Document:

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                                                                   Exhibit 10.16

                             STOCK PLEDGE AGREEMENT

     THIS STOCK PLEDGE AGREEMENT (this "Agreement") is made and entered into as
of August 1, 2001, by and between Joseph J. Lydon ("Pledgor") and Accredited
Home Lenders Inc., a California corporation ("Secured Party").

                                    RECITALS

     A. Concurrently with the execution and delivery of this Agreement, Pledgor
has executed and delivered to Secured Promissory Note of even date herewith in
the original principal amount of One Million Two Hundred Fifty Thousand and
00/100 Dollars ($1,250,000.00) (the "Note") in connection with the purchase by
Pledgor of Common Stock of Secured Party through the exercise by Pledgor of
options held by Pledgor to acquire such Common Stock.

     B. Secured Party and Pledgor desire to secure performance of Pledgor's
obligations and indebtedness under the Note.

                                   AGREEMENT

     1. Grant of Security Interest. Pledgor confirms, pledges and grants to
Secured Party a security interest in all of its right, title, and interest in
the property described in Paragraph 2 below (collectively and severally, the
"Collateral"), to secure performance of the obligations described in Paragraph 3
below.

     2. Collateral. The Collateral consists of the following:

          (a) One million (1,000,000) shares of the Common Stock of Secured
     Party, together with all new, substituted and additional securities issued
     at any time during the term hereof with respect to those shares
     (collectively and severally, the "Pledged Shares");

          (b) All now existing and hereafter arising rights of the holder of
     Pledged Shares with respect thereto, without limitation, all rights to cash
     and non-cash dividends on account of the Pledged Shares; and

          (c) All proceeds of the sale, collection, exchange or other
     disposition of the Pledged Shares (including without limitation, by way of
     distribution upon dissolution or merger of Secured Party), whether such
     disposition is voluntary or involuntary.

     3. Obligations. The obligations (the "Obligations") secured by this
Agreement shall consist of any and all obligations and indebtedness of Pledgor
under the Note and under this Agreement.

     4. Administration of the Pledged Shares. The following provisions shall
govern the administration of the Pledged Shares:

          (a) Concurrently with the execution of this Agreement, Pledgor has
     delivered to Secured Party the certificates representing the Pledged
     Shares, together with a Stock Assignment Separate From Certificate, in the
     form attached hereto as Exhibit A, signed by Pledgor, and such

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items shall be held during the term of this Agreement by Secured Party and shall
only be used by Secured Party upon the occurrence of an Event of Default
(defined below). Any and all certificates representing the Pledged Shares shall
be delivered to Secured Party bearing the following legend:

           "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
           THE PROVISIONS OF A STOCK PLEDGE AGREEMENT DATED AUGUST 1,
           2001 BETWEEN THE REGISTERED HOLDER AND THE ISSUER, A COPY
           OF WHICH MAY BE OBTAINED BY REQUEST FROM THE ISSUER."

          (b) Until there shall have occurred an Event of Default, Pledgor shall
be entitled to vote or consent with respect to the Pledged Shares in any manner
not inconsistent with this Agreement, or any document or instrument delivered or
to be delivered pursuant to or in connection herewith. If there shall have
occurred and be continuing an Event of Default and Secured Party shall have
notified Pledgor that Secured Party desires to exercise its proxy rights with
respect to all or a portion of the Pledged Shares, Pledgor grants to Secured
Party an irrevocable proxy for the Pledged Shares pursuant to which proxy the
Secured Party shall be entitled to vote or consent, in his discretion, and in
such event Pledgor agrees to deliver to Secured Party such further evidence of
the grant of such proxy as Secured Party may request.

          (c) In the event that at any time or from time to time after the date
hereof, Pledgor, as record and beneficial owner of the Pledged Shares, shall
receive or shall become entitled to receive, any dividends or any other
distribution whether in securities or property by way of stock-split, spin-off,
split-up or reclassification, combination of shares or the like, or in case of
any reorganization, consolidation or merger, and Pledgor, as record and
beneficial owner of the Pledged Shares, shall thereby be entitled to receive
securities or property in respect to such Pledged Shares, then and in each such
case, Pledgor shall deliver to Secured Party and Secured Party shall be entitled
to receive and retain such securities or property as security for the payment
and performance of the Obligations.

     5. Default and Remedies. The occurrence of any of the events set out below
shall be deemed an event of default hereunder ("Event of Default"):

          (a) Pledgor shall default under the Note; or

          (b) Pledgor shall commit a breach of any of his obligations under this
Agreement which is not cured within thirty days following written notice
thereof.

