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The Blame Game Michael Shedlock - 7 hours ago - Mish's Global Economic Trend Analysis State authorities subpoenaed UBS Securities LLC and Bear Stearns Cos. over their research analysis of lenders specializing in making loans to high-risk borrowers, including New Century Financial Corp.
An Accident Waiting To Happen Ben Jones - 9 hours ago - The Housing Bubble Blog The state Division of Banks banned subprime giant New Century Financial Corp. from writing new mortgages in Massachusetts after the firm disclosed problems meeting financial obligations.
com The recent news that New Century Financial Corporation, the nation's second-biggest subprime mortgage lender is about to declare bankruptcy didn't come as a great surprise to me.
More Blogs Summary New Century Financial Corporation (New Century) is a real estate investment trust (REIT), and through its subsidiaries, operates one of the mortgage finance companies. The Company originates and purchases primarily first-mortgage loans worldwide. The Company focuses on lending to individuals whose borrowing needs are generally not fulfilled by traditional financial institutions because they do not satisfy the credit, documentation or other underwriting standards prescribed by conventional mortgage lenders and loan buyers. The Company originates and purchases mortgage loans through two divisions: Wholesale Division and Retail Division. In September 2005, the New Century acquired a mortgage origination platform from RBC Mortgage Company (RBC Mortgage), which expands its offerings to include conventional mortgage loans, including Alt-A mortgage loans, loans insured by the Federal Housing Administration (FHA), and loans guaranteed by the Veterans Administration (VA).
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