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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. As of September 30, 2006, New Century reported that it had .1 billion in total assets, with total liabilities at billion.At the end of the year, it reported 0 million in cash and liquidity.The same three officers listed above were parties to that civil settlement, as were the following former directors of New Century: co-founder Robert K. Cole, the estate of co-founder Edward Gotschall, Fredrick J.
At the time it filed for bankruptcy, it had already fired 3,200 employees, or 54% of its work force, with plans to quickly sell assets in the upcoming month and a half.By 2007, New Century had been the largest independent provider of subprime mortgages in the United States. As of January 1, 2007, it was headed by Brad Morrice as president and CEO. Forster, a lead independent director, served as chairman. While New Century's problems became public news in February & March 2007, primarily as a result of the pullback of more than half of its 11 warehouse lenders, (who funded New Century's loan closings until they could be securitized), mortgage insiders heard rumors of New Century's loss of some of its (wholesale/warehouse) lines of credit as early as the end of the third quarter, 2006.On March 8, 2007, New Century Financial Corporation announced that it was stopping new loans while it sought new funding.That would enable the firm, a unit of General Electric, to repossess the equipment, which includes computer servers, and chairs.New Century said that would disrupt its effort to wind down operations and repay creditors.
On June 8, 2007, New Century Financial warned that its effort to liquidate assets could be stymied if GE Capital was allowed to proceed with plans to seize computers and other equipment it leased to the bankrupt housing lender.