Thursday, Feb 08, 2007
Subprime US lender quotes unexpected loss
Reuters: New Century sees surprise loss, shares sink 17 pct
New Century Financial Corp. (NEW.N: Quote, Profile , Research), the No. 2 U.S. subprime mortgage lender, on Wednesday projected an unexpected fourth-quarter loss and said it expects to restate each of the previous three quarters' earnings lower, sending its shares down more than 17 percent.
Posted by michael @ 04:33 PM (593 views) Add Comment
2 Comments
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1. uncle chris said...
Hmmm - never saw this one coming. I really wonder how educated some of the business people are - lending money to people who have a history on defaulting on loans - smart move!
2. tyrellcorporation said...
I like the bit about restating previous figures lower. Surely they weren't fibbing about their performance figures to pump the share price?!?