Exhibit 10.5 (j)

                        AMENDMENT TO MANAGEMENT AGREEMENT

         AMENDMENT as of January 1, 1996 to the Management  Agreement,  dated as
of January 1, 1995, between COMMERCIAL ASSETS, INC., a Maryland corporation (the
"Company"),  and FINANCIAL ASSET MANAGEMENT CORPORATION,  a Delaware corporation
(the "Manager").

                                    RECITALS

         A.   The  Company  and the  Manager  entered  into the  Management  
Agreement  pursuant  to which the Manager  performs  the  duties  and  
responsibilities  set  forth  in  the  Management  Agreement,  subject  to the
supervision of the Company's Board of Directors; and

         B.   The Company  desires to engage the Manager to perform the duties
and responsibilities set forth in the Management Agreement on the terms set
forth in the  Management  Agreement and this  Amendment and the Manager 
desires to be so engaged for an additional one-year term.

         NOW,  THEREFORE,  in consideration of the mutual  agreements herein set
forth, the parties hereto agree as follows:

                  1.    Section 9(g) is hereby added as follows:

                  (g)   Certain Expenses.  If the Company requests any third
         party to render services to the Company or provide the Company with any
         data or information, other than those services and data required to be
         rendered  and  delivered  by the  Manager  hereunder,  such  costs  and
         expenses charged by such third parties, shall be paid by the Company.

                  2.    Section 16 of the Management Agreement is amended and 
restated hereby as follows:

                  "This Agreement shall continue in force until December 31, 
         1996 unless otherwise renewed or extended."

                  3. Except as amended  hereby,  the Management  Agreement shall
remain  in full  force  and  effect.  In the event of a  conflict  between  this
Amendment  and the  Management  Agreement,  the  terms of this  Amendment  shall
control.




         IN WITNESS WHEREOF,  the parties hereto have executed this Amendment as
of the date first above written.

[CORPORATE SEAL]                        COMMERCIAL ASSETS, INC.


ATTEST:                                 By:
                                           ---------------------------------
                                           Name:   Spencer I. Browne
- --------------------------                 Title:  President and Chief
Daniel S. Japha, Secretary                         Executive Officer


                                        FINANCIAL ASSET MANAGEMENT
                                        CORPORATION


                                        By:
                                           ---------------------------------
                                           Name:    Kevin J. Nystrom
                                           Title:   Vice President and Chief
                                                    Accounting Officer