| Genre | Mortgage Bank |
|---|---|
| Fate | Bankrupt in 2007 |
| Headquarters | , |
Number of employees | 7,200[1] (2007) |
| Website | ncen.com |
New Century Financial Mortgage 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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