New Century Financial Corp., once the nation's second-largest provider of home loans to high-risk borrowers, filed for bankruptcy protection on Monday. More than two dozen subprime lenders have shut down in recent months and others are scrambling to stay in business. "New Century's failure raises the very real risk that the problems facing the subprime sector will spread into the broader mortgage market," said Octavio Marenzi, CEO of Celent, a Boston-based financial research and consulting firm.
April 03, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
New Century Financial Corp., once the nation’s second-largest provider of home loans to high-risk borrowers, filed for bankruptcy protection on Monday, the victim of its own financial missteps as well as pressures felt by its rival lenders.
New Century immediately fired 3,200 workers — more than half its work force — and said it intends to sell off its major assets.
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