Election to Terminate Deferred Compensation Agreement

Exhibit 99.2

Election to Terminate Deferred Compensation Agreement

Effective as of the close of business on November 15, 2005, I, Xxxxx Xxxxxxx, hereby elect to terminate my participation in the Deferred Compensation Agreement (the "Agreement") that I entered into as of December 22, 2004 and amended as of April 7, 2005 with Xxxxx Home Equity Corporation and Xxxxx Financial Corporation. This election is intended to comply with the provisions of IRS Notice 2005-1, Q&A -20 and the Agreement.

I understand that this election is irrevocable, and that I will be paid the full value of the Deferred Purchase Price (as defined in the Agreement) and any interest earned thereon, pursuant to the terms of the Agreement. I certify that I have resigned as Xxxxx Home Equity's President and Chief Executive Officer as of the date hereof and agree that the total amount to be paid to me under the Agreement is $8,561,855. After such payment, I acknowledge and understand that I shall have no remaining rights or benefits under the Agreement.

/s/ Xxxxx Xxxxxxx

Xxxxx Xxxxxxx

Date: November 15, 2005

Accepted:

/s/ Xxxxxx X. Xxxxxxxx

Xxxxx Home Equity Corporation

By: Xxxxxx X. Xxxxxxxx

Its: Chairman

Date: November 15, 2005

Accepted:

/s/Xxxxxxx X. Xxxxxxxx

Xxxxx Financial Corporation

By: Xxxxxxx X. Xxxxxxxx

Its: Senior Vice President & Chief Financial Officer

Date: November 15, 2005