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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	January 31, 2007
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  	FIELDSTONE INVESTMENT CORPORATION
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Maryland
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  	000-50938
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  	74-2874689
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	11000 Broken Land Parkway, Columbia, Maryland
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  	21044
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  _________________________________<BR>
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	(410) 772-7200
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  Credit Suisse First Boston Mortgage Capital LLC Amendment No. 7<br>Credit Suisse, New York Branch Amendment No. 2<br>JPMorgan Chase Bank, N.A. Amendment No. 2<br><br>On January 31, 2007, Fieldstone Investment Corporation ("Fieldstone") and Fieldstone Mortgage Company, a direct wholly owned subsidiary of Fieldstone ("Fieldstone Mortgage" and collectively with Fieldstone, the "Sellers") completed amendments on its existing repurchase agreements with the following lenders: Credit Suisse First Boston Mortgage Capital LLC, Credit Suisse, New York and JPMorgan Chase Bank, N.A.  Each of amendments waived the net profitability covenant through the first quarter and lowered the adjusted tangible net worth covenant from the temporary level of $365 million to $350 million, which is in effect until the expiration of each of the facilities.  Additionally, the maximum aggregate purchase price for each of the facilities has been amended as follows (i) the Credit Suisse First Boston facility has reduced its maximum aggregate purchase price from $400 million to $300 million, (ii) the Credit Suisse, New York facility has reduced its maximum aggregate purchase price from $800 million to $500 million and (iii) the JPMorgan Chase facility has increased its maximum aggregate purchase price from $150 million to $250 million.<br><br>	Upon completing the amendments on January 31, 2007, the Sellers&#x2019; committed level of whole loan funding capacity was $1.85 billion, compared to a committed level of funding capacity of $1.75 billion at September 30, 2006, an increase of $100 million in committed funding capacity.  The reductions in funding capacity identified in the previous paragraph related to interim increases in capacity entered by Sellers in the fourth quarter of 2006.<br><br>The foregoing description of the amendments is qualified in its entirety by the amendments, copies of which are attached as Exhibits 10.1, 10.2 and 10.3  to this Current Report on Form 8-K and incorporated herein by reference.
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  	Item 9.01 Financial Statements and Exhibits.
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  (d)   Exhibits<br> 	<br>10.1	 	Amendment No. 7, dated as of January 31, 2007, to the Second Amended and Restated Master Repurchase Agreement, dated as of March 31, 2005, as amended, among Credit Suisse First Boston Mortgage Capital LLC, Fieldstone Mortgage Company and Fieldstone Investment Corporation.<br>		<br>10.2		Amendment No. 2, dated as of January 31, 2007, to the Amended and Restated Master Repurchase Agreement, dated as of November 14, 2006, as amended, among Credit Suisse, New York Branch, Fieldstone Mortgage Company and Fieldstone Investment Corporation.<br>		<br>10.3		Amendment No. 2, dated as of January 31, 2007, to the Master Repurchase Agreement, dated as of July 14, 2006, as amended, among JPMorgan Chase Bank, N.A., Fieldstone Mortgage Company and Fieldstone Investment Corporation.
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	FIELDSTONE INVESTMENT CORPORATION
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  	&nbsp;&nbsp;
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  <I>
  	February 2, 2007
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  	By:
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  <I>
  	/s/ Nayan V. Kisnadwala
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  <I>
  	Name: Nayan V. Kisnadwala
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  <I>
  	Title: Executive Vice President and Chief Financial Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	10.1
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  	&nbsp;
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  Amendment No. 7, dated as of January 31, 2007, to the Second Amended and Restated Master Repurchase Agreement, dated as of March 31, 2005, as amended, among Credit Suisse First Boston Mortgage Capital LLC, Fieldstone Mortgage Company and Fieldstone Investment Corporation.
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  	10.2
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  Amendment No. 2, dated as of January 31, 2007, to the Amended and Restated Master Repurchase Agreement, dated as of November 14, 2006, as amended, among Credit Suisse, New York Branch, Fieldstone Mortgage Company and Fieldstone Investment Corporation.
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  	10.3
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  Amendment No. 2, dated as of January 31, 2007, to the Master Repurchase Agreement, dated as of July 14, 2006, as amended, among JPMorgan Chase Bank, N.A., Fieldstone Mortgage Company and Fieldstone Investment Corporation.
