New Century Financial Company Description
It's the end of an error for New Century Financial. The nation's largest subprime mortgage lender and real estate investment trust (REIT) got caught in a wave of defaults brought on by the 2006 housing bust. The REIT ceased making new loans, filed for Chapter 11 bankruptcy protection, and is selling its loan-servicing unit to Carrington Capital Management. It provided subprime mortgage loans mainly for single-family homes. Its wholesale division, once nearly 90% of sales, operated through a network of 35,000 independent mortgage brokers; its retail unit marketed loans directly to individuals via more than 200 offices in 35 states. New Century sold many of its mortgages in pools of loans to institutional buyers.
View the Comprehensive Company Description for New Century Financial
The Company Description provides a historical perspective of New Century Financial's organization from inception to current status.
Produced by Hoover's in-house editorial team, the Company Description tracks ownership transitions, company progress via mergers and acquisitions, major growth milestones, and strategic initiatives, to provide a holistic view of New Century Financial's evolution in the marketplace.
