ECC Capital CORP
EX-10.2
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt">May&nbsp;5, 2006
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<P align="left" style="font-size: 12pt"><U><B>VIA FACSIMILE AND FEDERAL EXPRESS</B></U>


<P align="left" style="font-size: 12pt">Friedman, Billings, Ramsey Group, Inc.
<BR>
1001 19th Street North
<BR>
Arlington, Virginia 22209
<BR>
Fax No.: (949)&nbsp;477-3101


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    <TD>Re: <U>Registration Rights Agreement</U></TD>
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<P align="left" style="font-size: 12pt">Ladies and Gentlemen:


<P align="left" style="font-size: 12pt; text-indent: 4%">Reference is made to that certain Registration Rights Agreement (the &#147;<U>Registration Rights
Agreement</U>&#148;) dated as of February&nbsp;14, 2005 by and between you, Milestone Advisors LLC and ECC
Capital Corporation (the &#147;<U>Company</U>&#148; and &#147;<U>we</U>&#148;). Pursuant to Section 2(a) of the
Registration Rights Agreement, we are required to file with the Securities and Exchange Commission
(the &#147;<U>Commission</U>&#148;) a registration statement on Form S-3 relating to the offer and sale of
certain securities held by you and certain other holders no later than 30&nbsp;days following the one
year anniversary of the date our registration statement on Form S-11 was declared effective by the
Commission (such date, the &#147;<U>Filing Deadline</U>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%">By executing this letter, you acknowledge and agree that the &#147;Filing Deadline&#148; as defined and
used in the Registration Rights Agreement is extended to June&nbsp;19, 2006. All other provisions of
the Registration Rights Agreement will remain in effect as provided in the Registration Rights
Agreement. Please indicate your agreement by executing this letter in the appropriate space
indicated below.


<P align="left" style="font-size: 12pt">Truly yours,


<P align="left" style="font-size: 12pt"><B>/s/ Steven G. Holder</B>
<BR>
Steven G. Holder<BR>
Chairman of the Board and Co-Chief Executive Officer


<P align="left" style="font-size: 12pt">Acknowledged and Agreed:


<P align="left" style="font-size: 12pt">FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.


<P align="left" style="font-size: 12pt"><B>/s/ Richard J. Hendrix</B>
<BR>
By: Richard J. Hendrix<BR>
Its: President and Chief Operating Officer



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