Document:

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                                                                   EXHIBIT 10.55

                                     FORM OF

                          NEW YORK MORTGAGE TRUST, INC.

                            2004 STOCK INCENTIVE PLAN

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                                TABLE OF CONTENTS

Section                                                                     Page

Article I    DEFINITIONS......................................................1

     1.01.   Acquiring Person.................................................1
     1.02.   Affiliate........................................................1
     1.03.   Agreement........................................................1
     1.04.   Associate........................................................1
     1.05.   Board............................................................1
     1.06.   Change in Control................................................1
     1.07.   Code.............................................................2
     1.08.   Committee........................................................2
     1.09.   Common Stock.....................................................2
     1.10.   Company..........................................................2
     1.11.   Continuing Director..............................................2
     1.12.   Control Change Date..............................................3
     1.13.   Corresponding SAR................................................3
     1.14.   Exchange Act.....................................................3
     1.15.   Fair Market Value................................................3
     1.16.   Incentive Award..................................................3
     1.17.   Initial Value....................................................3
     1.18.   Option...........................................................3
     1.19.   Participant......................................................3
     1.20.   Performance Shares...............................................4
     1.21.   Person...........................................................4
     1.22.   Plan.............................................................4
     1.23.   Related Entity...................................................4
     1.24.   SAR .............................................................4
     1.25.   Stock Award......................................................4

Article II   PURPOSES.........................................................5

Article III  ADMINISTRATION...................................................6

Article IV    ELIGIBILITY.....................................................7

Article V    COMMON STOCK SUBJECT TO PLAN.....................................8

     5.01.   Common Stock Issued..............................................8
     5.02.   Aggregate Limit..................................................8
     5.03.   Individual Limit.................................................8
     5.04.   Reallocation of Shares...........................................9

Article VI   OPTIONS.........................................................10

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     6.01.   Award...........................................................10
     6.02.   Option Price....................................................10
     6.03.   Maximum Option Period...........................................10
     6.04.   Nontransferability..............................................10
     6.05.   Transferable Options............................................10
     6.06.   Employee Status.................................................11
     6.07.   Exercise........................................................11
     6.08.   Payment.........................................................11
     6.09.   Change in Control...............................................11
     6.10.   Stockholder Rights..............................................12
     6.11.   Disposition of Shares...........................................12

Article      VII SARS........................................................13

     7.01.   Award...........................................................13
     7.02.   Maximum SAR Period..............................................13
     7.03.   Nontransferability..............................................13
     7.04.   Transferable SARs...............................................13
     7.05.   Exercise........................................................14
     7.06.   Change in Control...............................................14
     7.07.   Employee Status.................................................14
     7.08.   Settlement......................................................14
     7.09.   Stockholder Rights..............................................14

Article       VIII STOCK AWARDS..............................................15

     8.01.   Award...........................................................15
     8.02.   Vesting.........................................................15
     8.03.   Performance Objectives..........................................15
     8.04.   Employee Status.................................................16
     8.05.   Change in Control...............................................16
     8.06.   Stockholder Rights..............................................16

Article IX   PERFORMANCE SHARE AWARDS........................................17

     9.01.   Award...........................................................17
     9.02.   Earning the Award...............................................17
     9.03.   Payment.........................................................17
     9.04.   Stockholder Rights..............................................17
     9.05.   Nontransferability..............................................18
     9.06.   Transferable Performance Shares.................................18
     9.07.   Employee Status.................................................18
     9.08.   Change in Control...............................................18

Article X    INCENTIVE AWARDS................................................19

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     10.01.  Award...........................................................19
     10.02.  Terms and Conditions............................................19
     10.03.  Nontransferability..............................................19
     10.04.  Transferable Incentive Awards...................................19
     10.05.  Employee Status.................................................20
     10.06.  Change in Control...............................................20
     10.07.  Stockholder Rights..............................................20

Article XI   ADJUSTMENT UPON CHANGE IN COMMON STOCK..........................21

Article XII  COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES...........22

Article XIII GENERAL PROVISIONS..............................................23

     13.01.  Effect on Employment and Service................................23
     13.02.  Unfunded Plan...................................................23
     13.03.  Rules of Construction...........................................23

Article XIV   AMENDMENT......................................................24

Article XV   DURATION OF PLAN................................................25

Article XVI EFFECTIVE DATE OF PLAN...........................................26

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                                    ARTICLE I
                                   DEFINITIONS

1.01.    ACQUIRING PERSON

         Acquiring Person means that a Person, considered alone or as part of a
"group" within the meaning of Section 13(d)(3) of the Securities Exchange Act of
1934, as amended, is or becomes directly or indirectly the beneficial owner (as
defined in Rule 13d-3 under the Exchange Act) of securities representing at
least fifty percent (50%) of the Company's then outstanding securities entitled
to vote generally in the election of the Board.

1.02.    AFFILIATE

         Affiliate means any "subsidiary" or "parent" corporation (as such terms
are defined in Section 424 of the Code) of the Company.

1.03.    AGREEMENT

         Agreement means a written agreement (including any amendment or
supplement thereto) between the Company and a Participant specifying the terms
and conditions of a Stock Award, an award of Performance Shares, an Incentive
Award or an Option or SAR granted to such Participant.

1.04.    ASSOCIATE

         Associate, with respect to any Person, is defined in Rule 12b-2 of the
General Rules and Regulations under the Exchange Act. An Associate does not
include the Company or a majority-owned subsidiary of the Company.

1.05.    BOARD

         Board means the Board of Directors of the Company.

