PART I. FINANCIAL INFORMATION

EXHIBIT 10.4

3/03 AMENDMENT

dated as of March 29, 2003

REPURCHASE FINANCING AGREEMENT

among

ASSOCIATES FUNDING, INC.

RYLAND MORTGAGE COMPANY

JPMORGAN CHASE BANK

and

CERTAIN LENDERS

$25,000,000 (originally $100,000,000) Revolving Credit Facility

INDEX

TABLE OF CONTENTS

3/03 AMENDMENT TO

Preamble

     THIS 3/03 AMENDMENT TO REPURCHASE FINANCING AGREEMENT (the “3/03 Amendment”) entered into as of March 29, 2003, among ASSOCIATES FUNDING, INC., a Delaware corporation (“Borrower”), RYLAND MORTGAGE COMPANY, an Ohio corporation (“Guarantor”), JPMORGAN CHASE BANK (“JPMorgan Chase”), a New York banking corporation, formerly known as The Chase Manhattan Bank and successor by merger to Chase Bank of Texas, National Association, a national banking association formerly named Texas Commerce Bank National Association, as a lender and as agent for the lenders from time to time party thereto (in that capacity, the “Agent”), and JPMorgan Chase, as currently the only lender party to the Loan Agreement (defined below) to amend (for the tenth time) the Loan Agreement, recites and provides as follows:

Recitals

     Borrower and Guarantor (the “Companies”) and JPMorgan Chase, as Agent and the only lender (the lenders thereunder being called the “Lenders”), are party to the Repurchase Financing Agreement dated as of October 9, 1996 (as amended through the date of this amendment, the “Loan Agreement”) providing for revolving credit loans of (originally) up to $100 million of principal lent and outstanding on any day during the term of the Loan Agreement, and previously amended to, among other things, reduce such limit to $35 million, subsequently (by the 9/00 Amendment to Repurchase Financing Agreement dated as of September 1, 2000) to increase it back up to $45 million and then (by the 3/02 Amendment to Repurchase Financing Agreement dated as of March 29, 2002 to again reduce it to $35 million. Terms defined in the Loan Agreement have the same meanings when used, unless otherwise defined, in this amendment. This amendment is for the purposes of (i) decreasing such limit to $25 million and (ii) extending the Stated Termination Date to March 31, 2004. Accordingly, for valuable and acknowledged consideration, the parties to this amendment agree as follows (in the event of any conflict or inconsistency between these recitals and the following agreements, the latter shall govern and control):

Amendments

1. Amendment of Section 1.1.

     Section 1.1 is amended by adding the following new definition, in alphabetical order:

     Section 1.1 is further amended by amending the following definitions to henceforth read as follows:

     And Schedule 1.1(a) (first referred to in the Loan Agreement in the definition of “Commitment” in Section 1.1 and last updated by the 3/02 Amendment to Repurchase Financing Agreement dated as of March 29, 2002) is amended in its entirety to

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henceforth read as does Schedule 3/03-1.1(a) attached to this amendment and hereby made a part hereof.

2. Conditions Precedent.

     The Companies agree to forthwith deliver to the Agent: (a) counterparts of this amendment executed by all of the parties named below, (b) for any officer of either Company signing below on behalf of that Company but not included in certificates of incumbency for that Company delivered to the Agent before this amendment, a certificate of the secretary or assistant secretary of that Company about the due incumbency of that officer, and (c) if the Agent reasonably requires, resolutions of the directors of any Company authorizing this amendment certified as accurate and complete by the secretary or assistant secretary of the appropriate Company. This amendment shall become effective as of the effective date of this amendment upon execution of this amendment by the Borrower and the Agent.

3. Representations and Warranties.

     The Companies jointly and severally represent and warrant to Agent and Lenders that, as of the date of this amendment and on the date of its execution (a) the representations and warranties in the Loan Papers are true and correct in all material respects except to the extent that (i) a representation or warranty speaks to a specific date or (ii) the facts on which a representation or warranty is based have changed by transactions or conditions contemplated or permitted by the Loan Papers, and (b) no Default or Potential Default exists.

4. Ratification.

     The Companies ratify and confirm (a) all provisions of the Loan Papers as amended by this amendment and (b) that all guaranties, assurances and Liens granted, conveyed, or assigned to Agent or Lenders under the Loan Papers — including, but not limited to, the unconditional and irrevocable guaranty by the Guarantor of (i) the prompt payment of the Obligation at maturity, by acceleration or otherwise, and at all times after maturity in accordance with the Loan Papers, and (ii) the prompt performance of and compliance with every term, covenant, and condition of the Loan Papers when due, all as stated in Section 4.1 of the Loan Agreement — as they may have been revised, extended, and amended, continue to guarantee, assure and secure the full payment and performance of the Obligation (including, without limitation, all amounts evidenced now or in the future by any note delivered under this amendment).

