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.
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Stocks halved their gains on Thursday as market rumors that subprime mortgage lender New Century Financial Corp.  may file for bankruptcy revived some of the risk aversion that sent global equities tumbling last week.
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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 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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The Nationwide building society has stopped offering the same mortgage deals to new and current borrowers
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US markets regulator the SEC is investigating troubled sub-prime mortgage lender New Century.
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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.
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The number of loans past due among people with weak credit histories rose to 13.33 percent. One lender, New Century, faces delisting and an S.E.C. investigation.
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The company said it would eliminate 275 jobs and slash direct mortgage lending to preserve cash after it was forced to cancel a $101.2 million rights offering.
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Massachusetts Secretary of State William F. Galvin said yesterday his staff has demanded documents from two Wall Street firms over their recommendations on subprime lenders such as New Century Financial Corp. of California, questioning whether analysts remained too positive on the faltering companies to prop up other financial relationships.
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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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In a move that will shed 1,300 jobs, Lehman Brothers said it would stop wholesale mortgage lending amid a continued slump in credit and housing.
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Troubled subprime lender New Century  Financial said on Tuesday it had understated debt owed to  Credit Suisse First Boston Mortgage Capital LLC by $500 million  on Monday.
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Morgan Stanley  on Wednesday  said it will eliminate 1,000 jobs as it scales back its U.S.  residential mortgage operations and closes its British  residential mortgage lending business, Advantage Home Loans.
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Business & money: Three lenders pull 'irresponsible' mortgages after Northern Rock comes under fire over similar deals
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New Century Financial stopped accepting new loan applications as it tried to negotiate terms with banks that had cut off its access to billions in funds.
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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.