1.06.    CHANGE IN CONTROL

         "Change in Control" means (i) a Person is or becomes an Acquiring
Person; (ii) holders of the securities of the Company entitled to vote thereon
approve any agreement with a Person (or, if such approval is not required by
applicable law and is not solicited by the Company, the closing of such an
agreement) that involves the transfer of all or substantially all of the
Company's total assets on a consolidated basis, as reported in the Company's
consolidated financial statements filed with the Securities and Exchange
Commission; (iii) holders of the securities of the Company entitled to vote
thereon approve a transaction (or, if such approval is not required by
applicable law and is not solicited by the Company, the closing of such a
transaction) pursuant to which the Company will undergo a merger, consolidation,
or statutory

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share exchange with a Person, regardless of whether the Company is intended to
be the surviving or resulting entity after the merger, consolidation, or
statutory share exchange, other than a transaction that results in the voting
securities of the Company carrying the right to vote in elections of persons to
the Board outstanding immediately prior to the closing of the transaction
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) at least 50% (fifty percent) of
the Company's voting securities carrying the right to vote in elections of
persons to the Company's Board, or such securities of such surviving entity,
outstanding immediately after the closing of such transaction; (iv) the
Continuing Directors cease for any reason to constitute a majority of the Board;
(v) holders of the securities of the Company entitled to vote thereon approve a
plan of complete liquidation of the Company or an agreement for the sale or
liquidation by the Company of all or substantially all of the Company's assets
(or, if such approval is not required by applicable law and is not solicited by
the Company, the commencement of actions constituting such a plan or the closing
of such an agreement); or (vi) the Board adopts a resolution to the effect that,
in its judgment, as a consequence of any one or more transactions or events or
series of transactions or events, a Change in Control of the Company has
effectively occurred. The Board shall be entitled to exercise its sole and
absolute discretion in exercising its judgment and in the adoption of such
resolution, whether or not any such transaction(s) or event(s) might be deemed,
individually or collectively, to satisfy any of the criteria set forth in
subparagraphs (i) through (v) above.

1.07.    CODE

         Code means the Internal Revenue Code of 1986, and any amendments
thereto.

1.08.    COMMITTEE

         Committee means the Compensation Committee of the Board.

1.09.    COMMON STOCK

         Common Stock means the common stock, par value $0.01 per share, of the
Company.

1.10.    COMPANY

         Company means New York Mortgage Trust, Inc., a Maryland corporation.

1.11.    CONTINUING DIRECTOR

         Continuing Director means any member of the Board, while a member of
the Board and (i) who was a member of the Board on the closing date of the
Company's initial public offering of the Common Stock or (ii) whose nomination
for or election to the Board was recommended or approved by a majority of the
Continuing Directors.

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1.12.    CONTROL CHANGE DATE

         Control Change Date means the date on which a Change in Control occurs.
If a Change in Control occurs on account of a series of transactions, the
"Control Change Date" is the date of the last of such transactions.

1.13.    CORRESPONDING SAR

         Corresponding SAR means an SAR that is granted in relation to a
particular Option and that can be exercised only upon the surrender to the
Company, unexercised, of that portion of the Option to which the SAR relates.

1.14.    EXCHANGE ACT

         Exchange Act means the Securities Exchange Act of 1934, as amended.

1.15.    FAIR MARKET VALUE

         Fair Market Value means, on any given date, the reported "closing"
price of a share of Common Stock on the New York Stock Exchange. If, on any
given date, no share of Common Stock is traded on the New York Stock Exchange,
then Fair Market Value shall be determined with reference to the next preceding
day that the Common Stock was so traded.

1.16.    INCENTIVE AWARD

         Incentive Award means an award which, subject to such terms and
conditions as may be prescribed by the Committee, entitles the Participant to
receive shares of Common Stock or a cash payment from the Company or an
Affiliate.

1.17.    INITIAL VALUE

         Initial Value means, with respect to a Corresponding SAR, the option
price per share of the related Option and, with respect to an SAR granted
independently of an Option, the Fair Market Value of one share of Common Stock
on the date of grant.

1.18.    OPTION

         Option means a stock option that entitles the holder to purchase from
the Company a stated number of shares of Common Stock at the price set forth in
an Agreement.

1.19.    PARTICIPANT

         Participant means an employee of the Company or an Affiliate, a
non-employee member of the Board, or a person or entity that provides services
to the Company or an Affiliate and who satisfies the requirements of Article IV
and is selected by the Committee to receive an award of

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Performance Shares, a Stock Award, an Option, an SAR, an Incentive Award or a
combination thereof.

1.20.    PERFORMANCE SHARES

         Performance Shares means an award, in the amount determined by the
Committee, stated with reference to a specified number of shares of Common
Stock, that in accordance with the terms of an Agreement entitles the holder to
receive a cash payment or shares of Common Stock or a combination thereof.

1.21.    PERSON

         "Person" means any human being, firm, corporation, partnership, or
other entity. "Person" also includes any human being, firm, corporation,
partnership, or other entity as defined in sections 13(d)(3) and 14(d)(2) of the
Exchange Act. The term "Person" does not include the Company or any Related
Entity, and the term Person does not include any employee-benefit plan
maintained by the Company or any Related Entity, or any person or entity
organized, appointed, or established by the Company or any Related Entity for or
pursuant to the terms of any such employee-benefit plan, unless the Board
determines that such an employee-benefit plan or such person or entity is a
"Person".

1.22.    PLAN

         Plan means the New York Mortgage Trust, Inc. 2004 Stock Incentive Plan.

1.23.    RELATED ENTITY

         Related Entity means any entity that is part of a controlled group of
corporations or is under common control with the Company within the meaning of
Sections 1563(a), 414(b) or 414(c) of the Code.

1.24.    SAR

         SAR means a stock appreciation right that in accordance with the terms
of an Agreement entitles the holder to receive a number of shares of Common
Stock, or in the discretion of the Committee, a cash award, or a combination of
shares of Common Stock and cash based on the increase in the Fair Market Value
of the shares underlying the stock appreciation right during a stated period
specified by the Committee. References to "SARs" include both Corresponding SARs
and SARs granted independently of Options, unless the context requires
otherwise.

