Industry NewsMortgage

New Century stops funding loans

Board member resigns, criminal investigation launched
Published on Mar 9, 2007

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by CareyBot

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 ...

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