Document:

EXHIBIT 10.22

                                MOVIE STAR, INC.
                                  1115 BROADWAY
                            NEW YORK, NEW YORK 10010

                                                                   June 30, 2006

Michael A. Salberg, Esq.
Mr. Joel M. Simon
c/o Movie Star, Inc.
1115 Broadway
New York, New York 10010

Dear Michael and Joel:

         In consideration for serving as a member of an ad hoc committee of the
Board of Directors of Movie Star, Inc. ("Company"), the Company shall pay each
of you a fee of $7,500 per month commencing with the month ended June 30, 2006
for a period of up to four months.

         Please indicate your agreement to the foregoing by signing in the space
provided below.

                                       Very truly yours,

                                       MOVIE STAR, INC.

                                       By: /s/ Thomas Rende
                                          --------------------------------------
                                          Thomas Rende, Chief Financial Officer

ACCEPTED AND AGREED TO:

/s/ Michael A. Salberg
--------------------------------------
Michael A. Salberg, Director

/s/ Joel M. Simon
--------------------------------------
Joel M. Simon, DirectorEXECUTION
VERSION

AMENDMENT NO. 7
TO MASTER REPURCHASE
AGREEMENT

AMENDMENT NO. 7 TO MASTER REPURCHASE AGREEMENT,
dated as of June  29,  2006, (the
Amendment’’) by and between Merrill Lynch Bank
USA (the ‘‘Buyer’’),
MortgageIT, Inc. (‘‘MIT’’
and a ‘‘Seller’’),
MortgageIT Holdings, Inc.
(‘‘Holdings’’ and a
‘‘Seller’’), MHL Funding
Corp. (‘‘MHL’’ and a
‘‘Seller’’), and Next At Bat
Lending, Inc. (‘‘NABL’’ and
a ‘‘Seller’’, and
collectively with MortgageIT, Holdings, and MHL the
‘‘Sellers’’):

The
Buyer and the Sellers are parties to that certain Master Repurchase
Agreement, dated as of June  8,  2005 as amended by
Amendment No. 1, dated as of June  21,  2005,
Amendment No. 2, dated as of July  20,  2005,
Amendment No. 3, dated as of January  12,  2006,
Amendment No. 4, dated as of February  23,  2006,
Amendment No. 5, dated as of March  1,  2006 and
Amendment No. 6, dated as of June  7,  2006 (the
‘‘Existing Repurchase
Agreement’’; as amended by this Amendment, the
‘‘Repurchase Agreement’’).
Capitalized terms used but not otherwise defined herein shall have the
meanings given to them in the Existing Repurchase Agreement.

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

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

Section
1.    Termination of NABL as a Seller. As of the date
hereof, NABL shall no longer be a Seller under the Repurchase
Agreement. Buyer hereby releases NABL from all of its obligations under
the Existing Repurchase Agreement other than those obligations which by
their terms otherwise survive the termination of the Repurchase
Agreement which shall continue to bind NABL. All references to
‘‘Seller’’ under the Repurchase Agreement
shall be deemed to exclude NABL.

Section
2.    Definitions. Section 2 of the Existing Repurchase
Agreement is hereby amended by:

2.1    adding the following
defined terms in their proper alphabetical
order:

‘‘MLI
Facility’’ shall mean that certain master
repurchase agreement to be entered into between Merrill Lynch
International and Holdings, as amended from time to
time.

‘‘Option ARM Mortgage
Loan’’ shall mean an adjustable rate first lien
mortgage with flexible payment options (a) which allows the Mortgagor
to vary the monthly payment amount from time to time, (b) for which the
related Mortgage Property is owner occupied, (c) for

which the related Mortgagor has a FICO score
of at least 680 and (d) is underwritten in accordance with the
Underwriting Guidelines.

2.2     deleting the definitions of
‘‘Available Amount’’,
‘‘Market Value’’,
‘‘Purchase Price’’,
‘‘Purchase Price
Percentage’’,
‘‘Seller’’ and
‘‘Termination Date’’ in
their entirety and replacing them with the following language:

‘‘Available Amount’’
shall mean, as of any date of determination, an amount equal to the
Maximum Purchase Price minus the aggregate purchase price of the
purchased securities under the MLI
Facility.