1.25.    STOCK AWARD

         Stock Award means shares of Common Stock awarded to a Participant under
Article VIII.

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                                   ARTICLE II
                                    PURPOSES

         The Plan is intended to assist the Company and its Affiliates in
recruiting and retaining individuals and other service providers with ability
and initiative by enabling such persons or entities to participate in the future
success of the Company and its Affiliates and to associate their interests with
those of the Company and its stockholders. The Plan is intended to permit the
grant of both Options qualifying under Section 422 of the Code ("incentive stock
options") and Options not so qualifying, and the grant of SARs, Stock Awards,
Performance Shares and Incentive Awards in accordance with the Plan and
procedures that may be established by the Committee. No Option that is intended
to be an incentive stock option shall be invalid for failure to qualify as an
incentive stock option. The proceeds received by the Company from the sale of
shares of Common Stock pursuant to this Plan shall be used for general corporate
purposes.

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                                  ARTICLE III
                                 ADMINISTRATION

         The Plan shall be administered by the Committee. The Committee shall
have authority to grant Stock Awards, Performance Shares, Incentive Awards,
Options and SARs upon such terms (not inconsistent with the provisions of this
Plan), as the Committee may consider appropriate. Such terms may include
conditions (in addition to those contained in this Plan), on the exercisability
of all or any part of an Option or SAR or on the transferability or
forfeitability of a Stock Award, an award of Performance Shares or an Incentive
Award. Notwithstanding any such conditions, the Committee may, in its
discretion, accelerate the time at which any Option or SAR may be exercised, or
the time at which a Stock Award may become transferable or nonforfeitable or the
time at which an Incentive Award or award of Performance Shares may be settled.
In addition, the Committee shall have complete authority to interpret all
provisions of this Plan; to prescribe the form of Agreements; to adopt, amend,
and rescind rules and regulations pertaining to the administration of the Plan;
and to make all other determinations necessary or advisable for the
administration of this Plan. The express grant in the Plan of any specific power
to the Committee shall not be construed as limiting any power or authority of
the Committee. Any decision made, or action taken, by the Committee in
connection with the administration of this Plan shall be final and conclusive.
The members of the Committee shall not be liable for any act done in good faith
with respect to this Plan or any Agreement, Option, SAR, Stock Award, Incentive
Award or award of Performance Shares. All expenses of administering this Plan
shall be borne by the Company.

         The Committee, in its discretion, may delegate to one or more officers
of the Company all or part of the Committee's authority and duties with respect
to grants and awards to individuals who are not subject to the reporting and
other provisions of Section 16 of the Exchange Act. The Committee may revoke or
amend the terms of a delegation at any time but such action shall not invalidate
any prior actions of the Committee's delegate or delegates that were consistent
with the terms of the Plan and the Committee's prior delegation.

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                                   ARTICLE IV
                                   ELIGIBILITY

         Any employee of the Company or an Affiliate (including a corporation
that becomes an Affiliate after the adoption of this Plan) and any non-employee
member of the Board is eligible to participate in this Plan. In addition, any
other person or entity that provides services to the Company or an Affiliate is
eligible to participate in this Plan if the Board, in its sole discretion,
determines that it is in the best interest of the Company.

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                                   ARTICLE V
                          COMMON STOCK SUBJECT TO PLAN

5.01.    COMMON STOCK ISSUED

         Upon the award of shares of Common Stock pursuant to a Stock Award or
in settlement of an award of Performance Shares, the Company may deliver to the
Participant shares of Common Stock or treasury shares from its authorized but
unissued Common Stock. Upon the exercise of any Option or SAR, the Company may
deliver to the Participant (or the Participant's broker if the Participant so
directs), shares of Common Stock from its authorized but unissued Common Stock.

5.02.    AGGREGATE LIMIT

         The maximum aggregate number of shares of Common Stock that may be
issued under this Plan is 1,828,404, or 6.5% of the number of shares of Common
Stock outstanding upon completion of the Company's initial public offering (the
"IPO"), subject to adjustment upon any exercise by the underwriters in the IPO
of their over-allotment option such that the maximum aggregate number of shares
of Common Stock that may be issued under this Plan remains at 6.5% of the number
of shares of Common Stock outstanding upon completion of the IPO (an "IPO
Over-Allotment Adjustment"). The maximum aggregate number of shares of Common
Stock that may be issued under this Plan pursuant to the exercise of SARs and
Options is 562,586 shares, or 2.0% of the number of shares of Common Stock
outstanding upon completion of the IPO, subject to any IPO Over-Allotment
Adjustment, and the maximum aggregate number of shares of Common Stock that may
be issued under this Plan as Stock Awards and the settlement of Performance
Shares is 1,265,818 shares, or 4.5% of the number of shares of Common Stock
outstanding upon completion of the IPO, subject to any IPO Over-Allotment
Adjustment. In addition, the maximum aggregate number of shares of Common Stock
that may be issued under this Plan and the foregoing limits shall be subject to
adjustment as provided in Article XI.

5.03.    INDIVIDUAL LIMIT

         The maximum number of shares of Common Stock that can be issued under
the Plan to any Participant pursuant to Options, SARs and Stock Awards that are
earned solely on account of the passage of time or continued employment or
service is 175,000 shares in any calendar year. The maximum number of shares of
Common Stock that can be issued under the Plan to any Participant pursuant to
other awards is 60,000 shares in any calendar year. This Section 5.03 applies
with respect to awards that are made at the end of the transition period
prescribed by the regulations under Code section 162(m).

