[movermike] movermike: New Century, Sub-Prime Lender, Bankrupt!

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Posted by movermike:
New Century, Sub-Prime Lender, Bankrupt!
http://www.movermike.com/posts/1175531888.shtml


   On March 14th, I posted [1]here about the ten largest sub-prime
   lenders. The second largest with 7.% of the market was New Century.
   Today New Century delared bankruptcy:

     [2]New Century Financial Corp. filed for Chapter 11 bankruptcy
     protection. The Irvine, Calif.-based company has become an emblem
     of the recent turmoil in the subprime market caused by a loss of
     confidence among investors who buy loans from such lenders. Last
     month, New Century stopped making loans because too many creditors
     had cut off funding.

     [...]

     In connection with the Chapter 11 filing, New Century said it will
     reduce its work force by about 3,200, or 54%, to cut costs and
     resize certain businesses in preparation for a possible sale,
     effective immediately.

   [3]New Century [4]Sub-Prime [5]Mortgage Loans [6]Mover Mike

References

   1. http://www.movermike.com/posts/1173925970.shtml
   2. http://online.wsj.com/article/SB117552687315156891.html?mod=home_whats_news_us
   3. http://technorati.com/tag/New+Century
   4. http://technorati.com/tag/Sub-Prime
   5. http://technorati.com/tag/Mortgage+Loans
   6. http://technorati.com/tag/Mover+Mike