Document:

EXHIBIT 10.3.1.

                             FIRST OMNIBUS AMENDMENT

      THIS FIRST OMNIBUS AMENDMENT (this "Amendment"), dated as of December 10,
2004, is entered into by and among CALYON NEW YORK BRANCH (successor in interest
to Credit Lyonnais New York Branch) (together with its successors and assigns,
"Calyon New York"), as the Administrative Agent and as a Bank, DEUTSCHE BANK
NATIONAL TRUST COMPANY (together with its successors and assigns, "Deutsche
Bank"), as Collateral Agent, AMERICAN HOME MORTGAGE CORP. ("AHMC"), as the
Servicer, an Originator and a Seller, AHM SPV I, LLC, as the Borrower and the
Buyer, and AMERICAN HOME MORTGAGE SERVICING, INC. ("AHMS") (formerly known as
Columbia National, Incorporated), as an Originator and a Seller. Capitalized
terms used and not otherwise defined herein are used as defined in the related
Operative Documents (as defined below).

                                    RECITALS

      WHEREAS, AHMC and AHMS, as Sellers, and AHM SPV I, LLC, as the Buyer,
entered into that certain Master Repurchase Agreement and Addendum to the Master
Repurchase Agreement incorporated therein, dated as of August 8, 2003 (as the
same may be amended, restated, supplemented or modified from time to time, the
"Repurchase Agreement");

      WHEREAS, the Borrower, the Administrative Agent, the Servicer and the
Collateral Agent entered into that certain Collateral Agency Agreement, dated as
of August 8, 2003 (as the same may be amended, restated, supplemented or
modified from time to time, the "Collateral Agency Agreement");

      WHEREAS, the Borrower, the Servicer, La Fayette Asset Securitization LLC,
as an Issuer, and Calyon New York, as a Bank and as Administrative Agent,
entered into that certain Loan Agreement dated as of August 8, 2003 (as the same
may be amended, restated, supplemented or modified from time to time, the "Loan
Agreement" and, collectively with the Repurchase Agreement and the Collateral
Agency Agreement, the "Operative Documents");

      WHEREAS, the parties hereto that are parties to the Operative Documents
desire to amend the Operative Documents as hereinafter set forth in this
Amendment;

      NOW, THEREFORE, the parties agree as follows with respect to the Operative
Documents to which each party hereto is a party:

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      Section 1. Amendments to the Loan Agreement.

      (a) The definition of "Annual Extension Date" in Section 1.1 of the Loan
Agreement is hereby amended by deleting the words "August 6, 2004" in clause (i)
thereof and replacing them with the words "August 5, 2005".

      (b) Section 1.1 of the Loan Agreement is hereby amended by adding the
following definition of "Adjusted Consolidated Funded Debt" immediately after
the definition of "Accepted Servicing Standards":

            "Adjusted Consolidated Funded Debt" means, on any date of
            determination, the sum of (a) the Consolidated Funded Debt of
            American Home Mortgage Investment Corp. and any other Person which
            would be reflected on the consolidated balance sheet of American
            Home Mortgage Investment Corp. prepared in accordance with GAAP if
            such balance sheet were prepared as of such date of determination,
            less (b) 50% of any Subordinated Debt, less (c) the mortgage debt
            associated with the building and the land located at 538 Broadhollow
            Road, Melville, New York. "Subordinated Debt" means the Debt of
            American Home Mortgage Investment Corp. and its Subsidiaries
            subordinated to the Obligations in the manner and to the extent
            required by the Bank of America, N.A., as administrative agent under
            the Credit Agreement, pursuant to written subordination agreements
            satisfactory in form and substance to the Bank of America, N.A., as
            administrative agent under the Credit Agreement. "Obligations" mean
            any and all debts, obligations and liabilities of the Sellers, the
            Servicer, the Performance Guarantor and American Home Mortgage
            Acceptance, Inc. to Bank of America, N.A. as administrative agent
            under the Credit Agreement and the lenders from time to time party
            thereto (whether now existing or hereafter arising, voluntary or
            involuntary, whether or not jointly owed with others, direct or
            indirect, absolute or contingent, liquidated or unliquidated, and
            whether or not from time to time decreased or extinguished and later
            increased, created or incurred), arising out of or related to the
            Loan Documents (as defined in the Credit Agreement).

      (c) Section 1.1 of the Loan Agreement is hereby amended by adding the
following definition of "Aggregate Collateral Value" immediately after the
definition of "Agent's Account":

            "Aggregate Collateral Value" means an amount equal to the sum of the
            products of the book values (as determined in accordance with GAAP)
            of the consolidated assets of American Home Mortgage

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            Investment Corp. and its Subsidiaries, such assets being categorized
            in the classes set forth on the calculation schedule that is part of
            Exhibit E attached to the Credit Agreement (the "Credit Agreement"),
            dated as of August 30, 2004, by and among the Sellers, American Home
            Mortgage Acceptance, Inc., certain Lenders from time to time party
            thereto, and Bank of America, N.A., times the percentage multiplier
            for each such class set forth on such calculation schedule.

      (d) Section 1.1 of the Loan Agreement is hereby amended by adding the
following definition of "Consolidated Funded Debt" immediately after the
definition of "Consequential Loss":

            "Consolidated Funded Debt" means, with respect to any Person and on
            any date of determination, Indebtedness in any of the following
            categories:

            (i) Debt for borrowed money, including the Obligations;

            (ii) Debt constituting an obligation to pay the deferred purchase
            price of property;

            (iii) Debt evidenced by a bond, debenture, note or similar
            instrument;

            (iv) Debt constituting, as of any date, any lease of property, real
            or personal, which would be capitalized on a balance sheet of the
            lessee prepared as of such date in accordance with GAAP, together
            with any other lease by such lessee which is in substance a
            financing lease, including, without limitation, any lease under
            which (i) such lessee has or will have an option to purchase the
            property subject thereto at a nominal amount or an amount less than
            a reasonable estimate of the fair market value of such property as
            of the date such lease is entered into, or (ii) the term of the
            lease approximates or exceeds the expected useful life of the
            property leased thereunder.

            (v) Debt constituting a non-contingent obligation to reimburse the
            issuer of any letter of credit or any guarantor or surety for
            payments made by such issuer, guarantor or surety; and

            (vi) Any obligation under any guaranty with respect to Debt of any
            other Person of the types described in clauses (i) through (v)
            above.

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      (e) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Hedge Report" in its entirety and replacing it with the following
definition:

           "Hedge Report" means, with respect to any Conforming Loans included
           in the Eligible Mortgage Collateral with respect to which there is no
           loan-specific Take-Out Commitment, a report prepared by the Servicer
           prepared pursuant to Section 3.6 hereof, showing, as of the close of
           business on the previous Business Day, all Take-Out Commitments
           obtained by the Originators to cover all closed loans owned by the
           Originators or the Borrower, to the extent that such mortgage loans
           have been pledged hereunder or pursuant to another lending
           arrangement, and certain information with respect to such trades
           including information as the Administrative Agent may request, in the
           form of Exhibit K hereto. Each such Take-Out Commitment shall have
           been pledged to the Administrative Agent; provided, however, that
           such Take-Out Commitments may have been pledged previously or may be
           pledged in the future by the Originators.

      (f) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Maximum Facility Amount" in its entirety and replacing it with
the following definition:

            "Maximum Facility Amount" means $250,000,000, as such amount may be
            reduced pursuant to Section 2.1(c) of this Agreement.

      (g) Section 1.1 of the Loan Agreement is hereby amended by adding the
following definition of "Net Cash Proceeds" immediately after the definition of
"Multiemployer Plan":

            "Net Cash Proceeds" means, with respect to the issuance of any
            capital stock by American Home Mortgage Investment Corp., the amount
            of cash received by American Home Mortgage Investment Corp. in
            connection with such transaction after deducting therefrom all fees
            (including, without limitation, investment banking fees),
            commissions, costs and other expenses to the extent attributable to
            such transaction.

