Monday, Apr 02, 2007
Not great news for potential sub prime borrowers
Bloomberg: New Century, Biggest Subprime Casualty, Goes Bankrupt (Update2)
New Century Financial Corp. became the biggest subprime mortgage company to go bankrupt after the lender, which specialized in loans to people with poor credit records, was overwhelmed by customer defaults.
The company filed for Chapter 11 protection today in Wilmington, Delaware, from creditors that include Morgan Stanley and Goldman Sachs Group Inc
Posted by paul @ 06:52 PM (167 views) Add Comment
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