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5.04.    REALLOCATION OF SHARES

         If an Option is terminated, in whole or in part, for any reason other
than its exercise or the exercise of a Corresponding SAR that is settled with
shares of Common Stock, the number of shares of Common Stock allocated to the
Option or portion thereof may be reallocated to other Options, SARs, Performance
Shares, and Stock Awards to be granted under this Plan. If an SAR is terminated,
in whole or in part, for any reason other than its exercise that is settled with
shares of Common Stock or the exercise of a related Option, the number of shares
of Common Stock allocated to the SAR or portion thereof may be reallocated to
other Options, SARs, Performance Shares, and Stock Awards to be granted under
this Plan. If an award of Performance Shares is terminated, in whole or in part,
for any reason other than its settlement with shares of Common Stock, the number
of shares allocated to the Performance Share award or portion thereof may be
reallocated to other Options, SARs, Performance Shares and Stock Awards to be
granted under this Plan. If a Stock Award is forfeited, in whole or in part, for
any reason, the number of shares of Common Stock allocated to the Stock Award or
portion thereof may be reallocated to other Options, SARs, Performance Shares
and Stock Awards to be granted under this Plan.

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                                   ARTICLE VI
                                     OPTIONS

6.01.    AWARD

         In accordance with the provisions of Article IV, the Committee will
designate each individual to whom an Option is to be granted and will specify
the number of shares of Common Stock covered by such awards.

6.02.    OPTION PRICE

         The price per share of Common Stock purchased on the exercise of an
Option shall be determined by the Committee on the date of grant, but shall not
be less than the Fair Market Value on the date the Option is granted.

6.03.    MAXIMUM OPTION PERIOD

         The maximum period in which an Option may be exercised shall be
determined by the Committee on the date of grant, except that no Option that is
an incentive stock option shall be exercisable after the expiration of ten years
from the date such Option was granted. The terms of any Option that is an
incentive stock option may provide that it is exercisable for a period less than
such maximum period.

6.04.    NONTRANSFERABILITY

         Except as provided in Section 6.05, each Option granted under this Plan
shall be nontransferable except by will or by the laws of descent and
distribution. In the event of any transfer of an Option (by the Participant or
his transferee), the Option and any Corresponding SAR that relates to such
Option must be transferred to the same person or persons or entity or entities.
Except as provided in Section 6.05, during the lifetime of the Participant to
whom the Option is granted, the Option may be exercised only by the Participant.
No right or interest of a Participant in any Option shall be liable for, or
subject to, any lien, obligation, or liability of such Participant.

6.05.    TRANSFERABLE OPTIONS

         Section 6.04 to the contrary notwithstanding, if the Agreement
provides, an Option that is not an incentive stock option may be transferred by
a Participant to the Participant's children, grandchildren, spouse, one or more
trusts for the benefit of such family members or a partnership in which such
family members are the only partners, on such terms and conditions as may be
permitted under Rule 16b-3 under the Exchange Act as in effect from time to
time. The holder of an Option transferred pursuant to this Section shall be
bound by the same terms and conditions that governed the Option during the
period that it was held by the Participant; provided, however, that such
transferee may not transfer the Option except by will or the laws of descent

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and distribution. In the event of any transfer of an Option (by the Participant
or his transferee), the Option and any Corresponding SAR that relates to such
Option must be transferred to the same person or persons or entity or entities.

6.06.    EMPLOYEE STATUS

         For purposes of determining the applicability of Section 422 of the
Code (relating to incentive stock options), or in the event that the terms of
any Option provide that it may be exercised only during employment or continued
service or within a specified period of time after termination of employment or
continued service, the Committee may decide to what extent leaves of absence for
governmental or military service, illness, temporary disability, or other
reasons shall not be deemed interruptions of continuous employment or service.

6.07.    EXERCISE

         Subject to the provisions of this Plan and the applicable Agreement, an
Option may be exercised in whole at any time or in part from time to time at
such times and in compliance with such requirements as the Committee shall
determine; provided, however, that incentive stock options (granted under the
Plan and all plans of the Company and its Affiliates) may not be first
exercisable in a calendar year for shares of Common Stock having a Fair Market
Value (determined as of the date an Option is granted) exceeding $100,000. An
Option granted under this Plan may be exercised with respect to any number of
whole shares less than the full number for which the Option could be exercised.
A partial exercise of an Option shall not affect the right to exercise the
Option from time to time in accordance with this Plan and the applicable
Agreement with respect to the remaining shares subject to the Option. The
exercise of an Option shall result in the termination of any Corresponding SAR
to the extent of the number of shares with respect to which the Option is
exercised.

6.08.    PAYMENT

         Subject to rules established by the Committee and unless otherwise
provided in an Agreement, payment of all or part of the Option price may be made
in cash, certified check, by tendering shares of Common Stock (which, if
acquired from the Company, have been held by the Participant for at least six
months) or by a broker-assisted cashless exercise. If shares of Common Stock are
used to pay all or part of the Option price, the sum of the cash and cash
equivalent and the Fair Market Value (determined as of the day preceding the
date of exercise) of the shares surrendered must not be less than the Option
price of the shares for which the Option is being exercised.

6.09.    CHANGE IN CONTROL

         Section 6.07 to the contrary notwithstanding, each outstanding Option
shall be fully exercisable (in whole or in part at the discretion of the holder)
on and after a Control Change Date.

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6.10.    STOCKHOLDER RIGHTS

         No Participant shall have any rights as a stockholder with respect to
shares subject to his Option until the date of exercise of such Option.

6.11.    DISPOSITION OF SHARES

         A Participant shall notify the Company of any sale or other disposition
of shares of Common Stock acquired pursuant to an Option that was an incentive
stock option if such sale or disposition occurs (i) within two years of the
grant of an Option or (ii) within one year of the issuance of shares of Common
Stock to the Participant. Such notice shall be in writing and directed to the
Secretary of the Company.

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                                  ARTICLE VII
                                      SARS

7.01.    AWARD

         In accordance with the provisions of Article IV, the Committee will
designate each individual to whom SARs are to be granted and will specify the
number of shares of Common Stock covered by such awards. For purposes of the
foregoing limit, an Option and Corresponding SAR shall be treated as a single
award. In addition no Participant may be granted Corresponding SARs (under all
incentive stock option plans of the Company and its Affiliates) that are related
to incentive stock options which are first exercisable in any calendar year for
shares of Common Stock having an aggregate Fair Market Value (determined as of
the date the related Option is granted) that exceeds $100,000.

