401(k), IRA are protected assets Nov 10, 2009
Goldman Sachs was one of the last Wall Street giants to enter the subprime lending world, but when it did, it quickly climbed into bed with profligate, highflying firms - companies such as New Century Financial Corp. ... Goldman Sachs was one of the last Wall Street giants to enter the subprime lending world, but when it did, it quickly climbed into bed with profligate, highflying firms - companies such as New Century Financial Corp.. (Fresno Bee -- Business)
Why did blue-chip Goldman take a walk on subprime's wild side? Nov 5, 2009
Why did blue-chip Goldman take a walk on subprime's wild side. "A glimpse inside New Century's operations sheds light on how one of Wall Street's proudest and most prestigious firms helped create a market for junk mortgages, contributing to the economic morass that's cost millions of Americans their jobs and their homes.Perhaps no mortgage lender was more emblematic of the go-go atmosphere in the sprouting industry that was seizing an outsize share of the home loan market.Traversing the country... (Anchorage Daily News)
Goldman got cozy with loan star that crashed and burned Nov 4, 2009
No mortgage lender was more emblematic of the go-go atmosphere in the sprouting subprime mortgage industry than was New Century Financial, whose annual sales soared from $357 million in 1996 to $60 billion a decade later ... -- Goldman Sachs was one of the last Wall Street giants to enter the subprime lending world, but when it did, it quickly climbed into bed with profligate, high-flying firms -- companies such as New Century Financial Corp. ... Today: An examination of New Century Financial... (Anchorage Daily News)
Goldman left foreign investors holding subprime bag Nov 3, 2009
Wednesday: An examination of New Century Financial Corp., which originated many subprime mortgages that Goldman unloaded on others ... The analyst's report, a copy of which was obtained by McClatchy, described Goldman as "a single underwriter solely interested in pushing its dirty inventory onto unsuspecting and obviously gullible investors. "In this case, it is a foregone conclusion that many relatively senior bondholders will suffer severe losses," said the analyst's report, which was made... (Anchorage Daily News)
Goldman Sachs bet on housing crash Nov 1, 2009
Wednesday: An examination of New Century Financial Corp., which originated many subprime mortgages that Goldman unloaded on others. Story tools. (Anchorage Daily News)
Congress' fix for financial crisis: restoring regulation Nov 1, 2009
The mortgage brokers churned volume for big subprime lenders such as New Century Financial and Ameriquest Financial, both now defunct. They exploited a regulatory gap to become nonbank lenders, which were regulated only on the state level and spottily at that. (Anchorage Daily News)
Timeline of the crisis Sep 10, 2009
New Century Financial, a leading subprime lender, files for bankruptcy. It is the first signal that something is seriously amiss at US mortgage lenders. (BBC News)
Timeline of Key Moments During Bernanke's Tenure Aug 26, 2009
May 17, 2007: After the April bankruptcy of New Century Financial Corp. sparks fears about a wave of subprime mortgage defaults, Bernanke again offers a reassuring appraisal. "We believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system," he says. (ABC News -- Business)
Ohio sues Carrington Mortgage Services for not helping its customers Aug 6, 2009
The joint lawsuit by the Ohio Attorney General's Office and Ohio Department of Commerce claims that Carrington Mortgage Services LLC breached a January 2008 agreement to help 118 customers modify home loans made by New Century Financial Corp., a subprime lender that has since gone out of business. The lawsuit also accuses Carrington of violating the state's consumer laws by its "inadequate, incompetent and inefficient handling" of customer complaints, questions and disputes. (Cleveland.com -- News)
Bank regulators resist Obama's encroachment on their turf Jul 25, 2009
Those non-bank players are mortgage brokers and non-bank lenders such as the now-defunct New Century Financial Corp. Both were behind the surge in subprime mortgages, which were given to the weakest borrowers and have since imploded. Both were mostly regulated, albeit spottily, on the state level thanks to enforcement gaps. (Anchorage Daily News)
Its Finished, John Lanchester, The London Review of Books Jun 16, 2009
In 2007, its American subsidiary Greenwich Capital bought a chunk of sub-prime mortgages from New Century Financial, one of the biggest players in the market, which was, not coincidentally, facing bankruptcy; RBS lent another sub-prime player, Fremont General, $1 billion; yet another American subsidiary of RBS, the aforementioned Citizens Bank, was buying up US sub-prime risk, allegedly without seeking approval from the RBS board. The Telegraph goes on to say: It is claimed that it was not... (Harper's Magazine)
Report: KPMG sued in New Century fallout Apr 3, 2009
New Century Financial, an Irvine, Calif. -based subprime lender, employed as many as 177 workers in Tampa two years ago before filing for bankruptcy. (Tampa Bay Business Journal, FL)
Calif. lender blames KPMG for its failure Apr 2, 2009
The trustee, Alan M. Jacobs, filed lawsuits in California and New York on behalf of New Century Financial Corp., an Irvine, Calif. mortgage lender. (Fresno Bee -- Business)
KPMG Hit With Lawsuit Over New Century Collapse Apr 2, 2009
New Century Financial Corp, the largest independent provider of home loans to people with poor credit, filed for bankruptcy two years ago amid mounting customer defaults. Its failure rippled across the U.S. mortgage lending industry, sparking a string of other bankruptcies that roiled financial markets as banks booked losses on billions of dollars in mortgage-linked securities at the heart of the current global financial crisis. (ABC News -- Wire)
Foreclosures up in B.C. and Alberta Mar 14, 2009
In 2007, when thousands of homeowners started defaulting on their mortgages, dozens of subprime lenders, including one of the largest, New Century Financial, filed for bankruptcy protection, which ultimately sent the economy into a tailspin. Recommend this article. (Globe and Mail)
The HSBC deal that gave legitimacy to subprime Mar 6, 2009
"This sector's been beat up on a regular basis," said Robert Cole, the chairman and chief executive of New Century Financial, then a fast-rising subprime lender. "So it's refreshing when a highly qualified suitor sees value.". (International Herald Tribune)
Misery has a long reach in California Feb 20, 2009
California was home to some of the biggest players in the industry, among them Irvine-based New Century Financial. Once the nation's biggest lender of subprime loans those given to borrowers with less-than-stellar credit New Century collapsed in 2007. (USA Today)
Timeline: Global credit crunch Feb 15, 2009
New Century Financial, which specialises in sub-prime mortgages. As it sold on many of its debts to other banks, the collapse in the sub-prime market begins to have an impact at banks around the world. (BBC News -- Americas)
Financial Meltdown Cases Flooding the Feds Feb 12, 2009
Large firms such as , Countrywide Financial, Washington Mutual, Bear Stearns, Lehman Brothers, UBS AG, New Century Financial, Freddie Mac and Fannie Mae have been targets of FBI and Justice Department investigations, according to federal law enforcement officials and Security and Exchange Commission filings reviewed by ABC News. The amount of corporate fraud "dwarfs" the Savings and Loan scandal of the 1980s, Pistole told the committee. (ABC News)
