Document:

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                                                                   EXHIBIT 10.28

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                                  HSBC BANK USA

                                       AND

                       THE NEW YORK MORTGAGE COMPANY LLC

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

                                  FIFTH AMENDED
                          CREDIT AND SECURITY AGREEMENT

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

                           Dated as of April 29, 2002

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                  FIFTH AMENDED CREDIT AND SECURITY AGREEMENT

            THIS AGREEMENT, dated as of the Agreement Date between THE NEW YORK
MORTGAGE COMPANY LLC, a New York limited liability company with offices at 304
Park Avenue South, New York, New York 10010 (the "Company"), and HSBC BANK USA,
a banking corporation organized under the laws of the State of New York, with
offices at c/o Mortgage Warehouse Lending Department, One HSBC Center, 27th
Floor, Buffalo, New York 14203 ("HSBC"), evidences:

                                  INTRODUCTION

            This Agreement amends the Credit and Security Agreement between the
Company and HSBC dated as of March 30, 2001, as previously amended by First
Amended Credit and Security Agreement dated as of May 24, 2001; Second Amended
Credit and Security Agreement dated as of June 18, 2001; Third Amended Credit
and Security Agreement dated as of November 13, 2001; and Fourth Amended Credit
and Security Agreement dated as of January 16, 2002 (together, "Prior
Agreement") by temporarily increasing the Credit Amount to $40,000,000.00.
Capitalized terms not otherwise defined herein have the meanings given them in
the Prior Agreement.

                                   AGREEMENTS:

            1. The following definitions are amended to read as follows:

               Agreement Date: April 29, 2002.
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                                      - 2 -

            Credit Amount: FORTY MILLION AND N0/100 DOLLARS ($40,000,000.00)

            Credit Note: The Company's Fifth Amended Credit Note to HSBC dated
as of the Agreement Date.

      2. Section 2.2 is amended to read as follows:

            "2.2 Term. This Agreement will be in effect until August 31, 2002,
when all amounts outstanding hereunder and under the Credit Note shall be due
and payable; provided, however, that HSBC may earlier terminate this Agreement
following at least 90 days prior written notice to the Company, and, at any time
subsequent to ninety (90) days from the Agreement Date, the Company may
terminate this Agreement following at least 90 days prior written notice to
HSBC. No such termination shall affect the rights of the parties hereto as to
any Advances previously made, which shall continue to be governed hereby."

      3. Section 6.18 is amended to read as follows:

            "6.18. Financial Covenants.

                  A. Adjusted Net Worth. Maintain a minimum Adjusted Net Worth
of FIVE MILLION AND NO/100 DOLLARS ($5,000,000.00).

                  B. Total Liabilities to Adjusted Net Worth Ratio. Maintain a
ratio of total liabilities to Adjusted Net Worth of not more than 13 to 1."

            Except as modified herein, the Prior Agreement is ratified and
confirmed. Borrower disclaims any offsets, defenses or counterclaims respecting
its obligations under the Prior Agreement.
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                                      - 3 -

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be signed by their duly authorized officers and their corporate seals to be
hereunto affixed, all as of the Agreement Date.

                                     THE NEW YORK MORTGAGE COMPANY LLC

                                     BY: /s/ Steven Schnall
                                         --------------------------------------
                                          Steven Schnall, Member

                                     HSBC BANK USA

                                     BY: /s/ James A. Noyes
                                         --------------------------------------
                                         James A. Noyes, Vice President<PAGE>
                                                                   EXHIBIT 10.29

(HSBC LOGO)

                                August 26, 2002

The New York Mortgage Company LLC
Attention: Steven Schnall, President
304 Park Avenue South
New York, NY 10010

     Re:  Credit and Security Agreement between HSBC Bank USA ("HSBC") and The
          New York Mortgage Company LLC ("Company") dated as of March 30, 2001,
          as amended ("Credit Agreement")

Dear Mr. Schnall:

     The Company's Credit Note to HSBC dated as of April 24, 2001 in the maximum
principal amount of $40,000,000.00 ("Note"), matures August 31, 2002.

     This confirms HSBC's agreement to extend the scheduled maturity date of the
Note and the term of the Credit Agreement to September 15, 2002.

     All amounts advanced after August 31, 2002 and all principal amounts
previously advanced and outstanding as of August 31, 2002 and all other amounts
which may be due HSBC as of August 31, 2002 shall be (i) evidenced by the Note
and governed by the Credit Agreement as extended hereby, and (ii) secured by
all Collateral (as defined in the Credit Agreement).

     The Company agrees that it has no defenses, offsets or counterclaims in
connection with the obligations under the Note and Credit Agreement. To the
extent not modified hereby, the Note and Credit Agreement remain in full force
and effect.

