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It's the end of an error for New Century Financial. The nation's largest subprime mortgage lender and real estate investment trust (REIT) got caught in a wave of defaults brought on by the 2006 housing bust. The REIT ceased making new loans, filed for Chapter 11 bankruptcy protection, and sold its loan-servicing unit to Carrington Capital Management. It provided subprime mortgage loans mainly for single-family homes. Its wholesale division, once nearly 90% of sales, operated through a network of 35,000 independent mortgage brokers; its retail unit marketed loans directly to individuals via more than 200 offices in 35 states. New Century sold many of its mortgages in pools of loans to institutional buyers.
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Address: |
3337 Michelson Dr., Ste. CN-350
Irvine, CA 92612
| | Phone: | 949-517-0000 | | Fax: | |
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| Financial
Highlights | | Fiscal Year End: | December |
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Key People
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President and CEO:
Brad A. Morrice
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EVP and CFO:
Taj S. Bindra
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Director Media Relations:
Laura Oberhelman
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