7.02.    MAXIMUM SAR PERIOD

         The term of each SAR shall be determined by the Committee on the date
of grant, except that no Corresponding SAR that is related to an incentive stock
option shall have a term of more than ten years from the date such related
Option was granted. The terms of any Corresponding SAR that is related to an
incentive stock option may provide that it has a term that is less than such
maximum period.

7.03.    NONTRANSFERABILITY

         Except as provided in Section 7.04, each SAR granted under this Plan
shall be nontransferable except by will or by the laws of descent and
distribution. In the event of any such transfer, a Corresponding SAR and the
related Option must be transferred to the same person or persons or entity or
entities. Except as provided in Section 7.04, during the lifetime of the
Participant to whom the SAR is granted, the SAR may be exercised only by the
Participant. No right or interest of a Participant in any SAR shall be liable
for, or subject to, any lien, obligation, or liability of such Participant.

7.04.    TRANSFERABLE SARS

         Section 7.03 to the contrary notwithstanding, if the Agreement
provides, an SAR, other than a Corresponding SAR that is related to an incentive
stock option, may be transferred by a Participant to the Participant's children,
grandchildren, spouse, one or more trusts for the benefit of such family members
or a partnership in which such family members are the only partners, on such
terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act
as in effect from time to time. The holder of an SAR transferred pursuant to
this Section shall be bound by the same terms and conditions that governed the
SAR during the period that it was held by the Participant; provided, however,
that such transferee may not transfer the SAR except by will or the laws of
descent and distribution. In the event of any transfer of a Corresponding SAR

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(by the Participant or his transferee), the Corresponding SAR and the related
Option must be transferred to the same person or person or entity or entities.

7.05.    EXERCISE

         Subject to the provisions of this Plan and the applicable Agreement, an
SAR may be exercised in whole at any time or in part from time to time at such
times and in compliance with such requirements as the Committee shall determine;
provided, however, that a Corresponding SAR that is related to an incentive
stock option may be exercised only to the extent that the related Option is
exercisable and only when the Fair Market Value exceeds the option price of the
related Option. An SAR granted under this Plan may be exercised with respect to
any number of whole shares less than the full number for which the SAR could be
exercised. A partial exercise of an SAR shall not affect the right to exercise
the SAR from time to time in accordance with this Plan and the applicable
Agreement with respect to the remaining shares subject to the SAR. The exercise
of a Corresponding SAR shall result in the termination of the related Option to
the extent of the number of shares with respect to which the SAR is exercised.

7.06.    CHANGE IN CONTROL

         Section 7.05 to the contrary notwithstanding, each outstanding SAR
shall be fully exercisable (in whole or in part at the discretion of the holder)
on and after a Control Change Date.

7.07.    EMPLOYEE STATUS

         If the terms of any SAR provide that it may be exercised only during
employment or continued service or within a specified period of time after
termination of employment or continued service, the Committee may decide to what
extent leaves of absence for governmental or military service, illness,
temporary disability or other reasons shall not be deemed interruptions of
continuous employment or service.

7.08.    SETTLEMENT

         At the Committee's discretion, the amount payable as a result of the
exercise of an SAR may be settled in cash, shares of Common Stock, or a
combination of cash and Common Stock. No fractional share will be deliverable
upon the exercise of an SAR but a cash payment will be made in lieu thereof.

7.09.    STOCKHOLDER RIGHTS

         No Participant shall, as a result of receiving an SAR, have any rights
as a stockholder of the Company or any Affiliate until the date that the SAR is
exercised and then only to the extent that the SAR is settled by the issuance of
Common Stock.

                                      -14-

<PAGE>

                                  ARTICLE VIII
                                  STOCK AWARDS

8.01.    AWARD

         In accordance with the provisions of Article IV, the Committee will
designate each individual to whom a Stock Award is to be made and will specify
the number of shares of Common Stock covered by such awards.

8.02.    VESTING

         The Committee, on the date of the award, may prescribe that a
Participant's rights in a Stock Award shall be forfeitable or otherwise
restricted for a period of time or subject to such conditions as may be set
forth in the Agreement. By way of example and not of limitation, the Committee
may prescribe that Participant's rights in a Stock Award shall be forfeitable or
otherwise restricted subject to the attainment of objectives stated with
reference to the Company's, an Affiliate's or a business unit's attainment of
objectives stated with respect to performance criteria listed in Section 8.03.
If the Committee prescribes that a Stock Award shall become nonforfeitable and
transferable only upon the attainment of performance objectives stated with
respect to one or more of the criteria listed in Section 8.03, the shares of
Common Stock subject to the Stock Award shall become nonforfeitable and
transferable only upon the attainment of performance objectives stated with
respect to one or more of the following criteria, the shares subject to the
Stock Award shall become nonforfeitable and transferable only to the extent that
the Committee certifies that such objectives have been achieved.

8.03.    PERFORMANCE OBJECTIVES

         In accordance with Section 8.02, the Committee may prescribe that Stock
Awards will become vested or transferable or both based on objectives stated
with respect to the Company's, an Affiliate's or a business unit's (a) total
stockholder return, (b) total stockholder return as compared to total return (on
a comparable basis) of a publicly available index, (c) net income, (d) pretax
earnings, (e) funds from operations, (f) earnings before interest expense,
taxes, depreciation and amortization, (g) operating margin, (h) earnings per
share, (i) return on equity, capital, assets or investment, (j) operating
earnings, (k) working capital, (l) ratio of debt to stockholders equity and (m)
revenue. If the Committee, on the date of award, prescribes that a Stock Award
shall become nonforfeitable and transferable only upon the attainment of any of
the above criteria, the shares of Common Stock subject to such Stock Award shall
become nonforfeitable and transferable only to the extent that the Committee
certifies that such objectives have been achieved.