Upon the occurrence of an Event of Default under this Agreement, Secured Party
shall have all of the remedies of a secured party under Article 9 of the
California Uniform Commercial Code. In connection therewith, Secured Party
shall have the right to propose to Pledgor that Secured Party receive the
Pledged Shares in full satisfaction of any obligations owing under the Note and
upon Pledgor's agreement to such proposal to receive such Pledged Shares,
Pledgor shall have no further rights in or to such Pledged Shares. The
undersigned (i) acknowledges that state or federal securities laws may restrict
the public sale of securities, and may require private sales at prices or on
terms less favorable to the seller than public sales and (ii) agrees that where
Secured Party, in its sole discretion, determines that a private sale is
appropriate, such sale shall be deemed to have been made in a commercially
reasonable manner.

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     6. Release of Collateral. So long as Pledgor is not in breach of any
material term or provision of this Agreement or the Note, the Collateral shall
be released to Pledgor upon payment of the Note.

     7. Binding Upon Successors. All rights of Secured Party under this
Agreement shall inure to the benefit of Secured Party and its successors and
assigns, and all obligations of Pledgor shall bind his successors and assigns.

     8. Entire Agreement; Severability. This Agreement contains the entire
agreement between the Secured Party and Pledgor with respect to the subject
matter hereof. If any of the provisions of this Agreement shall be held invalid
or unenforceable, this Agreement shall be construed as if not containing those
provisions, and the rights and obligations of the parties hereto shall be
construed and enforced accordingly.

     9. Choice of Law. This Agreement shall be construed in accordance with and
governed by the internal laws of the State of California.

     10. Amendments. This Agreement may not be amended or modified except by a
writing signed by each of the parties hereto.

     11. Notice. Any written notice, consent or other communication provided
for in this Agreement shall be deemed delivered when received by a party at
the address set forth under the party's signature below. Such addresses may be
changed by written notice given as provided herein.

     IN WITNESS WHEREOF, the undersigned has duly executed this Pledge Agreement
as of the day and year first above written.

                                 /s/  Joseph J. Lydon
                                 -----------------------------------------
                                 JOSEPH J. LYDON

                                 Address: 30902 Colonial Place
                                          Laguna Niguel, CA 92677

                                 ACCREDITED HOME LENDERS INC., a California
                                 corporation

                                      /s/ James A. Konrath
                                 By:  -----------------------------------------
                                      Jamea A. Konrath, Chief Executive Officer

                                 Address: 15030 Avenue of Science, Suite 100
                                          San Diego, CA 92128

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                                   Exhibit A

                   STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE

     FOR VALUE RECEIVED, the undersigned, pursuant to the Stock Pledge Agreement
dated as of August 1, 2001 (the "Stock Pledge Agreement") between the
undersigned and Accredited Home Lenders, Inc. ("Secured Party"), and subject to
Secured Party's certification below that an Event of Default has occurred under
the Stock Pledge Agreement, hereby sells, assigns and transfers
unto_________________1,000,000 shares of the Common Stock of Accredited Home
Lenders, Inc., standing in the undersigned's name on the books of said
Corporation and represented by Certificate No(s)._________, and does hereby
irrevocably constitute and appoint_________________ attorney to transfer said
stock on the books of said Corporation with full power of substitution.

Dated:______________                   _________________________________
                                       JOSEPH J. LYDON

                           CERTIFICATE RE OCCURRENCE
                                       OF
                                EVENT OF DEFAULT

     The undersigned Secured Party under the Stock Pledge Agreement described
above hereby certifies that an Event of Default has occurred under the Stock
Pledge Agreement.

Dated:______________                          SECURED PARTY

                                              By:__________________

                                              Name:________________

                                              Title:_______________<PAGE>
                                                                   Exhibit 10.17

                           STOCK REDEMPTION AGREEMENT

        This Stock Redemption Agreement (the "Agreement") is made and entered
into as of the 1st day of June, 1998 (the "Effective Date"), by and among
Accredited Home Lenders, Inc., a California corporation (the "Company"), James
A. Konrath, the Chief Executive Officer, a director and the Chairman of the
Board of the Company, and Ray W. McKewon, a director and the Executive Vice
President and Secretary of the Company (Messrs. Konrath and McKewon are referred
to herein individually as "Shareholder" and collectively as "Shareholders").

                                    RECITALS
                                    --------

        A. Each Shareholder is the owner of over 2,000,000 shares of the common
stock of the Company (the "Shares").

        B. Shareholders acknowledge the importance of attracting and retaining
key employees such as the Company's President and Chief Operations Officer,
Joseph J. Lydon, in order to enhance the value of the Shareholders' Shares.

