Document:

EX-10.2

Exhibit 10.2

EXECUTION VERSION

AMENDMENT NO. 2

TO AMENDED AND RESTATED MASTER

REPURCHASE AGREEMENT

Amendment No. 2, dated as of January 31, 2007 (this “Amendment”), among CREDIT SUISSE,
NEW YORK BRANCH (the “Administrative Agent”), THE BUYERS, FIELDSTONE MORTGAGE COMPANY and
FIELDSTONE INVESTMENT CORPORATION (each a “Seller” and collectively the “Sellers”).

RECITALS

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

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

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

SECTION 1. Minimum Adjusted Tangible Net Worth. Section 14(a) of the Existing
Repurchase Agreement is hereby amended by deleting it in its entirety and replacing it with the
following language:

“(a) Minimum Consolidated Adjusted Tangible Net Worth. The Sellers shall maintain a
Consolidated Adjusted Tangible Net Worth of at least $350 million.”

SECTION 2. Amendment Period. For purposes of this Amendment, this Section 2
will be effective only for the period from and including October 1, 2006 through and including
March 31, 2007 (the “Amendment Period”). Section 14(e) of the Existing Repurchase
Agreement is hereby amended by deleting it in its entirety and replacing it with the following
language, which amendment shall be effective solely during the Amendment Period:

“(e) Maintenance of Profitability.

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

(B) FIC may permit, for the two consecutive Test Periods from and including October 1,
2006 through and including March 31, 2007, its consolidated Net Income for any Test Period,
before income taxes for such Test Period, distributions made during such Test Period, and
without regard to unrealized gains or losses from mark to market valuations resulting from
Seller’s Interest Rate Protection Agreements during such Test Period, to be less than
$1.00.”

SECTION 3. Breach of Non-Financial Representation or Covenant. Section 15 of the
Existing Repurchase Agreement is hereby amended by deleting clause g thereof in its entirety and
replacing it with the following language:

“g. Breach of Non-Financial Representation or Covenant or Obligation. A breach by any
Seller or Servicer, as applicable, of any other material representation, warranty, covenant or
obligation set forth in this Agreement (and not otherwise specified in Section 15(f) above), if
such breach is not cured within five (5) Business Days (other than the representations and
warranties set forth in Schedule 1, which shall be considered solely for the purpose of determining
the Market Value, the existence of a Margin Deficit and the obligation to repurchase such Mortgage
Loan) unless (i) such party shall have made any such representations and warranties with knowledge
that they were materially false or misleading at the time made or (ii) any such representations and
warranties have been determined by Administrative Agent in its sole discretion to be materially
false or misleading on a regular basis.”

SECTION 4. Mortgage Loan Schedule. Section 17 of the Existing Repurchase Agreement is
hereby amended by adding the following provision to the end thereof:

“g. Mortgage Loan Schedule. Each Wednesday (or if such Wednesday is not a Business
Day, the immediately following Business Day), the Sellers shall deliver to Administrative Agent and
Group Agents a Mortgage Loan Schedule with respect to Purchased Assets then subject to a
Transaction.”

SECTION 5. Mortgage Loan Reports. Section 17 of the Existing Repurchase Agreement is
herby further amended by deleting clause d thereof and replacing it with the following:

“Mortgage Loan Reports. The Sellers will furnish to Administrative Agent and Group
Agents, in a form acceptable to the Administrative Agent, monthly electronic Mortgage Loan
performance data, including, without limitation, delinquency reports, pool analytic reports and
static pool reports (i.e., delinquency, foreclosure and net charge-off reports) and monthly
stratification reports summarizing the characteristics of the Purchased Mortgage Loans on the
Reporting Date of such month, commencing on the Reporting Date in the month of March 2007.”

SECTION 6. Officer’s Compliance Certificate. Exhibit D to the Existing Repurchase
Agreement is hereby amended by deleting it in its entirety and replacing it with Exhibit A hereto.

