The New Century Tickets
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The New Century Facts
Frederic J.Forster, a lead independent director, served as a non-executive Chairman of the Board.
New Century Financial Corporation listed liabilities of more than $100 million.
The filing further stated that the Securities and Exchange Commission has requested a meeting with the company to discuss the company's previous announcement that it would restate certain financial statement.On March 20, 2007, New Century Financial Corporation said that it can no longer sell mortgage loans to Fannie Mae or act as the primary servicer of mortgage loans for the government sponsored enterprise.
It also entered into a sponsorship deal with NASCAR, as the Official Mortgage Company of NASCAR and sponsor the Chip Ganassi Racing with Felix Sabates team, in both the Cup and Busch series, appearing on the #42 race car driven by Jamie McMurray and #41 race car driven by Reed Sorenson.(McMurray has since left for Roush Fenway Racing and the #26 team.) They also sponsored a more niche NASCAR series and sportcar racer Cort Wagner."As a result of the current constrained funding capacity, the company has elected to cease accepting loan applications from prospective borrowers effective immediately, while the company seeks to obtain additional funding capacity," New Century Financial Corporation said in a statement.
That would enable the firm, a unit of General Electric, to repossess the equipment, which includes computer servers, and chairs.
Subprime mortgage loans have a much higher rate of default than prime mortgage loans and are priced based on the risk assumed by the lender.In marketing the company, New Century's Home123 Mortgage division engaged Bob Vila as an advertising spokesman for several years.
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