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_17941.htm", "description": "LIVE FILING", "secsgml_size_bytes": 13747}]
metadata_filer: {"company-data": {"conformed-name": "FIELDSTONE INVESTMENT CORP", "cik": "0001271831", "assigned-sic": "6798", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50938", "film-number": "07574633"}, "business-address": {"street1": "11000 BROKEN LAND PARKWAY", "city": "COLUMBIA", "state": "MD", "zip": "21044", "phone": "410-772-7200"}, "mail-address": {"street1": "11000 BROKEN LAND PARKWAY", "city": "COLUMBIA", "state": "MD", "zip": "21044"}}
text: FIELDSTONE INVESTMENT CORPORATION (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  January 31, 2007
  FIELDSTONE INVESTMENT CORPORATION
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Maryland
  000-50938
  74-2874689
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  11000 Broken Land Parkway, Columbia, Maryland
  21044
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  (410) 772-7200
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  Credit Suisse First Boston Mortgage Capital LLC Amendment No. 7
  Credit Suisse, New York Branch Amendment No. 2
  JPMorgan Chase Bank, N.A. Amendment No. 2
  On January 31, 2007, Fieldstone Investment Corporation ("Fieldstone") and Fieldstone Mortgage Company, a direct wholly owned subsidiary of Fieldstone ("Fieldstone Mortgage" and collectively with Fieldstone, the "Sellers") completed amendments on its existing repurchase agreements with the following lenders: Credit Suisse First Boston Mortgage Capital LLC, Credit Suisse, New York and JPMorgan Chase Bank, N.A.  Each of amendments waived the net profitability covenant through the first quarter and lowered the adjusted tangible net worth covenant from the temporary level of $365 million to $350 million, which is in effect until the expiration of each of the facilities.  Additionally, the maximum aggregate purchase price for each of the facilities has been amended as follows (i) the Credit Suisse First Boston facility has reduced its maximum aggregate purchase price from $400 million to $300 million, (ii) the Credit Suisse, New York facility has reduced its maximum aggregate purchase price from $800 million to $500 million and (iii) the JPMorgan Chase facility has increased its maximum aggregate purchase price from $150 million to $250 million.
  Upon completing the amendments on January 31, 2007, the Sellers' committed level of whole loan funding capacity was $1.85 billion, compared to a committed level of funding capacity of $1.75 billion at September 30, 2006, an increase of $100 million in committed funding capacity.  The reductions in funding capacity identified in the previous paragraph related to interim increases in capacity entered by Sellers in the fourth quarter of 2006.
  The foregoing description of the amendments is qualified in its entirety by the amendments, copies of which are attached as Exhibits 10.1, 10.2 and 10.3  to this Current Report on Form 8-K and incorporated herein by reference.
  Item 9.01 Financial Statements and Exhibits.
  (d)   Exhibits
  10.1	 	Amendment No. 7, dated as of January 31, 2007, to the Second Amended and Restated Master Repurchase Agreement, dated as of March 31, 2005, as amended, among Credit Suisse First Boston Mortgage Capital LLC, Fieldstone Mortgage Company and Fieldstone Investment Corporation.
  10.2		Amendment No. 2, dated as of January 31, 2007, to the Amended and Restated Master Repurchase Agreement, dated as of November 14, 2006, as amended, among Credit Suisse, New York Branch, Fieldstone Mortgage Company and Fieldstone Investment Corporation.
  10.3		Amendment No. 2, dated as of January 31, 2007, to the Master Repurchase Agreement, dated as of July 14, 2006, as amended, among JPMorgan Chase Bank, N.A., Fieldstone Mortgage Company and Fieldstone Investment Corporation.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  FIELDSTONE INVESTMENT CORPORATION
  February 2, 2007
  By:
  /s/ Nayan V. Kisnadwala
  Name: Nayan V. Kisnadwala
  Title: Executive Vice President and Chief Financial Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Amendment No. 7, dated as of January 31, 2007, to the Second Amended and Restated Master Repurchase Agreement, dated as of March 31, 2005, as amended, among Credit Suisse First Boston Mortgage Capital LLC, Fieldstone Mortgage Company and Fieldstone Investment Corporation.
  10.2
  Amendment No. 2, dated as of January 31, 2007, to the Amended and Restated Master Repurchase Agreement, dated as of November 14, 2006, as amended, among Credit Suisse, New York Branch, Fieldstone Mortgage Company and Fieldstone Investment Corporation.
  10.3
  Amendment No. 2, dated as of January 31, 2007, to the Master Repurchase Agreement, dated as of July 14, 2006, as amended, among JPMorgan Chase Bank, N.A., Fieldstone Mortgage Company and Fieldstone Investment Corporation.