Document:

EX-10.2

Exhibit 10.2

EXECUTION VERSION

AMENDMENT NO. 3

TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

Amendment No. 3, dated as of March 30, 2007 (this “Amendment”), among CREDIT SUISSE,
NEW YORK BRANCH (the “Administrative Agent”), THE BUYERS, FIELDSTONE MORTGAGE COMPANY and
FIELDSTONE INVESTMENT CORPORATION (each a “Seller” and collectively the “Sellers”).

RECITALS

The Administrative Agent, the Buyers and the Sellers are parties to that certain Amended and
Restated Master Repurchase Agreement, dated as of November 14, 2006, as amended by Amendment No. 1,
dated as of December 20, 2006 and Amendment No. 2, dated as of January 31, 2007 (the “Existing
Repurchase Agreement”; as amended by this Amendment, the “Repurchase Agreement”).
Capitalized terms used but not otherwise defined herein shall have the meanings given to them in
the Existing Repurchase Agreement.

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

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

SECTION 1. Profitability Amendment Period. For purposes of this Amendment, this
Section 1 will be effective only for the period from and including the date hereof through
and including June 30, 2007 (the “Profitability Amendment Period”). Section 14(e)
of the Existing Repurchase Agreement is hereby amended by deleting it in its entirety and replacing
it with the following language, which amendment shall be effective solely during the Profitability
Amendment Period:

“(e) Maintenance of Profitability.

(A) FIC shall not permit, for any two consecutive Test Periods (other than with respect
to the Test Periods set forth in (B) below), its consolidated Net Income for any Test
Period, before income taxes for such Test Period, distributions made during such Test
Period, and without regard to unrealized gains or losses from mark to market valuations
resulting from Seller’s Interest Rate Protection Agreements during such Test Period, to be
less than $1.00.

(B) FIC may permit, for the two consecutive Test Periods from and including January 1,
2007 through and including June 30, 2007, its consolidated Net Income for any Test Period,
before income taxes for such Test Period, distributions made during such Test Period, and
without regard to unrealized gains or losses from mark to market valuations resulting from
Seller’s Interest Rate Protection Agreements during such Test Period, to be less than
$1.00.”

SECTION 2. Covenants. Section 14 of the Existing Repurchase Agreement is hereby
amended by deleting clauses a, b, ee and gg thereof in their entirety and replacing them with the
following language:

“a. Minimum Consolidated Adjusted Tangible Net Worth. The Sellers shall maintain a
Consolidated Adjusted Tangible Net Worth of at least $275 million.”

“b. Indebtedness to Consolidated Adjusted Tangible Net Worth Ratio. The Sellers’ (i)
combined ratio of consolidated Indebtedness to Consolidated Adjusted Tangible Net Worth shall not
exceed 18:1 and (ii) combined ratio of consolidated Indebtedness (net of non-recourse Indebtedness)
to Consolidated Adjusted Tangible Net Worth shall not exceed 7:1.”

“ee. Non-Structured Securities Indebtedness to Consolidated Adjusted Tangible Net Worth
Ratio. The Sellers’ ratio of consolidated Indebtedness less Structured Securities Debt to
Consolidated Adjusted Tangible Net Worth shall not exceed 7:1.”

“gg. Maintenance of Liquidity. The Sellers shall maintain cash, Cash Equivalents as
well as unencumbered Mortgage Loans held for sale or securitization of at least $20 million.”

SECTION 3. Officer’s Compliance Certificate. Exhibit D to the Existing Repurchase
Agreement is hereby amended by deleting it in its entirety and replacing it with Exhibit A hereto.

SECTION 4. Conditions Precedent.  This Amendment shall become effective on, with
respect to Sections 2, 3 and 4, on the date hereof and, with respect to Section 1, January 1, 2007
(the “Amendment Effective Dates”), subject to the satisfaction of the following conditions
precedent:

4.1 Delivered Documents.  The Administrative Agent shall have received the following
documents, each of which shall be satisfactory to the Administrative Agent in form and substance:

(a) this Amendment, executed and delivered by the duly authorized officers of the
Administrative Agent and the Sellers; and

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

SECTION 5. Representations and Warranties.  Each Seller hereby represents and warrants
to the Administrative Agent that it is in compliance with all the terms and provisions set forth in
the Repurchase Agreement on its part to be observed or performed, and that no Event of Default has
occurred or is continuing, and hereby confirms and reaffirms the representations and warranties
contained in Section 13 of the Repurchase Agreement.

SECTION 6. Limited Effect.  Except as expressly amended and modified by this
Amendment, the Repurchase Agreement shall continue to be, and shall remain, in full force and
effect in accordance with its terms. The amendments set forth in Section 2 of this Amendment shall
expire upon the expiration of the Amendment Period at which time the terms of the Existing
Repurchase Agreement shall revert to that set forth in the Existing Repurchase Agreement and be
applied on a prospective basis thereafter. Other than as expressly set forth herein, the execution
of this Amendment by the Administrative Agent or the Buyers shall not operate as a waiver of any of
its rights, powers or privileges under the Repurchase Agreement or any other Program Agreement,
including without limitation, any rights, powers or privileges relating to other existing or future
breaches of, or Defaults or Events of Default under, the Repurchase Agreement or any other Program
Agreement (whether the same or of a similar nature as the breaches identified herein or otherwise)
except as expressly set forth herein.