SECTION 7. Conditions Precedent.  This Amendment shall become effective on, with
respect to Sections 1, 3, 4, 5 and 6, on the date hereof and, with respect to Section 2, October 1,
2006 (the “Amendment Effective Dates”), subject to the satisfaction of the following
conditions precedent:

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

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

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

SECTION 8. Representations and Warranties.  Each Seller hereby represents and warrants
to the Administrative Agent that it is in compliance with all the terms and provisions set forth in
the Repurchase Agreement on its part to be observed or performed, and that no Event of Default has
occurred or is continuing, and hereby confirms and reaffirms the representations and warranties
contained in Section 13 of the Repurchase Agreement.

SECTION 9. Limited Effect.  Except as expressly amended and modified by this
Amendment, the Repurchase Agreement shall continue to be, and shall remain, in full force and
effect in accordance with its terms. The amendments set forth in Section 2 of this Amendment shall
expire upon the expiration of the Amendment Period at which time the terms of the Existing
Repurchase Agreement shall revert to that set forth in the Existing Repurchase Agreement and be
applied on a prospective basis thereafter. Other than as expressly set forth herein, the execution
of this Amendment by the Administrative Agent or the Buyers shall not operate as a waiver of any of
its rights, powers or privileges under the Repurchase Agreement or any other Program Agreement,
including without limitation, any rights, powers or privileges relating to other existing or future
breaches of, or Defaults or Events of Default under, the Repurchase Agreement or any other Program
Agreement (whether the same or of a similar nature as the breaches identified herein or otherwise)
except as expressly set forth herein.

SECTION 10. Counterparts.  This Amendment may be executed by each of the parties
hereto on any number of separate counterparts, each of which shall be an original and all of which
taken together shall constitute one and the same instrument.

SECTION 11. GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW
PROVISIONS THEREOF.

[SIGNATURE PAGE FOLLOWS]

1

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

	 	 	 
	Administrative Agent:	 	CREDIT SUISSE, NEW YORK BRANCH,
	 	 	as Administrative Agent
	
 
	 	By: /s/ Mark Lengel
	
 
	 	 
	
 
	 	Name: Mark Lengel

Title: Director
	 
	 	 
	
 
	 	By: /s/ Joseph Soave
	
 
	 	 
	
 
	 	Name: Joseph Soave

Title: Director
	 
	 	 
	Seller:

	 	FIELDSTONE MORTGAGE COMPANY,

as Seller
	 
	 	 
	
 
	 	By: /s/ Mark C. Krebs
	
 
	 	 
	
 
	 	Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer
	 
	 	 
	Seller:

	 	FIELDSTONE INVESTMENT CORPORATION,

as Seller
	 
	 	 
	
 
	 	By: /s/ Mark C. Krebs
	
 
	 	 
	
 
	 	Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

2

	 	 	 
	The JPMorgan Buying Group:

	 	FALCON ASSET SECURITIZATION COMPANY LLC

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

	 	

	 
	 	 
	
 
	 	By: /s/ Julie C. Kraft
	
 
	 	 
	
 
	 	Name: Julie C. Kraft

Title: Vice President
	 
	 	 
	
 
	 	JPMORGAN CHASE BANK, N.A.,

as a Group Agent and as a Committed Buyer
	 
	 	 
	
 
	 	By: /s/ Julie C. Kraft
	
 
	 	 
	
 
	 	Name: Julie C. Kraft

Title: Vice President
	 
	 	 
	The Alpine Buying Group:

	 	ALPINE SECURITIZATION CORP.,

as a Conduit Buyer
	 

	 	

	 
	 	 
	
 
	 	By: /s/ Mark Lengel
	
 
	 	 
	
 
	 	Name: Mark Lengel

Title: Director
	 
	 	 
	
 
	 	By: /s/ Joseph Soave
	
 
	 	 
	
 
	 	Name: Joseph Soave

Title: Director
	 
	 	 
	
 
	 	CREDIT SUISSE, NEW YORK BRANCH, individually and as a

Committed Buyer
	 
	 	 
	
 
	 	By: /s/ Mark Lengel
	
 
	 	 
	
 
	 	Name: Mark Lengel

Title: Director
	 
	 	 
	