                                      -15-

<PAGE>

8.04.    EMPLOYEE STATUS

         In the event that the terms of any Stock Award provide that shares may
become transferable and nonforfeitable thereunder only after completion of a
specified period of employment or continuous service, the Committee may decide
in each case to what extent leaves of absence for governmental or military
service, illness, temporary disability, or other reasons shall not be deemed
interruptions of continuous employment or service.

8.05.    CHANGE IN CONTROL

         Sections 8.02, 8.03 and 8.04 to the contrary notwithstanding, each
outstanding Stock Award shall be transferable and nonforfeitable on and after a
Control Change Date.

8.06.    STOCKHOLDER RIGHTS

         Prior to their forfeiture (in accordance with the applicable Agreement
and while the shares of Common Stock granted pursuant to the Stock Award may be
forfeited or are nontransferable), a Participant will have all rights of a
stockholder with respect to a Stock Award, including the right to receive
dividends and vote the shares; provided, however, that during such period (i) a
Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise
dispose of shares granted pursuant to a Stock Award, (ii) the Company shall
retain custody of the certificates evidencing shares granted pursuant to a Stock
Award, and (iii) the Participant will deliver to the Company a stock power,
endorsed in blank, with respect to each Stock Award. The limitations set forth
in the preceding sentence shall not apply after the shares granted under the
Stock Award are transferable and are no longer forfeitable.

                                      -16-

<PAGE>

                                   ARTICLE IX
                            PERFORMANCE SHARE AWARDS

9.01.    AWARD

         In accordance with the provisions of Article IV, the Committee will
designate each individual to whom an award of Performance Shares is to be made
and will specify the number of shares covered by such awards.

9.02.    EARNING THE AWARD

         The Committee, on the date of the grant of an award, shall prescribe
that the Performance Shares, or portion thereof, will be earned, and the
Participant will be entitled to receive payment pursuant to the award of
Performance Shares, only upon the satisfaction of performance objectives and
such other criteria as may be prescribed by the Committee during a performance
measurement period of at least three years from the date of the award; provided,
however, that the performance measurement period shall be at least one year from
the date of the award if the payment pursuant to the Performance Share award is
contingent upon the attainment of objectives stated with respect to performance
criteria listed in the following sentence. The performance objectives may be
stated with respect to the Company's, an Affiliate's or a business unit's (a)
total stockholder return, (b) total Stockholder return as compared to total
return (on a comparable basis) of a publicly available index, (c) net income,
(d) pretax earnings, (e) funds from operations, (f) earnings before interest
expense, taxes, depreciation and amortization, (g) operating margin, (h)
earnings per share, (i) return on equity, capital, assets or investment, (j)
operating earnings, (k) working capital, (l) ratio of debt to stockholders
equity and (m) revenue. No payments will be made with respect to Performance
Shares unless, and then only to the extent that, the Committee certifies that
such objectives have been achieved.

9.03.    PAYMENT

         In the discretion of the Committee, the amount payable when an award of
Performance Shares is earned may be settled in cash, by the issuance of shares
of Common Stock, or a combination thereof. A fractional share of Common Stock
shall not be deliverable when an award of Performance Shares is earned, but a
cash payment will be made in lieu thereof.

9.04.    STOCKHOLDER RIGHTS

         No Participant shall, as a result of receiving an award of Performance
Shares, have any rights as a stockholder until and to the extent that the award
of Performance Shares is earned and settled in shares of Common Stock. After an
award of Performance Shares is earned and settled in shares, a Participant will
have all the rights of a stockholder as described in Section 8.06.

                                      -17-

<PAGE>

9.05.    NONTRANSFERABILITY

         Except as provided in Section 9.06, Performance Shares granted under
this Plan shall be nontransferable except by will or by the laws of descent and
distribution. No right or interest of a Participant in any Performance Shares
shall be liable for, or subject to, any lien, obligation, or liability of such
Participant.

9.06.    TRANSFERABLE PERFORMANCE SHARES

         Section 9.05 to the contrary notwithstanding, if the Agreement
provides, an award of Performance Shares may be transferred by a Participant to
the Participant's children, grandchildren, spouse, one or more trusts for the
benefit of such family members or a partnership in which such family members are
the only partners, on such terms and conditions as may be permitted under Rule
16b-3 under the Exchange Act as in effect from time to time. The holder of
Performance Shares transferred pursuant to this Section shall be bound by the
same terms and conditions that governed the Performance Shares during the period
that they were held by the Participant; provided, however that such transferee
may not transfer Performance Shares except by will or the laws of descent and
distribution.

9.07.    EMPLOYEE STATUS

         In the event that the terms of any Performance Share award provide that
no payment will be made unless the Participant completes a stated period of
employment or continued service, the Committee may decide to what extent leaves
of absence for government or military service, illness, temporary disability, or
other reasons shall not be deemed interruptions of continuous employment or
service.

9.08.    CHANGE IN CONTROL

         Sections 9.02 to the contrary notwithstanding, on and after a Control
Change Date, each outstanding Performance Share award shall be earned as of a
Control Change Date. To the extent the Agreement provides that the Performance
Share award will be settled with shares of Common Stock, such shares shall be
nonforfeitable and transferable as of the Control Change Date.

                                      -18-

<PAGE>

                                   ARTICLE X
                                INCENTIVE AWARDS

10.01.   AWARD

         The Committee shall designate Participants to whom Incentive Awards are
made. All Incentive Awards shall be finally determined exclusively by the
Committee under the procedures established by the Committee; provided, however,
that no Participant may receive an Incentive Award payment in any calendar year
that exceeds $3,000,000.

