|
Los Angeles Century Plaza Hotel Sold To New Century
2008-06-02 13:17:00 The famed Century Plaza Hotel in Los Angeles has been sold to investor Michael Rosenfeld this week. The hotel has been in the heart of Los Angeles’s movie scene and also was nicknamed the Western White House when Ronald Reagan used to use it’s Presidential Suite as his home base when in Los Angeles. The ...
NewWays » Green/Clean Technology » Light bulbs for a New Century
2008-04-14 16:30:00 NewWays » Green/Clean Technology » Light bulbs for a New Century: "Let?s face it?CFLs, to an ecogeek, are old news. My entire house was converted more than three years ago. I don?t even think about them anymore. Frankly, I can?t believe incandescents are still on sale!There just hasn?t been very much excitement in the consumer space in lighting. Some fantastic research, sure, but nothing I can buy. Well, one of the few companies who make LED light bulbs has changed that. It may be silly of me to get excited about a light bulb, but I can?t help it."Link
Here's an expose on two laid-off New Century subprime execs, with over $10,
2008-04-01 10:31:00 So, should we feel sorry for them? Or happy to see their downfall as they helped create the problem?Hundreds of thousands of REIC are going to be financially ruined during the downfall (along with millions of Americans). But they created the downfall which financially ruined them.Oh, what to feel HP'ers? What to feel?Schadenfreude? Mercy? Compassion? Rage? Forgiveness? I guess it'll be a case-by-case basis. First steps would be an apology, taking the blame, and an admission of guilt. And I don't think I've seen that from ANY realtor, mortgage broker, appraiser or REIC member yet. But damn, I can't but help feel sorry for these people. Everyone except Greg Swann that is. Careers vanish after subprime 'free fall' Kent and Mysti Cope were well-paid executives at subprime lenders who never thought the industry could disappear overnight. Now they're just trying to get by.
By: Housing PANIC
Ephesus - A Long Time Project in a New Century
2007-12-02 17:21:00 COLLOQVIA ANATOLICA ET AEGAEA: Colloquia Symrnensia Konferans Serisi Dokuz Eylül Üniversitesi Arkeoloji Bölümü "Ephesus-A Long Time Project in a New Century" (Efes; Yeni Yüzyılda Uzun Süreli Bir Proje) Konuşmacı: Sabine E. Ladstaetter (Avusturya... www.PaleoBerkay.cjb.net
Losing our Way in the New Century: The Future of the Middle Class
2007-11-14 03:20:00 Watch Princeton economist and New York Times columnist Paul Krugman speak on the issue of the “Future of the Middle Class” at the Commonwealth Club of California, touching a series of contemporary political and economic issues. The talk is based on his new book “The Conscience of a Liberal”.
New Century Condo - 2005 Flip ** Update 1 **
2007-09-15 14:30:00 This post first appeared on March 17, 2007. The owners lowered their price to breakeven and left it there for about 6 months. Now it appears they are becoming more motivated to sell. The price has been reduced to $550,000. Unfortunately, that is still too much money for this apartment condo. New Asking Price: ...
Former New Century loan officer indicted in kick-back allegations
2007-09-01 01:03:00 In a press release United States Attorney Scott N. Schools announced that Renato Gonzales Quiazon, of Hayward was arrested on felony fraud charges arising from a loan kickback scheme. Yesterday, a federal grand jury indicted Renato Gonzales Quiazon, of Hayward, CA, with 11 counts of wire fraud, 12 counts of money laundering and four counts of filing false tax returns. These charges are the result of an investigation by the Internal Revenue Service - Criminal Investigation. According to the indictment, Mr. Quiazon is alleged to have devised a scheme to fraudulently obtain payments of loan kickbacks, commissions and cash outs/extraneous line items from borrowers’ escrow accounts. Beginning about January 2000 through October 2004, the defendant was employed as a loan officer with New Century Mortgage, located in Emeryville, CA. During this time, Mr. Quiazon entered into an agreement with an independent mortgage broker to use his name and broker’s license on loans that the...