      (h) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Originator Performance Guaranty" in its entirety and replacing it
with the following:

            "Originator Performance Guaranty" means the Amended and Restated
            Originator Performance Guaranty, in the form attached hereto as
            Exhibit G-2, made by the Performance Guarantor in favor of the
            Originators, and assigned to the Administrative Agent for the
            benefit of the Lenders.

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      (i) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Performance Guarantor" in its entirety and replacing it with the
following:

            "Performance Guarantor" means, together, American Home Mortgage
            Holdings, Inc., a Delaware corporation, and American Home Mortgage
            Investment Corp., a Maryland corporation, and their respective
            successors and assigns.

      (j) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Performance Guarantor Quarterly Certificate" in its entirety and
replacing it with the following:

            "Performance Guarantor Quarterly Certificate" means the forms of
            certificate attached hereto as Exhibit H-3 and Exhibit H-4.

      (k) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Servicer Default" in its entirety and replacing it with the
following:

            "Servicer Default" means (a) any Event of Default, to the extent
            relating to the Servicer, arising under Sections 8.1(a), (b), (c),
            (d), (e), (f), (g), (h), (i), (j), (k), (l), (m), (n), (o), (u),
            (v), (w), (x) or (cc)in each case, without giving effect to any
            provisions in such sections that make such sections applicable only
            so long as the Servicer is one of the Originators, (b) if the
            Servicer is one of the Originators, American Home Mortgage Holdings,
            Inc., as a Performance Guarantor, shall cease to own directly 100%
            of all of the stock of the Servicer, or (c) if the Servicer is one
            of the Originators, (i) the Servicer's Tangible Net Worth shall be
            less than $21,000,000 or (ii) the Servicer's Tangible Net Worth,
            combined with the Tangible Net Worth of AHMS and American Mortgage
            Acceptance, Inc., shall be less than $147,000,000.

      (l) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Servicer Performance Guaranty" in its entirety and replacing it
with the following:

            "Servicer Performance Guaranty" means the Amended and Restated
            Servicer Performance Guaranty, in the form attached hereto as
            Exhibit G-1, made by the Performance Guarantor in favor of the
            Originators, and assigned to the Administrative Agent for the
            benefit of the Lenders.

      (m) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Tangible Net Worth" in its entirety and replacing it with the
following:

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            "Tangible Net Worth" means, with respect to any Person, the excess
            of total assets of such Person over the total liabilities of such
            Person determined in accordance with GAAP, but excluding from the
            determination of total assets: (a) all assets which would be
            classified as intangible assets under GAAP, including, without
            limitation, goodwill (whether representing the excess cost over book
            value of assets acquired or otherwise), patents, trademarks, trade
            names, copyrights, franchises and deferred charges (including,
            without limitation, unamortized debt discount and expense,
            organization costs and research and product development costs), (b)
            loans or other extensions of credit to officers, employees,
            shareholders or Affiliates of such Person (other than the Servicer,
            the Sellers, the Performance Guarantor and American Home Mortgage
            Acceptance, Inc.) and (c) investments in Subsidiaries of such Person
            (other than the Servicer, the Sellers, the Performance Guarantor and
            American Home Mortgage Acceptance, Inc.).

      (n) The second paragraph of Section 3.6(a) of the Loan Agreement is hereby
amended by (A) deleting the words "no later than 10:00 a.m. (eastern time) (i)
on the tenth Business Day after delivery of such Assignment relating to such
Mortgage Loan, and (ii) if any changes would be reflected since the last Hedge
Report, on each subsequent Business Day" in the first sentence thereof and
replacing them with the words "no later than 10:00 a.m. (eastern time) (i) on
each Business Day, and (ii) if any changes would be reflected since the last
Hedge Report, on each subsequent Business Day" and (B) deleting the words "tenth
Business Day" in the second sentence thereof and replacing them with the words
"subsequent Business Day".

      (o) Clause (c) of Section 3.6(a) of the Loan Agreement is hereby amended
by deleting the words "Upon request of the Administrative Agent at any time" and
replacing them with the words "On each Business Day".

      (p) The Loan Agreement is hereby amended by adding the following Section
3.9 immediately after Section 3.8:

            Section 3.9. Approved Investor Reporting.

            No later than 10:00 a.m. (Eastern time) on the 15th day of each
            month (or, if such day is not a Business Day, the next Business
            Day), the Borrower shall furnish to the Administrative Agent (by
            facsimile or electronic transmission (a hard copy of which shall not
            subsequently be mailed, sent or delivered to the Administrative
            Agent, unless so requested by the Administrative Agent) a report
            which shall provide as of the last day of the previous month (i) a
            list of Approved Investors that committed to purchase one or more
            Mortgage Loans

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            from one of the Originators during such previous month and (ii) the
            percentage of the Mortgage Loans each such Approved Investor
            committed to purchase either in the form of loan-specific Take-Out
            Commitments or forward purchase commitments obtained to hedge
            Mortgage Loans.

      (q) Section 4.1(t) of the Loan Agreement is hereby deleted in its entirety
and replaced with the following Section 4.1(t):

            (t) each of the Performance Guarantor Quarterly Certificates,
            substantially in the forms of Exhibit H-3 and Exhibit H-4,
            respectively.

      (r) Section 4.2(h) of the Loan Agreement is hereby deleted in its entirety
and replaced with the following Section 4.2(h):

            (h) the most recently due Performance Guarantor Quarterly
            Certificate, substantially in the forms of Exhibit H-3 and Exhibit
            H-4, respectively, shall have been delivered previously to the
            Administrative Agent.

      (s) Section 7.10 of the Loan Agreement is hereby deleted in its entirety
and replaced with the word "[Reserved]."

      (t) Section 7.16 of the Loan Agreement is hereby deleted in its entirety
and replaced with the following Section 7.16:

            Section 7.16. Minimum Tangible Net Worth.

            (i) American Home Mortgage Investment Corp. shall not nor shall it
            permit any Subsidiary to, at any time, directly or indirectly permit
            at any time its Tangible Net Worth to be less than $530,000,000,
            plus 75% of the Net Cash Proceeds of any capital stock (including
            preferred stock) issued by American Home Mortgage Investment Corp.
            after June 30, 2004.

            (ii) The Servicer shall not nor shall it permit any Subsidiary to,
            at any time, directly or indirectly

                  a) Permit at any time the Tangible Net Worth of AHMS to be
                  less than $30,000,000.

                  b) Permit at any time the Tangible Net Worth of AHMC to be
                  less than $21,000,000.

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                  c) Permit at any time the Tangible Net Worth of American Home
                  Mortgage Acceptance, Inc. to be less than $41,000,000; or

                  d) Permit at any time the Tangible Net Worth of the Sellers
                  and American Home Mortgage Acceptance, Inc., on a combined
                  basis, to be less than $147,000,000.

      (u) The Loan Agreement is hereby amended by adding the following Section
7.19 immediately after Section 7.18:

            7.19. Collateral Value to Adjusted Consolidated Funded Debt Ratio.

            American Home Mortgage Investment Corp. shall not permit at any time
            the ratio of its Aggregate Collateral Value to its Adjusted
            Consolidated Funded Debt to be less than 1.00 to 1.00.

      (v) Exhibit G-1 to the Loan Agreement is hereby deleted in its entirety
and replaced with Annex A attached hereto.

      (w) Exhibit G-2 to the Loan Agreement is hereby deleted in its entirety
and replaced with Annex B attached hereto.

      (x) Exhibit H-1 to the Loan Agreement is hereby deleted in its entirety
and replaced with Annex C attached hereto.

      (y) The Loan Agreement is hereby amended by adding Annex D attached hereto
as Exhibit H-4 to the Loan Agreement.

      (z) Exhibit F to the Loan Agreement is hereby deleted in its entirety and
replaced with Annex E attached hereto.

