Listening to its general counsel might well have saved New Century FinancialCorp., once the nation’s second-largest subprime mortgage lender, fromplunging into bankruptcy a year ago.
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Listening to its GC might well have saved New Century Financial, once the nation's second-largest subprime mortgage lender, from plunging into bankruptcy. That's one lesson from a report filed by Michael Missal, appointed by New Century's bankruptcy trustee to investigate the company's problems. Missal wrote that former New Century general counsel Stergios Theologides recognized the high risk of subprime mortgages and warned senior managers about it in a memo in the fall of 2004. But no one paid attention.
March 31, 2008 at 12:00 AM
1 minute read
The original version of this story was published on National Law Journal
Listening to its general counsel might well have saved New Century FinancialCorp., once the nation’s second-largest subprime mortgage lender, fromplunging into bankruptcy a year ago.
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