AMENDMENT NUMBER TWO TO MASTER REPURCHASE AGREEMENT

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                                                                   EXHIBIT 10.11

                              AMENDMENT NUMBER TWO
                                       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 TWO TO MASTER REPURCHASE AGREEMENT (this
"Amendment"), dated as of April 26, 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)