"New Century" redirects here. For the bible version, see New Century Version.
New Century
Genre
Mortgage Bank
Fate
Bankrupt in 2007
Headquarters
Irvine, California
,
United States
Number of employees
7,200[1] (2007)
Website
ncen.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]
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^"Financial Crisis Timeline". Archived from the original on July 18, 2021. Retrieved November 29, 2018.
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