10.02.   TERMS AND CONDITIONS

         The Committee, at the time an Incentive Award is made, shall specify
the terms and conditions which govern the award. Such terms and conditions shall
prescribe that the Incentive Award shall be earned only upon, and to the extent
that, performance objectives are satisfied during a performance period of at
least one year after the grant of the Incentive Award. The performance
objectives may be stated with respect to the Company's, an Affiliate's or a
business unit's (a) total stockholder return, (b) total Stockholder return as
compared to total return (on a comparable basis) of a publicly available index,
(c) net income, (d) pretax earnings, (e) funds from operations, (f) earnings
before interest expense, taxes, depreciation and amortization, (g) operating
margin, (h) earnings per share, (i) return on equity, capital, assets or
investment, (j) operating earnings, (k) working capital, (l) ratio of debt to
stockholders equity and (m) revenue. Such terms and conditions also may include
other limitations on the payment of Incentive Awards including, by way of
example and not of limitation, requirements that the Participant complete a
specified period of employment or service with the Company or an Affiliate. The
Committee, at the time an Incentive Award is made, shall also specify when
amounts shall be payable under the Incentive Award and whether amounts shall be
payable in the event of the Participant's death, disability, or retirement.

10.03.   NONTRANSFERABILITY

         Except as provided in Section 10.04, Incentive Awards granted under
this Plan shall be nontransferable except by will or by the laws of descent and
distribution. No right or interest of a Participant in an Incentive Award shall
be liable for, or subject to, any lien, obligation, or liability of such
Participant.

10.04.   TRANSFERABLE INCENTIVE AWARDS

         Section 10.03 to the contrary notwithstanding, if provided in an
Agreement, an Incentive Award may be transferred by a Participant to the
Participant's children, grandchildren, spouse, one or more trusts for the
benefit of such family members or to a partnership in which such family members
are the only partners, on such terms and conditions as may be permitted by Rule
16b-3 under the Exchange Act as in effect from time to time. The holder of an
Incentive Award transferred pursuant to this Section shall be bound by the same
terms and conditions that

                                      -19-

<PAGE>

governed the Incentive Award during the period that it was held by the
Participant; provided, however, that such transferee may not transfer the
Incentive Award except by will or the laws of descent and distribution.

10.05.   EMPLOYEE STATUS

         If the terms of an Incentive Award provide that a payment will be made
thereunder only if the Participant completes a stated period of employment or
continuous service, the Committee may decide to what extent leaves of absence
for governmental or military service, illness, temporary disability or other
reasons shall not be deemed interruptions of continuous employment or service.

10.06.   CHANGE IN CONTROL

         Section 10.02 to the contrary notwithstanding, any Incentive Award
shall be earned in its entirety as of a Control Change Date.

10.07.   STOCKHOLDER RIGHTS

         No Participant shall, as a result of receiving an Incentive Award, have
any rights as a stockholder of the Company or any Affiliate on account of such
award.

                                      -20-

<PAGE>

                                   ARTICLE XI
                     ADJUSTMENT UPON CHANGE IN COMMON STOCK

         The maximum number of shares as to which Options, SARs, Performance
Shares and Stock Awards may be granted; the terms of outstanding Stock Awards,
Options, Performance Shares, Incentive Awards, and SARs; and the per individual
limitations on the number of shares of Common Stock for which Options, SARs,
Performance Shares, and Stock Awards may be granted shall be adjusted as the
Board shall determine to be equitably required in the event that (i) the Company
(a) effects one or more stock dividends, stock split-ups, subdivisions or
consolidations of shares or (b) engages in a transaction to which Section 424 of
the Code applies or (ii) there occurs any other event which, in the judgment of
the Board necessitates such action. Any determination made under this Article XI
by the Board shall be final and conclusive.

         The issuance by the Company of stock of any class, or securities
convertible into stock of any class, for cash or property, or for labor or
services, either upon direct sale or upon the exercise of rights or warrants to
subscribe therefor, or upon conversion of stock or obligations of the Company
convertible into such stock or other securities, shall not affect, and no
adjustment by reason thereof shall be made with respect to, the maximum number
of shares as to which Options, SARs, Performance Shares and Stock Awards may be
granted; the per individual limitations on the number of shares for which
Options, SARs, Performance Shares and Stock Awards may be granted; or the terms
of outstanding Stock Awards, Options, Performance Shares, Incentive Awards or
SARs.

         The Committee may make Stock Awards and may grant Options, SARs,
Performance Shares, and Incentive Awards in substitution for performance shares,
phantom shares, stock awards, stock options, stock appreciation rights, or
similar awards held by an individual who becomes an employee of the Company or
an Affiliate in connection with a transaction described in the first paragraph
of this Article XI. Notwithstanding any provision of the Plan (other than the
limitation of Section 5.02), the terms of such substituted Stock Awards or
Option, SAR, Performance Shares or Incentive Award grants shall be as the
Committee, in its discretion, determines is appropriate.

                                      -21-

<PAGE>

                                  ARTICLE XII
              COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

         No Option or SAR shall be exercisable, no shares of Common Stock shall
be issued, no certificates for shares of Common Stock shall be delivered, and no
payment shall be made under this Plan except in compliance with all applicable
federal and state laws and regulations (including, without limitation,
withholding tax requirements), any listing agreement to which the Company is a
party, and the rules of all domestic stock exchanges on which the Company's
shares may be listed. The Company shall have the right to rely on an opinion of
its counsel as to such compliance. Any stock certificate issued to evidence
shares of Common Stock when a Stock Award is granted, a Performance Share is
settled or for which an Option or SAR is exercised may bear such legends and
statements as the Committee may deem advisable to assure compliance with federal
and state laws and regulations. No Option or SAR shall be exercisable, no Stock
Award or Performance Share shall be granted, no shares of Common Stock shall be
issued, no certificate for shares of Common Stock shall be delivered, and no
payment shall be made under this Plan until the Company has obtained such
consent or approval as the Committee may deem advisable from regulatory bodies
having jurisdiction over such matters.