     In addition and without limiting the generality of the foregoing (and without establishing or implying any requirement for any future republication or reconfirmation thereof, the parties agreeing that there is and shall be no such requirement), Guarantor hereby specifically republishes and reconfirms its letter agreement with the Lender dated September 27, 2001, an unsigned copy of which is attached as Exhibit 3/03-1 hereto and hereby made a part hereof.

5. Miscellaneous.

     All references in the Loan Papers to the “Loan Agreement” are to the Loan Agreement as heretofore amended and as amended by this amendment. This amendment is a “Loan Paper” referred to in the Loan Agreement, and the provisions relating to Loan Papers in the Loan Agreement are incorporated in this amendment by reference. Except as specifically amended and modified in this amendment, the Loan Agreement is unchanged and continues in full force and effect. This amendment may be executed in any number of counterparts with the same effect as if all signatories had signed the same document. All counterparts must be construed together to constitute one and the same instrument. This amendment binds and benefits the

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Companies, Agent, Lenders and their respective successors and permitted assigns. THIS AMENDMENT AND THE OTHER LOAN PAPERS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

     The remainder of this page is intentionally blank; counterpart signature pages follow.

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     EXECUTED as of the day and year first stated above.

JPMORGAN CHASE BANK, as Agent and as a Lender

Counterpart signature page to 3/03 Amendment to Repurchase Financing Agreement among Associates Funding,

SCHEDULE 3/03-1.1(a)

LENDERS AND COMMITMENTS

EXHIBIT 3/03-1

THE CHASE MANHATTAN BANK

September 27, 2001

Ryland Mortgage Company
6300 Canoga, 14^th Floor
Woodland Hills, California 91367

Attention: Ms. Susan Cass, Chief Financial Officer

Ladies and Gentlemen:

     1.     Negative Covenant. Section 8.3 of the Loan Agreement prohibits Ryland from making any loan, advance, extension of credit or capital contribution to, making any investment in, or purchasing or committing to purchase any stock or other securities or evidences of Debt of, or interests in, any other Person other than Permitted Loans/Investments, which are defined in the Loan Agreement as those loans and investments that are listed on Schedule 8.3 to the Loan Agreement, item 2 of which list of Permitted Loans/Investments is “Permitted Loans and Investments of Guarantor under the Existing Loan Agreement,” which are those loans and investments that are listed on Schedule 8.3 to the Restated Credit Agreement dated June 16, 1995 between Ryland, as borrower, Bank One, Texas, N.A., as Agent, and certain lenders, as amended (the “Existing Loan Agreement”). This Bank and Ryland intend that Schedule 8.3 to the Loan Agreement and Schedule 8.3 to the Existing Loan Agreement be read together to determine what loans, advances, extensions of credit or capital advances are permitted by the Loan Agreement (copies of both Schedule 8.3 to the Loan Agreement and Schedule 8.3 to the Existing Loan Agreement are attached hereto, as Exhibits 1 and 2, respectively, to facilitate that). Ryland has requested that, for purposes of the Loan Agreement, this Bank agree that henceforth, in determining whether Ryland is in compliance with item 10 of the Existing Loan Agreement’s list of Permitted Loans and Investments, which reads substantially as follows (modified as indicated by brackets to clarify its intended meaning in the present context):

the short term payment obligations of Ryland Group to Ryland that result from Countrywide’s making single payments on the last two business days of a quarter to Ryland Group under Countrywide’s Early Purchase Program of amounts that are owed by

Ms. Susan Cass
September 27, 2001
Page 3

Countrywide part to Ryland and part to Ryland Group, be disregarded in determining the sum of loans or advances by Ryland to Ryland Group outstanding from time to time (specifically, to test for compliance with clause (a)(ii) of the above-quoted item 10.)

     Please sign and return a copy of this letter to this Bank to confirm our agreements as stated in clauses (a) and (b) of the second sentence of this Part 0 of this letter.

     2.     Financial Covenants. Section 9.3 of the Loan Agreement states that the Guarantor (Ryland) must comply in all respects with the financial covenants applicable to it as set forth in Section 9 of the Existing Loan Agreement, to the same effect as if they were set forth in the Loan Agreement.

