New Century Creditors Cut Funding
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NEW YORK -- New Century Financial Corp. said Monday all of its lenders have cut funding or announced their intent to halt financing after the subprime mortgage lender failed to make payments, pushing the company further toward bankruptcy.
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Its latest break from creditors is more like a broken record.
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Moody&#39;s Investors Service on Tuesday cut the debt ratings for SBC Communications Inc. (SBC.N: Quote, Profile, Research) and BellSouth Corp.
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New Century Financial Corp.  said on Tuesday it underestimated its debt to Credit Suisse by $500 million, the latest snafu for a company under investigation by U.S. securities regulators and facing delisting from the New York Stock Exchange.
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New Century Financial Corp. , the largest independent U.S. subprime lender, said on Monday that its lenders plan to halt financing, in a development that could push the company closer to bankruptcy.
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New Century Financial Corp.  said on Tuesday it dismissed Chief Executive Brad Morrice "without cause," leaving the bankrupt subprime mortgage lender owing him more than three years' salary as a payout.
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Europeâs biggest bank said it would close an American unit as it scales back risk-taking after writing down the value of subprime mortgage investments by $14.7 billion last year.
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The U.S. mortgage meltdown broadened on Tuesday, led by Accredited Home Lenders Holding Co.  and New Century Financial Corp. , as investors feared that the subprime lenders, which make loans to people with poor credit histories, would run out of cash.
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Auto parts maker Delphi Corp  said on Tuesday the size of its bankruptcy exit financing package would be reduced and several changes made to its reorganization plan due to the roiling credit markets.
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Bankrupt subprime mortgage lender New Century Financial Corp.  said on Tuesday it terminated the employment of Chief Executive Brad Morrice on June 8 and would pay him more than three years' salary for ousting him "without cause."
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New Century Financial Corp. , the largest U.S. subprime lender in bankruptcy, said on Thursday it probably inflated 2005 earnings because of accounting errors, a disclosure that might add fuel to federal criminal and regulatory examinations into the company.
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New Century Financial Corp. ,  whose shares fell 25 percent on Thursday amid speculation it  would seek bankruptcy protection, said it has received $265  million in financing, but stopped accepting loan applications  after some lenders blocked its credit lines.
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Standard & Poor's on Wednesday slashed its outlook for bond insurers Ambac Financial Group, MBIA Insurance Corp and XL Capital Assurance, indicating their triple-A credit ratings were at heightened risk of being cut in the next two years due to deteriorating mortgage debt.
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The new version of the personal finance program drops support for a widely used file format.
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New Century Financial Corp.  shares plunged further on Friday after analysts said they expect the subprime lender to seek bankruptcy protection soon.
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New Century Financial Corp.  shares fell 17.1 percent to an eight-year low on Friday after analysts said the largest independent U.S. subprime mortgage lender, which faces a criminal probe and has stopped making new loans, may soon seek bankruptcy protection.
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New Century Financial Corp. , the largest independent U.S. subprime mortgage lender, said on Monday its lenders plan to halt financing, pushing the company closer to bankruptcy amid dwindling cash and $8.4 billion in obligations that could come due immediately.