‘‘Market
Value’’ shall mean, as of any date with respect
to any Purchased Mortgage Loan, the price at which such Mortgage Loan
could readily be sold as determined by the Buyer in its sole good-faith
discretion. Without limiting the generality of the foregoing, the
Sellers acknowledge that the Market Value of a Purchased Mortgage Loan
may be reduced to zero by Buyer
if:

(a)    such Purchased Mortgage Loan
ceases to be an Eligible Mortgage
Loan;

(b)    the Purchased Mortgage Loan
has been released from the possession of the Custodian under the
Custodial Agreement (other than to a Take-out Investor pursuant to a
Bailee Letter) for a period in excess of 10 Business
Days;

(c)    the Purchased Mortgage Loan is
a Wet-Ink Mortgage Loan for which the related Mortgage File has not
been received and certified by the Custodian by the seventh Business
Day following the related Purchase Date;

(d)    such Purchased Mortgage Loan is a
Delinquent Mortgage Loan;

(e)    such
Purchased Mortgage Loan is rejected by the related Takeout
Investor;

(f)    such Purchased Mortgage
Loan has been subject to a Transaction hereunder for period of greater
than (A) 120 days with respect to each Option ARM Mortgage Loan; (B)
120 days for all Mortgage Loans other than an Aged Mortgage Loan or (C)
180 days (other than an Aged 180 Day Mortgage
Loan);

(g)    a First Payment Default
occurs with respect to such Purchased Mortgage Loan;

(h)    such Purchased Mortgage Loan is an
Option ARM Mortgage Loan with an LTV greater than
90%;

(i)    the Buyer has determined
in its sole good-faith discretion that the Purchased Mortgage Loan is
not eligible for whole loan sale or securitization in a transaction
consistent with the prevailing sale and securitization industry with
respect to substantially similar Mortgage Loans;

2

(j)    such Purchased
Mortgage Loan contains a material breach of a representation or
warranty made by a Seller in this Repurchase Agreement or the Custodial
Agreement;

(k)    when the Purchase Price
for such Purchased Mortgage Loan is added to the aggregate Purchase
Price of other Purchased Mortgage Loans the aggregate Purchase Price of
all Aged 120 Day Mortgage Loans that are Purchased Mortgage Loans
exceeds 5% of the Maximum Purchase
Price;

(l)    when the Purchase Price for
such Purchased Mortgage Loan is added to the aggregate Purchase Price
of other Purchased Mortgage Loans the aggregate Purchase Price of all
Aged 180 Day Mortgage Loans that are Purchased Mortgage Loans exceeds
$20,000,000;

(m)    when the Purchase Price
for such Purchased Mortgage Loan is added to the aggregate Purchase
Price of other Purchased Mortgage Loans the aggregate Purchase Price of
all HELOCs that are Purchased Mortgage Loans exceeds
$125,000,000;

(n)    when the Purchase
Price for such Purchased Mortgage Loan is added to the aggregate
Purchase Price of other Purchased Mortgage Loans the aggregate Purchase
Price of all HELOCs that are Purchased Mortgage Loans that have a FICO
score of 680 or less exceeds
$35,000,000;

(o)    when the Purchase Price
for such Purchased Mortgage Loan is added to the aggregate Purchase
Price of other Purchased Mortgage Loans the aggregate Purchase Price of
all Closed End Second Lien Mortgage Loans that are Purchased Mortgage
Loans exceeds $75,000,000;

(p)    when the
Purchase Price for such Purchased Mortgage Loan is added to the
aggregate Purchase Price of other Purchased Mortgage Loans the
aggregate Purchase Price of all Super Jumbo Mortgage Loans that are
Purchased Mortgage Loans exceeds 7.5% of the Maximum Purchase
Price;

(q)    when the Purchase Price for
such Purchased Mortgage Loan is added to the aggregate Purchase Price
of other Purchased Mortgage Loans the aggregate Purchase Price of all
EC Mortgage Loans that are Purchased Mortgage Loans exceeds 5%
of the aggregate Purchase Price of all Purchased Mortgage
Loans;

(r)    when the Purchase Price for
such Purchased Mortgage Loan is added to the aggregate Purchase Price
of other Purchased Mortgage Loans the aggregate Purchase Price of all
Wet-Ink Mortgage Loans that are Purchased Mortgage Loans exceeds (i)
with respect to the first five (5) Business Days of a month and the
last five (5) Business Days of a month, $350,000,000 or (ii) with
respect to all other times,
$250,000,000;

(s)    when the Purchase
Price for such Purchased Mortgage Loan is added to the aggregate
Purchase Price of other Purchased Mortgage Loans the aggregate Purchase
Price of all Sub-prime Mortgage Loans that are Purchased Mortgage Loans
exceeds $25,000,000;

3

(t)    when the
Purchase Price for such Purchased Mortgage Loan is added to the
aggregate Purchase Price of other Purchased Mortgage Loans the
aggregate Purchase Price of all Wet-Ink Mortgage Loans that are
Sub-prime Mortgage Loans exceeds
$15,000,000;

(u)    when the Purchase Price
for such Purchased Mortgage Loan is added to the aggregate Purchase
Price of other Purchased Mortgage Loans the aggregate Purchase Price of
all Co-op Loans that are Purchased Mortgage Loans exceeds 5% of
the aggregate Purchase Price of all Purchased Mortgage Loans;

