State of Connecticut
Department of Banking

June 23, 2005

VIA FACSIMILE (860-240-8159)
AND FEDERAL EXPRESS

Mr. John P. Burke
Banking Commissioner
Connecticut Department of Banking
260 Constitution Plaza
Hartford, CT 06103-1800

Re: Agreement to Establish Connecticut Housing Assistance Fund

Dear Commissioner Burke:

Ameriquest Mortgage Company, Argent Mortgage Company, Town & Country Credit Corporation, Argent Funding Corporation f/k/a Olympus Mortgage Company, AMC Mortgage Services, Inc. f/k/a Bedford Home Loan, Inc. (the "Companies") hereby agree to the establishment of a fund to provide affordable housing and/or downpayment assistance to Connecticut consumers, as provided below.

The Companies have paid into a Brown Raysman Millstein Felder & Steiner LLP escrow account (the "Escrow Account") a contribution in the aggregate amount of One Million Dollars ($1,000,000) to establish the Connecticut Housing Assistance Fund. The Companies shall hereafter collectively fund further contributions to the Connecticut Housing Assistance Fund in five equal installments of One Million Dollars ($1,000,000). The first installment shall be deposited on or before June 1, 2006. The second installment shall be deposited on or before June 1, 2007. The third installment shall be deposited on or before June 1, 2008. The fourth installment shall be deposited on or before June 1, 2009. The fifth and final installment shall be deposited on or before June 1, 2010. The Banking Commissioner (the "Commissioner") shall send written notice to the Companies acknowledging receipt of the full amount of the above-referenced funds to be deposited by the Companies after receipt of the fifth and final payment. The notice shall be sent to ACC Capital Holdings Corporation at 1100 Town & Country Road, Suite 1100, Orange, California 92868, or such other notice address as the Companies may provide to the Commissioner.

All monies, including interest income, in the Connecticut Housing Assistance Fund shall be held in trust for the purposes stated in this letter agreement. Except as otherwise specifically provided in the Escrow Agreement among the Department of Banking, the Companies and Brown Raysman Millstein Felder & Steiner LLP dated as of June 13, 2005, the Companies shall have no property right, interest, claim or title to the monies deposited in the Escrow Account or the Connecticut Housing Assistance Fund or any interest earned thereon once they are deposited in the Escrow Account or the Connecticut Housing Assistance Fund.

The Commissioner shall use the contributions made to the Connecticut Housing Assistance Fund to provide affordable housing and/or down payment assistance to Connecticut homeowners. The Commissioner shall have sole discretion to determine the manner in which the contributions will be distributed to provide for such affordable housing and/or down payment initiatives, including the criteria for choosing the entities that shall receive any funds and the amounts that will be distributed to each.

The Companies have entered into this letter agreement and delivered the initial contribution to establish the Connecticut Housing Assistance Fund in consideration of the Commissioner's entering into the Settlement Agreement with the Companies of even date herewith.

We respectfully request that you countersign a copy of this letter and provide it to us to reflect your acknowledgement of receipt of the funds today and your agreement to the terms of this letter agreement.

Very truly yours,

___________/s/______________
Name: Adam J. Bass
Title: Senior Executive Vice President
Ameriquest Mortgage Company

___________/s/______________
Name: Adam J. Bass
Title: Secretary
Town & Country Credit Corporation

___________/s/______________
Name: Adam J. Bass
Title: Senior Executive Vice President
Argent Mortgage Company

___________/s/______________
Name: Adam J. Bass
Title: Senior Executive Vice President
Argent Funding Corporation f/k/a Olympus Mortgage Company

___________/s/______________
Name: Adam J. Bass
Title: Senior Executive Vice President
AMC Mortgage Services, Inc. f/k/a Bedford Home Loans, Inc.

By: _______/s/_______
      John P. Burke
      Commissioner
     State of Connecticut, Department of Banking


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