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...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.