New Century Financial

New Century Financial Bankruptcy Signals Start of Subprime Mortgage Crisis

2007-04-02 00:00:00 +0000 UTC | Importance: 8/10

New Century Financial Corporation, the nation’s second-largest subprime mortgage lender, files for bankruptcy protection after its stock loses 90 percent of its value in weeks, marking the beginning of the subprime mortgage crisis. The company had originated $60 billion in subprime loans in …

New Century Financial Brad Morrice KPMG Wall Street investment banks Fannie Mae +1 more housing-crisis subprime-mortgages bankruptcy regulatory-failure housing

Housing Bubble Peaks as Predatory Subprime Lending Reaches Maximum, Setting Stage for Collapse

2006-07-01 00:00:00 +0000 UTC | Importance: 9/10

The U.S. housing bubble reaches its peak in mid-2006, with national home prices having risen 124 percent since 1997. Subprime mortgage originations hit $600 billion, representing 23 percent of all mortgage originations, up from 8 percent in 2003. The bubble’s apex represents the culmination of …

Countrywide Financial New Century Financial Washington Mutual Ameriquest Federal Reserve +1 more housing-bubble predatory-lending subprime-mortgages systemic-risk housing