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Description

New Century Financial Corporation was founded in 1995 by a trio of former managers at Option One Mortgage, including former CEO Brad Morrice and is headquartered in Irvine, California. 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 January 1, 2007, New Century had approximately 7,200 full-time employees[1] and a market capitalization of $1.75 billion. FY 2005 net income was $417 million.[2] New Century was formerly listed on the New York Stock Exchange and is now trading on the over the counter pink sheets. By March 14, 2007, the day after the New York Stock Exchange delisted New Century Financial Corporation, the market capitalization value of its stock was less than $55 million.

Financial difficulties, bankruptcy and criminal investigation

On March 8, 2007, New Century Financial Corporation said that it had stopped accepting loan applications because some of its financial backers were refusing to provide access to financing. New Century Financial Corporation also said that it had received $150 million worth of margin calls from its warehouse lenders.[citation needed] "As a result of the current constrained funding capacity, the company has elected to cease accepting loan applications from prospective borrowers effective immediately, while the company seeks to obtain additional funding capacity," New Century Financial Corporation said in a statement. New Century Financial Corporation also said that one of its financial backers had demanded that the company repurchase some loans pursuant to repurchase provisions contained in loan purchase agreements. On March 9, 2007, New Century Financial Corporation reported that it had failed to meet certain minimum financial targets required by its warehouse lenders and disclosed that it is the subject of a federal criminal investigation. New Century Financial Corporation further indicated that it does not have the cash to pay creditors who are demanding their money. On March 12, 2007, the New York Stock Exchange said in a statement it halted trading of New Century Financial Corporation while it decides whether to keep listing the company's securities in light of the liquidity problems. The stock of New Century Financial Corporation has lost approximately 90 percent of its value since the start of March 2007 on news of growing defaults and problems getting new financing.[citation needed] On March 13, 2007, New Century Financial Corporation reported in a regulatory filing that it has received a grand jury subpoena from the U.S. Attorney's Office for the Central District of California as well as a letter from the Securities and Exchange Commission notifying the company of a preliminary investigation. The filing stated that the U.S. Attorney's office indicated in a letter dated February 28, 2007 that it was conducting a criminal inquiry in connection with trading in the company's securities as well as accounting errors regarding the company's allowance for repurchase losses. The filing further stated that the Securities and Exchange Commission has requested a meeting with the company to discuss the company's previous announcement that it would restate certain financial statement. On March 20, 2007, New Century Financial Corporation said that it can no longer sell mortgage loans to Fannie Mae or act as the primary servicer of mortgage loans for the government sponsored enterprise. In a filing with the Securities and Exchange Commission, New Century Financial Corporation said that Fannie Mae terminated "for cause" a mortgage selling and servicing contract with it citing alleged breaches of that contract and others. New Century Financial Corporation said it received a notice of breach and termination on March 14, 2007. New Century Financial Corporation further said that it has received "cease-and-desist" orders from California, that it has entered into consent agreements with Florida and Washington state regulators, and that New York's banking department has suspended the banking license of its Home123 Corporation subsidiary for up to 30 days.[citation needed] On April 2, 2007, New Century Financial Corporation and its related entities filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, District of Delaware located in Wilmington, Delaware. New Century Financial Corporation listed liabilities of more than $100 million. New Century Financial Corporation also announced that the employment of about 3,200 people, more than half the workforce, will be terminated. New Century Financial Corporation said in a statement that it has obtained $150 million in financing from CIT Group Inc. and Royal Bank of Scotland Group Plc's Greenwich Capital unit to use as its bankruptcy case moves through the court process. The company said it plans to sell most of its assets within 45 days of the bankruptcy filing.[citation needed] The Bankruptcy Cases for New Century Financial Corporation and its related entities are pending before the Honorable Kevin J. Carey in the United States Bankruptcy Court, District of Delaware and will be jointly administered under Case No. 07-10416. The First Day Hearing was scheduled for April 3, 2007.[citation needed] On April 16, 2007, a petition by the U.S. Department of Justice was filed with the bankruptcy court, requesting to hand over the management of the company to a court-appointed appointed trustee. The USDOJ claimed in its petition that there were signs of ongoing self-dealing by company executives and directors. The creditors' committee opposed this request, and it was ultimately denied.[citation needed] On May 25, 2007, they filed their form 8-K[3], a day after stating that they "...probably overstated 2005 earnings."[4] On June 8, 2007, New Century Financial warned that its effort to liquidate assets could be stymied if GE Capital is allowed to proceed with plans to seize computers and other equipment it leased to the bankrupt housing lender. GE Capital, arguing that New Century owes it $8.7 million on leased equipment and can't stay current on payments, has asked a judge to lift the protection normally granted to companies in Chapter 11. 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. New Century said "much of the data and information" involving its assets and business operations, including accounting information, is stored on the computers, or generated by them. New Century also said "it is critical for the debtors to use the equipment" so that the loan-servicing business it recently sold to Carrington Capital Management can be kept "operating as a going concern." Carrington paid $188 million for the business. The committee of unsecured creditors in the bankruptcy case also has opposed GE Capital's bid to seize the computers, saying it marks the third time the company has tried to force New Century to pay "substantially more" in cash than the value of the equipment.[citation needed] On June 12, 2007, New Century's CEO and co-founder Brad Morrice was "terminated without cause."[citation needed] On March 26, 2008, an unsealed report by bankruptcy court examiner Michael J. Missal [5] outlined a number of "significant improper and imprudent practices related to its loan originations, operations, accounting and financial reporting processes," and accused auditor KPMG with helping the company conceal the problems during 2005 and 2006.[citation needed]

See also

* United States housing bubble * 2007 Subprime mortgage financial crisis * Countrywide Financial

Subprime Mortgage lending activities

As of January 1, 2007, New Century was the second-biggest subprime mortgage lender in the United States, and was headed by Brad Morrice, President and CEO. Fredric J. Forster, a lead independent director, served as a non-executive Chairman of the Board. Subprime mortgage loans are riskier loans in that they are made to borrowers unable to qualify under traditional, more stringent criteria due to a limited or blemished credit history. Subprime borrowers are generally defined as individuals with limited income or having FICO credit scores between 500 and 620 on a scale that ranges from 300 to 850. Subprime mortgage loans have a much higher rate of default than prime mortgage loans and are priced based on the risk assumed by the lender. To help promote the company, New Century's Home123 division used Bob Vila as an advertising spokesman. It also entered into a sponsorship deal with NASCAR and helped sponsor the Chip Ganassi Racing with Felix Sabates team, occasionally appearing on the #42 race car driven by Jamie McMurray. (McMurray has since left for Roush Fenway Racing and the #26 team.) They also sponsor sportcar racer Cort Wagner.