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 April 09, 2007

Bankruptcy for Top Subprime Lender
New Century Financial Corporation, filed for bankruptcy protection on Monday, April 2. Once the nation's second largest mortgages to high- risk borrowers; the company was also under government and consumer advocate criticism.
As a result of the filing, New Century intends to sell off its major assets and fire 3,200 employees. The decision was reached only after the company explored several different ways to remain in business.

The company will sell its loan servicing division to Carrington Capital Management, LLC, along with its affiliate. The purchase amounts to $139 million, if approved by bankruptcy court. Other loans and residual interest in some trusts to will be sold to Greenwich Capital for $50 million.

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