New Century (NEW) is Finished

This is the end of the line for New Century. No standalone mortgage originator can survive the loss of their warehouse lines. Unless an insane white knight tries to step in and catch the knife, New Century will be liquidated. A $6B, 6,700 employee business (at its peak 2 years ago) that will vanish into thin air. It is eerie watching 1998 repeat.

WSJ: New Century's Lenders to Cut Off Funding

Posted on March 12, 2007 and filed under Finance.