      (aa) Schedule I to the Loan Agreement is hereby deleted in its entirety
and replaced with Annex F attached hereto.

      Section 2. Amendments to the Repurchase Agreement.

      (a) Section 1.01 of the Repurchase Agreement is hereby amended by adding
the following definition of "Adjusted Consolidated Funded Debt" immediately
before the definition of "Administrative Agent":

            "Adjusted Consolidated Funded Debt" means, on any date of
            determination, the sum of (a) the Consolidated Funded Debt of
            American Home Mortgage Investment Corp. and any other Person which
            would be reflected on the consolidated balance sheet of

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            American Home Mortgage Investment Corp. prepared in accordance with
            GAAP if such balance sheet were prepared as of such date of
            determination, less (b) 50% of any Subordinated Debt, less (c) the
            mortgage debt associated with the building and the land located at
            538 Broadhollow Road, Melville, New York. "Subordinated Debt" means
            the Debt of American Home Mortgage Investment Corp. and its
            Subsidiaries subordinated to the Obligations in the manner and to
            the extent required by the Bank of America, N.A., as administrative
            agent under the Credit Agreement, pursuant to written subordination
            agreements satisfactory in form and substance to the Bank of
            America, N.A., as administrative agent under the Credit Agreement.
            "Obligations" mean any and all debts, obligations and liabilities of
            the Servicer, the Sellers, the Performance Guarantor and American
            Home Mortgage Acceptance, Inc. to Bank of America, N.A. as
            administrative agent under the Credit Agreement and the lenders from
            time to time party thereto (whether now existing or hereafter
            arising, voluntary or involuntary, whether or not jointly owed with
            others, direct or indirect, absolute or contingent, liquidated or
            unliquidated, and whether or not from time to time decreased or
            extinguished and later increased, created or incurred), arising out
            of or related to the Loan Documents (as defined in the Credit
            Agreement).

      (b) Section 1.01 of the Repurchase Agreement is hereby amended by adding
the following definition of "Aggregate Collateral Value" immediately after the
definition of "Affiliate":

            "Aggregate Collateral Value" means an amount equal to the sum of the
            products of the book values (as determined in accordance with GAAP)
            of the consolidated assets of American Home Mortgage Investment
            Corp. and its Subsidiaries, such assets being categorized in the
            classes set forth on the calculation schedule that is part of
            Exhibit E attached to the Credit Agreement (the "Credit Agreement"),
            dated as of August 30, 2004, by and among the Sellers, American Home
            Mortgage Acceptance, Inc., certain Lenders from time to time party
            thereto, and Bank of America, N.A., times the percentage multiplier
            for each such class set forth on such calculation schedule.

      (c) Section 1.01 of the Repurchase Agreement is hereby amended by adding
the following definition of "Consolidated Funded Debt" immediately after the
definition of "Conforming Loan":

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            "Consolidated Funded Debt" means, with respect to any Person and on
            any date of determination, Indebtedness in any of the following
            categories:

            (i) Debt for borrowed money, including the Obligations;

            (ii) Debt constituting an obligation to pay the deferred purchase
            price of property;

            (iii) Debt evidenced by a bond, debenture, note or similar
            instrument;

            (iv) Debt constituting, as of any date, any lease of property, real
            or personal, which would be capitalized on a balance sheet of the
            lessee prepared as of such date in accordance with GAAP, together
            with any other lease by such lessee which is in substance a
            financing lease, including, without limitation, any lease under
            which (i) such lessee has or will have an option to purchase the
            property subject thereto at a nominal amount or an amount less than
            a reasonable estimate of the fair market value of such property as
            of the date such lease is entered into, or (ii) the term of the
            lease approximates or exceeds the expected useful life of the
            property leased thereunder;

            (v) Debt constituting a non-contingent obligation to reimburse the
            issuer of any letter of credit or any guarantor or surety for
            payments made by such issuer, guarantor or surety; and

            (vi) Any obligation under any guaranty with respect to Debt of any
            other Person of the types described in clauses (i) through (v)
            above.

      (d) Section 1.01 of the Repurchase Agreement is hereby amended by deleting
the definition of "Hedge Report" in its entirety and replacing it with the
following:

            "Hedge Report" means, with respect to any Conforming Loans included
            in the Eligible Mortgage Collateral with respect to which there is
            no loan-specific Take-Out Commitment, a report prepared by the
            Servicer prepared pursuant to Section 3.6 of the Loan Agreement,
            showing, as of the close of business on the previous Business Day,
            all Take-Out Commitments obtained by the Originators to cover all
            closed loans owned by the Originators or the Borrower, to the extent
            that such mortgage loans have been pledged hereunder or pursuant to
            another lending arrangement, and certain information with respect to
            such trades including information as the Administrative Agent may
            request, in the form of Exhibit K of the Loan Agreement. Each such

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            Take-Out Commitment shall have been pledged to the Administrative
            Agent; provided, however, that such Take-Out Commitments may have
            been pledged previously or may be pledged in the future by the
            Originators.

      (e) Section 1.01 of the Repurchase Agreement is hereby amended by adding
the following definition of "Net Cash Proceeds" immediately after the definition
of "Multiemployer Plan":

            "Net Cash Proceeds" means, with respect to the issuance of any
            capital stock by American Home Mortgage Investment Corp., the amount
            of cash received by American Home Mortgage Investment Corp. in
            connection with such transaction after deducting therefrom all fees
            (including, without limitation, investment banking fees),
            commissions, costs and other expenses to the extent attributable to
            such transaction.

      (f) Section 1.01 of the Repurchase Agreement is hereby amended by deleting
the definition of "Originator Performance Guaranty" in its entirety and
replacing it with the following definition:

            "Originator Performance Guaranty" means the Amended and Restated
            Originator Performance Guaranty, in the form attached to the Loan
            Agreement as Exhibit G-2, made by the Performance Guarantor in favor
            of the Originators, and assigned to the Administrative Agent for the
            benefit of the Lenders.

      (g) Section 1.01 of the Repurchase Agreement is hereby amended by deleting
the definition of "Performance Guarantor" in its entirety and replacing it with
the following definition:

            "Performance Guarantor" means, together, American Home Mortgage
            Holdings, Inc., a Delaware corporation, and American Home Mortgage
            Investment Corp., a Maryland corporation, and their respective
            successors and assigns.

      (h) Section 1.01 of the Repurchase Agreement is hereby amended by deleting
the definition of "Servicer Performance Guaranty" in its entirety and replacing
it with the following definition:

            "Servicer Performance Guaranty" means the Amended and Restated
            Servicer Performance Guaranty, in the form attached to the Loan
            Agreement as Exhibit G-1, made by the Performance Guarantor in favor
            of the Originators, and assigned to the Administrative Agent for the
            benefit of the Lenders.

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      (i) Section 1.01 of the Repurchase Agreement is hereby amended by deleting
the definition of "Tangible Net Worth" in its entirety and replacing it with the
following definition:

            "Tangible Net Worth" means, with respect to any Person, the excess
            of total assets of such Person over the total liabilities of such
            Person determined in accordance with GAAP, but excluding from the
            determination of total assets: (a) all assets which would be
            classified as intangible assets under GAAP, including, without
            limitation, goodwill (whether representing the excess cost over book
            value of assets acquired or otherwise), patents, trademarks, trade
            names, copyrights, franchises and deferred charges (including,
            without limitation, unamortized debt discount and expense,
            organization costs and research and product development costs), (b)
            loans or other extensions of credit to officers, employees,
            shareholders or Affiliates of such Person (other than the Servicer,
            the Sellers, the Performance Guarantor and American Home Mortgage
            Acceptance, Inc.) and (c) investments in Subsidiaries of such Person
            (other than the Servicer, the Sellers, the Performance Guarantor and
            American Home Mortgage Acceptance, Inc.).

