New Century Financial understated CSFBMC debt
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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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There is a new exuberance in the market for corporate loans, an obscure investment once dominated by large commercial banks.
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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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National City Corp , the ninth-largest U.S. bank, said on Monday it is reserving $700 million for fourth-quarter loan losses, but indicated the worst may be over, sending its shares higher.
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New Century Financial Corp.  on Tuesday said the U.S. Securities and Exchange Commission is investigating the subprime mortgage lender, which is under siege from creditors and has stopped making loans.
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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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Sovereign Bancorp Inc , the  second-largest U.S. savings and loan, said on Monday it expects  to take $1.58 billion in fourth-quarter charges, hurt by  worsening credit quality and a tough mortgage environment.
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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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Shares of US mortgage lender New Century are suspended amid fears it may be close to bankruptcy.
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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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Company has revised its financial forecasts for the current quarter.
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A popular financial portal has its say.
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Enrollments pass muster, but bad debt's on the rise.
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Freddie Mac, the second biggest provider of financing for US residential mortgages, said ``significant&#39;&#39; revisions are still required before it can resume quarterly reports of its earnings.
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The debt will finance an acceleration of its stock repurchase plan, which the company believes is one of the largest such steps ever.
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Sky-high interest rates on credit cards can make a mountain of debt seem insurmountable. Eventually for some, it is.
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The total defaulted debt, plus pending interests, is estimated between 81 and 101 billion US dollars.