New Century Financial Corp., the nation's second-biggest subprime lender, said yesterday that it doesn't have the cash to pay creditors who are demanding their money, increasing speculation that the company will go bankrupt.We predict the demand,at current prices,for real estate might not be what it was.
New Century said all of its lenders have cut funding or announced their intent to halt financing because the subprime mortgage lender failed to make payments.
"The company and its subsidiaries do not have sufficient liquidity to satisfy their outstanding repurchase obligations under the company's existing financing arrangements," New Century said in a Securities and Exchange Commission filing.
Tuesday, March 13, 2007
Nation's No. 2 subprime lender tells SEC it can't pay creditors
The Baltimore Sun reports:
