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New Century Financial is scheduled to file for bankruptcy this morning according to the Wall Street Journal.
New Century Financial Corp. is expected to make an announcement early Monday about the home-mortgage company’s efforts to cope with a cutoff of credit from its lenders, people familiar with the situation said.
The company is widely expected to seek relief from creditors through a bankruptcy filing.
It will mark the amazing fall of the #2 largest subprime mortgage lender. I am sure that New Century will become the poster child of mortgage lending run amok when history records this era.
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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