New Century Dreamscape Waterbed Mattress
2007-07-25 22:23:00 The comfort and rejuvenating powers of Land and Sky’s Full-Depth Flotation Beds are so pronounced, the body savors the experience during sleep and draws upon it throughout the day. The “responsive give” of the mattress cradles you in comfort providing therapeutic support for soothing, healthful sleep. This particular water bed, the New Century Dreamscape from Land and Sky, is customizable. You are to choose the water mattress insert which is a good thing because in doing so, you control the type of sleeping environment you should have, in order to get the best in comfort. Land and Sky offers different varieties of levels and support for the water bed chamber or bladder. Choose from a 5-layer to a 7-layer variety, anywhere between 85%-99% waveless capacity. via Advance Sleep Products dreamscape, flotation beds, MATTRESS Shopping, waterbed mattress, water mattress
By: Mattresszine
HEBEI CANGZHOU NEW CENTURY FOREIGN TRADE CORP
2007-05-12 20:05:00 Hebei Cangzhou New Century Foreign Trade Co.,Ltd. is a comprehensive foreign trade corporation with the status of independent legal person and the right for self-operated and agency business of export.There are specialized sub-companies under the company,such as castings factory?wire mesh factory?glassware factory and handicraft factory.The scope of its business involves in cast iron ...
FLASH: New Century Mortgage Exposed: Lies. Cheating. Intimidation. Baseb
2007-05-07 19:39:00 Great expose in the Washington Post on the now-bankrupt former #1 independent mortgage lender New Century. Why do I have such dot-com deja-vu?The housing crash and REIC fraud will be the biggest domestic issue of the 2008 campaign. Look for hearings, politician posturing, bailouts, regulation, investigations, arrests and frog-marches. The biggest bubble in human history also produced the most financial corruption ever seen. New Century is just the tip of the iceberg. And the stench is worldwide. Too bad the media was asleep when it was happening.Pressure at Mortgage Firm Led To Mass Approval of Bad LoansMaggie Hardiman cringed as she heard the salesmen knocking the sides of desks with a baseball bat as they walked through her office. Bang! Bang!" 'You cut my [expletive] deal!' " she recalls one man yelling at her. " 'You can't do that.' " Bang! The bat whacked the top of her desk. As an appraiser for a company called New Century Financial, Hardiman was supposed to weed out bad ...
By: Housing PANIC
No surprise - Subprime king New Century now worthless, lays everyone off
2007-05-05 09:32:00 Funny how you can go from the top of the heap one day to firing everyone and closing up shop and firing everyone the next day.Not funny when it's your job. Not funny when millions of people you "helped" end up losing their house and going bankrupt. Not funny when billions of dollars are lost because of your greed and incompetence. And not funny when you're just the first of many to come.Want some cheap real estate coming up? Head to Orange County - the home of the mortgage lender implosion and pink slips.New Century Financial receives no bids for loan-making units and tells 2,000 workers today is their last day.New Century Financial of Irvine, the largest subprime lender to file for bankruptcy protection, said it will lay off 2,000 of its remaining workers, including 500 in Orange County, effective today, after failing to find a buyer for its loan-making units.The company, which has come to symbolize the rise and fall of lenders to higher risk borrowers, is facing its final days o...
By: Housing PANIC
New Century Mortgage - Nice Guys Finish Last - Part 4…
2007-04-29 19:47:00 I wrote the preceding three posts to shed some light on what types of individuals gravitated toward subprime lending as it grew within the mortgage industry.  Simply put, all types of people were lured by the potential profits of high risk lending. Some of them were complete industry outsiders. Some of them came from conventional lending backgrounds and saw subprime as a ...
