Posted by Leon_CO on 3/9/07 7:58am
Msg #179114

More news

I posted this just a few minutes ago on my blog, but wanted to mention it here as well. The title of my post reads:

-----------------------------------------------------------
New Century stops funding loans

"New Century Financial Corp. has stopped funding loans after at least five creditors stopped financing the company's operations, and another forced a repurchase of loans it originated.

In a Securities and Exchange Commission filing Thursday, the California-based subprime lender said it has only been able to fund a portion of its loans this week because of problems with creditors."

--------------------------------------------------------------------

Coincidentally, I just posted this morning about this company receiving financing from Morgan Stanley. As Elvis Presley once sang, ... there's a whole lotta shakin' goin' on.

Reply by Signing_Doc on 3/9/07 9:11am
Msg #179130

New Century stops funding loans...is this emmis (True)? n/m

Reply by BrendaTx on 3/9/07 9:14am
Msg #179132

Re: New Century stops funding loans...is this emmis (True)?

http://www.smartmoney.com/bn/ON/index.cfm?story=ON-20070308-001264-1910

Reply by Leon_CO on 3/9/07 9:18am
Msg #179134

Re: New Century stops funding loans...is this emmis (True)?

Yes, according to the report I received in my email this morning.

Reply by PL on 3/9/07 9:18am
Msg #179133

Kinda sad to see them go down

They were normally pretty good for the low end borrower, but as the saying goes: Someone's end is someone elses new beginning.