      (j) The definition of "Termination Date" in Section 1.01 of the Repurchase
Agreement is hereby amended by deleting the words "August 6, 2004" in clause (a)
thereof and replacing them with the words "August 5, 2005".

      (k) Section 5.19 of the Repurchase Agreement is hereby amended by
inserting "(a)" before the sentence therein and adding the following clause (b):

            (b) The Sellers shall not nor shall they permit any Subsidiary to,
            at any time, directly or indirectly

                  (i) Permit at any time the Tangible Net Worth of American Home
                  Mortgage Investment Corp. to be less than $530,000,000, plus
                  75% of the Net Cash Proceeds of any capital stock (including
                  preferred stock) issued by American Home Mortgage Investment
                  Corp. after June 30, 2004;

                  (ii) Permit at any time the Tangible Net Worth of AHMS to be
                  less than $30,000,000;

                  (iii) Permit at any time the Tangible Net Worth of AHMC to be
                  less than $21,000,000;

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                  (iv) Permit at any time the Tangible Net Worth of American
                  Home Mortgage Acceptance, Inc. to be less than $41,000,000; or

                  (v) Permit at any time the Tangible Net Worth of the Sellers
                  and American Home Mortgage Acceptance, Inc., on a combined
                  basis, to be less than $147,000,000.

      (l) The Repurchase Agreement is hereby amended by deleting Section 5.22 in
its entirety and replacing it with the word "[Reserved]."

      (m) The Repurchase Agreement is hereby amended by adding the following
Section 5.32 immediately after Section 5.31:

            7.19. Collateral Value to Adjusted Consolidated Funded Debt Ratio.

            American Home Mortgage Investment Corp. shall not permit at any time
            the ratio of its Aggregate Collateral Value to its Adjusted
            Consolidated Funded Debt to be less than 1.00 to 1.00.

      (n) The Repurchase Agreement is hereby amended by deleting Section 5.29 in
its entirety and replacing it with the following Section 5.29:

            Section 5.29. Take-Out Commitments.

            Each of the Sellers shall obtain, and maintain in full force and
            effect, (a) Take-Out Commitments reflecting total Approved Investor
            obligations, as of each determination, with an aggregate purchase
            price at least equal to the total of the original principal balances
            of such Seller's entire portfolio of Mortgage Loans and the mortgage
            loans sold to the Buyer by such Seller, but in each case only to the
            extent such mortgage loans are pledged to secure a borrowing and (b)
            forward purchase commitments (which may include options to sell
            Mortgage Loans to Approved Investors, so long as the Approved
            Investor is bound thereby) issued by Approved Investors and
            obligating such Approved Investors to purchase a portion of such
            Seller's subsequently acquired Mortgage Loans. Each of the Take-Out
            Commitments specified in clause (a) above shall reflect only those
            terms and conditions as are permitted hereunder or are acceptable to
            the Administrative Agent.

      Section 3. Amendments to the Collateral Agency Agreement.

      (a) The Collateral Agency Agreement is amended by inserting the following
Section 3.13 immediately after Section 3.12 therein:

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            Section 3.13. Release Letters.

            To the extent that the Administrative Agent's approval is required
            for the release of any Mortgage Loan hereunder, the Administrative
            Agent hereby appoints the Borrower, as agent for the Administrative
            Agent, its attorney in fact, with full power of substitution, for
            and on behalf and in the name of the Administrative Agent, to
            release the documents related to such Mortgage Loan to the extent
            permitted hereunder. The powers and authorities herein conferred on
            the Borrower may be exercised by the Borrower through any Person
            who, at the time of the execution of a particular instrument, is an
            authorized officer or agent of the Borrower. All Persons dealing
            with the Borrower, any officer thereof, or any substitute attorney,
            acting pursuant hereto shall be fully protected in treating the
            powers and authorities conferred by this Section 3.13 as existing
            and continuing in full force and effect until advised by the
            Borrower that the Obligations have been fully and finally paid and
            satisfied and all Bank Commitments have been terminated.

      (b) Exhibit D-1 to the Collateral Agency Agreement is hereby amended by
deleting the definition of "Hedge Report" in its entirety and replacing it with
the following definition:

            "Hedge Report" means, with respect to any Conforming Loans included
            in the Eligible Mortgage Collateral with respect to which there is
            no loan-specific Take-Out Commitment, a report prepared by the
            Servicer prepared pursuant to Section 3.6 of the Loan Agreement,
            showing, as of the close of business on the previous Business Day,
            all Take-Out Commitments obtained by the Originators to cover all
            closed loans owned by the Originators or the Borrower, to the extent
            that such mortgage loans have been pledged hereunder or pursuant to
            another lending arrangement, and certain information with respect to
            such trades including information as the Administrative Agent may
            request, in the form of Exhibit K of the Loan Agreement. Each such
            Take-Out Commitment shall have been pledged to the Administrative
            Agent; provided, however, that such Take-Out Commitments may have
            been pledged previously or may be pledged in the future by the
            Originators.

      (c) The definition of "Mortgage Assets" in Exhibit D-2 to the Collateral
Agency Agreement is hereby amended by deleting clause (d) in its entirety and
replacing it with the following definition:

                                       14
<PAGE>

            (d) (i) any and all Take-Out Commitments, to the extent pledged to
            the Administrative Agent hereunder or pursuant to another lending
            arrangement (and which may have been pledged previously or may be
            pledged in the future by the Originators), whether or not such
            Take-Out Commitments pertain to Mortgage Loans that are pledged and
            assigned to the Secured Party, for the benefit of the holders of the
            Obligations, as collateral for the Obligations, or in which the
            Secured Party has a security interest to secure the Obligations and
            (ii) Closing Protection Rights, to the extent pledged to the
            Administrative Agent, that pertain to Mortgage Loans that are
            pledged and assigned to the Secured Party, for the benefit of the
            holders of the Obligations, as collateral for the Obligations, or in
            which the Secured Party has a security interest to secure the
            Obligations;

      (d) Exhibit D-1 to the Collateral Agency Agreement is hereby amended by
deleting the definition of "Maximum Facility Amount" in its entirety and
replacing it with the following definition:

            "Maximum Facility Amount" means $250,000,000, as such amount may be
            reduced pursuant to Section 2.1(c) of the Loan Agreement.

      (e) Exhibit D-1 to the Collateral Agency Agreement is hereby amended by
deleting the definition of "Performance Guarantor" in its entirety and replacing
it with the following definition:

            "Performance Guarantor" means, together, American Home Mortgage
            Holdings, Inc., a Delaware corporation, and American Home Mortgage
            Investment Corp., a Maryland corporation, and their respective
            successors and assigns.

      (f) The definition of "Termination Date" in Exhibit D-1 to the Collateral
Agency Agreement is hereby amended by deleting the words "August 6, 2004" in
clause (a) thereof and replacing them with the words "August 5, 2005".

      Section 4. Amendments to All of the Operative Documents.

      (a) Each reference to "Columbia National, Incorporated" in each of the
Operative Documents, including, without limitation any and all schedules and
exhibits to any of the Operative Documents, shall be deemed to refer to
"American Home Mortgage Servicing, Inc."

      (b) Each reference to "Maximum Facility Amount" or "Termination Date" in
each of the Operative Documents, including, without limitation, any and all
schedules and exhibits to any of the Operative Documents, shall be deemed to
refer to the Maximum Facility

                                       15
<PAGE>

Amount or Termination Date, respectively, as such terms are defined in this
Amendment for each respective Operative Document.

      Section 5. Operative Documents in Full Force and Effect as Amended

      Except as specifically amended hereby, all of the provisions of the
Operative Documents and all of the provisions of all other documentation
required to be delivered with respect thereto shall remain in full force and
effect from and after the date hereof.

      Section 6. Miscellaneous

      (a) This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall not constitute a novation of any Operative Document, but shall constitute
an amendment thereof. The parties hereto agree to be bound by the terms and
conditions of each Operative Document, as amended by this Amendment, as though
such terms and conditions were set forth herein.

