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
-
Court revives Sarah Palin’s libel lawsuit against The New York Times
Bankruptcy 08/26/2024A federal appeals court revived Sarah Palin’s libel case against The New York Times on Wednesday, citing errors by a lower court judge, particularly his decision to dismiss the lawsuit while a jury was deliberating.The 2nd U.S. Circuit Court of...
-
Court orders new hearing for Adnan Syed in ‘Serial’ murder case
Bankruptcy 08/21/2024A 2022 court hearing that freed Adnan Syed from prison violated the legal rights of the victim’s family and must be redone, Maryland’s Supreme Court ruled Friday, marking the latest development in the ongoing legal saga that gained global...
-
Korean Air Pilot Jobs - Korean Air's competitive pay awaits you
Bankruptcy 05/10/2024Supreme Court Justice Clarence Thomas told attendees at a judicial conference Friday that he and his wife have faced “nastiness” and “lies” over the last several years and decried Washington, D.C., as a “hideous place.&r...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.