Document:

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                                                                   EXHIBIT 10.96
                                                                  Execution Copy

                                AMENDMENT NO. 1
                                ---------------
                     TO MASTER LOAN AND SECURITY AGREEMENT
                     -------------------------------------

         This AMENDMENT NO. 1 is dated as of February 15, 2002 (this
"Amendment"), and amends the Amended and Restated Master Loan and Security
Agreement, dated as of December 1, 2001 (the "Loan and Security Agreement"), and
is between NC Capital Corporation and Morgan Stanley Dean Witter Mortgage
Capital Inc.

                                   WITNESSETH:
                                   -----------

         WHEREAS, the parties hereto desire to make a certain amendment to the
Loan and Security Agreement as hereinafter set forth; and

         WHEREAS, pursuant to Section 11.4 of the Loan and Security Agreement,
the parties hereto are permitted to amend the Loan and Security Agreement:

         NOW THEREFORE, in consideration of the above recitals and for other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

         SECTION 1. Definitions.  Capitalized  terms used herein but not defined
                    -----------
shall have the meanings set forth in the Loan and Security Agreement.

         SECTION 2. Amendment.  The Loan and Security Agreement is hereby
                    ---------
amended as set forth below:

              The definition of the term "Maximum Credit" is hereby amended
         in its entirety to read as follows:

              "Maximum Credit" shall mean $500,000,000 from the date hereof
               --------------
         through and including March 8, 2002, and shall mean at all times
         thereafter, $400,000,000, in each case as reduced in accordance with
         Section 2.1 hereof.

         SECTION 3. Survival. Except as expressly amended hereby, the Loan and
                    --------
Security Agreement shall continue in full force and effect in accordance with
the provisions thereof and the Loan and Security Agreement is in all respects
hereby ratified, confirmed and preserved. This Amendment and all its provisions
shall be deemed a part of the Loan and Security Agreement in the manner and to
the extent herein provided.

         SECTION 4. Successors and Assigns. This Amendment shall be bindng upon
                    ----------------------
and inure to the benefit of the parties hereto and their respective
successors and permitted assigns.

         SECTION 5. Governing Law. This Amendment shall be governed by New York
                    -------------
law without reference to its choice of law doctrine.

         SECTION 6. Counterparts. This Amendment may be executed in any number
                    ------------
of counterparts, all of which taken together shall constitute one and the same
instrument, and any of the parties hereto may execute this Amendment by
signing any such counterpart.

                                     * * *

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           IN WITNESS  WHEREOF,  the parties  hereto have caused this Amendment
 No. 1 to be duly executed as of this 15th day of February 2002.

                                                     NC CAPITAL CORPORATION

                                                     By: /s/ Edward F. Gotschall
                                                        ------------------------
                                                     Name: Edward F. Gotschall
                                                     Title: CFO

                                                     MORGAN STANLEY DEAN WITTER
                                                     MORTGAGE CAPITAL INC.

                                                     By:
                                                        ------------------------
                                                     Name:
                                                     Title<PAGE>

                                                                   EXHIBIT 10.97
                            -----------------------

                        NEW CENTURY MORTGAGE CORPORATION

                             NC CAPITAL CORPORATION

                                     Seller

                                       AND

                            CDC MORTGAGE CAPITAL INC.
                                      Buyer

                                 AMENDMENT NO. 3
                          Dated as of February 22, 2002

                                       TO

                           MASTER REPURCHASE AGREEMENT
                            Dated as of July 19, 2001

                              --------------------

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         AMENDMENT NO. 3 (this "Amendment"), dated as of February 22, 2002, by
and among New Century Mortgage Corporation ("NCMC"), NC Capital Corporation
("NCCC" and, together with NCMC, the "Seller"), and CDC Mortgage Capital Inc.
("Buyer"), to the Master Repurchase Agreement dated as of July 19, 2001 by and
among Seller and Buyer (the "Agreement").

         All capitalized terms not otherwise defined herein are defined in the
Agreement.