      (b) The descriptive headings of the various sections of this Amendment are
inserted for convenience of reference only and shall not be deemed to affect the
meaning or construction of any of the provisions hereof.

      (c) This Amendment may not be amended or otherwise modified except as
provided in each respective Operative Agreement.

      (d) This Amendment and the rights and obligations of the parties under
this Amendment shall be governed by, and construed in accordance with, the laws
of the state of New York (without giving effect to the conflict of laws
principles thereof, other than Section 5-1401 of the New York General
Obligations Law, which shall apply hereto).

             The remainder of this page is intentionally left blank.

                                       16
<PAGE>

            IN WITNESS WHEREOF, the parties have agreed to and caused this
Amendment to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

ADMINISTRATIVE AGENT AND
BANK
AGREED:                       CALYON NEW YORK BRANCH

                              By:    /s/ David C. Fink
                                 --------------------------------------
                                 Name:   David C. Fink
                                 Title:  Managing Director

                              By:    /s/ Kostantina Kourmpetis
                                 --------------------------------------
                                 Name:   Kostantina Kourmpetis
                                 Title:  Managing Director

ORIGINATOR, SERVICER
AND SELLER
AGREED:                       AMERICAN HOME MORTGAGE CORP.

                              By:    /s/ Alan B. Horn
                                 -----------------------------------
                                 Name:   Alan B. Horn
                                 Title:  Executive Vice President
                                         and General Counsel

ORIGINATOR AND SELLER
AGREED:                       AMERICAN HOME MORTGAGE SERVICING, INC.

                              By:    /s/ Alan B. Horn
                                 -----------------------------------
                                 Name:   Alan B. Horn
                                 Title:  Executive Vice President
                                         and General Counsel
<PAGE>

BORROWER AND BUYER
AGREED:                       AHM SPV I, LLC

                              By:    /s/ Alan B. Horn
                                 -----------------------------------
                                 Name:   Alan B. Horn
                                 Title:  Manager

COLLATERAL AGENT
AGREED:                       DEUTSCHE BANK NATIONAL TRUST COMPANY

                              By:    /s/ Andrew Hays
                                 --------------------------------------
                                 Name:   Andrew Hays
                                 Title:  Associate

<PAGE>

                                                                         ANNEX A

                                   Exhibit G-1

<PAGE>

                                                                         ANNEX B

                                   Exhibit G-2

<PAGE>

                                                                         ANNEX F

                                   SCHEDULE I

                        BANK COMMITMENTS AND PERCENTAGES

                                                       Bank Commitment
              Bank                 Bank Commitment       Percentage
              ----                 ---------------     ---------------

      CALYON NEW YORK BRANCH        $250,000,000            100%EXHIBIT 10.3.2

              AMENDED AND RESTATED ORIGINATOR PERFORMANCE GUARANTY

      This Amended and Restated Originator Performance Guaranty (the
"Guaranty"), dated as of December 10, 2004, is executed by American Home
Mortgage Holdings, Inc., a Delaware corporation, and American Home Mortgage
Investment Corp., a Maryland corporation (each, a "Performance Guarantor" and
together, the "Performance Guarantors"), in favor of AHM SPV I, LLC, a Delaware
limited liability company ("SPV").

      WHEREAS, SPV has entered into an Addendum to Master Repurchase Agreement
dated as of August 8, 2003 (as amended, restated, supplemented or otherwise
modified from time to time, the "Repurchase Agreement"), with American Home
Mortgage Corp., a New York corporation, and American Home Mortgage Servicing,
Inc. (formerly known as Columbia National, Incorporated), a Maryland corporation
(collectively, the "Originators"), pursuant to which SPV has agreed to purchase
from time to time certain Mortgage Assets from the Originators;

      WHEREAS, as an inducement for SPV to purchase Mortgage Assets pursuant to
the Repurchase Agreement, the Performance Guarantors have agreed to guaranty the
due and punctual performance of the Originators' obligations under the
Repurchase Agreement, including any obligation to repurchase Mortgage Assets as
a result of a breach pursuant to Section 2.05 of the Addendum to the Repurchase
Agreement, provided that the Performance Guarantors shall not guaranty the
Originators' obligations to repurchase Mortgage Assets on the Repurchase Date
pursuant to Sections 3(b) and 3(c) of the Repurchase Agreement;

      WHEREAS, it is a condition precedent to SPV agreeing to purchase Mortgage
Assets pursuant to the Repurchase Agreement that the Performance Guarantors
execute and deliver to SPV a performance guaranty substantially in the form
hereof; and

      WHEREAS, the Performance Guarantors wish to guaranty the due and punctual
performance of the Originators' obligations to SPV under or in respect of the
Repurchase Agreement as provided herein, and the Performance Guarantors, as the
owners, directly or indirectly, of all of the outstanding shares of capital
stock of the Originators, will derive substantial benefit from the transactions
contemplated under the Repurchase Agreement;

      NOW, THEREFORE, the each of the Performance Guarantors hereby agrees with
SPV as follows:

      Section 1. Definitions.

            As used herein:

            "Bankruptcy Code" means the United States Bankruptcy Code, 11 U.S.C.
      Sections 101 et seq., as amended.

            "Obligations" means, collectively, all covenants, agreements, terms,
      conditions and indemnities to be performed and observed by the Originators
      under and pursuant to

                                       1
<PAGE>

      the Repurchase Agreement and each other document executed and delivered by
      the Originators pursuant to the Repurchase Agreement (other than the Loan
      Agreement), except for the Originators' obligation to repurchase Mortgage
      Assets on the Repurchase Date pursuant to Sections 3(b) and 3(c) of the
      Repurchase Agreement, including, without limitation, the due and punctual
      payment of all sums which are or may become due and owing by the
      Originators under the Repurchase Agreement whether for repurchase prices
      for repurchases pursuant to Section 2.05 of the Addendum to the Repurchase
      Agreement, fees, expenses (including counsel fees), indemnified amounts or
      otherwise, whether upon any termination or for any other reason, including
      any renewals, extensions and modifications thereof.

            "Loan Agreement" means that certain Loan Agreement dated as of
      August 8, 2003 by and among SPV, certain Issuers party thereto, certain
      Banks parties thereto, Calyon New York Branch, as administrative agent for
      the Issuer and the Banks, and American Home Mortgage Corp., as the
      servicer thereunder, as the same may be amended, restated, supplemented or
      otherwise modified from time to time.

            "AHM Entities" means, collectively, the Performance Guarantors, the
      Originators, and SPV.

      All capitalized terms used herein, and not otherwise herein defined shall
have their respective meanings as defined in the Repurchase Agreement.

      Section 2. Guaranty of Performance of Obligations. Each of the Performance
Guarantors hereby, jointly and severally, unconditionally guarantees to SPV the
full and punctual payment and performance by the Originators of the Obligations.

      This Guaranty is an absolute, unconditional and continuing guaranty of the
full and punctual performance of all of the Obligations and is in no way
conditioned upon any requirement that SPV first take any action against the
Originators with respect to the Obligations or attempt to collect any of the
amounts owing by the Originators to SPV from the Originators or resort to any
collateral security, any balance of any deposit account or credit on the books
of SPV in favor of the Originators, any guarantor of the Obligations or any
other Person. Should the Originators default in the payment or performance of
any of the Obligations, SPV may cause the immediate performance by either of the
Performance Guarantors of the Obligations and cause any payment Obligations to
become forthwith due and payable to SPV, without demand or notice of any nature
(other than as expressly provided herein), all of which are expressly waived by
each of the Performance Guarantors.

