Barclay’s Eases Demand on New Century

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From the OC Register’s Mortgage Blog:

New Century Financial of Irvine said today Barclays Bank agreed to release it from an obligation to take back $900 million in loans.

In return, New Century agreed to give up rights to any loans funded with money from Barclays, and to turn over servicing rights on the loans to a third party approved by Barclays.

The rest of the update details the losses that New Century faces on the deal.  Another update in the blog highlights New Century’s efforts in terms of its potential bankruptcy.

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