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CUSIP No. 00437P107                   13G                      Page 1 of 9 Pages
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Schedule 13G
                                 (Rule 13d-102)

   Information to be Included in Statements Filed Pursuant to Rules 13d-1(b),
       (c) and (d) and Amendments Thereto Filed Pursuant to Rule 13d-2(b)
                               (Amendment No. 1 )*

                       Accredited Home Lenders Holding Co.
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                                (Name of Issuer)

                     Common Stock, par value $.001 per share
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                         (Title of Class of Securities)

                                    00437P107
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                                 (CUSIP Number)

                                  June 22, 2007
--------------------------------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)

Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

|_|   Rule 13d-1(b)

|X|   Rule 13d-1(c)

|_|   Rule 13d-1(d)

----------

      *The  remainder  of this cover  page  shall be filled out for a  reporting
person's  initial  filing on this  form with  respect  to the  subject  class of
securities,  and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

      The information  required in the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 (the "Act") or otherwise  subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however, see
the Notes).




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CUSIP No. 00437P107                   13G                      Page 2 of 9 Pages
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      1        NAMES OF REPORTING PERSONS
               Silver Point Capital, L.P.
               I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):

               22-3849636

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      2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                                      (a) |_|

                                                                      (b) |_|

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      3        SEC USE ONLY

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      4        CITIZENSHIP OR PLACE OF ORGANIZATION

                                    Delaware

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                       5    SOLE VOTING POWER

                                  2,600,000 (See Item 4)
                      ----------------------------------------------------------
                       6    SHARED VOTING POWER
    NUMBER OF
     SHARES                       -0-
  BENEFICIALLY        ----------------------------------------------------------
  OWNED BY EACH        7    SOLE DISPOSITIVE POWER
    REPORTING
   PERSON WITH                    2,600,000 (See Item 4)
                      ----------------------------------------------------------
                       8    SHARED DISPOSITIVE POWER

                                  -0-
--------------------------------------------------------------------------------

      9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                             2,600,000 (See Item 4)
--------------------------------------------------------------------------------
     10        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
               SHARES*
                                                                          |_|

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     11        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                                    10.29%(1)

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     12        TYPE OF REPORTING PERSON*

                                       OO

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----------
* SEE INSTRUCTIONS BEFORE FILLING OUT.

(1)   The  percentages  used  herein  and in the rest of this  Schedule  13G are
      calculated based upon 25,261,309  shares of common stock  outstanding,  as
      reflected in the Company's  latest  quarterly report filed on Form 10-Q on
      November 9, 2006.




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CUSIP No. 00437P107                   13G                      Page 3 of 9 Pages
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      1        NAMES OF REPORTING PERSONS
               Edward A. Mule
               I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):

--------------------------------------------------------------------------------
      2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                                      (a) |_|

                                                                      (b) |_|

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      3        SEC USE ONLY

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      4        CITIZENSHIP OR PLACE OF ORGANIZATION

                                  United States

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                       5    SOLE VOTING POWER

                                  -0-
                      ----------------------------------------------------------
                       6    SHARED VOTING POWER
    NUMBER OF
     SHARES                       2,600,000 (See Item 4)
  BENEFICIALLY        ----------------------------------------------------------
  OWNED BY EACH        7    SOLE DISPOSITIVE POWER
    REPORTING
   PERSON WITH                    -0-
                      ----------------------------------------------------------
                       8    SHARED DISPOSITIVE POWER

                                  2,600,000 (See Item 4)
--------------------------------------------------------------------------------

      9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                             2,600,000 (See Item 4)
--------------------------------------------------------------------------------
     10        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
               SHARES*
                                                                          |_|

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     11        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                                    10.29%(1)

--------------------------------------------------------------------------------

     12        TYPE OF REPORTING PERSON*

                                       IN

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----------
* SEE INSTRUCTIONS BEFORE FILLING OUT.




