Document:

<PAGE>

                                                                    EXHIBIT 10.9

                              AMENDMENT NUMBER ONE
                                       TO
                           MASTER REPURCHASE AGREEMENT
                         DATED AS OF SEPTEMBER 2, 2005,
                                     BETWEEN
                         BANK OF AMERICA, N.A., AS BUYER
                                       AND
   NEW CENTURY MORTGAGE CORPORATION, HOME123 CORPORATION, NEW CENTURY CREDIT
               CORPORATION AND NC CAPITAL CORPORATION, AS SELLERS
                                       AND
                 NEW CENTURY FINANCIAL CORPORATION, AS GUARANTOR

     This AMENDMENT NUMBER ONE TO MASTER REPURCHASE AGREEMENT (this
"Amendment"), dated as of April 13, 2006 (the "Effective Date") is entered into
between NEW CENTURY MORTGAGE CORPORATION, HOME123 CORPORATION, NEW CENTURY
CREDIT CORPORATION and NC CAPITAL CORPORATION ("Sellers"), NEW CENTURY FINANCIAL
CORPORATION ("Guarantor") and BANK OF AMERICA, N.A. ("Buyer").

                                    RECITALS

     A. Sellers, Guarantor and Buyer entered into that certain Master Repurchase
Agreement dated as of September 2, 2005 (the "Repurchase Agreement").

     B. Buyer, Guarantor and Sellers each desire to modify the terms of the
Repurchase Agreement as set forth in this Amendment.

     C. Sellers, Guarantor and Buyer each have agreed to execute and deliver
this Amendment on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein and in the Repurchase Agreement, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree to the following:

1. Miscellaneous. For all purposes of this Amendment, except as otherwise
expressly provided or unless the context otherwise requires, (a) unless
otherwise defined herein, all capitalized terms used herein shall have the
meanings attributed to them by the Repurchase Agreement, (b) the capitalized
terms expressly defined in this Amendment have the meanings assigned to them in
this Amendment and include (i) all genders and (ii) the plural as well as the
singular, (c) all references to words such as "herein", "hereof" and the like
shall refer to this Amendment as a whole and not to any particular article or
section within this Amendment, (d) the term "include" and all variations thereon
shall mean "include without limitation", and (e) the term "or" shall include
"and/or".

2. Amendments to the Repurchase Agreement.

     (a) In Section 2(a) the following definitions shall be inserted:

<PAGE>

     "Accounts" shall mean the accounts in the name of the related Seller in
which the related escrow holdback is held, which account has been pledged to the
Buyer as security for the obligations of the Sellers.

     "Escrow Hold Back Loan" shall mean a Loan in connection with which the
related Seller has held back an amount in escrow (which is held in an Account)
related to completion of improvements to the Mortgaged Property where such
improvements are not necessary for lawful occupancy of such Mortgaged Property.

     "Forty Year Mortgage Loan" shall mean (a) an Option ARM Loan or (b) a Loan
which has been underwritten in accordance with the applicable provisions of the
Fannie Mae Guides except as to maximum principal balance of loans, in each case
which has a forty (40) year amortization period."

     "Option ARM Loan" means an Adjustable Rate Loan which (i) provides the
Mortgagor with multiple Monthly Payment options and (ii) may result in Negative
Amortization, as set forth in the Underwriting Guidelines.

     (b) In Annex 1, Section 4(b)(iv), the words "and Sellers" shall be deleted.

     (c) In Annex 1, Section 4(c)(iii), shall be deleted and the following
inserted in its place:

     "Buyer's remedies upon the occurrence of an Event of Default shall be
determined as if all Principals were a single Buyer."

     (d) In Annex 1, Section 5 shall be deleted in its entirety and replaced
with:

          "Interpretation of Terms. All references to "Buyer" in the Agreement
     shall, subject to the provisions of this Annex I (including, among other
     provisions, the limitations on Agent's liability in Section 3 of this Annex
     1), be construed to reflect that (i) each Principal shall have, in
     connection with any Transaction or Transactions entered into by Agent on
     its behalf, the rights, responsibilities, privileges and obligations of a
     "Buyer" directly entering into such Transaction or Transactions with the
     other party under the Agreement, and (ii) Agent's Principal or Principals
     have designated Agent as their sole agent for performance of Buyer's
     obligations to Sellers and for receipt of performance by Sellers of their
     obligations to Buyer in connection with any Transaction or Transaction
     under the Agreement (including, among other things, as Agent for each
     Principal in connection with transfers of Securities, cash or other
     property and as agent for giving and receiving all notices under the
     Agreement). Both Agent and its Principal or Principals shall be deemed
     "parties" to the Agreement and all references to a "party" or "either
     party" in the Agreement shall be deemed revised accordingly."