SECTION 7. Counterparts.  This Amendment may be executed by each of the parties hereto
on any number of separate counterparts, each of which shall be an original and all of which taken
together shall constitute one and the same instrument.

SECTION 8. GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW
PROVISIONS THEREOF.

[SIGNATURE PAGE FOLLOWS]

1

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

Administrative Agent: CREDIT SUISSE, NEW YORK BRANCH, as
Administrative Agent

By: /s/ Anthony Giordano

Name: Anthony Giordano

Title: Director

By: /s/ Joseph Soave

Name: Joseph Soave

Title: Director

Seller: FIELDSTONE MORTGAGE COMPANY, as a Seller

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

Seller: FIELDSTONE INVESTMENT CORPORATION, as a Seller

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

2

The JPMorgan Buying Group:

FALCON ASSET SECURITIZATION COMPANY LLC

By: JPMorgan Chase Bank, N.A., its attorney-in-fact

By: /s/ George S. Wilkins

Name: George S. Wilkins

Title: Vice President

JPMORGAN CHASE BANK, N.A.,

as a Group Agent and as a Committed Buyer

By: /s/ George S. Wilkins

Name: George S. Wilkins

Title: Vice President

The Alpine Buying Group:

ALPINE SECURITIZATION CORP., as a Conduit Buyer

By: /s/ Mark Lengel

Name: Mark Lengel

Title: Director

By: /s/ Alex Smith

Name: Alex Smith

Title: Vice President

CREDIT SUISSE, NEW YORK BRANCH, individually and as a Committed
Buyer

By: /s/ Anthony Giordano

Name: Anthony Giordano

Title: Director

By: /s/ Joseph Soave

Name: Joseph Soave

Title: Director

3EX-10.3

Exhibit 10.3

EXECUTION VERSION

AMENDMENT NO. 4

TO MASTER REPURCHASE AGREEMENT

Amendment No. 4, dated as of March 30, 2007 (this “Amendment”), among JPMORGAN CHASE
BANK, N.A. (the “Buyer”), FIELDSTONE MORTGAGE COMPANY (a “Seller”) and FIELDSTONE
INVESTMENT CORPORATION (a “Seller” and, together with Fieldstone Mortgage Company, the
“Sellers”).

RECITALS

The Buyer and the Sellers are parties to that certain Master Repurchase Agreement, dated as of
July 14, 2006, as amended by Amendment No. 1, dated as of December 20, 2006, Amendment No. 2, dated
as of January 31, 2007 and Amendment No. 3, dated as of March 6, 2007 (as the same may have been
amended and supplemented from time to time, the “Existing Repurchase Agreement” and as
amended by this Amendment, the “Repurchase Agreement”). Capitalized terms used but not
otherwise defined herein shall have the meanings given to them in the Existing Repurchase
Agreement.

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

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

SECTION 1. Covenants. Section 12 of the Existing Repurchase Agreement is hereby
amended by deleting clause (k) thereof in its entirety and replacing it with the following:

“(k) Financial Covenants.

(i) Maintenance of Adjusted Tangible Net Worth. FIC shall at all times
maintain an Adjusted Tangible Net Worth, on a consolidated basis, of at least $275,000,000.

(ii) Indebtedness to Adjusted Tangible Net Worth Ratio. The Sellers’ (i)
combined ratio of consolidated Indebtedness to Adjusted Tangible Net Worth shall not exceed
18:1 and (ii) combined ratio of consolidated Indebtedness (net of non-recourse Indebtedness)
to Adjusted Tangible Net Worth shall not exceed 7:1.

(iii) Non-Structured Securities Indebtedness to Adjusted Tangible Net Worth
Ratio. The Sellers’ ratio of consolidated Indebtedness less Structured Securities Debt
to Adjusted Tangible Net Worth shall not exceed 7:1.

(iv) Maintenance of Liquidity. FIC, on a consolidated basis, shall at all
times have unencumbered cash, Cash Equivalents and Available Borrowing Capacity on
unencumbered assets that could be drawn against (taking into account required haircuts)
under committed warehouse and repurchase facilities in an amount equal to not less than
$20,000,000.

(v) Reserved.”

SECTION 2. Schedule I. Schedule I to the Existing Repurchase Agreement is deleted in
its entirety and replaced by Exhibit A hereto.

SECTION 3. Conditions Precedent. This Amendment shall become effective on the date
hereof, subject to the satisfaction of the following conditions precedent:

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

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

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

SECTION 4. Representations and Warranties. Each of the Sellers hereby represents and
warrants to the Buyer that they are in compliance with all the terms and provisions set forth in
the Repurchase Agreement on their part to be observed or performed, and that no Event of Default
has occurred or is continuing, and hereby confirm and reaffirm the representations and warranties
contained in Section 11 of the Existing Repurchase Agreement.

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

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

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

[SIGNATURE PAGE FOLLOWS]

1

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

Buyer: JPMORGAN CHASE BANK, N.A., as Buyer

By: /s/ Stephanie K. Rudd

Name: Stephanie K. Rudd

Title: Managing Director

Seller: FIELDSTONE MORTGAGE COMPANY, as Seller

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

Seller: FIELDSTONE INVESTMENT CORPORATION, as Seller

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

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