                                    RECITALS

         WHEREAS, Seller and Buyer have entered into Agreement;

         WHEREAS the Seller has requested the Buyer to agree to amend certain
provisions of the Agreement as set forth in this Amendment. The Buyer hereto is
willing to agree to such amendments, but only on the terms and subject to the
conditions set forth in this Amendment.

         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Seller and the Buyer hereby agree as follows:

         NOW, THEREFORE, the parties hereby agree that for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
Buyers and Seller agree as follows:

         SECTION 1. Amendment. Section 1 of the Agreement is hereby amended by
amending and restating the definition of "Change of Control":

                  " "Change of Control" shall mean the occurrence, after the
         Effective Date, of any of the following circumstances: (a) Guarantor
         not owning, directly or indirectly, all of the issued and outstanding
         capital stock of NCMC; or (b) any Person, or two or more Persons acting
         in concert, other than the Management Shareholders, acquiring
         beneficial ownership (within the meaning of Rule 13d-3 of the
         Securities and Exchange Commission under the Securities Exchange Act of
         1934, as amended), directly or indirectly, of securities of Guarantor
         (or other securities convertible into such securities) representing 35%
         or more of the combined voting power of all securities of Guarantor
         entitled to vote in the election of directors; (c) any Person, or two
         or more Persons acting in concert, other than the Management
         Shareholders, acquiring by contract or otherwise, or entering into a
         contract or arrangement which upon consummation will result in its or
         their acquisition of and, control over securities of Guarantor (or
         other securities convertible into such securities) representing 35% or
         more of the combined voting power of all securities of Guarantor
         entitled to vote in the election of directors; and (d) Robert Cole
         ceasing to be Chairman and Chief Executive Officer of Guarantor."

         SECTION 2. Effectiveness of the Amendment. This Amendment shall have
                    ------------------------------
been effective as of November 20, 2001.

         SECTION 3. Ratification of Agreement. As amended by this Amendment, the
                    -------------------------
Agreement is in all respects ratified and confirmed and the Agreement as so
modified by this Amendment shall be read, taken, and construed as one and the
same instrument.

                                      -2-

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     SECTION 4. Representations and Warranties. To induce the Seller to enter
                ------------------------------
into this Amendment, the Seller hereby represents and warrants to the Seller
that, after giving effect to the amendments provided for herein, the
representations and warranties contained in the Agreement and the other
Repurchase Documents will be true and correct in all material respects as if
made on and as of the date hereof and that no Default or Event of Default will
have occurred and be continuing.

     SECTION 5. No Other Amendments. Except as expressly amended hereby, the
                -------------------
Agreement and the other Repurchase Documents shall remain in full force and
effect in accordance with their respective terms, without any waiver, amendment
or modification of any provision thereof.

     SECTION 6. Expenses. The Seller agrees to pay and reimburse the Buyer for
                --------
all of the out-of-pocket costs and expenses incurred by Seller in connection
with the preparation, execution and delivery of this Amendment, including,
without limitation, the fees and disbursements of its attorneys.

     SECTION 7. GOVERNING LAW.
                -------------

     THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

     SECTION 8. Counterparts.
                ------------

     This Amendment may be executed in any number of counterparts, each of which
so executed shall be deemed to be an original, but all of such counterparts
shall together constitute but one and the same instrument.

                                      -3-

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective officers as of the day and year first above
written.

CDC MORTGAGECAPITAL INC., as            NEW CENTURY MORTGAGE
Buyer under the Agreement               CORPORATION, as Seller under the
                                        Agreement

By:         /s/ illegible               By:     /s/ Patrick Flanagan
      ----------------------------          ----------------------------
Name:                                   Name:
Title:                                  Title:    President

By:      /s/ William Branagh
     -----------------------------
Name:
Title:    Director                      NC CAPITAL CORPORATION,
                                        as Seller under the Agreement

                                        By:    /s/ Patrick Flanagan
                                            ----------------------------
                                        Name:
                                        Title: President

<PAGE>

The undersigned guarantor hereby consents and agrees to the foregoing Amendment:

                                        NEW CENTURY FINANCIAL
                                        CORPORATION

                                        By:      /s/ ILLEGIBLE
                                           __________________________
                                        Name:
                                        Title:

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