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More shakeup in the mortgage industry. Local (OC, CA) company New Century, whose stock was hammered a while back (losing 40% in one day) is laying off 300 people.
While the article goes on to say that EMC (a division of Bear Stearns) is adding a new office; my sources report that Encore Credit Corp. (just purchased by Bear Stearns) had to bring an additional $30 million TO the deal to finalize the agreement with Bear Stearns in addition to the cash Encore brought to the table when the agreement was first reached.
Tough way to sell, by bringing in $50+ million in cash to unload your company.
I didn’t want this blog to turn into fdcompany for the mortgage industry; but so it goes these days.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
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