 
	 	By: /s/ Joseph Soave
	
 
	 	 
	
 
	 	Name: Joseph Soave

Title: Director
	 
	 	 

3EX-10.3

Exhibit 10.3

EXECUTION VERSION

AMENDMENT NO. 2

TO MASTER REPURCHASE AGREEMENT

Amendment No. 2, dated as of January 31, 2007 (this “Amendment”), among JPMORGAN CHASE
BANK, N.A. (the “Buyer”), FIELDSTONE MORTGAGE COMPANY (a “Seller”) and FIELDSTONE
INVESTMENT CORPORATION (a “Seller” and, together with Fieldstone Mortgage Company, the
“Sellers”).

RECITALS

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

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

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

SECTION 1. Amendment Period. For purposes of this Amendment, this Section 1
will be effective only for the period from and including January 1, 2007 through and including
March 31, 2007 (the “Amendment Period”). Section 12(k)(v) of the Existing
Repurchase Agreement is hereby amended by deleting it in its entirety and replacing it with the
following language, which amendment shall be effective solely during the Amendment Period:

“(v) Reserved.

SECTION 2. Definitions. Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of “Maximum Committed Purchase Price” thereof and
replacing it with the following:

““Maximum Committed Purchase Price” shall mean $250,000,000.”

SECTION 3. Financial Covenants. Section 12 of the Existing Repurchase Amendment is
hereby amended by deleting subsection (k)(i) thereof in its entirety and replacing it with the
following:

““(i) Maintenance of Adjusted Tangible Net Worth. FIC shall at all times maintain an
Adjusted Tangible Net Worth, on a consolidated basis, of at least $350,000,000.”

SECTION 4. Conditions Precedent. This Amendment shall become effective, with respect
to the amendments in Section 1, as of January 1, 2007 and, with respect to the amendments in
Sections 2 and 3, on the date hereof, subject to the satisfaction of the following conditions
precedent:

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

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

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

SECTION 5. Representations and Warranties. Each of the Sellers hereby represents and
warrants to the Buyer that they are in compliance with all the terms and provisions set forth in
the Repurchase Agreement on their part to be observed or performed, and that no Event of Default
has occurred or is continuing, and hereby confirm and reaffirm the representations and warranties
contained in Section 11 of the Existing Repurchase Agreement.

SECTION 6. Limited Effect. Except as expressly amended and modified by this
Amendment, the Repurchase Agreement shall continue to be, and shall remain, in full force and
effect in accordance with its terms. The amendments set forth in Section 1 of this Amendment shall
expire upon the expiration of the Amendment Period at which time the terms of the Existing
Repurchase Agreement shall revert to that set forth in the Existing Repurchase Agreement and be
applied on a prospective basis thereafter. Other than as expressly set forth herein, the execution
of this Amendment by the Buyer shall not operate as a waiver of any of its rights, powers or
privileges under the Repurchase Agreement or any other Repurchase Document, including without
limitation, any rights, powers or privileges relating to other existing or future breaches of, or
Defaults or Events of Default under, the Repurchase Agreement or any other Repurchase Document
(whether the same or of a similar nature as the breaches identified herein or otherwise) except as
expressly set forth herein.

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

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

[SIGNATURE PAGE FOLLOWS]

1

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

	 	 	 
	Buyer:	 	JPMORGAN CHASE BANK, N.A.,
	 	 	as Buyer
	 
	 	 
	 
	 	 
	
 
	 	By: /s/ Mark Wegener
	
 
	 	 
	
 
	 	Name:
	
 
	 	Title:
	 
	 	 
	Seller:

	 	FIELDSTONE MORTGAGE COMPANY,

as Seller
	 
	 	 
	
 
	 	By: /s/ Mark C. Krebs
	
 
	 	 
	
 
	 	Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer
	 
	 	 
	Seller:

	 	FIELDSTONE INVESTMENT CORPORATION,

as Seller
	 
	 	 
	
 
	 	By: /s/ Mark C. Krebs
	
 
	 	 
	
 
	 	Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer
	 
	 	 

2

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