      Each of the Performance Guarantor's liability under this Guaranty shall be
absolute and unconditional irrespective of (i) any lack of validity or
enforceability of the Repurchase Agreement, the Loan Agreement or any other
document executed in connection therewith or delivered thereunder, (ii) any
change in the time, manner or place of payment of, or in any other term of, all
or any of the Obligations, or any other amendment or waiver of or any consent to
departure from the Repurchase Agreement, the Loan Agreement or any other
document executed in connection therewith or delivered thereunder, (iii) any
taking, exchange, release or non-perfection of any collateral, or any taking,
release or amendment or waiver of or consent to

                                       2
<PAGE>

departure from any other guaranty, for all or any of the Obligations, (iv) any
law, regulation or order of any jurisdiction affecting any term of all or any
Obligations or the rights of SPV, (v) any manner of application of collateral,
or proceeds thereof, to all or any of the Obligations, or any manner of sale or
other disposition of any collateral for all or any of the Obligations or any
other assets of the Originators, (vi) any change, restructuring or termination
of the corporate structure or existence of the Originators, or (vii) any other
circumstance which might otherwise constitute a defense available to, or a
discharge of, the Originators or a guarantor. In the event that performance of
any of the Obligations is stayed upon the insolvency, bankruptcy or
reorganization of the Originators, or for any other reason, all such Obligations
shall be immediately performed by the Performance Guarantors.

      Section 3. Performance Guarantors' Further Agreements to Pay. Each of the
Performance Guarantors further agrees, in the event the Performance Guarantors
fail to perform their obligations under this Guaranty, to pay to SPV, forthwith
upon demand all reasonable costs and expenses (including court costs and legal
expenses) incurred or expended by SPV in connection with the enforcement of this
Guaranty.

      Section 4. Waivers by Performance Guarantors; SPV's Freedom to Act. Each
of the Performance Guarantors waives notice of (a) acceptance of this Guaranty,
(b) any action taken or omitted by SPV in reliance on this Guaranty, and (c) any
requirement that SPV be diligent or prompt in making demands under this
Guaranty, giving notice of any Default, Event of Default, default or omission by
the Originators or asserting any other rights of SPV under this Guaranty. To the
maximum extent permitted by applicable law, each of the Performance Guarantors
also irrevocably waives all defenses that at any time may be available in
respect of the Obligations by virtue of any statute of limitations, valuation,
stay, moratorium law or other similar law now or thereafter in effect.

      SPV shall be at liberty, without giving notice to or obtaining the assent
of the Performance Guarantors and without relieving either of the Performance
Guarantors of any liability under this Guaranty, to deal with the Originators
and with each other party who now is or after the date hereof becomes liable in
any manner for any of the Obligations, in such manner as SPV in its sole
discretion deems fit, and to this end each of the Performance Guarantors agrees
that the validity and enforceability of this Guaranty, including without
limitation, the provisions of Section 8 hereof, shall not be impaired or
affected by any of the following: (a) any extension, modification or renewal of,
or indulgence with respect to, or substitutions for, the Obligations or any part
thereof or any agreement relating thereto at any time; (b) any failure or
omission to enforce any right, power or remedy with respect to the Obligations
or any part thereof or any agreement relating thereto, or any collateral
securing the Obligations or any part thereof; (c) any waiver of any right, power
or remedy or of any Default, Event of Default, default with respect to the
Obligations or any part thereof or any agreement relating thereto; (d) any
release, surrender, compromise, settlement, waiver, subordination or
modification, with or without consideration, of any other obligation of any
person or entity with respect to the Obligations or any part thereof; (e) the
enforceability or validity of the Obligations or any part thereof or the
genuineness, enforceability or validity of any agreement relating thereto or
with respect to the Obligations or any part thereof; (f) the application of
payments received from any source to the payment of any payment Obligations of
the Originators, any part thereof or amounts which are not covered by this
Guaranty even though SPV might lawfully have elected to apply such payments to
any part

                                       3
<PAGE>

or all of the payment Obligations of the Originators or to amounts which are not
covered by this Guaranty; (g) the existence of any claim, setoff or other rights
which such Performance Guarantor may have at any time against the Originators in
connection herewith or any unrelated transaction; (h) any assignment or transfer
of the Obligations or any part thereof; or (i) any failure on the part of the
Originators to perform or comply with any term of the Repurchase Agreement or
any other document executed in connection therewith or delivered thereunder, all
whether or not such Performance Guarantor shall have had notice or knowledge of
any act or omission referred to in the foregoing clauses (a) through (i) of this
Section.

      Section 5. Unenforceability of Obligations Against the Originators.
Notwithstanding (a) any change of ownership of either of the Originators or the
insolvency, bankruptcy or any other change in the legal status of either of the
Originators; (b) the change in or the imposition of any law, decree, regulation
or other governmental act which does or might impair, delay or in any way affect
the validity, enforceability or the payment when due of the Obligations; (c) the
failure of either of the Originators or either of the Performance Guarantors to
maintain in full force, validity or effect or to obtain or renew when required
all governmental and other approvals, licenses or consents required in
connection with the Obligations or this Guaranty, or to take any other action
required in connection with the performance of all obligations pursuant to the
Obligations or this Guaranty; or (d) if any of the moneys included in the
Obligations have become unrecoverable from either of the Originators for any
reason other than final payment in full of the payment Obligations in accordance
with their terms, this Guaranty shall nevertheless be binding on each of the
Performance Guarantors. This Guaranty shall be in addition to any other guaranty
or other security for the Obligations, and it shall not be rendered
unenforceable by the invalidity of any such other guaranty or security.

      Section 6. Representations and Warranties.

      Section 6.1. Existence and Standing. Each of the Performance Guarantors is
a corporation duly incorporated, validly existing and in good standing under the
laws of its jurisdiction of incorporation and has all requisite corporate
authority to conduct its business in each jurisdiction in which its business is
conducted.

      Section 6.2. Authorization; Validity. Each of the Performance Guarantors
has the corporate power and authority to execute and deliver this Guaranty,
perform its obligations hereunder and consummate the transactions herein
contemplated. The execution and delivery by each of the Performance Guarantors
of this Guaranty, the performance of its obligations and consummation of the
transactions contemplated hereunder have been duly authorized by proper
corporate proceedings, and this Guaranty constitutes the legal, valid and
binding obligation of each of the Performance Guarantors enforceable against
such Performance Guarantor in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency or similar laws
affecting the enforcement of creditors' rights generally and by general equity
principles (whether considered as a proceeding at law or in equity).

      Section 6.3. No Conflict; Government Consent. Neither the execution and
delivery by either of the Performance Guarantors of this Guaranty, nor the
consummation of the transactions herein contemplated, nor compliance with the
provisions hereof will contravene or conflict with any law, rule, regulation,
order, writ, judgment, injunction, decree or award binding on such

                                       4
<PAGE>

Performance Guarantor or any of the other AHM Entities, except where such
contravention or conflict would reasonably be expected to have a Material
Adverse Effect, or such Performance Guarantor's certificate of incorporation or
by-laws or the provisions of any indenture, instrument or agreement to which
such Performance Guarantor is a party or is subject, or by which it, or its
property, is bound, except where such contravention or conflict would not
reasonably be expected to have a Material Adverse Effect, or result in the
creation or imposition of any Lien in, of or on the property of such Performance
Guarantor or any of its Subsidiaries pursuant to the terms of any such
indenture, instrument or agreement.

      Section 6.4. Financial Statements. The consolidated financial statements
of American Home Mortgage Investment Corp. and its Subsidiaries, heretofore
delivered to SPV as required by the Loan Agreement, were prepared in accordance
with generally accepted accounting principles in effect on the date such
statements were prepared and fairly present the consolidated financial condition
and operations of American Home Mortgage Investment Corp. and its Subsidiaries
at such date and the consolidated results of their operations for the period
then ended.

      Section 6.5. Material Adverse Change. Since September 30, 2004, there has
been no change in the business, properties, financial condition or results of
operations of either of the Performance Guarantors and its Subsidiaries which is
reasonably likely to have a Material Adverse Effect on (i) the business,
properties, financial condition or results of operations of such Performance
Guarantor and its subsidiaries taken as a whole, (ii) the ability of such
Performance Guarantor to perform its obligations under this Guaranty, or (iii)
the validity or enforceability of any portion of this Guaranty or the rights or
remedies of SPV hereunder.

