Archives for: April 2007, 02
Largest Subprime Mortgage Company Files For Bankruptcy
April 2nd, 2007New Century filed for Chapter 11 bankruptcy in Wilmington, Delaware today. Creditors like Morgan Stanley, Goldman Sachs Group Inc., and Credit Suisse Group are among the largest creditors which funded the company.
“They’re clearly going to be the poster child for bad practices in the mortgage industry,” Said Matthew Howlett ... When all is said and done, the management team will be to blame.”
Here is a link to read more:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aA4QFqFMRwZ4&refer=home
Michelle
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