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Major subprime mortgage lender files for bankruptcy, fires 3,200
LOS ANGELES ( Map , News ) - Subprime lender New Century Financial Corp., once the nation’s second-largest provider of mortgages to high-risk borrowers, filed Monday for bankruptcy protection and immediately fired 3,200 workers.
Source: www.examiner.com
Bloomberg’s money machine
After he had been ignominiously fired from a firm he loved, started a financial-information company that almost no one thought had a chance - and then triumphantly watched it change the landscape of Wall Street - Michael Bloomberg forecast how The New York Times would cover his death. His success, he said in 1998, flashing the ego that is one of his trademarks, ensured him “a long obituary.”
Source: money.cnn.com
New Century Files for Bankruptcy
A formerly high-flying lender of mortgage loans to buyers with risky credit has crashed to earth.
Source: www.nytimes.com
UK Q4 mortgage equity withdrawal up to 14.6 bln stg vs 12.2 bln in Q3 UPDATE
LONDON (AFX) - Mortgage equity withdrawal (MEW) in the UK rose to 14.6 bln stg in the fourth quarter of 2006 from 12.2 bln stg in the third quarter, revised up from the previous estimate of 11.8 bln, the Bank of England reported.
Source: www.fxstreet.com
Report: Subprime mortgage woes to drag housing market in ‘07
LOS ANGELES — The subprime mortgage implosion will take even more steam out of the already slowing real estate market this year and beyond, according to a new economic report.
Source: citizen-times.com
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