      Section 6.6. Taxes. Each of the Performance Guarantors and the other AHM
Entities have filed all United States federal tax returns and all other tax
returns which are required to be filed, except where the failure to file would
not reasonably be expected to have a Material Adverse Effect, and have paid all
taxes due pursuant to said returns or pursuant to any assessment received by
such Performance Guarantor or any of the other AHM Entities, except such taxes,
if any, as are being contested in good faith and as to which adequate reserves
have been provided. No tax liens have been filed which are reasonably likely to
have a Material Adverse Effect on (i) the business, properties, financial
condition or results of operations of either of the Performance Guarantors and
the other AHM Entities taken as a whole, (ii) the ability of either of the
Performance Guarantors to perform its obligations under this Guaranty, or (iii)
the validity or enforceability of any portion of this Guaranty or the rights or
remedies of SPV hereunder, and no claims are being asserted in writing with
respect to any such taxes. The charges, accruals and reserves on the books of
each of the Performance Guarantors and the other AHM Entities in respect of any
taxes or other governmental charges are adequate.

      Section 6.7. Litigation and Contingent Obligations. There is no
litigation, arbitration, governmental investigation, proceeding or inquiry
pending or, to the knowledge of any of their officers, threatened against or
affecting either of the Performance Guarantors or its Subsidiaries which is
reasonably likely to have a Material Adverse Effect on (i) the business,
properties, financial condition or results of operations of such Performance
Guarantor and the other AHM Entities taken as a whole, (ii) the ability of such
Performance Guarantor to perform its obligations under this Guaranty, or (iii)
the validity or enforceability of any of this Guaranty or

                                       5
<PAGE>

the rights or remedies of SPV hereunder. Neither of the Performance Guarantors
has any material contingent obligations not provided for or disclosed in the
financial statements referred to in Section 6.4.

      Section 7. Covenants. Each of the Performance Guarantors hereby covenants
and agrees for the benefit of SPV, until the Obligations have been satisfied in
full and the Repurchase Agreement and the Loan Agreement have been terminated,
as follows:

      (a) to promptly notify SPV upon (i) any dispute between such Performance
Guarantor and any Governmental Authority or any other Person that, if adversely
determined, would have a Material Adverse Effect; (ii) any material adverse
change in the business, operations or financial condition of such Performance
Guarantor, including, without limitation, such Performance Guarantor's
insolvency; (iii) any event or condition known to it that, if adversely
determined, would have a Material Adverse Effect; and (iv) the receipt of any
notice of any final judgment or order for payment of money applicable to such
Performance Guarantor in excess of $10,000,000;

      (b) to comply with (a) all applicable laws, rules, regulations and orders,
and (b) material agreements, indentures, mortgages and corporate documents,
except to the extent that the failure so to comply would not be reasonably
expected to have a Material Adverse Effect;

      (c) to maintain its corporate existence, rights and franchises;

      (d) observe and comply in all material respects with all Governmental
Requirements; and

            (e) promptly and in any event within 60 days after the end of each
of the first three (3) quarters in each fiscal year of such Performance
Guarantor, and within 120 days after the close of such Performance Guarantor's
fiscal year, completed officer's certificates in the form of Exhibit H-3 and
Exhibit H-4, respectively, attached to the Loan Agreement, executed by the
treasurer or other Financial Officer of such Performance Guarantor.

      Section 8. Subrogation; Subordination. Neither of the Performance
Guarantors shall enforce or otherwise exercise any right of subrogation to any
of the rights of SPV against the Originators, until the Obligations have been
indefeasibly paid in full; notwithstanding anything to the contrary contained
herein, until the Obligations have been indefeasibly paid in full, each of the
Performance Guarantors hereby waives all rights of subrogation (whether
contractual, under Section 509 of the United States Bankruptcy Code, at law or
in equity or otherwise) to the claims of SPV against the Originators and all
contractual, statutory or legal or equitable rights of contribution,
reimbursement, indemnification and similar rights and "claims" (as that term is
defined in the United States Bankruptcy Code) which such Performance Guarantor
might now have or hereafter acquire against the Originators that arises from the
existence or performance of such Performance Guarantor's obligations hereunder;
such Performance Guarantor will not claim any setoff, recoupment or counterclaim
against the Originators in respect of any liability of the Performance Guarantor
to the Originators, until any of the Obligations have been indefeasibly paid in
full; and such Performance Guarantor waives any benefit of and any right to
participate in any collateral security which may be held by SPV. Unless
otherwise provided for in the

                                       6
<PAGE>

Subordination Agreement, the payment of any amounts due with respect to any
indebtedness for borrowed money of the Originators now or thereafter owed to
either of the Performance Guarantors is hereby subordinated to the prior payment
in full of all the Obligations. Each of the Performance Guarantors agrees that,
after the occurrence, and during the continuation, of any default in the payment
or performance of any of the Obligations, such Performance Guarantor will not
demand, sue for or otherwise attempt to collect any such indebtedness of the
Originators to such Performance Guarantor until all of the Obligations shall
have been paid and performed in full. If, notwithstanding the foregoing
sentence, either of the Performance Guarantors shall collect, enforce or receive
any amounts in respect of such indebtedness while any Obligations are still
unperformed or outstanding, such amounts shall be collected, enforced and
received by such Performance Guarantor as trustee for SPV and be paid over to
SPV on account of the Obligations without affecting in any manner the liability
of such Performance Guarantor under the other provisions of this Guaranty. The
provisions of this Section 8 shall be supplemental to and not in derogation of
any rights and remedies of SPV under any separate subordination agreement that
SPV may at any time and from time to time enter into with either of the
Performance Guarantors.

      Section 9. Termination of Guaranty. Each of the Performance Guarantors'
obligations hereunder shall continue in full force and effect until all
Obligations are finally paid and satisfied in full and the Repurchase Agreement
and Loan Agreement are terminated; provided, however, that this Guaranty shall
continue to be effective or shall be reinstated, as the case may be, if at any
time payment or other satisfaction of any of the Obligations is rescinded or
must otherwise be restored or returned upon the bankruptcy, insolvency, or
reorganization of either of the Originators, or otherwise, as though such
payment had not been made or other satisfaction occurred, whether or not SPV is
in possession of this Guaranty. No invalidity, irregularity or unenforceability
by reason of the Bankruptcy Code or any insolvency or other similar law, or any
law or order of any government or agency thereof purporting to reduce, amend or
otherwise affect the Obligations shall impair, affect, be a defense to or claim
against the obligations of the Performance Guarantors under this Guaranty.

      Section 10. Effect of Bankruptcy. This Guaranty shall survive the
insolvency of either of the Originators and the commencement of any case or
proceeding by or against either of the Originators under the federal Bankruptcy
Code or other federal, state or other applicable bankruptcy, insolvency or
reorganization statutes. No automatic stay under the federal Bankruptcy Code or
other federal, state or other applicable bankruptcy, insolvency or
reorganization statutes to which either of the Originators is subject shall
postpone the obligations of either of the Performance Guarantors under this
Guaranty.

     Section 11. Setoff. SPV is not authorized at any time to set off and apply
any deposits or other sums against the obligations of either of the Performance
Guarantors under this Guaranty.

     Section 12. Taxes. All payments to be made by each of the Performance
Guarantors hereunder shall be made free and clear of any deduction or
withholding. If either of the Performance Guarantors is required by law to make
any deduction or withholding on account of tax or otherwise from any such
payment, the sum due from it in respect of such payment shall be increased to
the extent necessary to ensure that, after the making of such deduction or

                                       7
<PAGE>

withholding, SPV receives a net sum equal to the sum which it would have
received had no deduction or withholding been made.

