteen (15) days after either party has filed for
arbitration in accordance with the Rules, they shall select a truly neutral
arbitrator in accordance with the rules for the selection of neutral
arbitrators, who shall be the "Arbitrator" for the purposes of this paragraph
11; (C) the place of arbitration shall be Southfield, Michigan unless mutually
agreed otherwise; (D) judgment may be entered on any award rendered by the
Arbitrator in any federal or state court having jurisdiction over the parties;
(E) all fees and expenses of the Arbitrator shall be shared equally between
Company and Executive; (F) the decision of the Arbitrator shall govern and shall
be conclusive and binding upon the parties; (G) the parties shall be entitled to
reasonable levels of discovery in accordance with the Federal Rules of Civil
Procedure or as permitted by the Arbitrator, provided, however, that the time
permitted for discovery shall not exceed eight (8) weeks and each party shall be
limited to two (2) depositions; and (H) this provision shall be enforceable by
specific performance and/or injunctive relief, and shall constitute a basis for
dismissal of any legal action brought in violation of the duty to arbitrate. The
parties hereby acknowledge that it is their intent to expedite the resolution of
any dispute, controversy or claim hereunder and that the Arbitrator shall
schedule the timing of discovery and of the hearing consistent with that intent.
Notwithstanding anything to the contrary herein, nothing contained in this
paragraph shall be construed to preclude Company from obtaining injunctive or
other equitable relief to secure specific performance or to otherwise prevent
Executive's breach of paragraph 9 of this Agreement.

         12.      Notice. All notices, requests, consents and other
communications, required or permitted to be given under this Agreement shall be
personally delivered in writing or shall have been deemed duly given when
received after it is posted in the United States mail, postage prepaid,
registered or certified, return receipt requested addressed as set forth below.
In addition, a party may deliver a notice via another reasonable means that
results in the recipient party receiving actual notice, as conclusively
demonstrated by the party giving such notice.

                  If to Company:

                           Origen Financial L.L.C.
                           27777 Franklin Road, Suite 1700
                           Southfield, Michigan 48034

                  If to Parent:

                           Origen Financial, Inc.
                           27777 Franklin Road, Suite 1700
                           Southfield, Michigan 48034
                           Attn: Board of Directors

                                      -8-
<PAGE>
                  If to Executive:

                           Ronald A. Klein
                           27777 Franklin Road, Suite 1700
                           Southfield, Michigan 48034

                  In all events, with a copy to:

                           Jackier, Gould, Bean, Upfal & Eizelman
                           121 West Long Lake Road, Second Floor
                           Bloomfield Hills, Michigan 48304
                           Attn: Lawrence S. Jackier

                  and to:

                           Jaffe, Raitt, Heuer & Weiss,
                             Professional Corporation
                           One Woodward Avenue, Suite 2400
                           Detroit, Michigan 48226
                           Attn: Arthur A. Weiss

         13.      Indemnification. Company shall indemnify Executive, to the
maximum extent permitted by applicable law, against all costs, charges and
expenses incurred or sustained by Executive, including the cost of legal counsel
selected and retained by Executive, in connection with any action, suit or
proceeding to which Executive may be made a party by reason of Executive being
or having been an officer, director, or employee of Company.

         14.      Cooperation in Future Matters. Executive hereby agrees that
for a period of 18 months following his termination of employment he shall
cooperate with Company's reasonable requests relating to matters that pertain to
Executive's employment by Company, including, without limitation, providing
information or limited consultation as to such matters, participating in legal
proceedings, investigations or audits on behalf of Company, or otherwise making
himself reasonably available to Company for other related purposes. Any such
cooperation shall be performed at scheduled times taking into consideration
Executive's other commitments, and Executive shall be compensated at a
reasonable hourly or per diem rate to be agreed upon by the parties to the
extent such cooperation is required on more than an occasional and limited
basis. Executive shall not be required to perform such cooperation to the extent
it conflicts with any requirements of exclusivity of services for another
employer or otherwise, nor in any manner that in the good faith belief of
Executive would conflict with his rights under or ability to enforce this
Agreement.

         15.      Miscellaneous.

                  (a)      The provisions of this Agreement are severable and if
any one or more provisions may be determined to be illegal or otherwise
unenforceable, in whole or in part, the remaining provisions and any partially
unenforceable provision to the extent enforceable in any jurisdiction
nevertheless shall be binding and enforceable.

                  (b)      The rights and obligations of Company under this
Agreement shall inure to the benefit of, and shall be binding on, Company and
its successors and assigns. This Agreement is personal to Executive and he may
not assign his obligations under this Agreement in any manner whatsoever and any
purported assignment shall be void. For all purposes under this Agreement, the
term "Company" shall include any successor to Company's business and/or assets
that assumes Company's rights and obligations under this Agreement.

                                      -9-
<PAGE>

                  (c)      The failure of any party to enforce any provision or
protections of this Agreement shall not in any way be construed as a waiver of
any such provision or provisions as to any future violations thereof, nor
prevent that party thereafter from enforcing each and every other provision of
this Agreement. The rights granted the parties herein are cumulative and the
waiver of any single remedy shall not constitute a waiver of such party's right
to assert all other legal remedies available to it under the circumstances.

                  (d)      This Agreement sets forth the entire understanding
and agreement of Executive and Company with respect to its subject matter and
supersedes all prior understandings and agreements, whether written or oral, in
respect thereof. No modification, termination or attempted waiver of this
Agreement shall be valid unless in writing and signed by the party against whom
the same is sought to be enforced.

                  (e)      This Agreement shall be governed by and construed in
accordance with the laws of the State of Michigan, without regard to its
conflicts of law principles.

                  (f)      Captions and section headings used herein are for
convenience and are not a part of this Agreement and shall not be used in
construing it.

                  (g)      This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Copies (whether
photostatic, facsimile or otherwise) of this Agreement may be made and relied
upon to the same extent as an original.

                  (h)      Company will pay or reimburse Executive for all of
his reasonable legal fees incurred in connection with the negotiation and
execution of this Agreement.

                  (i)      Any payments provided for in this Agreement shall be
paid net of any applicable income tax withholding required under federal, state
or local law.

                  (j)      The provisions of paragraphs 9, 11, 13 and 14 of this
Agreement shall survive the termination of this Agreement, notwithstanding
anything to the contrary herein.

                         [SIGNATURES ON FOLLOWING PAGE]

                                      -10-
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Employment Agreement
as of the date first written above.

                                    COMPANY:

                                    ORIGEN FINANCIAL L.L.C., a Delaware limited
                                    liability company

                                    By: /s/ Ronald A. Klein
                                       ----------------------------------------
                                    Its: CEO
                                        ---------------------------------------

                                    PARENT:

                                    ORIGEN FINANCIAL, INC., a Delaware
                                    corporation

                                    By: /s/ Ronald A. Klein
                                       ----------------------------------------
                                    Its: CEO
                                        ---------------------------------------

                                    EXECUTIVE:

                                    /s/ RONALD A. KLEIN
                                    -------------------------
                                    RONALD A. KLEIN

                                      -11-

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