     (e) Section 8 shall be amended by inserting "and deposit accounts
(including, without limitation, the Accounts)" after "all accounts".

     (f) Section 13 shall be amended by inserting the following after paragraph
(v):

                                       -2-

<PAGE>

     (w) With respect to each Escrow Hold Back Loan, the related Seller (i)
shall hold the related escrow holdback in the related Account and (ii) shall not
withdraw any funds from the related Account prior to receipt by the related
Seller of an appraisal with respect to such Mortgaged Property, subsequent to
completion of the improvements in respect of which the escrow was established.

(g) Appendix A shall be amended as follows:

     (i) Paragraph (l) shall be amended by inserting the following at the
     beginning of the paragraph:

          "Except with respect to an Escrow Hold Back Loan,"

     (ii) After Paragraph (ttt) the following shall be inserted:

          "(uuu) With respect to each Escrow Hold Back Loan, (i) the related
          escrow holdback is held by a title insurance company in the Account
          (ii) no funds have been released from the related Account prior to
          receipt by the related Seller of an appraisal with respect to such
          Mortgaged Property, subsequent to completion of the improvements in
          respect of which the escrow was established (iii) such Loan is subject
          to a Takeout Commitment by an Approved Purchaser for a purchase price
          which takes into account the value of the Mortgaged Property after
          completion of the improvements and (iv) in connection with the
          addition of a swimming pool, the value of the Mortgaged Property for
          the purposes of calculating the loan-to value ratio, assumes that the
          improvements to the Mortgaged Property have been completed even if
          such improvements have not been completed.

     (h) Exhibit C of the Repurchase Agreement shall be deleted and shall be
replaced in its entirety by Schedule One to this Amendment.

3. Servicing Agreement. The Sellers hereby confirm that RBC Centura Bank is no
longer a "Servicer" of any Loans which are subject to Transactions. From the
date hereof, New Century Mortgage Corporation is the Servicer.

4. No Other Changes. Except as expressly modified or amended in this Amendment,
all of the terms, covenants, provisions, agreements and conditions of the
Repurchase Agreement are hereby ratified and confirmed in every respect and
shall remain unmodified and unchanged and shall continue in full force and
effect.

5. Representations. In order to induce the Buyer to execute and deliver this
Amendment, the Sellers hereby represent to the Buyer that as of the date hereof,
after giving effect to this Amendment, the Sellers are in full compliance with
all of the terms and conditions of the Repurchase Agreement and no Default or
Event of Default has occurred and is continuing under the Repurchase Agreement.

                                       -3-

<PAGE>

6. Counterparts. This Amendment may be executed in any number of counterparts
and by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken
together shall constitute one and the same instrument.

7. Governing Law; Waiver of Jury Trial. This Amendment shall be governed by, and
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 without regard to conflicts of laws principles. The
parties hereto each hereby waive the right of trial by jury in any litigation
arising hereunder.

                            [Signature page follows]

                                       -4-

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute this Amendment Number One to the Master Repurchase Agreement
as of the date first above written.

                                        BANK OF AMERICA, N.A., as Buyer

                                        By: /s/ Garrett Dolt
                                            ------------------------------------
                                        Name: Garrett Dolt
                                        Title: Principal

                                        NEW CENTURY MORTGAGE CORPORATION,
                                        as Seller, jointly and severally

                                        By: /s/ Kevin Cloyd
                                            ------------------------------------
                                        Name: Kevin Cloyd
                                        Title: Executive Vice President

                                        HOME123 CORPORATION, as Seller, jointly
                                        and severally

                                        By: /s/ Kevin Cloyd
                                            ------------------------------------
                                        Name: Kevin Cloyd
                                        Title: Executive Vice President

                                        NEW CENTURY CREDIT CORPORATION, as
                                        Seller, jointly and severally

                                        By: /s/ Kevin Cloyd
                                            ------------------------------------
                                        Name: Kevin Cloyd
                                        Title: President

                                        NC CAPITAL CORPORATION, as Seller,
                                        jointly and severally

                                        By: /s/ Kevin Cloyd
                                            ------------------------------------
                                        Name: Kevin Cloyd
                                        Title: President

<PAGE>

Acknowledged and Agreed:

