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(2 diggs) New Century Mortgage likely bankrupt - Loan Defaults, Housing slump Blamed
New Century is the 2nd largest U.S. lender to the sub-prime, or more risky home buyers. Today it announced that it is unable to pay off its own liabilities to creditors and has run out of cash. Its stock trading has been halted by the NYSE. This could begin a trend of other lenders as rates increase, housing slows, the mortgage industry suffers.
New Century is the 2nd largest U.S. lender to the sub-prime, or more risky home buyers. Today it announced that it is unable to pay off its own liabilities to creditors and has run out of cash. Its stock trading has been halted by the NYSE. This could begin a trend of other lenders as rates increase, housing slows, the mortgage industry suffers.