By: QuiggleMe
US Housing Bubble and New Century Mortgage - Part 4
2007-04-29 19:47:00 I wrote the preceding three posts to shed some light on what types of individuals gravitated toward subprime lending as it grew within the mortgage industry.  Simply put, all types of people were lured by the potential profits of high risk lending. Some of them were complete industry outsiders. Some of them came from conventional lending backgrounds and saw subprime as a ...
By: QuiggleMe
New Century Mortgage: Nice Guys Finish Last Part 3…
2007-04-28 19:25:00 I had left my position at my friend’s company whose focus was second mortgages and took a consulting position with another start up mortgage company. The company was being formed by a young guy who I had actually gotten to know through my business partners in the mortgage company I had owned a few years ...
By: QuiggleMe
US Housing Bubble and New Century Mortgage Part 3
2007-04-28 19:25:00 I had left my position at my friend’s company whose focus was second mortgages and took a consulting position with another start up mortgage company. The company was being formed by a young guy who I had actually gotten to know through my business partners in the mortgage company I had owned a few years ...
By: QuiggleMe
New Century Mortgage: Nice Guys Finish Last Part 2…
2007-04-28 18:36:00 Two other cases where I had involvement during the start up phases of a mortgage company, one directly and one as an observer, raise some issues regarding just what it is some of these companies are motivated by. One company where I was merely an observer has become wildly successful as the largest independently owned funder of ...
By: QuiggleMe
US Housing Bubble and New Century Mortgage - Part 2
2007-04-28 18:36:00 Two other cases where I had involvement during the start up phases of a mortgage company, one directly and one as an observer, raise some issues regarding just what it is some of these companies are motivated by. One company where I was merely an observer has become wildly successful as the largest independently owned funder of ...
By: QuiggleMe
New Century Mortgage - Nice Guys Finish Last - Part One…
2007-04-28 17:21:00 I can honestly look my fifteen year old son in the eye and tell him I have never done a fraudulent loan in my entire lending career.** I can honestly tell him that I never sacrificed my morals or ethics when it has come to my professional life. Simultaneously, I would also tell him that ...
By: QuiggleMe
US Housing Bubble and New Century Mortgage - Part 1
2007-04-28 17:21:00 I can honestly look my fifteen year old son in the eye and tell him I have never done a fraudulent loan in my entire lending career.** I can honestly tell him that I never sacrificed my morals or ethics when it has come to my professional life. Simultaneously, I would also tell him that ...
By: QuiggleMe
New Century Paying For Silence Of Top Reps?
2007-04-26 17:14:00 I’ve heard directly from sources at New Century that top Account Executives have been retained on hefty salary guarantees as New Century rides out their BK. On the surface this may seem like a benign move on New Century’s part designed to maintain market share as they emerge from bankruptcy. This notion would be plausible if New Century was still conducting business funding mortgages. However, they are not. A more plausible reason in this environment to pay substantial guarantees to your top Account Executives while they interview for other jobs or simply take time off is keep them close to the vest. Keep your friends close and your enemies closer. Some of these Account Executives could crucify New Century management should they be put on a witness stand. Simultaneously they may also incriminate themselves, but either way I believe New Century counsel would be advising management to keep these people on and motivate their silence with cash. I would even go ...
By: QuiggleMe
New Century Paying For Silence Of Top Reps?
2007-04-26 17:14:00 I’ve heard directly from sources at New Century that top Account Executives have been retained on hefty salary guarantees as New Century rides out their BK. On the surface this may seem like a benign move on New Century’s part designed to maintain market share as they emerge from bankruptcy. This notion would be plausible ...
By: QuiggleMe
New Century?s Fall - No Surprise
2007-04-18 17:19:00 The mortgage industry has been setting up to be decimated for a number of years as standards loosened, reason went out the window, and greed overtook the hearts and minds of many players in the industry. The only question is, how much will the process of purging risk from the industry affect the broader economy? ...
By: Ponderthis...