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CUSIP No. 00437P107                   13G                      Page 4 of 9 Pages
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      1        NAMES OF REPORTING PERSONS
               Robert J. O'Shea
               I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):

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      2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                                      (a) |_|

                                                                      (b) |_|

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      3        SEC USE ONLY

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      4        CITIZENSHIP OR PLACE OF ORGANIZATION

                                  United States

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                       5    SOLE VOTING POWER

                                  -0-
                      ----------------------------------------------------------
                       6    SHARED VOTING POWER
    NUMBER OF
     SHARES                       2,600,000 (See Item 4)
  BENEFICIALLY        ----------------------------------------------------------
  OWNED BY EACH        7    SOLE DISPOSITIVE POWER
    REPORTING
   PERSON WITH                    -0-
                      ----------------------------------------------------------
                       8    SHARED DISPOSITIVE POWER

                                  2,600,000 (See Item 4)
--------------------------------------------------------------------------------

      9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                             2,600,000 (See Item 4)
--------------------------------------------------------------------------------
     10        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
               SHARES*
                                                                          |_|

--------------------------------------------------------------------------------
     11        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                                    10.29%(1)

--------------------------------------------------------------------------------

     12        TYPE OF REPORTING PERSON*

                                       IN

--------------------------------------------------------------------------------

----------
* SEE INSTRUCTIONS BEFORE FILLING OUT.




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CUSIP No. 00437P107                   13G                      Page 5 of 9 Pages
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Item 1(a)         Name of Issuer:

                  The name of the issuer is Accredited Home Lenders Holding Co.

Item 1(b)         Address of Issuer's Principal Executive Offices:

                  The Company's  principal  executive office is located at 15253
Avenue of Science, Building 1, San Diego, CA 92128.

Item 2(a)         Name of Person Filing:

                  This  Schedule  13G is being  jointly  filed by  Silver  Point
Capital,  L.P., a Delaware limited partnership (the "Investment  Manager"),  Mr.
Edward A. Mule and Robert J. O'Shea with respect to the  ownership of the shares
of Common Stock by Silver Point Capital Fund, L.P. (the "Fund") and Silver Point
Capital Offshore Fund, Ltd. (the "Offshore Fund")(2)

                  The  Reporting  Persons  have  entered  into  a  Joint  Filing
Agreement,  dated June 26, 2007, a copy of which is filed with this Schedule 13G
as Exhibit A, pursuant to which the  Reporting  Persons have agreed to file this
statement  jointly in accordance with the provisions of Rule  13d-1(k)(1)  under
the Act.

Item 2(b)         Address of Principal Business Office or, if none, Residence:

                  The address of the  principal  business  office of each of the
Reporting Persons is Two Greenwich Plaza, Greenwich, CT 06830

Item 2(c)         Citizenship:

                  Silver  Point   Capital,   L.P.  is  organized  as  a  limited
partnership  under  the laws of the  State of  Delaware.  Both Mr.  Mule and Mr.
O'Shea are U.S. citizens.

Item 2(d)         Title of Class of Securities:

                  Common Stock, par value $.001 per share.

Item 2(e)         CUSIP No.:

                  00437P107

Item 3            If this  statement  is filed  pursuant to Rules  13d-1(b),  or
                  13d-2(b), check whether the person filing is a:

                  Not Applicable.

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(2)   Silver Point Capital,  L.P. is the investment  manager of the Fund and the
      Offshore  Fund  and by  virtue  of such  status  may be  deemed  to be the
      beneficial  owner of the  shares of common  stock held by the Fund and the
      Offshore Fund. Silver Point Capital Management,  LLC ("Management") is the
      general  partner  of Silver  Point  Capital,  L.P.  and as a result may be
      deemed to be the  beneficial  owner of the shares of common  stock held by
      the Fund and the Offshore  Fund.  Each of Mr.  Edward Mule and Mr.  Robert
      O'Shea is a member of Management and has voting and investment  power with
      respect  to the shares of common  stock held by the Fund and the  Offshore
      Fund and may be deemed to be a  beneficial  owner of the  shares of common
      stock held by the Fund and the Offshore Fund. Silver Point Capital,  L.P.,
      Management,  and Messrs. Mule and O'Shea disclaim beneficial  ownership of
      the shares of common stock held by the Fund and the Offshore Fund,  except
      to the extent of any  pecuniary  interest,  and this  report  shall not be
      deemed  to be an  admission  that they are the  beneficial  owners of such
      securities.