                                      -22-

<PAGE>

                                  ARTICLE XIII
                               GENERAL PROVISIONS

13.01.   EFFECT ON EMPLOYMENT AND SERVICE

         Neither the adoption of this Plan, its operation, nor any documents
describing or referring to this Plan (or any part thereof), shall confer upon
any individual or entity any right to continue in the employ or service of the
Company or an Affiliate or in any way affect any right and power of the Company
or an Affiliate to terminate the employment or service of any individual or
entity at any time with or without assigning a reason therefor.

13.02.   UNFUNDED PLAN

         This Plan, insofar as it provides for grants, shall be unfunded, and
the Company shall not be required to segregate any assets that may at any time
be represented by grants under this Plan. Any liability of the Company to any
person with respect to any grant under this Plan shall be based solely upon any
contractual obligations that may be created pursuant to this Plan. No such
obligation of the Company shall be deemed to be secured by any pledge of, or
other encumbrance on, any property of the Company.

13.03.   RULES OF CONSTRUCTION

         Headings are given to the articles and sections of this Plan solely as
a convenience to facilitate reference. The reference to any statute, regulation,
or other provision of law shall be construed to refer to any amendment to or
successor of such provision of law.

                                      -23-

<PAGE>

                                  ARTICLE XIV
                                    AMENDMENT

         The Board may amend or terminate this Plan at any time; provided,
however, that no amendment may adversely impair the rights of Participants with
respect to outstanding awards. In addition, an amendment will be contingent on
approval of the Company's stockholders, to the extent required by law, the rules
of the New York Stock Exchange or if the amendment would increase the benefits
accruing to Participants under the Plan, materially increase the aggregate
number of shares of Common Stock that may be issued under the Plan or materially
modify the requirements as to eligibility for participation in the Plan.

                                      -24-

<PAGE>

                                   ARTICLE XV
                                DURATION OF PLAN

         No Stock Award, Performance Share Award, Option, SAR, or Incentive
Award may be granted under this Plan after April 30, 2014. Stock Awards,
Performance Share Awards, Options, SARs, and Incentive Awards granted before
that date shall remain valid in accordance with their terms.

                                      -25-

<PAGE>

                                  ARTICLE XVI
                             EFFECTIVE DATE OF PLAN

         Options, SARs, Stock Awards, Performance Shares and Incentive Awards
may be granted under this Plan upon its adoption by the Board; provided that,
this Plan shall not be effective unless approved by unanimous consent of the
Company's stockholders or by a majority of the votes cast by the Company's
stockholders, voting either in person or by proxy, at a duly held stockholders'
meeting at which a stockholder quorum is present, before April 30, 2004.

                                      -26-<PAGE>
                                                                   Exhibit 10.80

                       THE NEW YORK MORTGAGE COMPANY, LLC
                  SECOND AMENDED AND RESTATED PROMISSORY NOTE

$11,432,550                                                   February 26, 2004
                                                              New York, New York

     This Second Amended and Restated Promissory Note (the "Note") amends and
restates that certain Amended and Restated Promissory Note, dated December 23,
2003, which in turn amended and restated that certain Promissory Note, dated
August 31, 2003, payable by The New York Mortgage Company, LLC, a New York
limited liability company (the "Company") to Steven B. Schnall in the principal
amount of $12,132,550.  Steven B. Schnall has agreed to contribute capital to
the Company of $700,000 on the date hereof and to extend the maturity date of
the Note to April 30, 2004.  Accordingly, the Company hereby promises to pay to
Steven B. Schnall at 304 East 65th Street, New York, NY 10021, the principal
amount of Eleven Million Four Hundred Thirty-Two Thousand Five Hundred Fifty
Dollars ($11,432,550) on April 30, 2004 (the "Maturity Date"), and to pay
interest on the principal balance hereof at the rate of 3% per annum (calculated
on the basis of a 360-day year) on the Maturity Date.

     The Company may prepay the Note in whole or in part at any time without
penalty.  All prepayments shall be applied first to principal, the balance to
accrued interest.

     In the event the Company fails to pay in full the principal and interest
due under this Note on the Maturity Date, the whole of said indebtedness, both
principal and interest, shall, at the option of the holder of this Note,
immediately become due and payable without presentment, demand, protest, notice
of protest, or other notice of dishonor of any kind, all of which are expressly
waived by the Company.  The Company agrees that no delay or failure on the part
of the holder of this Note in exercising any power, privilege, remedy, option or
right hereunder shall operate as a waiver thereof or of any other power,
privilege, remedy or right.  The Company irrevocably consents to the
jurisdiction of the courts of the State of New York and any federal court
located in the State of New York in connection with any action or proceeding
arising out of or relating to this Note.

     The indebtedness represented by this Note and the payment of principal and
interest on this Note shall be expressly subordinated in right of payment to all
indebtedness, whether outstanding on the date hereof or hereafter arising or
created, for principal, interest, fees or any other obligations due from the
Company under its warehouse, repurchase or gestation agreements with Credit
Suisse First Boston Mortgage Capital, LLC, HSBC Bank USA, National City Bank of
Kentucky and Greenwich Capital Financial Products, Inc.

     This Note has been negotiated and consummated in the State of New York and
shall be governed by and construed in accordance with the laws of the State of
New York, without giving effect to principles governing conflicts of law.
<PAGE>
     IN WITNESS WHEREOF, the Company has caused this Note to be executed and
dated the day and year first above written.

                              THE NEW YORK MORTGAGE COMPANY, LLC

                              By:         /s/ Steven Schnall
                                 ----------------------------------------
                                   Name:  Steven Schnall
                                   Title: Member and President

                              By:         /s/ Joseph Fierro
                                 ----------------------------------------
                                   Name:  Joseph Fierro
                                   Title: Member and Chief Operating
                                          Officer

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