New Century - Why I sold…
2007-04-17 22:56:00 In the summer of 2006 my wife and I sold our 3,600 square foot custom home located one block from the beach in Southern California. As a result of the latest real estate boom we, like many people, reaped a substantial gain in selling at the market’s peak. At the time we had purchased the home (four years earlier) we thought for sure we’d be there for at least ten years. But the market kept climbing. Our potential profit continued to grow. And what had been our plan when we acquired the property – became another plan. Ironically, friends and family alike thought we were insane for selling. Heck, real estate would always appreciate. Why walk away from all that equity? We heard it all - you’ll never see rates this low, you’ll be priced out of the market down the road, and on and on. Our decision to sell was driven by a few key factors. Both my wife and I are mortgage industry veterans and had picked up on market signals that are only now being reported in the mainstream media...
By: QuiggleMe
New Century - Why I sold…
2007-04-17 22:56:00 In the summer of 2006 my wife and I sold our 3,600 square foot custom home located one block from the beach in Southern California. As a result of the latest real estate boom we, like many people, reaped a substantial gain in selling at the market’s peak. At the time we had purchased the home (four years earlier) we thought for sure we’d be there for at least ten years. But the market kept climbing. Our potential profit continued to grow. And what had been our plan when we acquired the property – became another plan. Ironically, friends and family alike thought we were insane for selling. Heck, real estate would always appreciate. Why walk away from all that equity? We heard it all - you’ll never see rates this low, you’ll be priced out of the market down the road, and on and on. Our decision to sell was driven by a few key factors. Both my wife and I are mortgage industry veterans and had picked up on market signals that are only now being reported in the mainstream media...
By: QuiggleMe
New Century - Thoughts from an insider…
2007-04-17 02:27:00 Wow. I’ve got people emailing me telling me they’re going to forward my blog to the FBI like its some big incriminating piece of evidence (not for me - for New Century). I’ve got other people emailing me telling me I’m just as culpable for the subprime mess as the broker who commits fraud or the guys at the top who hid loan losses from investors or maybe the real estate agent who did God knows what to put his deal together. Well let me say this to anyone listening - ONLY THOSE PEOPLE WHO COMMITTED WRONGDOINGS SHOULD BE HELD ACCOUNTABLE!!!!!!!!!! There, I got that off my chest. Now let’s talk about New Century. I was planning on ripping into some of the people I worked with who were obvious offenders in aiding and abetting broker fraud, but I’m going to take a different approach. I’m going to use logic. Here I go. It is logical to believe that a certain percentage of Account Executives at NCEN must have known of fraudulent and predatory lending practices b...
By: QuiggleMe
New Century - Thoughts from an insider…
2007-04-17 02:27:00 Wow. I’ve got people emailing me telling me they’re going to forward my blog to the FBI like its some big incriminating piece of evidence (not for me - for New Century). I’ve got other people emailing me telling me I’m just as culpable for the subprime mess as the broker who commits fraud or ...
By: QuiggleMe
New Century - Where do we go from here?
2007-04-07 22:35:00 Over the last couple of weeks I took a break from blogging about New Century. I did however write one blog regarding the state of our government - which in my opinion is a modern day oligarchy, a fusion of money and government that when you get right down to it spawned the very circumstance under which a New Century Mortgage Corporation could take shape, flourish, and implode - all within the span of a decade or so. There are a multitude of lessons to be learned through this subprime debacle, some of which are already evident and some which have yet to be revealed. I would imagine that the first lesson is that loose monetary policy, left unchecked by free market constraints and placed in the control of private hands, will always lead to an economic imbalance between those controlling monetary policy versus those at the whim of such policy.  The second lesson that follows is that those parties whether individually, severally, or collectively who chose freely to take adv...
By: QuiggleMe
New Century - Where do we go from here?
2007-04-07 22:35:00 Over the last couple of weeks I took a break from blogging about New Century. I did however write one blog regarding the state of our government - which in my opinion is a modern day oligarchy, a fusion of money and government that when you get right down to it spawned the very circumstance ...
