New Century

New Century

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 and a market capitalization of $1.75 billion. FY 2005 net income was $417 million. 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.

Read more about New CenturySubprime Mortgage Lending Activities, Financial Difficulties, Bankruptcy and Criminal Investigation, See Also

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Famous quotes containing the word century:

    The innocence of those who grind the faces of the poor, but refrain from pinching the bottoms of their neighbour’s wives! The innocence of Ford, the innocence of Rockefeller! The nineteenth century was the Age of Innocence—that sort of innocence. With the result that we’re now almost ready to say that a man is seldom more innocently employed than when making love.
    Aldous Huxley (1894–1963)