Lenders to halt New Century financing
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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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The Nationwide building society has stopped offering the same mortgage deals to new and current borrowers
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The Securities and Exchange Commission yesterday ordered mutual funds to stop paying higher commissions to brokers who promote the companies&#39; funds.
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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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Lehman Brothers Holdings will cease wholesale mortgage lending in the United States, a move that includes 1,300 job cuts.
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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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Shares down after company shutters home lending operation.
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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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Fremont Investment &amp; Loan yesterday agreed to postpone foreclosure proceedings against 2,200 Massachusetts homeowners after state officials determined the lender gave subprime mortgages to borrowers who could not afford the loan payments.
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New Century Financial Corp. , whose shares fell 25 percent on Thursday amid speculation it would seek bankruptcy protection, said it had received $265 million in financing, but was not accepting loan applications after some lenders blocked its credit lines.
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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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State banking regulators shut down New England Merchants Corp. on Wednesday, charging that the Arlington mortgage firm inflated incomes of borrowers on loan applications and used unlicensed loan brokers.
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New Century Financial Corp.  on Tuesday said the U.S. Securities and Exchange Commission is investigating the subprime mortgage lender, after the agency recently asked to meet with management to discuss its accounting.
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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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Wall Street lenders cut their credit lines to New Century Financial, forcing it ever closer to bankruptcy.
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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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Countrywide, the biggest US mortgage lender, will cut up to 20% of its staff, as business slumps.