Breaking: New Century Files For Bankruptcy Protection

Posted by John Carney, Apr 02, 2007, 11:44am

As expected, New Century Financial Corp. has gone Chapter 11. Earlier today New Century said it said it will immediately cut 3,200 jobs, sell its loan servicing assets, and it is taking on 150 million of debtor-in-possession financing from CIT Group and Greenwich Capital Financial Products.

We will update as details and reactions emerge.

New Century Press Release [PR Newswire]

0Recommend this! 1Comments
Posted in: Bankruptcy

Comments

Posted by David Morgan, Apr 08, 2007 6:36PM

I think that New Century deserves what they get I was one month late on my payment and was closing to refinance with a different lending co. I was set to close on A Monday and new century called my new lenders on the Friday before and told them that they was starting t foreclose on my house. I owed 42.000 on my home with a value of 98500.00 I have been paying 800.00 a mounth for 8 months with a one time payment of 3000.00. in turn they deserve this

Post Your Comment