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(EMAILWIRE.COM, April 05, 2007 ) SACRAMENTO – Troubled mortgage lender New Century Financial Corp. received authorization from U.S. Bankruptcy Judge Kevin Carey to secure up to $150 Million to keep operating while in Chapter 11 proceedings.CIT Group Inc. and Greenwich Capital Financial Products, Inc. (a unit of Royal Bank of Scotland Group Plc) agreed to lend money to New Century before it filed for bankruptcy protection on April 2nd, 2007.Judge Carey wrote, “Terms…are fair, just, and reasonable under the circumstances [and] reflect the debtors’ exercise of their prudent business judgment consistent with their fiduciary duties.”The judge set April 19 as a deadline for interested parties to object to the financing plan. A final hearing is set for April 24.New Century was the biggest independent lender in the United States that provided subprime loans to homebuyers in recent years. Many of the people who borrowed money from New Century using interest-only and adjustable rate mortgages have seen their payments increase, sometimes dramatically, after their initial loan period ended. With sharply higher payments required many homeowners across are abandoning their houses to foreclosure.According to foreclosure expert Patrick McGilvray, J.D., CFP®, President of http://www.TheHomeBuyingCenter.com, “It is ironic, but not surprising, that the largest independent lender in the subprime mortgage sector who courted people with poor credit histories is now having serious financial problems of their own.”The federal government is currently investigating New Century’s accounting practices and trading in its securities. At least 18 U.S. state governments have ordered New Century to cease operations in their state. On Monday of this week the company announced that it would cut 3,200 jobs or 54% of its workforce.Contact:Patrick McGilvray, J.D.http://www.thehomebuyingcenter.compatrick@thehomebuyingcenter.comTel: 916-920-3278###This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com.
Patrick McGilvray, J.D.
Patrick McGilvray, J.D.
patrick@thehomebuyingcenter.com 
Source: EmailWire.com
(EMAILWIRE.COM, April 05, 2007 ) SACRAMENTO – Troubled mortgage lender New Century Financial Corp. received authorization from U.S. Bankruptcy Judge Kevin Carey to secure up to $150 Million to keep operating while in Chapter 11 proceedings.CIT Group Inc. and Greenwich Capital Financial Products, Inc. (a unit of Royal Bank of Scotland Group Plc) agreed to lend money to New Century before it filed for bankruptcy protection on April 2nd, 2007.Judge Carey wrote, “Terms…are fair, just, and reasonable under the circumstances [and] reflect the debtors’ exercise of their prudent business judgment consistent with their fiduciary duties.”The judge set April 19 as a deadline for interested parties to object to the financing plan. A final hearing is set for April 24.New Century was the biggest independent lender in the United States that provided subprime loans to homebuyers in recent years. Many of the people who borrowed money from New Century using interest-only and adjustable rate mortgages have seen their payments increase, sometimes dramatically, after their initial loan period ended. With sharply higher payments required many homeowners across are abandoning their houses to foreclosure.According to foreclosure expert Patrick McGilvray, J.D., CFP®, President of http://www.TheHomeBuyingCenter.com, “It is ironic, but not surprising, that the largest independent lender in the subprime mortgage sector who courted people with poor credit histories is now having serious financial problems of their own.”The federal government is currently investigating New Century’s accounting practices and trading in its securities. At least 18 U.S. state governments have ordered New Century to cease operations in their state. On Monday of this week the company announced that it would cut 3,200 jobs or 54% of its workforce.Contact:Patrick McGilvray, J.D.http://www.thehomebuyingcenter.compatrick@thehomebuyingcenter.comTel: 916-920-3278###This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com.
Patrick McGilvray, J.D.
Patrick McGilvray, J.D.
patrick@thehomebuyingcenter.com
Source: EmailWire.com
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