        C. As part of a compensation package designed to retain the services of
Mr. Lydon, the Company has agreed to grant to Mr. Lydon incentive stock options
(each, an "Option") to acquire 50,000 Shares at an exercise price of $1.50 per
Share and otherwise on similar terms and conditions as all other incentive stock
options previously granted by the Company (the "50,000 Grant"); provided that
Shareholders enter into this Agreement with the Company setting forth the terms
and conditions by which Shares owned by Shareholders shall be redeemed by the
Company upon Mr. Lydon's exercise of options granted pursuant to the 50,000
Grant.

                                   AGREEMENT
                                   ---------

        1. Mandatory Redemption of Stock. On the terms and subject to the
conditions contained in this Agreement, Shareholders and the Company agree that
the Company shall redeem from Shareholders a number of the Shares equal to the
number of Shares of the Company for which Options have been validly exercised
and certificates issued pursuant to the 50,000 Grant.

        2. Date of Redemptions. The term of the Company's right and obligation
to redeem Shares owned by Shareholders under this Agreement shall be concurrent
with the term of the 50,000 Grant, and this Agreement shall terminate and be of
no further force and effect at such time when no Incentive Stock Options under
the 50,000 Grant are outstanding or exercisable or the 50,000 Grant has expired
or been terminated.  On any date that Mr. Lydon exercises one or more Options to
purchase Shares under the terms of the 50,000 Grant, the Company shall be
obligated to purchase the same number of Shares from Shareholders as hereafter
provided, and Shareholders shall be obligated to sell such Shares to the
Company.

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        3. Exercise. The Company shall exercise its right and obligation to
redeem the Shares owned by Shareholders by providing written notice to
Shareholders (the "Redemption Notice") which includes the following: (1) the
number of Shares subject to the 50,000 Grant for which Mr. Lydon exercised one
or more Option, and (2) the exercise price therefor paid by Mr. Lydon to the
Company.

        4. Redemption. The number of Shares of each Shareholder which shall be
redeemed at any time pursuant to this Agreement shall be one-half (1/2) the
number of Shares issued to Mr. Lydon upon the exercise of Options pursuant to
the 50,000 Grant.

        5. Closing. The closing ("Closing") of any Share redemption shall take
place at the offices of the Company no later than five (5) days after the
Redemption Notice is sent to Shareholders.  At any Closing, each Shareholder
shall endorse and deliver to the Company one-half (1/2) of the Shares specified
in the Redemption Notice. The certificates representing such Shares shall be
canceled by the Company, and a new certificate shall be issued to each
Shareholder representing the balance of Shares owned.

        6. Redemption Price. In consideration of the sale and delivery of the
Shares to the Company at any Closing, the Company shall pay to each Shareholder
the product of the number of Shares redeemed from Shareholder multiplied by the
exercise price of the Shares purchased by Mr. Lydon. Except as provided in
Section 9, the redemption price shall be paid in cash or immediately available
funds at each Closing.

        7. Representations and Warranties of Shareholder. For the purposes of
inducing the Company to enter into this Agreement, each Shareholder represents
and warrants to the Company as of the Effective Date and as of each Closing,
that:
           a. Shareholder owns his Shares free and clear of all liabilities,
liens, encumbrances, pledges, trusts, options, covenants, restrictions and
reservations;

           b. So long as all Options granted pursuant to the 50,000 Grant have
not been exercised or terminated, Shareholder shall own a sufficient number of
Shares necessary to satisfy his obligations under this Agreement;

           c. Shareholder has full legal right, power and authority to enter
into this Agreement and transfer the Shares to the Company in accordance with
the terms of this Agreement;

           d. Shareholder shall cause the Company to endorse a stock certificate
evidencing 25,000 of Shareholder's Shares with the following legend:

              THE OWNERSHIP, TRANSFER, ENCUMBRANCE, PLEDGE,
              ASSIGNMENT, OR OTHER DISPOSITION OF THIS
              CERTIFICATE AND THE SHARES OF STOCK REPRESENTED
              THEREBY, ARE SUBJECT TO

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           THE RESTRICTIONS CONTAINED IN A STOCK REDEMPTION
           AGREEMENT, A COPY OF WHICH IS ON FILE AT THE OFFICES
           OF THE COMPANY. TRANSFER OF SAID SHARES CANNOT BE
           MADE EXCEPT UPON COMPLIANCE WITH SUCH PROVISIONS, OF
           WHICH NOTICE IS HEREBY GIVEN. THE COMPANY WILL MAIL
           TO ANY PERSON AFFECTED BY SAID AGREEMENT A COPY
           THEREOF, WITHOUT CHARGE, WITHIN FIVE (5) DAYS AFTER
           RECEIPT OF WRITTEN REQUEST THEREFOR.

        8. Adjustment to Shares. The aggregate numbers of Shares subject to this
Agreement shall be automatically adjusted, without further action by the Company
or Shareholders, to reflect changes in the capitalization of the Company, such
as stock dividends, stock splits, reverse stock splits, subdivisions,
reorganizations or reclassification, or any similar recapitalization that
affects or modifies the number of Shares issued and outstanding at any time.