(v)    when the Purchase Price for such
Purchased Mortgage Loan is added to the aggregate Purchase Price of
other Purchased Mortgage Loans the aggregate Purchase Price of all
Thirty Day Delinquent Mortgage Loans that are Purchased Mortgage Loans
exceeds $15,000,000; and

(w)    when the
Purchase Price for such Purchased Mortgage Loan is added to the
aggregate Purchase Price of other Purchased Mortgage Loans the
aggregate Purchase Price of all Option ARM Mortgage Loans that are
Purchased Mortgage Loans exceeds
$400,000,000

‘‘Purchase
Price’’ shall mean:

(a) on the Purchase
Date, the price at which each Purchased Mortgage Loan (other than an
Option ARM Mortgage Loan committed for purchase by Buyer or its
Affiliate) is transferred by a Seller to Buyer which shall equal the
applicable Purchase Price Percentage multiplied by the lesser of (i)
the Market Value of such Mortgage Loan on the Purchase Date and (ii)
the outstanding principal balance of the Mortgage Loan;

(b) on
the Purchase Date, the price at which each Purchased Mortgage Loan that
is an Option ARM Mortgage Loan which is committed for purchase by Buyer
or its Affiliate is transferred by a Seller to Buyer which shall equal
the lesser of (i) the product of (x) the applicable Purchase Price
Percentage multiplied by (y) the Market Value of such Mortgage Loan on
the Purchase Date and (ii) the product of (x) 102% multiplied by
(y) the outstanding principal balance of the Mortgage Loan;
and

(c) thereafter, except where Buyer and the Sellers mutually
agree in writing to the contrary, such Purchase Price decreased by the
amount of any cash, Income and Periodic Advance Repurchase Payments
actually received by Buyer pursuant to Section 5 or applied to reduce
the Sellers’ obligations under Section 4(b)
hereof.

‘‘Purchase Price
Percentage’’ shall mean:

(a)     With
respect Mortgage Loans other than Wet-Ink Mortgage Loans, the
respective percentages set forth opposite the applicable type of
Mortgage Loan:

4

							
	Aged
180 Day Mortgage Loan which is also a Thirty Day Delinquent

Mortgage Loan					75	

%

	Aged 180 Day
Mortgage Loan					85	

%

	Thirty Day
Delinquent Mortgage Loan					85	

%

	Closed
End Second Lien					97	

%

	Aged 120 Day
Mortgage Loan					95	

%

	Co-op
Loan					95	

%

	HELOC					97	

%

	Super
Jumbo Mortgage Loan					97	

%

	Sub-prime
Mortgage Loan					98	

%

	Conforming Mortgage
Loan					98	

%

	Jumbo Mortgage
Loan					98	

%

	EC Mortgage
Loan					98	

%

	Option ARM Mortgage
Loan					98	

%

	

(b)    With respect
Mortgage Loans that are Wet-Ink Mortgage Loans, the respective
percentages set forth opposite the applicable type of Wet-Ink Mortgage
Loan:

							
	Closed
End Second Lien					97	

%

	Sub-prime
Mortgage Loan					97	

%

	Co-op
Loan					95	

%

	HELOC					97	

%

	Super
Jumbo Mortgage Loan					95	

%

	Conforming
Mortgage Loan					97	

%

	Jumbo Mortgage
Loan					97	

%

	EC Mortgage
Loan					97	

%

	Option ARM Mortgage
Loan					98	

%

	

‘‘Seller’’
shall mean each of MortgageIT, Holdings, MHL and/or any successor in
interest
thereto.

‘‘Termination
Date’’ shall mean December  31,
2006.

Section 3.    Covenants. Section 12(j) of the
Existing Repurchase Agreement is hereby amended by deleting subclause
(i) in its entirety and replacing it with the
following:

‘‘(i) Maintenance of Tangible Net
Worth. The Sellers, on a consolidated basis, shall maintain a
Tangible Net Worth of not less than $275,000,000. At no time shall
MortgageIT individually maintain a Tangible Net Worth at the end of any
two consecutive calendar quarters of less than
$25,000,000.’’

Section
4.    Schedules. Schedule 1 of the Existing Repurchase
Agreement is hereby amended by deleting clauses (s), (ff) and (gg) and
replacing them with the corresponding clauses on Exhibit A
hereto.