HSBC BANK USA
Mortgage Warehouse Lending, 111 Presidential Boulevard, Suite 202,
Bala Cynwyd, PA 19004
Fax: (610) 668-9630

<PAGE>
The New York Mortgage Company LLC
August 26, 2002
Page 2

     By this agreement HSBC does not waive (i) any existing events of default
under the Note or Credit Agreement, or (ii) any rights or remedies resulting
from any such events of default.

     Please indicate the Company's agreement to the foregoing by signing and
returning a copy of this letter.

                                       Very truly yours,

                                       HSBC Bank USA

                                       By: /s/ James A. Noyes
                                           ------------------------------------
                                           James A. Noyes
                                           Vice President

AGREED:

THE NEW YORK MORTGAGE COMPANY LLC

By: /s/ Steven Schnall
   ------------------------------
   Steven Schnall, Member

RATIFICATION OF GUARANTY

The Guarantor agrees and represents that the Guaranty remains in full force and
effect subject to no offset, claim, counterclaim or defense. The undersigned
agrees and acknowledges that all references to the Credit Agreement in the
Guaranty, means the Credit Agreement, as amended by the Amendment Agreement, as
the same may be hereafter amended from time to time.

/s/ Steven Schnall
---------------------------------
Steven Schnall

RATIFICATION OF GUARANTY

The Guarantor agrees and represents that the Guaranty remains in full force and
effect subject to no offset, claim, counterclaim or defense. The undersigned
agrees and acknowledges that all references to the Credit Agreement in the
Guaranty, means the Credit Agreement, as amended by the Amendment Agreement, as
the same may be hereafter amended from time to time.

/s/ Joseph V. Fierro
----------------------------------
Joseph V. Fierro<PAGE>
                                                                   EXHIBIT 10.30

(HSBC LOGO)

                                                              September 11, 2002

The New York Mortgage Company LLC
Attention: Steven Schnall, President
304 Park Avenue South
New York, NY 10010

      Re:   Credit and Security Agreement between HSBC Bank USA ("HSBC") and
            The New York Mortgage Company LLC ("Company") dated as of March 30,
            2001, as amended ("Credit Agreement")

Dear Mr. Schnall:

      The Company's Credit Note to HSBC dated as of March 30, 2001, as amended,
in the maximum principal amount of $40,000,000.00 ("Note"), matures September
15, 2002.

      This confirms HSBC's agreement to extend the scheduled maturity date of
the Note and term of the Credit Agreement to October 31, 2002.

      All amounts advanced after September 15, 2002 and all principal amounts
previously advanced and outstanding as of September 15, 2002 and all other
amounts which may be due HSBC as of September 15, 2002 shall be (i) evidenced by
the Note and governed by the Credit Agreement as extended hereby, and (ii)
secured by all Collateral (as defined in the Credit Agreement).

      The Company agrees that it has no defenses, offsets or counterclaims in
connection with obligations under the Note and Credit Agreement. To the extent
not modified hereby, the Note and Credit Agreement remain in full force and
effect.

HSBC Bank USA
Mortgage Warehouse Lending, 111 Presidential Boulevard, Suite 202, Bala Cynwyd,
PA 19004
Fax: (610) 668-9630

<PAGE>
The New York Mortgage Company LLC
September 11, 2002
Page 2

     By this agreement HSBC does not waive (i) any existing events of default
under the Note or Credit Agreement, or (ii) any rights or remedies resulting
from any such events of default.

     Please indicate the Company's agreement to the foregoing by signing and
returning a copy of this letter.

                                             Very truly yours,

                                             HSBC Bank USA

                                             By: /s/ James A. Noyes
                                                --------------------------------
                                                James A. Noyes
                                                Vice President

AGREED:

THE NEW YORK MORTGAGE COMPANY LLC

By: /s/ Steven Schnall
   ---------------------------------
   Steven Schnall, Member

RATIFICATION OF GUARANTY

The Guarantor agrees and represents that the Guaranty remains in full force and
effect subject to no offset, claim, counterclaim or defense. The undersigned
agrees and acknowledges that all references to the Credit Agreement in the
Guaranty, means the Credit Agreement, as amended by the Amendment Agreement, as
the same may be hereafter amended from time to time.

/s/ Steven Schnall
------------------------------------
Steven Schnall

RATIFICATION OF GUARANTY

The Guarantor agrees and represents that the Guaranty remains in full force and
effect subject to no offset, claim, counterclaim or defense. The undersigned
agrees and acknowledges that all references to the Credit Agreement in the
Guaranty, means the Credit Agreement, as amended by the Amendment Agreement, as
the same may be hereafter amended from time to time.

/s/ Joseph V. Fierro
-----------------------------------
Joseph V. Fierro

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