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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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  	April 23, 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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  	&nbsp;&nbsp;
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  	11000 Broken Land Parkway, Columbia, Maryland
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  	21044
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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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. 9<br><br>On April 23, 2007, Fieldstone Investment Corporation ("Fieldstone") and Fieldstone Mortgage Company, a direct wholly owned subsidiary of Fieldstone ("Fieldstone Mortgage" and collectively with Fieldstone, the "Sellers") entered into Amendment No. 9 (the "Ninth Amendment") to the Second Master Repurchase Agreement, dated as of March 31, 2005, as amended (the "CSFB Master Repurchase Agreement"), with Credit Suisse First Boston Mortgage Capital LLC ("CSFB").  The Ninth Amendment extends the termination date of the CSFB Master Repurchase Agreement to the earlier of (a) September 30, 2007 and (b) June 30, 2007, should Fieldstone&#x2019;s pending merger (the "C-BASS Merger") with and into a wholly owned subsidiary of Credit-Based Asset Servicing and Securitization LLC ("C-BASS") not be consummated by such date.  <br><br>The Ninth Amendment also requires that the Sellers maintain available borrowing capacity from all of their credit facility providers such that the Sellers&#x2019; maximum aggregate purchase price under the CSFB Master Repurchase Agreement ($400 million) does not represent more than fifty percent (50%) of the Sellers&#x2019; available borrowing capacity from all sources, and further limits the maximum available purchase price under the CSFB Master Repurchase Agreement by the aggregate outstanding purchase price of all purchased mortgage loans allocated to the Credit Suisse Buying Group under the Amended and Restated Purchase Agreement, dated as of November 14, 2006, as amended, among the Sellers, Credit Suisse New York Branch, the conduit buyers and committed buyers party thereto from time to time. <br><br>Additionally, CSFB waives any event of default that would occur as a result of the C-BASS Merger.  <br><br>The foregoing description of the Ninth Amendment is qualified in its entirety by the Ninth Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.<br><br><br>Forward-Looking Statements<br><br>This Current Report on Form 8-K may contain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, dividends, achievements or transactions of the company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such factors that could affect, prevent or delay the closing of the transactions described in this report and such other risk factors affecting Fieldstone include, but are not limited to (i) the potential inability to satisfy the conditions to closing of the merger or the possibility that Fieldstone&#x2019;s stockholders do not approve the merger; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including any event, change or other circumstance that would reasonably be expected to have a material adverse effect on Fieldstone; (iii) Fieldstone&#x2019;s ability to implement or change aspects of its portfolio strategy; (iv) interest rate volatility and the level of interest rates generally; (v) the sustainability of loan origination volumes and levels of origination costs; (vi) compliance with the covenants in Fieldstone&#x2019;s credit and repurchase facilities and continued availability of credit facilities for the liquidity it needs to support its origination of mortgage loans; (vii) the ability to sell or securitize mortgage loans on favorable economic terms or at all; (viii) deterioration in the credit quality of Fieldstone&#x2019;s loan portfolio; (ix) the nature and amount of competition; (x) the impact of changes to the fair value of Fieldstone&#x2019;s interest rate swaps on its net income, which will vary based upon changes in interest rates and could cause net income to vary significantly from quarter to quarter; (xi) deterioration in the performance of Fieldstone&#x2019;s loans sold and the related repurchase activity; and (xii) other risks and uncertainties outlined in Fieldstone&#x2019;s periodic reports filed with the SEC. All forward-looking statements are also expressly qualified in their entirety by the cautionary statements detailed from time to time in Fieldstone&#x2019;s filings with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10-K. The information set forth herein speaks only as of the date hereof, and Fieldstone disclaims any intention or obligation to update or revise any forward-looking statements as a result of developments occurring after the date hereof.
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  	Item 9.01 Financial Statements and Exhibits.