By: QuiggleMe
New Century Files Ch.11, to Fire 3,200
2007-04-06 06:32:00 SAN FRANCISCO (Dow Jones) - New Century Financial filed for bankruptcy protection on Monday and said it would lay off 3,200 people, or half its workforce, immediately as the second-largest subprime mortgage lender succumbed to a credit crunch in the sector. New Century shares slumped 21% to 83 cents during late morning trading on Monday. The stock was trading above $30 at the start of 2007. The company filed for Chapter 11 bankruptcy in Delaware and said it plans to reduce its workforce by about 3,200, or 54%, effective immediately
Confessions of a New Century SubPrime Casualty - Part Five
2007-04-04 23:40:00 The age of decadence. I think that’s now how I will refer to my days at New Century. This installment in the series is going to be a little fun if nothing else. None of what I am about to write is either embellished or untrue. It’s almost laughable how true it is…  I think it was our 2nd year when we attended our first New Century national sales conference. This was NOT President’s Club - this was a general conference with no production requirements to attend. As a matter of fact some internal staff was included. The reason for clarifying this is because a prudent company would never have put on such an extravagant and costly display as did New Century for this event. Here’s the deal. We all boarded flights bound for Miami where we stayed overnight on the Norwegian Cruise Line ship Princess of the Sea (or some stupid name like that I can’t remember). Anyway, we got to the ship, sat through some stupid sexual harrassment seminar the whole time I thinkin...
By: QuiggleMe
Confessions of a New Century SubPrime Casualty - Part Four
2007-04-04 23:39:00 I never thought I would receive the response that I have when I began writing about the topic of life at New Century. The subject obviously strikes a chord with a lot of people. The comments I have received are almost all thought provoking and insightful. Some people have suggested I submit a manuscript to a publisher. Others suggest I write more detailed accounts siting actual incidents of fraud and impropriety. Others focus in on the sexual harrassment issue.  What I believe is most important is to focus on what can be learned and what action can be taken to correct mistakes. My views on this subject are both simple and ‘out-of-the-box’. They are ideas that have been forming over time - dating back to the last market shakeout in the wake of the S&L bailout. But I won’t be writing about these topics in this post. I’ll leave them for the next one. What I will write about is a subject that nearly everyone discounts or altogether omits when discussing th...
By: QuiggleMe
Confessions of a New Century SubPrime Casualty - Part Three
2007-04-04 23:39:00 I never thought I would receive the response that I have when I began writing about the topic of life at New Century. The subject obviously strikes a chord with a lot of people. The comments I have received are almost all thought provoking and insightful. Some people have suggested I submit a manuscript to a publisher. Others suggest I write more detailed accounts siting actual incidents of fraud and impropriety. Others focus in on the sexual harrassment issue.  What I believe is most important is to focus on what can be learned and what action can be taken to correct mistakes. My views on this subject are both simple and ‘out-of-the-box’. They are ideas that have been forming over time - dating back to the last market shakeout in the wake of the S&L bailout. But I won’t be writing about these topics in this post. I’ll leave them for the next one. What I will write about is a subject that nearly everyone discounts or altogether omits when discussing th...
By: QuiggleMe
Confessions of a New Century SubPrime Casualty - Part Two
2007-04-04 23:39:00 I left off as Jeanine and I had discovered our region manager had an open-fly policy. So here he was married, having an ongoing affair with a young woman in our office who without a doubt got more favorable treatment than anyone else and was laughingly held up as an example of success. And it didn’t stop there. At least three other women in the time we were there had affairs with our region manager. Some of you reading this might call this heresy, or maybe retribution on my part. Call it what you want, it’s the absolute truth and any New Century alum reading this cannot argue that fact. They wouldn’t anyway. I can only sight the three additional affairs as these are the only confirmed cases. Credible rumors abounded in our region about numerous other trists that as I look back had put my wife and I right back where we did not want to be. For those of you who have never been exposed to this kind of environment, it is without doubt a hostile intolerable situation.Â...
