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Breaking: New Century Files For Bankruptcy Protection

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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]