Arizona Real Estate News Access
All the real estate and mortgage news you need to know in Arizona
Categories:

Archives:
Meta:
December 2024
S M T W T F S
« Oct    
1234567
891011121314
15161718192021
22232425262728
293031  
03/03/07
Subprime Troubles Grow
Filed under: General, Mortgages
Posted by: Lillian Wong @ 5:30 pm

New Century Financial Corp., one of the nation’s largest subprime lenders, announced that it has been informed of a federal criminal inquiry into its accounting and trading in its securities. New Century also said that a failure to obtain waivers from lenders or find new funding sources could prompt its auditors to warn of “substantial doubt” over its ability to remain in business. Another big lender, Fremont General Corp., said it plans to stop making subprime residential loans and is in talks with various parties aimed at selling that business. Subprime loans are those for people with weak credit records or high debt in relation to income.  More…

Leave a Reply