NEW CENTURY FINANCIAL CORPORATION,
as Guarantor

By: /s/ Kevin Cloyd
    ---------------------------------
Name: Kevin Cloyd
Title: Executive Vice President<PAGE>

                                                                   EXHIBIT 10.10

                                 AMENDMENT NO. 3
                         TO MASTER REPURCHASE AGREEMENT

          AMENDMENT NO. 3, dated as of April 19, 2006 (this "Amendment"), to
that certain Master Repurchase Agreement, dated as of December 12, 2005 (as
previously amended, restated, supplemented or otherwise modified, the "Existing
Repurchase Agreement"; as modified hereby and as further amended, restated,
supplemented or otherwise modified and in effect from time to time, the
"Repurchase Agreement"), by and among NC CAPITAL CORPORATION, NEW CENTURY
MORTGAGE CORPORATION, NC ASSET HOLDING, L.P. (successor by conversion to NC
Residual II Corporation), HOME123 CORPORATION and NEW CENTURY CREDIT CORPORATION
(collectively, the "Sellers", each, a "Seller"), MORGAN STANLEY BANK ("MSB") and
MORGAN STANLEY MORTGAGE CAPITAL INC. ("MSMCI", together with MSB, collectively,
the "Buyers", each, a "Buyer", and as the agent for the Buyers, in such
capacity, the "Agent"). Capitalized terms used but not otherwise defined herein
shall have the meanings given to them in the Existing Repurchase Agreement.
Unless otherwise stated, all article and section references used herein refer to
the corresponding parts of the Existing Repurchase Agreement.

                                    RECITALS

          The Sellers, the Buyers and the Agent are parties to the Existing
Repurchase Agreement.

          The Sellers, the Buyers and the Agent have agreed, subject to the
terms and conditions hereof, that the Existing Repurchase Agreement shall be
modified as set forth in this Amendment.

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

          SECTION 1. Amendments. The Existing Repurchase Agreement is hereby
amended as follows:

          1.1 The definition of "Applicable Pricing Spread" in Section 1.01 is
hereby modified by deleting the table set forth therein in its entirety and
inserting the following table in lieu thereof:

<TABLE>
<CAPTION>
Type of Eligible Mortgage Loan             Applicable Pricing Spread
------------------------------             -------------------------
<S>                              <C>
Unseasoned Mortgage Loan                              0.50%
Performing Aged Loan                                  0.90%
NINA Mortgage Loan                                    0.50%
Second Lien Mortgage Loan                             0.50%
30+ Delinquent Mortgage Loan                          1.00%
</TABLE>

<PAGE>

<TABLE>
<S>                              <C>
60+ Delinquent Mortgage Loan                          1.00%
Defaulted Mortgage Loan                               1.45%
Wet-Ink Mortgage Loan                                 0.50%
Discretionary Mortgage Loan      the applicable pricing spread specified by the
                                    Agent one (1) Business Day prior to the
                                            applicable Purchase Date
</TABLE>

          1.2 The definition of "Applicable Purchase Rate" in Section 1.01 is
hereby modified by deleting the table set forth therein in its entirety and
inserting the following table in lieu thereof:

<TABLE>
<CAPTION>
Type of Eligible Mortgage Loan             Applicable Purchase Rate
------------------------------             ------------------------
<S>                              <C>
Unseasoned Mortgage Loan                             98%
Performing Aged Loan                                 95%
NINA Mortgage Loan                                   98%
Second Lien Mortgage Loan                            98%
30+ Delinquent Mortgage Loan                         85%
60+ Delinquent Mortgage Loan                         75%
Wet-Ink Mortgage Loan                                98%
Defaulted Mortgage Loan                 the applicable BPO Percentage
Discretionary Mortgage Loan      the applicable percentage specified by the
                                   Agent one (1) Business Day prior to the
                                           applicable Funding Date
</TABLE>

          1.3 Section 1.01 is hereby modified by inserting in proper
alphabetical order the following new defined terms:

          "'Eligible NINA Mortgage Loan' shall mean a NINA Mortgage Loan which
     (i) is underwritten in accordance with Sellers' NINA Mortgage Loan Program
     Guidelines; (ii) has a minimum FICO score of 640; and (iii) is identified
     as a NINA Mortgage Loan on the Mortgage Loan Data File."

          "'NINA Mortgage Loan' shall mean an Eligible Mortgage Loan with
     respect to which no documentation or verification as to the type or amount
     of a Mortgagor's income or personal assets is required in order to qualify
     for the loan."

