New Century Financial Files For Bankruptcy
Bankruptcy
Subprime mortgage lender New Century Financial has filed for bankruptcy protection.
Once one of the largest providers of subprime mortgages in the United States and now a casualty of the slumping housing market and aggressive lending practices, the company said it is immediately firing 3,200 workers -- more than half its workforce. Company officials hope the business can be sold.
New Century officials also said they will sell the company's loan servicing business to Carrington Capital Management and its affiliate for approximately $139 million, subject to the approval of bankruptcy court.
New Century, based in Irvine, Calif., filed the bankruptcy action in Delaware.
More than two dozen subprime lenders have shut down in recent months, and others are scrambling to stay in business.
Related listings
-
BBC asks US court to dismiss Trump's $10 billion defamation lawsuit
Bankruptcy 03/20/2026The BBC filed a motion Monday asking a U.S. court to dismiss President Donald Trump's $10 billion lawsuit against it, warning that the case could have a "chilling effect" on robust reporting on public figures and events.The suit was filed in a Florid...
-
UAB football player accused of stabbing 2 teammates before game
Bankruptcy 11/21/2025A University of Alabama at Birmingham football player stabbed two teammates Saturday morning hours before the team’s game against the University of South Florida, the university said in a statement.The two wounded players were in stable conditi...
-
Former FBI Director Comey indicted on charges of making false statement
Bankruptcy 09/25/2025Former FBI Director James Comey was charged Thursday with crimes connected to his Senate testimony in 2020 about an investigation, a major strike against a high-profile figure who has long been the target of President Donald Trump’s anger.&ldqu...
Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.