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CUSIP No. 00437P107                   13G                      Page 6 of 9 Pages
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Item 4            Ownership:

                  A.    Silver Point Capital, L.P.

                        (a)   Amount beneficially owned: 2,600,000

                        (b)   Percent of class: 10.29%

                        (c)   Number of shares as to which such person has:

                              (i)   Sole  power  to vote  or  direct  the  vote:
                                    2,600,000

                              (ii)  Shared power to vote or direct the vote: -0-

                              (iii) Sole   power  to   dispose   or  direct  the
                                    disposition: 2,600,000

                              (iv)  Shared   power  to  dispose  or  direct  the
                                    disposition: -0-

                  B.    Edward A. Mule

                        (a)   Amount beneficially owned: 2,600,000

                        (b)   Percent of class: 10.29%

                        (c)   Number  of shares  as to which  such  person has:

                              (i)   Sole power to vote or direct the vote: -0-

                              (ii)  Shared  power to vote or  direct  the  vote:
                                    2,600,000

                              (iii) Sole   power  to   dispose   or  direct  the
                                    disposition: -0-

                              (iv)  Shared   power  to  dispose  or  direct  the
                                    disposition: 2,600,000

                  C.    Robert J. O'Shea

                        (a)   Amount beneficially owned: 2,600,000

                        (b)   Percent of class: 10.29%

                        (c)   Number  of shares  as to which  such  person
                              has:

                              (i)   Sole power to vote or direct the vote: 0

                              (ii)  Shared  power to vote or  direct  the  vote:
                                    2,600,000

                              (iii) Sole   power  to   dispose   or  direct  the
                                    disposition: 0

                              (iv)  Shared   power  to  dispose  or  direct  the
                                    disposition: 2,600,000




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CUSIP No. 00437P107                   13G                      Page 7 of 9 Pages
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Item 5            Ownership of Five Percent or Less of a Class:

                  If this statement is being filed to report the fact that as of
the date hereof each of the  Reporting  Persons has ceased to be the  beneficial
owner of more than five percent of the class of securities,  check the following
[ ].

Item 6            Ownership  of More Than  Five  Percent  on  Behalf of  Another
                  Person:

                  See response to Item 4.

Item              7 Identification  and  Classification  of the Subsidiary Which
                  Acquired the Security  Being Reported on by the Parent Holding
                  Company or Control Person:

                  Not applicable.

Item 8            Identification and Classification of Members of the Group:

                  Not applicable.

Item 9            Notice of Dissolution of Group:

                  Not applicable.

Item 10           Certification:

                  By signing  below I certify  that, to the best of my knowledge
and belief, the securities  referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing  the control of
the  issuer  of the  securities  and  were  not  acquired  and are  not  held in
connection  with or as  participant  in any  transaction  having that purpose or
effect.



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CUSIP No. 00437P107                   13G                      Page 8 of 9 Pages
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                                    SIGNATURE

                  After  reasonable  inquiry and to the best of my knowledge and
belief,  I certify  that the  information  set forth in this  statement is true,
complete and correct.

Date: June 26, 2007

                                                    Silver Point Capital, L.P.

                                                    By:   /s/ Frederick H. Fogel
                                                          ----------------------
                                                    Name: Frederick H. Fogel
                                                    Its:  Authorized Signatory



                                                                       Exhibit A

              AGREEMENT REGARDING THE JOINT FILING OF SCHEDULE 13G

The undersigned hereby agree as follows:

      (i) Each of them is individually eligible to use the Schedule 13G to which
this  Exhibit is attached,  and such  Schedule 13G is filed on behalf of each of
them; and

      (ii) Each of them is  responsible  for the timely  filing of such Schedule
13G and any amendments  thereto,  and for the  completeness  and accuracy of the
information  concerning  such  person  contained  therein;  but  none of them is
responsible for the  completeness or accuracy of the information  concerning the
other  persons  making the filing,  unless  such  person  knows or has reason to
believe that such information is inaccurate.

Date: June 26, 2007

                                                  Silver Point Capital, L.P.

                                                  By:   /s/ Frederick H. Fogel
                                                        ------------------------
                                                  Name: Frederick H. Fogel
                                                  Its: Authorized Signatory

                                                  /s/ Edward A. Mule
                                                  ------------------------------
                                                  Edward A. Mule, individually

                                                  /s/ Robert J. O'Shea
                                                  ------------------------------
                                                  Robert J. O'Shea, individually