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The O.C. Register Mortgage Blog has an interesting insight in to some of the other effects of a New Century bankruptcy:
Maguire Properties of Los Angeles today outlined its financial exposure to embattled subprime lender New Century Financial, which leases 267,000 square feet from Maguire in Irvine and is scheduled to occupy an additional 190,000 square feet at an office tower under construction in the city. In the event New Century stops paying its rent, Maguire could be out of pocket say $6.5 million, assuming it takes a year to find another tenant. Maguire downplayed the risk of having to find another tenant for the tower it’s building.
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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