New Century Stops Taking Loan Appliations

The bad news continues for subprime mortgage lending giant New Century Financial Corporation as they announced late today that it has stopped accepting loan applications because some of its financing sources are drying up, according to an article at MarketWatch. The company also reported that an unidentified company who bought loans from New Century that have since soured has demanded that New Century buy back the mortgages. For more, see New Century stops accepting loan applications (Subprime specialist tries to maneuver as financial backers clamp down)

For other recent news on New Century, see:

• Subprime Mortgage Lender Target Of Criminal Inquiry
• Lenders take beating in subprime fallout
• Subprime Mortgage Lender New Century Dumped From S&P Index

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