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U.S. markets recover from steep losses
WILMINGTON, Del., April 2 (UPI) -- Troubled U.S. subprime lender New Century Financial Corp. filed for Chapter 11 protection Monday in U.S. Bankruptcy Court in Wilmington, Del.
The Irvine, Calif., lender said in its filing it had more than $100 million in assets and an equal amount of debt.
The company -- once a multibillion-dollar lender listed on the New York Stock Exchange and now trading on the over-the-counter pink sheets -- said its creditors included Countrywide Financial Corp., Bank of America Corp., Lehman Brothers Bank FSB, Residential Funding Corp. and Goldman Sachs Mortgage Co.
The creditors had no immediate comment.
New Century funded $51.6 billion of subprime mortgage loans last year, trade publication Inside Mortgage Finance reported.
Subprime loans, riskier than conventional loans, are made to borrowers unable to qualify under traditional, more stringent criteria due to a limited or blemished credit history.
The company, founded in 1995, went public two years later and was named to Fortune magazine's list of the 100 fastest-growing companies in 2003 and 2004.
As of Jan. 1, it had approximately 7,200 full-time employees.
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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ORLANDO, Fla., May 23 (UPI) --
The U.S. Air Force has added Lockheed Martin to its list of companies for support of its medical services worldwide.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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