By: QuiggleMe
Confessions of a New Century SubPrime Casualty - Part One
2007-04-04 23:38:00 This post is the first in a series covering my days as an Account Executive at New Century Mortgage. It also includes some preceding events relative to the story line. I began this post by jotting down some notes. As I began to write, I couldn’t believe what I was putting down on paper. Fraud rings, FBI investigations, abusive brokers, rampant sexual harrassment and favoritism, and way too many other bad memories to list in this first paragraph. As I began to write I also began to question myself. Why was writing this important enough to take time away from my schedule? Why would anyone want to read it? What lesson can be learned? The answer is simple - and stems from one word. Greed. Greed is not good. Greed is bad. Nothing good comes from greed. And if there is one thing I know after spending nearly four years in the subprime lending industry it is this simple truth - in subprime lending greed, before all else, was the underlying doctrine. So let me beg...
By: QuiggleMe
New Century - thoughts from an insider…
2007-04-04 23:36:00 Wow. I’ve got people emailing me telling me they’re going to forward my blog to the FBI like its some big incriminating piece of evidence (not for me - for New Century). I’ve got other people emailing me telling me I’m just as culpable for the subprime mess as the broker who commits fraud or the guys at the top who hid loan losses from investors or maybe the real estate agent who did God knows what to put his deal together. Well let me say this to anyone listening - ONLY THOSE PEOPLE WHO COMMITTED WRONGDOINGS SHOULD BE HELD ACCOUNTABLE!!!!!!!!!! There, I got that off my chest. Now let’s talk about New Century. I was planning on ripping into some of the people I worked with who were obvious offenders in aiding and abetting broker fraud, but I’m going to take a different approach. I’m going to use logic. Here I go. It is logical to believe that a certain percentage of Account Executives at NCEN must have known of fraudulent and predatory lending practices b...
By: QuiggleMe
New Century Buys Time With Bankruptcy Filing
2007-04-04 02:04:00 Once a highflying subprime mortgage lender the company is seeking Chapter 11 bankruptcy protection, becoming the biggest casualty of the turmoil in the U.S. market for high-risk home loans. More: continued here Bookmark to:
New Century, Biggest Subprime Casualty, Goes Bankrupt
2007-04-03 00:14:00 Just glad to be in Las Vegas.....SteveBy Bradley Keoun and Steven ChurchApril 2 (Bloomberg) -- New Century Financial Corp., overwhelmed by rising defaults from borrowers with poor credit records, became the largest subprime mortgage lender ever to fail as it filed for bankruptcy today.New Century plans to sell most of its assets within 45 days, said the Chapter 11 filing in federal court in Wilmington, Delaware. About 3,200 people, more than half the workforce at the Irvine, California-based company, will be fired. New Century said it already agreed to sell its mortgage billing and collections unit to Carrington Capital Management LLC for $139 million.The company rode the U.S. housing boom to become the largest independent mortgage lender to subprime borrowers, only to collapse as interest rates rose and home prices fell. New Century's market value soared to more than $3.5 billion in December 2004, and last year it made about $60 billion in loans. Like rival firms, the company lowe...
New Century Financial files for bankruptcy
2007-04-02 19:02:00 WILMINGTON, Del., April 2: Troubled U.S. subprime lender New Century Financial Corp. filed for Chapter 11 protection Monday in U.S. Bankruptcy Court in Wilmington, Del.
By: newkerala.com
It?s Official New Century Files Chapter 11 - Layoff 3,200
2007-04-02 18:47:00 As reported first this morning, New Century made their long awaited bankruptcy official by filing a voluntary petition for relief under chapter 11 of the U.S. Bankruptcy Code. The filing was made this morning in the U.S. Bankruptcy Court for the District of Delaware. New Century also announced it will reduce its workforce by approximately ...
