Earlier this month New Century Financial, a major independent subprime lender, filed for bankruptcy.
This week, New Century Financial lost its listing with the New York Stock Exchange.
Credit market jitters began in February, when one of the largest subprime lenders, New Century Financial, collapsed.
Recently, a surge in foreclosures triggered panic and hit subprime lenders like Countrywide Financial, NovaStar Financial and New Century Financial.
Cracks started showing up in subprime mortgage lending in the spring, accompanied by the bankruptcy of some large lenders, including New Century Financial.
It's bad enough that you may have lost big bucks with the stock of subprime mortgage lenders such as New Century Financial Corp.
Since taking his New Century Financial, a real estate investment trust, public in 1997, he has delivered a 25% compound annual return to shareholders.
Earlier this month New Century Financial (nyse: NEW - news - people ), a major independent subprime lender, filed for bankruptcy.
As the sharks circled beleaguered subprime lender New Century Financial Monday, speculation also swirled about which investment banks held the most exposure to the sector.
It all started in February, when California-based New Century Financial cratered after rising subprime loan delinquencies and margin calls from its lenders, which refused to offer more credit.
Southern California's Orange County was a capital for the mortgage industry and lost thousands of jobs when lenders like New Century Financial and Ameriquest blew up.
Credit market jitters began in February, when one of the largest subprime lenders, New Century Financial (other-otc: NEWC - news - people ), collapsed.
This, in spite of the fact KPMG is or was auditor of Citigroup, New Century Financial, Countrywide, Wachovia and Wells Fargo, HSBC, and pre-crisis Fannie Mae.
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Nor did it save U.K. hedge fund Northern Rock, Netherlands-based hedge fund Carlyle Capital or U.S. subprime lender New Century Financial (other-otc: CYFL.PK - news - people ).
New Century Financial went into bankruptcy earlier this year.
Now, New Century Financial Corporation has filed for bankruptcy.
The subprime meltdown, which began about this time last year with the bankruptcy of New Century Financial, has spread throughout the credit markets and has dragged down banks and bond insurers along with it.
The meltdown of New Century Financial and troubles reported by other subprime residential mortgage lenders in recent weeks are prompting speculation that Wall Street firms will step in and buy the distressed companies or their loan portfolios.
The subprime meltdown, which began about this time last year with the bankruptcy of New Century Financial (other-otc: NEWC - news - people ), has spread throughout the credit markets and has dragged down banks and bond insurers along with it.
So far, the damage in the U.S. mortgage industry has been confined to a few highly leveraged and weakened lenders, such as New Century Financial , which had to file for bankruptcy earlier this year after its banks refused to extend it more credit, and to a few funds that had big investments in the sector.
As far as we know, there have been no civil, criminal, or disciplinary proceedings initiated against audit firms or audit partners for the audit failures and bankruptcies, forced acquisitions and government bailouts of Lehman Brothers, Bear Stearns, Merrill Lynch, Washington Mutual, New Century Financial, Countrywide, American Home, and on, and on.
So far, the damage in the U.S. mortgage industry has been confined to a few highly leveraged and weakened lenders, such as New Century Financial (other-otc: NEWC - news - people ), which had to file for bankruptcy earlier this year after its banks refused to extend it more credit, and to a few funds that had big investments in the sector.
The evidence of criminally fraudulent acts during the period leading up to the failure of Bear Stearns, Lehman Brothers, Washington Mutual, and the constructive failure of other financial institutions like New Century from 2007 to 2009 abounds.
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Maybe, after a century or so of becoming ever more densely concentrated in big cities such as London, New York and Tokyo, financial firms are set to scatter again.
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