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by CareyBot

Subprime lender New Century Financial Corp. said today it boosted total mortgage loan production in the second quarter to $16.2 billion -- a 21 percent increase over the previous quarter and 20 percent better than the same period a year ago. The Irvine, Calif.-based company's second-quarter net earnings of $105.5 million, or $1.81 per share, represented an 11 percent increase from second-quarter 2005. While other lenders have reported falling production and profits in the second quarter, New Century says it had its second-best quarter for loan production in the company's 11-year history. The growth was partly attributable to the addition of prime and Alt-A loans to the company's product lineup, said Brad A. Morrice, president and chief executive officer. "We are pleased with the second q...