          "'NINA Mortgage Loan Program Guidelines' shall mean the underwriting
     guidelines attached as Exhibit K hereto, as the same may be revised from
     time to time in accordance with the terms hereof."

          1.4 The definition of "Recognized Value" in Section 1.01 is hereby
modified by inserting the following subpart after subpart (a)(xvi):

                                       -2-

<PAGE>

          "'(xvii) the aggregate unpaid principal balance of the Purchased Loans
     which are Eligible NINA Mortgage Loans shall at no time exceed 5% of the
     Maximum Amount; and"

          1.5 The definition of "Underwriting Guidelines" in Section 1.01 is
hereby modified by deleting the definition in its entirety and inserting the
following definition in lieu thereof:

          "'Underwriting Guidelines' shall mean, collectively, the underwriting
     guidelines attached as Exhibit F hereto and the NINA Mortgage Loan Program
     Guidelines, each as may be revised from time to time in accordance with the
     terms hereof."

          1.6 Inserting the new Exhibit K attached hereto.

          SECTION 2. Conditions Precedent. This Amendment shall become effective
on the first date (the "Amendment Effective Date") on which all of the following
conditions precedent shall have been satisfied:

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

          (a) Amendment. This Amendment, executed and delivered by a duly
authorized officer of each of the Sellers, the Buyers and the Agent;

          (b) Other Documents. Such other documents as the Agent or counsel to
the Agent may reasonably request.

          2.2 No Default. On the Amendment Effective Date, (i) each Seller shall
be in compliance with all of the terms and provisions set forth in the Existing
Repurchase Agreement on its part to be observed or performed, (ii) all of the
representations and warranties made and restated by each Seller pursuant to
Section 3 of this Amendment shall be true and complete on and as of such date
with the same force and effect as if made on and as of such date and (iii) no
Default or Event of Default shall have occurred and be continuing on such date.

          SECTION 3. Representations and Warranties. Each Seller hereby
represents and warrants to the Agent and the Buyers that it is in compliance
with all of the terms and provisions set forth in the Repurchase Documents on
its part to be observed or performed and that no Default or Event of Default has
occurred or is continuing. Each Seller hereby confirms and reaffirms the
representations and warranties contained in Section 6 of the Repurchase
Agreement.

          SECTION 4. Limited Effect. Except as expressly 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; provided,
however, that upon the Amendment Effective Date, all references therein and
herein to the "Repurchase Documents" shall be deemed to include, in any event,
this Amendment and each reference to the Repurchase Agreement in any of the

                                       -3-

<PAGE>

Repurchase Documents shall be deemed to be a reference to the Existing
Repurchase Agreement as modified hereby.

          SECTION 5. 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. Delivery of an executed signature page of this Amendment in Portable
Document Format (PDF) or by facsimile transmission shall be effective as
delivery of an executed original counterpart of this Amendment.

          SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                               [SIGNATURES FOLLOW]

                                       -4-

<PAGE>

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

                                        SELLERS

                                        NC CAPITAL CORPORATION

                                        By: /s/ Kevin Cloyd
                                            ------------------------------------
                                        Name: Kevin Cloyd
                                        Title: President

                                        NEW CENTURY MORTGAGE CORPORATION

                                        By: /s/ Kevin Cloyd
                                            ------------------------------------
                                        Name: Kevin Cloyd
                                        Title: Executive Vice President

                                        NC ASSET HOLDING, L.P.

                                        By: NC DELTEX, LLC, its general partner

                                        By: NC Capital Corporation, its sole
                                            member and manager

                                        By: /s/ Kevin Cloyd
                                            ------------------------------------
                                        Name: Kevin Cloyd
                                        Title: Executive Vice President

                                        HOME123 CORPORATION

                                        By: /s/ Kevin Cloyd
                                            ------------------------------------
                                        Name: Kevin Cloyd
                                        Title: Executive Vice President

<PAGE>

                                        NEW CENTURY CREDIT CORPORATION

                                        By: /s/ Kevin Cloyd
                                            ------------------------------------
                                        Name: Kevin Cloyd
                                        Title: President

<PAGE>

                                        MORGAN STANLEY BANK,
                                        as a Buyer

                                        By: /s/ Deborah Goodman
                                            ------------------------------------
                                        Name: Deborah Goodman
                                        Title: VP

                                        MORGAN STANLEY MORTGAGE CAPITAL INC.,
                                        as a Buyer and as the Agent

                                        By: /s/ Andrew Neuberger
                                            ------------------------------------
                                        Name: Andrew Neuberger
                                        Title: VP

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