     Please sign and return a copy of this letter to this Bank also to confirm that such provision remains applicable, even though the Existing Loan Agreement has been terminated, and that the referenced financial covenants with which Ryland continues to be obligated to comply pursuant to Section 9.3 of the Loan Agreement are the following:

As used above:

Ms. Susan Cass
September 27, 2001
Page 4

Agreed:

RYLAND MORTGAGE COMPANY

EXHIBIT 1

SCHEDULE 8.3

PERMITTED LOANS/INVESTMENTS

EXHIBIT 2

SCHEDULE 8.3 TO EXISTING LOAN AGREEMENT

PERMITTED LOANS/INVESTMENTS

ASSOCIATES FUNDING, INC.

This Certificate is delivered to the Lender under a Repurchase Financing Agreement dated as of October 9, 1996, as amended by a First Amendment to Repurchase Financing Agreement dated as of March 31, 1998 (the “3/98 Amendment”), a Second Amendment to Repurchase Financing Agreement dated as of September 30, 1998 (the “9/98 Amendment”), a Third Amendment to Repurchase Financing Agreement dated as of December 31, 1998 (the “12/98 Amendment”), a Fourth Amendment to the Repurchase Financing Agreement dated as of March 31, 1999 (the “3/99 Amendment”), a Fifth Amendment to the Repurchase Financing Agreement dated as of April 15, 1999 (the “4/99 Amendment”), a Sixth Amendment to the Repurchase Financing Agreement dated as of March 31, 2000 (the “3/00 Amendment”), a Seventh Amendment to the Repurchase Financing Agreement dated as of September 1, 2000 (the “9/00 Amendment”), a Eighth Amendment to the Repurchase Financing Agreement dated as of March 30, 2001 (the “3/01 Amendment”), a Ninth Amendment to the Repurchase Financing Agreement dated as of March 29, 2002 (the “3/02 Amendment”), and a Tenth Amendment to the Repurchase Financing Agreement dated as of March 29, 2003 (the “3/03 Amendment”) (all documents collectively referred to as the “Repurchase Financing Agreement”) between the Company, as Borrower, Ryland Mortgage Company, as Guarantor, and the Lender, both as Agent and Lender. Unless they are otherwise defined in the 3/03 Amendment, terms defined in the Repurchase Financing Agreement have the same meanings here as there.

The undersigned Company officer certifies to the Lender that on the date of this Certificate:

ANNEX A

ASSOCIATES FUNDING, INC.

CONSENT OF DIRECTORS

THE UNDERSIGNED, being all the directors of Associates Funding, Inc., a Delaware corporation (the “Corporation”), hereby waive the calling and holding of a meeting of directors, consent to the following action, and direct that this consent be filed with the minutes of the proceedings of the Corporation:

DATED: March 29, 2003

RYLAND MORTGAGE COMPANY

This Certificate is delivered to the Lender under a Repurchase Financing Agreement dated as of October 9, 1996, as amended by a First Amendment to Repurchase Financing Agreement dated as of March 31, 1998 (the “3/98 Amendment”), a Second Amendment to Repurchase Financing Agreement dated as of September 30, 1998 (the “9/98 Amendment”), a Third Amendment to Repurchase Financing Agreement dated as of December 31, 1998 (the “12/98 Amendment”), a Fourth Amendment to the Repurchase Financing Agreement dated as of March 31, 1999 (the “3/99 Amendment”), a Fifth Amendment to the Repurchase Financing Agreement dated as of April 15, 1999 (the “4/99 Amendment”), a Sixth Amendment to the Repurchase Financing Agreement dated as of March 31, 2000 (the “3/00 Amendment”), a Seventh Amendment to the Repurchase Financing Agreement dated as of September 1, 2000 (the “9/00 Amendment”), a Eighth Amendment to the Repurchase Financing Agreement dated as of March 30, 2001 (the “3/01 Amendment”), a Ninth Amendment to the Repurchase Financing Agreement dated as of March 29, 2002 (the “3/02 Amendment”), and a Tenth Amendment to the Repurchase Financing Agreement dated as of March 29, 2003 (the “3/03 Amendment”) (all documents collectively referred to as the “Repurchase Financing Agreement”) between Associates Funding, Inc., as Borrower, the Company, as Guarantor, and the Lender, both as Agent and Lender. Unless they are otherwise defined in the 3/03 Amendment, terms defined in the Repurchase Financing Agreement have the same meanings here as there.

The undersigned Company officer certifies to the Lender that on the date of this Certificate:

ANNEX A

RYLAND MORTGAGE COMPANY

CONSENT OF DIRECTORS

THE UNDERSIGNED, being all the directors of Ryland Mortgage Company, an Ohio corporation (the “Corporation”), hereby waive the calling and holding of a meeting of directors, consent to the following action, and direct that this consent be filed with the minutes of the proceedings of the Corporation:

DATED: March 29, 2003