EXHIBIT 10.25

AMENDMENT NO. 9 TO

COMMITMENT LETTER

This AMENDMENT NO. 9 TO COMMITMENT LETTER (the “Amendment”) is made and entered into as of December 30, 2004 by and between Countrywide Warehouse Lending (“Lender”), Encore Credit Corp., Bravo Credit Corporation and ECC Capital Corporation (collectively “Borrower”). This Amendment amends that certain Commitment Letter by and between Lender and Borrower dated as of November 14, 2003 (the “Commitment Letter”), which supplements that certain Revolving Credit and Security Agreement by and between Lender and Borrower dated as of May 13, 2002 (as may be amended from time to time, the “Credit Agreement”).

R E C I T A L S

Lender and Borrower have previously entered into the Commitment Letter and Credit Agreement pursuant to which Lender may, from time to time, provide Borrower credit in the form of a warehouse line secured by residential mortgage loans. Lender and Borrower hereby agree that the Commitment Letter shall be amended as provided herein.

In consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lender and Borrower hereby agree as follows:

Schedule 1 – Commitment Requirements. Lender and Borrower agree that SCHEDULE 1 of the Commitment Letter shall be amended to add the following Tranche X as follows:

	Tranche Sublimit	Margin over 30 day LIBOR	Advance Rate	Maximum Dwell Time	Fees	Commitment Requirements
Tranche X: Correspondent Loans (originated by Borrower’s correspondent lending division) (Lender and Borrower agree to identify these loans in the CDR as indicated in the below Schedule 3)	Not to exceed $50,000,000 in total in Advances at any one time	Shall be equal to the Margin over 30 days LIBOR indicated in the Commitment Letter for non-Correspondent loans for such loan type	Shall be equal to the Advance indicated in the Commitment Letter for non- Correspondent loans for such loan type		Shall be equal to File Fee indicated in the Commitment Letter for non-Correspondent loans for such loan type	1.      Collateral must be received and accepted by Lender prior to funding each Advance.
						2.      Borrower to provide Correspondent Funding Conditions Form prior to funding each Advance.
						3.      Borrower to provide bailee instructions from correspondent’s warehouse bank prior to funding each Advance in the CDR and in the collateral package delivered to Lender.
						4.      Lender to only wire to approved institutional warehouse banks, chosen at Lenders discretion. 5.      Lenders retains the right not to fund a loan originated by a correspondent or unapproved warehouse provider. 6.      CDR must be received prior to collateral receipt. 7.      Borrower to include in CDR its purchase price for each loan, and Lender shall use Borrower’s purchase price to determine the Advance Amount.

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2. Schedule 3. Lender and Borrower agree to add the following schedule in order to identify correspondent loans in the CDR as follows:

Loan Type (1)	Tranche type in CDR (1)	Tranche X Correspondent Loans Tranche Terms
Jumbo - Sold to Countrywide Home Loans	CHL 1st Bonds
Jumbo - Sold to an Investor other than Countrywide Home Loans	1st Bonds
Super Jumbo - Sold to Countrywide Home Loans	CHL 2nd Bonds	Setup will emulate the applicable Loan Types setup under Warehouse Tranches for non-correspondent loans with the exception of Sublimits. Lender and Borrower agree that the sum of the Sublimits under all correspondent loans shall not exceed twenty five million ($50,000,000) in Advances.
Super Jumbo - Sold to an Investor other than Countrywide Home Loans	2nd Bonds
Subprime - Sold to Countrywide Home Loans	CHL Construction / OTC
Subprime - Sold to an Investor other than Countrywide Home Loans	Construction / OTC

(1) With prior notice to Borrower, Countrywide Warehouse Lending Operation Account Management may reassign designated Tranche type(s) in Borrower CDR in the event that currently assigned Tranches may create linking issues with Countrywide’s Correspondent Lending Division.

3. No Other Amendments; Conflicts with Previous Amendments. Other than as expressly modified and amended herein, the Commitment Letter shall remain in full force and effect and nothing herein shall affect the rights and remedies of Lender as provided under the Commitment Letter and Credit Agreement. To the extent any amendments to the Commitment Letter contained herein conflict with any previous amendments to the Commitment Letter, the amendments contained herein shall control.

4. Capitalized Terms. Any capitalized term used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Credit Agreement.

5. Facsimiles. Facsimile signatures shall be deemed valid and binding to the same extent as the original.

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

COUNTRYWIDE WAREHOUSE LENDING			ENCORE CREDIT CORP.
By:	/s/ Richie Walia		By:	/s/ William E. Moffatt
	Signature			Signature
	Name:	Richie Walia		Name:	William E. Moffatt
	Title:	1st VP		Title:	Treasurer

BRAVO CREDIT CORPORATION
By:	/s/ John Kontoulis
	Signature
	Name:	John Kontoulis
	Title:	EVP

ECC CAPITAL CORPORATION
By:	/s/ William E. Moffatt
	Signature
	Name:	William E. Moffatt
	Title:	Treasurer

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