Lenders to halt New Century financing
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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.
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Countrywide Financial Corp. , the largest U.S. mortgage lender, on Friday told its brokers to stop offering borrowers the option of no-money-down home loans, according to a document obtained by Reuters.
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New Education Department rules would ban practices that have resulted in loan company payoffs to university officials.
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The meltdown among U.S. subprime mortgage lenders broadened on Tuesday, as shares of Accredited Home Lenders Holding Co. lost two-thirds of their value and New Century Financial Corp. sank, with investors fearing both would run out of cash.
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The 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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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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Shares of US mortgage lender New Century are suspended amid fears it may be close to bankruptcy.
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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 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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The demise of New Century Financial has been broadly viewed as troubling, as it involves the nationâs $6.5 trillion mortgage securities market.
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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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New Century Financial Corp.'s  shares fell by more than one-third on Thursday amid market speculation it would seek bankruptcy protection, a day after activist hedge fund manager David Einhorn quit the subprime lender's board.
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Freddie Mac will shut down the market-making operations of its securities sales and trading unit as it restructures some mortgage-securities operations, the government-sponsored home-mortgage company said Monday.
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Nationstar Mortgage, the subprime unit  of Fortress Investment Group LLC , said it is no longer  accepting new loan applications from brokers, a signal the  lender is winding down operations.
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Maryland's Division of Financial Regulation has ordered Frederick C. Lee Jr. and his Georgia company, Financial Independence Group, to stop all mortgage-related business after discovering that Lee and his company were originating loans in Maryland without a license.
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Securities and Exchange Commission chief accountant Donald Nicolaisen has requested that the Federal National Mortgage Association (Fannie Mae) restate its financials from 2001 through mid-2004 to eliminate the use of hedge accounting.
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New Century Financial Corp.  said on Monday it had received letters from several of its lenders, including Bank of America Corp. , seeking remedies for its financial obligations.