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New Century’s bankruptcy filing is "imminent" according to the OC Register.
New Century Financial of Irvine may file for bankruptcy "imminently" after Barclays Plc and Morgan Stanley said they would take possession of loans previously used to secure financing, The Wall Street Journal reported, citing analysts.
Which really got me thinking – what the hell are they waiting for? Their home state cut them off (California regulators), they’ve been issued cease and desist orders in numerous other states, their under federal investigation, have no funding, face billions in loan repurchases, and the people that backed them are taking their loans and dumping them in hush-hush auctions. The only thing left is to have an executive indicted on money laundering or doing cocaine off a donkey at some corporate event. I mean, there really isn’t much left to call a company at this point.
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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