        9. Prohibition on Payment of Redemption Price. If the funds of the
Company legally available for redemption of the Shares on the relevant
Closing date are insufficient to redeem the total number of Shares to be
redeemed on such date, the Company shall use those funds which are legally
available to redeem in cash the maximum possible number of such Shares, divided
equally between Shareholders.  The additional Shares of Shareholders which may
not then be paid for by the Company shall nevertheless be transferred legally
and validly by Shareholders to the Company.  At any time thereafter when
additional funds of the Company are legally available for the payment of the
Shares for which payment has not been made by the Company to Shareholders,
such funds will immediately be used to pay the balance (or the maximum portion
thereof which may then be legally paid, divided equally between Shareholders) of
the redemption price for such Shares. Any unpaid redemption price hereunder
shall bear interest at the annualized rate of 10%. Such interest shall be paid
on each six-month anniversary following the first applicable Closing date that
the entire redemption price could not be paid and each subsequent six-month
anniversary date until the overdue redemption price is made in full.

        10. Entire Agreement. This Agreement constitutes the entire agreement
between the parties with respect to the subject matter of this Agreement and
supersedes all prior and contemporaneous understandings and agreements between
the parties. No claim of waiver, modification, or consent to the provisions of
this Agreement shall be made against any party, except on the basis of a written
instrument executed by and on behalf of all parties, except as set forth herein.
The waiver by one party of the performance of any covenant, condition, or
promise shall not invalidate this Agreement, nor shall it be considered to be
a waiver of any other covenant, condition or promise.  The waiver by any or all
parties of the time for performing any act shall not constitute a

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waiver of the time for performing any other act or an identical act required to
be performed at a later time.

        11. Governing Law. This Agreement is to be governed by and construed in
accordance with the laws of the State of California.

        12. Attorneys' Fees. If any party employs legal counsel to enforce or
bring an action against another party by reason of the breach of any covenant,
provision or condition of this Agreement, or otherwise arising out of this
Agreement, the unsuccessful party shall pay to the prevailing party its attorney
fees in a reasonable amount, which shall be payable whether or not any action is
prosecuted to judgment.

        13. Notices. All notices, requests, and other communications which are
required or permitted under this Agreement shall be in writing and shall be
deemed to have been given and received either upon personal delivery, or upon
completed telecopy transmission, or twenty-four (24) hours after deposit with
an overnight commercial delivery service, or two (2) days after deposit in the
U.S. Mail.

        14. Further Assurances. Each party agrees to do all acts and things and
to deliver such written instruments that shall be reasonably necessary to carry
out the terms of this Agreement.

        15. Third Parties. This Agreement shall inure to the benefit of the
Company and Shareholders.  Nothing in this Agreement, expressed or implied,
shall be construed as giving any person or entity other than the parties to this
Agreement any right, benefit, remedy, or claim under or in respect to this
Agreement or any provision.

        16. Successors.  This Agreement shall be binding upon Shareholders and
the Company and their respective successors and assigns.

        17. Amendments. This Agreement may be amended or terminated only with
the written consent of the Company and Shareholders.

        18. Counterparts. This Agreement may be executed in any number of
counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument.

                             [signature page follows]

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                 [signature page to Stock Redemption Agreement]

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

                                         ACCREDITED HOME LENDERS, INC.

                                         By: /s/ James A. Konrath
                                             -------------------------------
                                                 James A. Konrath
                                                 Chief Executive Officer

                                             /s/ James A. Konrath
                                             -------------------------------
                                                 JAMES A. KONRATH

                                             /s/ Ray W. McKewon
                                             -------------------------------
                                                 RAY W. McKEWON

                              CONSENTS OF SPOUSES
                              -------------------

        I am the spouse of James A. Konrath. On behalf of myself, my heirs and
legatees, I consent to the terms of the Stock Redemption Agreement signed by my
spouse and agree to the redemption of the Shares (as defined in the Stock
Redemption Agreement) registered in the name of my spouse or otherwise
registered upon the terms referenced in the Stock Redemption Agreement.

Dated as of June 1, 1998.

                                             /s/ Joanne B. Konrath
                                             -------------------------------
                                                 JOANNE B. KONRATH

        I am the spouse of Ray W. McKewon. On behalf of myself, my heirs and
legatees, I consent to the terms of the Stock Redemption Agreement signed by my
spouse and agree to the redemption of the Shares (as defined in the Stock
Redemption Agreement) registered in the name of my spouse or otherwise
registered upon the terms referenced in the Stock Redemption Agreement.

Dated as of June 1, 1998.

                                             /s/ Suzanne McKewon
                                             -------------------------------
                                                 SUZANNE McKEWON

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