2 New Century Mortgage Milestones Anticipated Today
2007-04-02 15:00:00 Ailing subprime mortgage giant New Century Financial is expected to file for both bankruptcy protection today and they have also voluntarily terminated its seller/servicer eligibility with Freddie Mac. According to a Freddie Mac spokeswoman, the Irvine, Calif.-based mortgage banker never sold a whole loan to the secondary market investor. . Lenders With Problems 2007, New Century ...
Betting the bank on New Century
2007-03-28 23:20:00 I'm hoping for a big bounce after the lender winds up in bankruptcy court. But remember: Strategy Lab is only a game. If you're playing with real money, don't mimic my trading here.
Report: Morgan to sell New Century loans
2007-03-27 09:01:00 NEW YORK, March 26 : New York investment bank Morgan Stanley will auction off $2.48 billion of New Century Financial Corp. subprime mortgages, a published report said Monday.
By: newkerala.com
New Century gets a little breathing space from Barclays (at MarketWatch)
2007-03-23 00:00:00 New Century Financial agreed to transfer $900 million of loans to Barclays Plc, one of its financial backers, as the subprime mortgage specialist tries to recover from a credit crunch in the sector.
By: Commodity Wealth
New Century Condo - 2005 Flip
2007-03-18 02:25:00 Asking Price: $610,000 Purchase Price: $565,000 Purchase Date: 5/26/2005 Address: 1 MONTGOMERY 46, Irvine, CA 92604 Beds: 3 Baths: 2.5 Sq. Ft.*: 1,639 Year Built: 1977 Stories: 2 $/Sq. Ft.*: $381 ...
New Century Retains Employees
2007-03-18 01:01:00 In an effort to retain their massive employee base, New Century Mortgage has guaranteed some employees 1/2 of Decembers pay for the next 3 months. As of this moment this is what we are understanding, we have confirmation that this compensation was offered to their existing account executives positions. New Century Mortgage is/was the largest subprime mortgage ...
Is New Century really Enron?
2007-03-13 06:50:00 WOW, what can we really say here? A lot! Lets start with New Century is not the only company that has problems with screwed up ideas. There are over 36 sub prime mortgage companies since late 2006 that have fallen upon REAL hard times or are out of business. Did you know that New Century restated ...
New Century gets $265 mln in financing
2007-03-11 01:24:00 Mortgage lender New Century Financial, the subject of bankruptcy rumors on Thursday, said it had received $265 million in financing. New Century disclosed the financing after a day in which its shares plunged 25% on the New York Stock Exchange. The net proceeds of the financing would be used to refinance or satisfy some of the company's existing obligations, New Century said in a filing with the U.S. Securities and Exchange Commission. The lender was not disclosed.
New Century gets 265 mln in financing
2007-03-11 01:24:00 Mortgage lender New Century Financial, the subject of bankruptcy rumors on Thursday, said it had received $265 million in financing.rnrnNew Century disclosed the financing after a day in which its shares plunged 25% on the New York Stock Exchange.rnrnThe net proceeds of the financing would be used to refinance or satisfy some of the company's existing obligations, New Century said in a filing with the U.S. Securities and Exchange Commission. The lender was not disclosed.
New Century plunges and expected to seek bankruptcy protection
2007-03-09 20:37:00 NEW YORK (Reuters) — New Century plunged further Friday after analysts said they expect the subprime lender to seek bankruptcy protection soon. In morning trading, stock vales fell 18.6 percent, to $3.15, after earlier falling to $2.96. They began the year at $31.59. The decline came after New Century said Thursday it stopped taking ...
New Century Faces Subprime Probe
2007-03-07 21:36:08 New Century Financial Corp. says that it's technically in default with several lenders and is under investigation by federal regulators. According to a regulatory filing made late Friday, the U.S. Attorney's Office for the Central District of California is conducting a federal criminal inquiry into trading in New Century securities as well as accounting errors. The latest developments call into question whether the firm can survive, analysts said on Monday. The housing correction is yet to start, and once it does, a lot of people w |
|
 |
|
 |