5

Section 5.    Conditions
Precedent. This Amendment shall become effective on June
29,  2006 (the ‘‘Amendment Effective
Date’’) subject to the satisfaction of the
following conditions precedent:

5.1    Delivered
Documents. On the Amendment Effective Date, the Buyer shall have
received the following documents, each of which shall be satisfactory
to the Buyer in form and
substance:

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

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

Section 6.    Confidentiality. The parties
hereto acknowledge that this Amendment, the Existing Repurchase
Agreement, and all drafts thereof, documents relating thereto and
transactions contemplated thereby are confidential in nature and the
Sellers agree that, unless otherwise directed by a court of competent
jurisdiction, it shall limit the distribution of such documents and the
discussion of such transactions to such of its officers, employees,
attorneys, accountants and agents as is required in order to fulfill
its obligations under such documents and with respect to such
transactions.

Section 7.    Limited Effect. Except
as expressly amended and modified by this Amendment, the Existing
Repurchase Agreement shall continue to be, and shall remain, in full
force and effect in accordance with its terms.

Section
8.    Counterparts.  This Amendment may be
executed in one or more counterparts and by different parties hereto on
separate counterparts, each of which, when so executed, shall
constitute one and the same agreement.

SECTION
9.    GOVERNING LAW. THIS AMENDMENT SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section
10.    Conflicts. The parties hereto agree that in the
event there is any conflict between the terms of this Amendment, and
the terms of the Existing Repurchase Agreement, the provisions of this
Amendment shall control.

[SIGNATURE PAGE
FOLLOWS]

6

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

							
	Buyer:			MERRILL
LYNCH BANK
USA
	 			By:			 
	 			 			Name:
	 			 			Title:
	Seller:			MORTGAGEIT,
INC.
	 			By:			 
	 			 			Name:
	 			 			Title:
	Seller:			MORTGAGEIT
HOLDINGS,
INC.
	 			By:			 
	 			 			Name:
	 			 			Title
	Seller:			MHL
FUNDING
CORP.
	 			By:			 
	 			 			Name:
	 			 			Title:
	Seller:			NEXT
AT BAT LENDING,
INC.
	 			By:			 
	 			 			Name:
	 			 			Title:
	

7

Exhibit A to
Amendment No
7

‘‘(s) Payment Provisions. Other
than with respect to HELOCs, principal payments on the Mortgage Loan
commenced no more than sixty days after (i) the proceeds of the
Mortgage Loan were disbursed or (ii) acquisition of the Mortgage Loan
by any Seller. The Mortgage Loan bears interest at the Mortgage
Interest Rate. With respect to each Mortgage Loan, the Mortgage Note is
payable on the first day of each month in Monthly Payments, which, in
the case of a Fixed Rate Mortgage Loan, are sufficient to fully
amortize the original principal balance over the original term thereof
and to pay interest at the related Mortgage Interest Rate, and, in the
case of an Adjustable Rate Mortgage Loan, are changed on each
Adjustment Date, and in any case, are sufficient to fully amortize the
original principal balance over the original term thereof and to pay
interest at the related Mortgage Interest Rate. The Index for each
Adjustable Rate Mortgage Loan is as defined in the related Purchase
Price and Terms Letter. Other than with respect to Option ARM Mortgage
Loans, the Mortgage Note does not permit negative amortization. No
Mortgage Loan is a Convertible Mortgage Loan. With respect to HELOCs,
the related Mortgagor may request advances up to the Credit Limit
within the first ten years following the date of origination; each
HELOC will amortize within thirty (30) years from the date of
origination;’’

‘‘(ff) LTV,
PMI Policy. No Mortgage Loan, other than a Conforming Mortgage
Loan, has an LTV (‘‘loan-to-value’’ ratio)
or CLTV (‘‘combined loan-to-value’’ ratio)
in excess of 100%. No Option ARM Mortgage Loan has an LTV in
excess of 90%. No Conforming Mortgage Loan has an LTV or CLTV in
excess of the applicable Agency’s approved limits. To the extent
required by the Underwriting Guidelines in effect at the time the
Mortgage Loan was originated, each Mortgage Loan with an LTV at
origination in excess of 80% is and will be subject to a lender
paid Mortgage Insurance Policy or a Primary Mortgage Insurance Policy,
issued by a Qualified Insurer, which insures that portion of the
Mortgage Loan in excess of the portion of the Appraised Value of the
Mortgaged Property required by the applicable Underwriting Guidelines
or Agency. All provisions of such Primary Insurance Policy have been
and are being complied with, such policy is in full force and effect,
and all premiums due thereunder have been paid. Any Mortgage subject to
any such Primary Insurance Policy obligates the Mortgagor thereunder to
maintain such insurance and to pay all premiums and charges in
connection therewith. The Mortgage Interest Rate for the Mortgage Loan
does not include any such insurance
premium;’’

‘‘(gg)
Capitalization of Interest. Other than with respect to Option
ARM Mortgage Loans, the Mortgage Note does not by its terms provide for
the capitalization or forbearance of
interest;’’

8

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