The Securities and Exchange Commission on Monday sued three former New Century Financial Corp. executives, alleging they concealed information that the company's subprime mortgage business was at risk of collapse. The SEC said Monday that former New Century CEO Brad Morrice, former finance chief Patti Dodge and former controller David Kenneally failed to disclose dramatic increases in early loan defaults, loan repurchases and pending repurchase requests, according to reports.
December 09, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Securities and Exchange Commission on Monday sued three former New Century Financial Corp. executives, alleging they concealed information that the company’s subprime mortgage business was at risk of collapse.
Former New Century CEO Brad Morrice, former finance chief Patti Dodge and former controller David Kenneally have come to symbolize the mid-decade mortgage boom.
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