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  (d)   Exhibits<br><br>10.1	 Amendment No. 9, dated as of April 23, 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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  	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>
  	April 27, 2007
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  	By:
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  <I>
  	/s/ Michael J. Sonnenfeld
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  <I>
  	Name: Michael J. Sonnenfeld
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  <I>
  	Title: President and Chief Executive Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  Amendment No. 9, dated as of April 23, 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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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_19863.htm", "description": "LIVE FILING", "secsgml_size_bytes": 15100}]
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": "07796161"}, "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):
  April 23, 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. 9
  On April 23, 2007, Fieldstone Investment Corporation ("Fieldstone") and Fieldstone Mortgage Company, a direct wholly owned subsidiary of Fieldstone ("Fieldstone Mortgage" and collectively with Fieldstone, the "Sellers") entered into Amendment No. 9 (the "Ninth Amendment") to the Second Master Repurchase Agreement, dated as of March 31, 2005, as amended (the "CSFB Master Repurchase Agreement"), with Credit Suisse First Boston Mortgage Capital LLC ("CSFB").  The Ninth Amendment extends the termination date of the CSFB Master Repurchase Agreement to the earlier of (a) September 30, 2007 and (b) June 30, 2007, should Fieldstone's pending merger (the "C-BASS Merger") with and into a wholly owned subsidiary of Credit-Based Asset Servicing and Securitization LLC ("C-BASS") not be consummated by such date.
  The Ninth Amendment also requires that the Sellers maintain available borrowing capacity from all of their credit facility providers such that the Sellers' maximum aggregate purchase price under the CSFB Master Repurchase Agreement ($400 million) does not represent more than fifty percent (50%) of the Sellers' available borrowing capacity from all sources, and further limits the maximum available purchase price under the CSFB Master Repurchase Agreement by the aggregate outstanding purchase price of all purchased mortgage loans allocated to the Credit Suisse Buying Group under the Amended and Restated Purchase Agreement, dated as of November 14, 2006, as amended, among the Sellers, Credit Suisse New York Branch, the conduit buyers and committed buyers party thereto from time to time.
  Additionally, CSFB waives any event of default that would occur as a result of the C-BASS Merger.
  The foregoing description of the Ninth Amendment is qualified in its entirety by the Ninth Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
  Forward-Looking Statements
  This Current Report on Form 8-K may contain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, dividends, achievements or transactions of the company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such factors that could affect, prevent or delay the closing of the transactions described in this report and such other risk factors affecting Fieldstone include, but are not limited to (i) the potential inability to satisfy the conditions to closing of the merger or the possibility that Fieldstone's stockholders do not approve the merger; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including any event, change or other circumstance that would reasonably be expected to have a material adverse effect on Fieldstone; (iii) Fieldstone's ability to implement or change aspects of its portfolio strategy; (iv) interest rate volatility and the level of interest rates generally; (v) the sustainability of loan origination volumes and levels of origination costs; (vi) compliance with the covenants in Fieldstone's credit and repurchase facilities and continued availability of credit facilities for the liquidity it needs to support its origination of mortgage loans; (vii) the ability to sell or securitize mortgage loans on favorable economic terms or at all; (viii) deterioration in the credit quality of Fieldstone's loan portfolio; (ix) the nature and amount of competition; (x) the impact of changes to the fair value of Fieldstone's interest rate swaps on its net income, which will vary based upon changes in interest rates and could cause net income to vary significantly from quarter to quarter; (xi) deterioration in the performance of Fieldstone's loans sold and the related repurchase activity; and (xii) other risks and uncertainties outlined in Fieldstone's periodic reports filed with the SEC. All forward-looking statements are also expressly qualified in their entirety by the cautionary statements detailed from time to time in Fieldstone's filings with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10-K. The information set forth herein speaks only as of the date hereof, and Fieldstone disclaims any intention or obligation to update or revise any forward-looking statements as a result of developments occurring after the date hereof.
  Item 9.01 Financial Statements and Exhibits.
  (d)   Exhibits
  10.1	 Amendment No. 9, dated as of April 23, 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.
  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
  April 27, 2007
  By:
  /s/ Michael J. Sonnenfeld
  Name: Michael J. Sonnenfeld
  Title: President and Chief Executive Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Amendment No. 9, dated as of April 23, 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.