Nation's 2nd-biggest Subprime Mortgage Lender - BROKE
March 12. Bloomberg is reporting that New Century Financial Corp., the nation's second-biggest subprime mortgage lender, said it doesn't have the cash to pay creditors who are demanding their money, increasing speculation that the company will go bankrupt.The NYSE halted trading of New Century this morning until it decides whether to keep listing the company's securities. Shares of the Irvine, California-based company, already down 90 percent in 2007, lost half their remaining value in pre-market trading, and rivals fell as much as 25 percent today.
``They're one step closer to bankruptcy,'' said Bose George, an analyst at Keefe Bruyette & Woods in New York.
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posted by G @ 10:56 AM
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