New Century Financial

"New Century" redirects here. For the bible version, see New Century Version.
New Century
GenreMortgage Bank
FateBankrupt in 2007
Headquarters
Irvine, California
,
United States
Number of employees
7,200[1] (2007)
Websitencen.com

New Century Financial Corporation was a real estate investment trust that originated mortgage loans in the United States through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation.

It was founded in 1995.[2] In 2004 it converted to a real estate investment trust.[2] In 2006, the company was second only to HSBC Finance in issuing subprime mortgages.[3]

In the spring of 2007, New Century ran into financial difficulties, and trading of its stock on the NYSE was halted. On April 2, 2007, it filed for Chapter 11 bankruptcy.[4] In July 2010, three officers of the company agreed to pay $90 million in settlements and were barred from serving as directors of public companies for five years.[5]

  1. ^ Cite error: The named reference FinanceYahoo was invoked but never defined (see the help page).
  2. ^ a b Cite error: The named reference Nielsen was invoked but never defined (see the help page).
  3. ^ Cite error: The named reference NewYorkTimesHome was invoked but never defined (see the help page).
  4. ^ "Financial Crisis Timeline". Archived from the original on July 18, 2021. Retrieved November 29, 2018.
  5. ^ Cite error: The named reference 90million was invoked but never defined (see the help page).