     Section 13. Further Assurances. Each of the Performance Guarantors agrees
that it will permit SPV or any of its duly authorized representatives, during
normal business hours, and upon reasonable notice to consult and discuss with
such Performance Guarantor's Treasurer or Controller, with respect to such
Performance Guarantor's business, finances, accounts and affairs. Each of the
Performance Guarantors agree that it will, from time to time, at the request of
SPV, provide to SPV information relating to the business and affairs of such
Performance Guarantor as SPV may reasonably request. Each of the Performance
Guarantors also agrees to do all such things and execute all such documents as
SPV may reasonably consider necessary or desirable to give full effect to this
Guaranty and to perfect and preserve the rights and powers of SPV hereunder.

     Section 14. Successors and Assigns. This Guaranty shall be binding upon
each of the Performance Guarantors, its successors and assigns, and shall inure
to the benefit of and be enforceable by SPV and its successors, transferees and
assigns. Neither of the Performance Guarantors may assign or transfer any of its
obligations hereunder without the prior written consent of SPV and any attempted
assignment shall be null and void.

      SPV (and any assignee of SPV) may at any time assign any and all of its
rights hereunder to any other person or entity without the consent of the
Performance Guarantors or the Originators, whereupon (i) each reference herein
to SPV shall mean and be a reference to such assignee and (ii) such assignee may
enforce the Guaranty to the fullest extent as if it were a named party hereto.
Without limiting the generality of the foregoing, each of the Performance
Guarantors acknowledges and consents to the assignment by SPV, under and in
connection with the Loan Agreement, of all of SPV's right, title and interest
in, to and under this Guaranty to the Administrative Agent for the benefit of
the Lenders, and each of the Performance Guarantors agrees that at all times
that the Loan Agreement shall be in effect (i) any claim made by SPV hereunder
shall be deemed made for the benefit of the Administrative Agent and Lenders and
(ii) any payment or remittance to be made hereunder by such Performance
Guarantor in respect of any claim being made by or in respect of SPV or SPV's
interest under the Repurchase Agreement shall be paid or remitted to the
Administrative Agent for the benefit of the Lenders.

      Section 15. Amendments and Waivers. No amendment or waiver of any
provision of this Guaranty nor consent to any departure by either of the
Performance Guarantors therefrom shall be effective unless the same shall be in
writing and signed by SPV and the Performance Guarantors. No failure on the part
of SPV to exercise, and no delay in exercising, any right hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right hereunder preclude any other or further exercise thereof or the exercise
of any other right.

      Section 16. Notices. All notices and other communications called for
hereunder shall be made in writing and, unless otherwise specifically provided
herein, shall be deemed to have been duly made or given when delivered by hand
or mailed first class, postage prepaid, or, in the case of telegraphic,
telecopied or telexed notice, when transmitted, answer back received, addressed
as follows: if to the Performance Guarantors, at the address set forth beneath
their

                                       8
<PAGE>

respective signatures hereto, and if to SPV at its address specified in the
Repurchase Agreement, or at such other address as either party may designate in
writing to the other.

      Section 17. GOVERNING LAW. THIS GUARANTY SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF, OTHER THAN SECTION 5-1401 OF
THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL APPLY HERETO).

      Section 18. CONSENT TO JURISDICTION. EACH OF THE PERFORMANCE GUARANTORS
HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED
STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY, THE REPURCHASE
AGREEMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION THEREWITH OR DELIVERED
THEREUNDER AND EACH OF THE PERFORMANCE GUARANTORS HEREBY IRREVOCABLY AGREES THAT
ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER
HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A
COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT
THE RIGHT OF SPV OR ANY OF ITS ASSIGNS TO BRING PROCEEDINGS AGAINST EITHER OF
THE PERFORMANCE GUARANTORS IN THE COURTS OF ANY OTHER JURISDICTION.

            Section 19. Miscellaneous. This Guaranty constitutes the entire
agreement of the Performance Guarantors with respect to the matters set forth
herein. The rights and remedies herein provided are cumulative and not exclusive
of any remedies provided by law or any other agreement, and this Guaranty shall
be in addition to any other guaranty of or collateral security for any of the
Obligations. The provisions of this Guaranty are severable, and in any action or
proceeding involving any state corporate law, or any state or federal
bankruptcy, insolvency, reorganization or other law affecting the rights of
creditors generally, if the obligations of either of the Performance Guarantors
hereunder would otherwise be held or determined to be avoidable, invalid or
unenforceable on account of the amount of such Performance Guarantor's liability
under this Guaranty, then, notwithstanding any other provision of this Guaranty
to the contrary, the amount of such liability shall, without any further action
by such Performance Guarantor or SPV, be automatically limited and reduced to
the highest amount that is valid and enforceable as determined in such action or
proceeding. The invalidity or unenforceability of any one or more sections of
this Guaranty shall not affect the validity or enforceability of its remaining
provisions. Captions are for the ease of reference only and shall not affect the
meaning of the relevant provisions. The meanings of all defined terms used in
this Guaranty shall be equally applicable to the singular and plural forms of
the terms defined.

                                       9
<PAGE>

            IN WITNESS WHEREOF, the Performance Guarantors have caused this
Guaranty to be executed and delivered as of the date first above written.

                                     AMERICAN HOME MORTGAGE HOLDINGS, INC.

                                     By:      /s/ Alan B. Horn
                                         ---------------------------------------
                                         Name:    Alan B. Horn
                                         Title:   Executive Vice President and
                                                  General Counsel
                                         Address: 538 Broadhollow Road
                                                  Melville, NY 11747

                                     AMERICAN HOME MORTGAGE INVESTMENT CORP.

                                     By:      /s/ Alan B. Horn
                                         ---------------------------------------
                                         Name:    Alan B. Horn
                                         Title:   Executive Vice President and
                                                  General Counsel
                                         Address: 538 Broadhollow Road
                                                  Melville, NY 11747

                                       10
<PAGE>

                                  ASSIGNMENT OF
              AMENDED AND RESTATED ORIGINATOR PERFORMANCE GUARANTY

      The undersigned hereby assigns all of its right, title and interest in and
to the foregoing Amended and Restated Originator Performance Guaranty to Calyon
New York Branch, in its capacity as administrative agent (the "Administrative
Agent") for the "Lenders" under and as defined in that certain Loan Agreement
dated as of August 8, 2003 by and among AHM SPV I, LLC ("SPV"), certain parties
thereto, the Administrative Agent and American Home Mortgage Corp., as servicer
thereunder, as the same may be amended, restated, supplemented or otherwise
modified from time to time. Each of American Home Mortgage Holdings, Inc.
("AHMI") and American Home Mortgage Investment Corp. ("AHMIC") acknowledges such
assignment, and agrees that the Administrative Agent may further assign, without
notice, its right, title and interest in and to the Amended and Restated
Originator Performance Guaranty without the consent of any person or entity. The
Administrative Agent, as the assignee of SPV, shall have the right to enforce
the Amended and Restated Originator Performance Guaranty and to directly
exercise all of SPV's rights and remedies under the Amended and Restated
Originator Performance Guaranty, and each of AHMI and AHMIC agrees to cooperate
fully with the Administrative Agent in the exercise of such rights and remedies
thereunder. Each of AHMI and AHMIC further agrees to give the Administrative
Agent copies of all notices it is required to give to SPV under the Amended and
Restated Originator Performance Guaranty.

Dated:  December 10, 2004

                                          AHM SPV I, LLC

                                          By:
                                             ---------------------------------
                                             Name:
                                             Title:

Acknowledged and agreed to this 10th day of December, 2004:

AMERICAN HOME MORTGAGE HOLDINGS, INC.

By:
   ---------------------------
   Name:
   Title:

AMERICAN HOME MORTGAGE INVESTMENT CORP.

By:
   ---------------------------
   Name:
   Title:

                                       11

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