Industry News

Subprime mortgage lender to restate results for most of 2006

New Century didn't properly account for repurchase losses
Published on Feb 8, 2007

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by CareyBot

Subprime lender New Century Financial Corp. will restate results for the first three quarters of 2006 because it failed to properly account for expected losses on bad loans it was forced to repurchase, officials said. New Century said it will ...